If you’ve waited until the last minute to apply for a credit card to use for holiday purchases, applying sooner rather than later is key.  Most credit card companies are taking longer to review and approve credit card applications than they were in the past and the days of instant credit card approval are gone.  However, if you’re looking for a new credit card, here are some features of the best credit card offers of 2009.

1.)  0% APR for 1 Year:  Last year, 0% rates lasting for 1 year were commonplace.  Today, most credit cards are only offering 0% rates that last for 6 months.  To get the best deal, be sure to seek out one of the few remaining 0% APR credit cards that continues to offer a 0% rate for a full year. (more…)

Earlier this month,  Bank of America announced that they would be charging annual fees on a limited number of their credit cards.  According to Market Watch (see http://www.marketwatch.com/story/credit-cards-gouge-consumers-ahead-of-new-law-2009-11-06?link=kiosk), Bank of America will begin charging annual fees in February, the month the final elements of the new credit card laws go into effect.  While Bank of America is the first company to announce plans to charge annual fees, it is likely other companies will follow suit.

The degree to which credit card companies pursue annual fees will depend on a number of factors.  If Bank of America’s annual fees cause an uproar from credit card customers, some companies may hold off on passing annual fees.  However, consumers have been in an uproar over increased interest rates all year long, and that didn’t stop Citibank from raising interest rates to 29.99% on many customers a mere three weeks ago. (more…)

Credit card companies have recently starting offering 0% APR offers lasting one full year again.  In the past, nearly every credit card advertised a 0% APR for 1 year.  However, during the past nine months, many credit card companies started reducing the length of these offers to 6 months.  Recently, however, more and more credit card companies are upping the duration of 0% credit card offers, at least in their advertisements.  As always, it takes a little detective work to find which companies are offering the best credit card deals. (more…)

Given all the turmoil in the credit card market this year, finding the best credit card applications has become a significantly more difficult process.  For starters, many credit card companies have shortened 0% interest rate periods and, despite an historically low Prime Rate, continue to increase long term interest rates.  Because of these two factors, it is more important than ever to closely look at the terms offered on any credit card applications you are considering.

The most important factor to look at is the long term interest rate.  (more…)