Bank Credit Card

For close to 40 years, bank credit card have been a normal way of life for most Americans.  Although many of us think of credit cards as “plastic money,” they are really a “plastic loan” that rarely gets paid off the next month.

One of the simultaneously attractive and disastrous features of the bank credit card has been its relatively low minimum payment feature, which for many years has been around 2%. As 2005 came to an end so did that 2% minimum payment. A new Federal law has raised the minimum payment on bank credit cards to anywhere from 3 to 4 percent. That means many consumers saw their minimum payments double! For example, if you’ve been carrying a balance of $5,000 on a bank credit card, your monthly minimum payment used to be around $100. Effective January 2006, it jumped to somewhere between $150 and $200.

There are some credit card companies that are not required to follow the new Federal guidelines and will not be charging the higher minimum, at least for awhile. If you can find them, transferring balances to these more competitive bank credit cards makes sense. However, the fact is that fairly soon no one will be offering a minimum payment of 2%.  That offer has just about gone the way of the 25-cent pay phone.

We have conveniently categorized approximately 100 bank credit card deals for you to review, allowing you to find the best credit cards for you. This empowering website helps individual customers and credit card seekers to enjoy the benefits of a free credit card applications service. Once you find the bank credit card offer that best suits your needs, you can fill out an application online and in many cases get an instant approval.

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