Best and worst credit cards of 2010
PenFed takes first place, First Premier is last, and the short-lived Kardashian Kard is the most-hated.
The credit card rating website recently released what it considers to be the worst and best credit cards of 2010.
The editors of the credit card comparison site said that among the worst were those cards with high rates, high fees and little disclosure, while those rated the best "bucked a trend toward fewer rewards and higher fees" while offering "value, service, and convenience."
Among the cards cited for the editors' worst credit cards of 2010 were a new First Premier MasterCard that had a whopping 79.99% APR. It was cited for having the highest interest rate. Also among the worst was that short-lived prepaid debit card endorsed by the Kardashians, which the site says was also the most-hated card.
As for the best in the cash-back category, the editors said the PenFed Visa Platinum Cashback Rewards card and the Fidelity Investment Rewards American Express were at the top. In the airline and travel credit card category, the PenFed Premium Travel Rewards American Express and Capital One Venture Rewards credit card were rated the best.
The Simmons Visa Platinum and the PenFed Promise Visa, meanwhile, were cited as the best low-interest-rate cards, and the Citi Platinum Select MasterCard and the Discover More card were cited for being the best low-introductory-rate credit cards.
CardRatings.com cited the Chase Sapphire card and Zync from American Express for being the best reward points credit cards.
Every year, CardRatings.com publishes its Editor's Choice Awards for best and worst credit cards. This year, the Consumer’s Choice Awards made their debut.
The best credit cards of 2010 by category, as rated by consumers, are:
- Best cash-back credit card: Blue Cash from American Express.
- Best airline credit card: Blue Sky from American Express.
- Best reward points credit card: Chase Sapphire.
- Best value credit card: USAA World MasterCard.
- Best customer service: American Express.
Curtis Arnold, founder of CardRatings.com, said that despite the fact that most credit cards have become much more attractive in the past several months, there have been a few credit card offers that have not followed suit and are in fact what some consumer advocates would label as downright rip-offs.
The worst credit cards of 2010, as rated by CardRatings.com, are:
- Highest interest rate: First Premier MasterCard.
- Most hated: Kardashian Kard.
- Least disclosure: Best Buy Reward Zone MasterCard.
- Most expensive way to rebuild credit: Applied Bank Unsecured Visa Gold card.
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