Study Credit Card Rates Before Choosing A Credit Card
News from TheStreet.com:

You’ve made up your mind to shop around for a new credit card. But what should you look for when comparing credit card deals? Use the following guide to decipher the fine print found in credit card terms because not all cards are created equal.

Look at all credit card rates

The first thing most people want to know when comparing credit card deals is what is the interest rate? When looking at credit card rates, it’s important to get the annual percentage rate (APR). The APR is the interest rate you pay on an annual basis when carrying over balances from month to month. The APR may vary based upon the prime rate.

When reading the credit card terms you may see several APRs listed. The APR you actually receive depends upon things such as your credit score, income, and current debt. You also may see an introductory APR that only lasts for a few months, a balance transfer APR, and a rate for cash advances.

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Card Stocks Tumble on Fears Over Consumer Stress
News from Fox Business:

Increasing worries over consumer-loan performance sent credit-card stocks tumbling Wednesday, with Discover Financial Services (DFS) leading the group lower as one of the biggest decliners in the S&P 500.

While the rate of late payments and net charge-offs–loans that are so far behind lenders don’t expect to collect on them–remain at or near historic lows for many of the biggest banks, recent upticks have fanned fears that consumers are once again struggling to pay their bills.

Those concerns have been exacerbated in recent weeks by discussions over the impending “fiscal cliff,” which refers to government tax increases and spending cuts set to take effect after the year’s end barring Congress’s intervention. The fear is the spending changes could send the U.S. economy back into recession, drive up unemployment and result in a new wave of loan losses for lenders.

“If you are worried about the fiscal cliff and you think GDP…could be negatively impacted by several percentage points, what you probably don’t want to own is a consumer-driven card issuer,” said Donald Fandetti, an analyst who covers consumer-finance stocks for Citigroup Inc.

However, Mr. Fandetti says he sees no signs that there has been a fundamental shift in the performance of large credit-card issuers’ portfolios, despite some recent gains in delinquency and net charge-o…………… continues on Fox Business

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