The Credit Card Reform Act of 2009 was supposed to eliminate all those pesky fees and charges levied by credit card companies. And the law did succeed in that regard to some extent. However, credit card companies are finding other ways to sneak penalty fees into your account agreements.

You may already know about the higher base interest rates, increased annual fees, and hiked balance transfer and cash advance fees that are associated with today’s credit card accounts. But here are some other ways that credit card issuers are trying to reach into your pocket:

• Upfront processing fees. To get around legally-enacted annual fee limits, companies are levying these fees against consumers who may have supbar credit scores. These “processing” fees may run in the hundreds of dollars.
• Inactivity fees. Technically, these are illegal under the reform legislation. But instead of penalizing you for not using the card, companies are setting “minimum spending limits” which result in a penalty fee if they are not met.
• Foreign transaction fees. These are still legal, and they are currently rising faster than any other category of credit card fees. They are assessed on every transaction made outside of your home country.

I’ve said this many times before, but I will say it again – ALWAYS read the fine print when signing up for a credit card. This will save you time in the long run, you won’t be stuck waiting on hold to speak to customer service about an unknown fee.

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The following post is by Fred from OnlineBanksBlog.com, a personal finance site focused on helping people find the best bank rates.

The number of banking products available today compared to the number available just ten years ago is astounding. Online savings accounts and checking accounts have changed the way consumers bank. Now, with the advent of these online accounts, I find myself wondering whether money market accounts are still relevant.

Money Market Accounts Historically

In times past, most financial advisers have touted the money market savings account (often called an MMA) as the way to save money for the short- or medium-term. These accounts have historically had a higher interest rates than standard savings (or passbook savings) and interest-bearing checking accounts. However, today MMA rates are falling behind online checking and savings account rates.

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There are a number of ways to consolidate your credit card debt. This article will describe three popular and practical ways to consolidate credit card debt:

• Using another credit card
• Through a debt consolidation firm
• Through a personal loan or a home equity loan

The easiest way to consolidate your credit card debt is to apply for a new credit card offering 0% interest on balance transfers for as long as possible. (A year or more is best). Make sure you list all your credit cards and the balances you want to transfer when you apply for the credit card. There is a greater likelihood you’ll be accepted and given a credit line slightly above what you want to transfer — the credit card companies want your business!

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For people with poor or no credit, it may be difficult to obtain approval for a traditional credit card. As a result, prepaid credit cards may represent a viable alternative.

One product which guarantees approval of all applications is the UPside Visa Prepaid Card. Customers who load money onto the card do not have to worry about a credit check or an activation fee. The monthly maintenance fee is just $2.99, and that amount drops to 99 cents if at least $500 is loaded onto the card every month. This can be easily accomplished by setting up a Direct Deposit account which transfers money from your paycheck to your card account automatically.

Cardholders can also deposit or withdraw cash at some 50,000 retailers across the nation. The card also features other amenities like the ability to write checks online for bill paying or an optional companion credit card which simulates a joint checking account.

There are actually quite a few prepaid cards that don’t require a credit check and this is generally the best way to go if you can’t obtain a traditional card for whatever reason.

To see more options for those with bad or no credit check our bad credit page which outlines the best cards for those trying to build credit.

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Sears stores have been mainstays in many communities across the U.S. for decades. But some people may not know that the retailer offers its own credit card.

Now through October 15, shoppers can save 15% off most appliances, and 5% off of all Kenmore appliances and floor care products. In addition, buyers can also save an extra 10% off such purchases if they use their Sears card. This all adds up to up to 25% off some appliances.

However, cardholders should probably pay off their balances as soon as possible – because the annual percentage rate on the card is 25.24%. And like traditional credit cards, consumers can be hit with steep penalty fees if they are late on their payments.

There is no annual fee for the Sears Credit Card.

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There are over 300 Dillard’s department stores in the United States which offer brand name clothing and merchandise at reasonable prices. There is also a credit card which can provide even more deals and savings to the shoppers who use it.

