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Credit cards - Brief Article
Joan GoldwasserThis battle over late fees is more about principle than principal
Chase Manhattan Bank is the latest to get into hot water for setting an unreasonably early cut-off for posting credit card payments. To settle a lawsuit--without admitting any wrongdoing--Chase has agreed to push its posting deadline back from 9 A.M. to noon. It will also pay out $6.6 million to the 20 million Chase cardholders as reimbursement for charges imposed under the old system. But don't get too excited. If you were hit with such a charge between January 1993 and October 2000, you will automatically receive about $1. If you have been repeatedly nailed by late fees, though, it might make sense to file a separate claim for more. The deadline is January 31. Visit http://creditcards.chase.com/ legalnotice, or write to Chase Settlement, P.O. Box 8512, Hicksville, NY 11802.
Low-interest premium cards
Best of you carry a balance
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(c) FEE
Pulaski Bank & Trust (G) 8.75% 8.75%/none $50
Simmons First National (P) 9.95 9.95/none 50
USAA Savings Bank (G,P) 10.5 10.5/none 45
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Pulaski Bank & Trust (G) $20/$20 800-980-2265
Simmons First National (P) 20/none 800-636-5151
USAA Savings Bank (G,P) 20/none 800-922-9092
No-fee premium cards
Best if you usually pay the balance each month
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(c) FEE
Capital One (G,P) 9.9% 19.8%/2.5% 25 days
Aria/Providian (P) 9.99 21.99/3 25 days
Wachovia (G) 10.9 19.99/4 20 days
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Capital One (G,P) $29/$29 800-822-3397
Aria/Providian (P) 29/29 888-237-4837
Wachovia (G) 29/29 800-842-3262
Rebate cards
Best of the cash-back cards
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(c) FEE
Amex CashRebate (P) 19.49% 22.49%/3% none
GE Rewards MasterCard (P) 16.4 20.99/3 none
Waterhouse Investors
Prime (G)([dagger]) 14.25 14.25/2 none
REBATE TELEPHONE
ISSUER TERMS NUMBER
Amex CashRebate (P) up to 2% 800-467-8462
GE Rewards MasterCard (P) up to 2%([double 800-537-6954
dagger])
Waterhouse Investors
Prime (G)([dagger]) 1% 888-327-9962
(*) As of Nov. 9; rates are adjustable, often tied to the prime rate.
(c) Cash advances often have no grace period; additional fees may be charged.
(G) gold card
(P) platinum card
([dagger]) need Waterhouse account
([double dagger]) 140 annual cap
SOURCE FOR LOAN RATES AND CREDIT CARDS: Bankrate.com, a division of ilife.com, N. Palm Beach, Fla., 800-243-7720 ext. 279. Banks sometimes offer lower introductory rates.
COPYRIGHT 2001 The Kiplinger Washington Editors, Inc.
COPYRIGHT 2000 Gale Group
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