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Consumer Reports Credit Cards: The Most Consumer-Friendly Cards for You

Having a credit card is a necessity for most people these days. Yet it is one of the most common causes of debt and bad credit for many reasons, among which are the various fees associated with their use and their tendency to encourage impulse buying. But there are a number of credit cards that serve their purpose nicely, yet do not cost too much to maintain. These cards are included in Consumer Reports' credit cards list -- the most consumer-friendly charge cards out in the market today.

Consumer Reports is a service by Consumers Union, non-profit organization that aims to "test, inform, and protect consumers." The group tests all kinds of consumer products; and to maintain impartiality, they do not accept outside advertising and free sample products from companies. Consumers Reports' credit cards list includes bank-issued cards that do not have universal default policies and they are free from balance transfer fees as well. A universal default policy enables a creditor to increase your interest rates at its discretion; for instance, if you make one late payment on your credit card, the company has the right to raise your interest rates. A balance transfer fee is a fee that is charged if you move the outstanding balance on one of your credit cards to another. Also, the credit cards on Consumer Reports' list do not charge an annual fee, making them even more consumer-friendly.

The following cards are cited by Consumer Reports for their attractive rate and fee structures in 2005:
-Town North's Platinum Master Card
- First Tennessee's Visa Platinum Card
- Pulaski's Visa Gold
- Simmons First National's Visa Platinum Rewards Card
- Target National's Target Visa Card
- BB&T's Visa Platinum Card
- Franklin Templeton Bank and Trust's Platinum MasterCard
- RBC Centura's Visa Platinum Card
- Commerce Bank's Visa Platinum Card
- Zions's Visa Platinum Card

These cards offer interest rates ranging from zero to 3.9 percent during the introductory period. Once that period ends, normal rates of 7.99 percent up to 11.5 come into effect. However, if your credit standing is less than stellar, you should not expect to be offered these rates; they are applicable only to individuals with high credit scores. Nevertheless, even though there are fees associated with late payments, these credit cards are free from the factors that can add to finance charges.

If you want to plan your personal finance strategy wisely, you would do well to consider Consumer Reports' credit cards list. These cards not only do not lessen your spending power, they also help prevent the potential headaches that usually come with that power.