Smart SpendingSmart Spending

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.

By Karen Datko Jan 17, 2011 7:50PM

This post comes from Fred Yager at partner site ConsumerAffairs.com.

 

If there were an Oscar for best credit card of the year, the PenFed Platinum Visa card would be among the nominees, according to CardRatings.com.

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.

More from ConsumerAffairs.com and MSN Money:

1Comment
Mar 27, 2011 4:21PM
avatar
HSBC has the Best Buy card and are the ****! Will not raise the SMALL limit on my card and will not tell me WHY? - you can call you can write them and all I get is sorry at this time we are not giving out higher credit limits! my score 731 - never been late on any payments and pay my bills on time and most of the time early! if it was not for getting a cut in the credit score I would dump HSBC card in a heart beat!
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

ABOUT SMART SPENDING

Smart Spending brings you the best money-saving tips from MSN Money and the rest of the Web. Join the conversation on Facebook and follow us on Twitter.

VIDEO ON MSN MONEY

TOOLS

More