The Dillard’s American Express Credit Card gives cardholders a reward point for every dollar spent on the card and double points for purchases made at Dillard’s. There is no membership fee, and applicants can get approval for the card within 30 seconds.

Right now, people who spend $100 or more on the day they get their card will get a 10% Off All-Day Welcome Shopping Pass, which is good on anything in the store on any given day the customer chooses. And cardholders can receive another such pass every time they earn 1,500 points (up to 12 passes in a calendar year).

Members who spend $2,000 on the card qualify for Elite status, which provides them with amenities such as shipping and gift wrap credits, a Condé Nast magazine subscription, and invitations to exclusive shopping events.

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Credit card debt consolidation means taking all your credit card debts and “consolidating” or combining them into one loan. This makes it easier to pay your bills, since you’ll have only one due date to remember and one payment to make each month.

Some other potential benefits of credit card debt consolidation include:

• lower interest rate
• If you make fixed payments, your loan (and debt) will have a definitive end date
• In some cases, you may be able to get the loan amounts reduced prior to credit card debt consolidation

The first step to credit card consolidation is figuring out where you stand in regard to your credit card debt. You’ll want to obtain copies of all three of your credit reports from the major credit bureaus (Experian, Equifax and TransUnion.) You are entitled to receive one free report from each credit bureau every 12 months. This article explains 3 Ways to Get a Free Credit Report with No Hidden Fees.

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Credit card companies not only try to sign up new cardholders, but also attempt to encourage those card members to use their credit cards regularly. This increases the flow of retailer and service provider revenue to the issuing card entity.

Miles by Discover Card has set up its incentive program to facilitate frequent spending habits. Throughout the first year of membership, Discover will deposit 1,000 Bonus Miles into cardholders’ accounts during each month that the card is used.

In addition to the card’s rate of one Bonus Mile per dollar spent, cardholders can get double miles through Discover’s online shopping website as well as on the first $3,000 of restaurant and travel-related purchases in a given year. These Bonus Miles can be redeemed for airfares, lodging, gift cards, or cash back.

For the first six months of membership, Miles by Discover Card members will get 0% APR on all purchases and balance transfers. After that time, an attractive variable rate between 10.99% and 16.99% will apply.

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People who fly a lot can turn those flights into frequent flier miles. But those who mainly travel on Delta Airlines can receive extra benefits from American Express.

The Delta Reserve Credit Card by American Express starts by giving all cardholders a free checked bag on every flight, which is currently a $25 value. Plus, each member gets a free First-Class companion certificate every year.

In addition, card members receive 10,000 Medallion Qualification Miles when they make their first charge on the card. Though MQMs are not redeemable for flights, gifts, or cash, they do count toward a flier’s Medallion status.

If during any calendar year, a card member spends $30,000 on the card, he or she will receive a distribution of 15,000 bonus miles (which are redeemable) and 15,000 MQMs. Members are eligible for another such distribution if they reach $60,000 in charges during that time.

And all Delta Reserve cardholders get access to Delta Sky Club lounges across the nation for themselves and two guests.

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Small and large businesses have used consortium, collectives and buying groups for years: A group of smaller retailers in a given industry join forces to buy in bulk and get the best prices from manufacturers. But the internet has now put this type of buying power in the hands of consumers.

Discount websites like Groupon and others offer special deals specific to your city — but only if a pre-determined number of people sign up for the deal. If the website doesn’t meet the minimum quota for buyers, the discount is not valid and your credit card won’t be charged. You can’t lose, because if the Groupon doesn’t meet the quota, you pay nothing.

Each deal lasts an average of 24 hours, although some last longer. It’s up to users to spread the word to their friends to sign up for the deal, that way the minimum will be met and everyone will enjoy the savings.

The Groupon website points out that, with millions of members, you don’t have to get your friends to sign up to make sure the quota will be met — but it definitely helps. This website runs on social networking, and if everyone decided they didn’t need to promote Groupons, the quotas wouldn’t be met and the deals would go away. But you can get away with sharing only those deals that you think your friends and family would really enjoy; the power of social networking momentum does the rest.

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