One year ago, consumers were still finding it difficult to gain approval for credit cards. Today, credit card companies are rolling out the red carpet, offering applicants sky high sign up bonus, ultra long 0% interest rates, and just about everything else under the sun.  Finding a good credit card is no longer an issue, and the deals available right now may be the best credit card offers in history.

Here is what you can expect to find in the most popular credit card categories:

Cash Back Credit Cards:  For a while it looked like cash back credit cards were on the decline. Today, credit card companies are not only offering better cash back rates, they’re also offering $100 sign up bonuses. In most instances, all that needs to be done to obtain these bonuses is spend about $500 within three months of signing up. This is usually not a problem and is as good a reason as any to ditch your old credit card.

Rewards Credit Cards:  General rewards cards are offering even greater sign up bonuses than cash back credit cards. Recently, some companies have floated $500 sign up bonuses. Incentives like these have never been bigger. And, while only two cards have come out with $500 sign up bonuses, close to a dozen airline credit cards offer bonus worth $250 or more. (more…)

The Macy’s card is a high interest rate credit card with a number of drawbacks. While really heavy Macy’s shoppers who always pay their credit card bills in full may benefit from the various promotions and deals offered to cardholders, most consumers can easily find a better credit card that is more widely accepted with a lower interest rate and more flexible rewards.

The primary perk that catches the attention of shoppers is that this instant approval credit card can score a quick 15% discount on all purchases made the first two days you have the card. This perk can be very valuable if you are buying holiday gifts or a new wardrobe and your bill is five hundred or a thousand dollars. In these cases, the 15% discount is worth seventy-five to one hundred dollars. However, if you’re only spending $100, this discount is a mere fifteen bucks. Compared to the best credit cards on the market today, many of which offer $100 sign up bonuses, this is chump change.

The Macy’s card also comes with a sky high 24.5% variable interest rate. Considering that average credit card rates are in the mid-teens and low interest credit cards charge around 12%, having debt on this card gets really expensive, very quickly. Add in the fact that using a credit card at Macy’s could induce you to spend more than you can afford, it is very likely you could end up paying for clothes years after you’ve warn them.

To make matters worse, the Macy’s card can only be used at Macy’s or at www.macys.com. Thus, unlike a Visa or Mastercard, this card is useful if and only if you are shopping with Macy’s. Again, consumers who spend heavily there and always pay their bills in full every month might be able to benefit, but most others cannot.

Overall, the Macy’s card is far from good. It has sky high interest rates, can only be used at a limited number of retail outlets, and makes managing personal finances more difficult by adding yet another bill that must be paid or that can be overlooked and subject to $35 late fees.

The one positive about the Macy’s card is that it may be easier to obtain if you lack credit or have been denied credit from a major credit card company. The ease of getting approved, coupled with the potential benefits having a positive account can have on credit scores, does make the Macy’s card a good option for consumers who want a no annual fee credit card that can help them improve their credit scores. For all others, stick to basic, low rate rewards credit cards.

If you’re looking for a 0% APR credit cardto use for your everyday purchases or have a high interest balance on another card that you need to pay off – the Citi Platinum Select Card may be the best credit card for you.  The extra benefits the card offers are probably worth more to the average credit card user than what is earned through credit card rewards, including one of the longest 0% interest rate offers on the market. (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…)

After months of decline, a number of 0% credit card offers have returned to the market.  During the majority of 2009, credit card companies relentlessly slashed the duration of 0% introductory offers, with most companies only offering intro rates that lasted around 6 months.

In the past few weeks, however, more and more credit card companies have upped the ante by returning to 0% for 1 year offers.  This is particularly helpful for consumers looking to take advantage of balance transfer deals that had previously been reduced to an average of six months.

Unfortunately, it is unclear how long these credit card offers will remain available.  Credit card companies often conduct market tests-in which we are the subjects-to determine the least costly ways to reign in new customers.  During the heart of the credit card crisis-from January of 2009 until August-credit card companies engaged in activities that served to chase customers away.  This, as you may know, included interest rate increases, minimum payment increases, and the changing of fixed for life APRs into variable rates.

With the exception of Citibank and Wells Fargo, most major credit card issuers have stopped raising interest rates as the new credit card laws are set to take effect.  However, Citibank raised interest rates substantially on many customers this weekend, signaling that all is not entirely well at one of the nation’s largest credit card issuers (and bailout recipient).

Fortunately, customers who are suffering under the weight of high interest rates do have more 0% credit card offers to choose from today.  Hopefully this trend will continue.

For more information on current credit card applications and to apply online, please use the links to your left to peruse offers at Smart Credit Choices.