The Best Credit Card Offers of 2010

The difference in the quality of credit card offers between 2009 and 2010 is substantial.  Many credit card companies have increased long term interest rates substantially, with some credit cards offering rates as high 17% to consumers with very good credit.  Others are offering rates in excess of 20% to applicants that don’t meet the highest credit qualifications.

Find a good 0% APR credit card is also much more difficult in 2010 than it was a year ago.  Some companies are offering 0% rates for 12 months on balance transfers and six months on purchases, while others are not offering promotional rates on balance transfers at all.  Balance transfer fees have increased as well, as more companies are now charging 4-5% transaction fees.  Even with these fees, 0% balance transfers remain among the best type of credit card deals, especially for people with credit card debt.

The best credit card rewards programs have been trimmed down significantly in the early parts of 2010.  Many credit card companies have reduced the amount of cashback customers can get from lofty 5% deals to 1% on most purchases and 2% on special purchases.

Despite all the cutbacks in the credit card world, good credit card offers can still be found.  Unfortunately, the best credit cards require excellent credit to get approval.  With many companies, excellent credit means a credit score in excess of 740, so people on the borderline of this number may want to take steps to improve their credit scores before applying for a new card.

A big issue with credit cards this year is credit limits.  In the past, initial credit limits of five to ten thousand were common.  Today, many credit card companies are giving initial credit limits of three thousand dollars or less.  This can pose a problem for consumers looking to transfer large balances from high interest credit cards. 

Despite all the negative changes in the credit card world, good credit card deals can still be found.  The key to finding the best credit cards is to look for a credit card that fits your spending style.

For more information current credit card offers, please see the best credit cardsection of SmartCreditChoices.com