Recommended Credt Card from CR

Consumer Reports and Cardweb.com have analyzed more than 10,000 credit cards looking for good terms, including no universal default clauses, ample grace periods, and reasonable fees and interest. One of the cards they've recommended is the TNB Members Platinum Mastercard from Town North Bank.

TNB's Credit Services number is 800-820-8417.

While I'm talking about Consumer Reports, they've published an editorial calling for congress to protect credit card users in the following ways:

• Cap interest rates on cards at no more than the prime interest rate plus 10 percent.
I'm with them in spirit; I've agreed in the past that congress should pass usury laws. But prime plus 10 percent is a bit low... mandating this rate may lock out a lot of riskier borrowers who need access to credit services.

• Credit card bills should disclose how much it will cost and how long it will take to pay off a credit card balance by making minimum payments.
The state of California passed a law requiring this yars ago, but the credit card industry fought it in court and got the rule suspended. I don't have a problem with making this a requirement.

• Fees should be restricted in number and type so consumers can more easily compare cards.
I agree that consumers should have full information at their disposal when choosing a credit card. But I don't see why this should include limiting the number or type of fees. I think creditors should be free to employ whatever business model they can justify, but they should have to do it out in the open so consumers have the choice to take their business elsewhere.

•Credit card companies shouldn't be allowed to add new terms and add increases after the consumer has signed on.
I agree here. It's amazing that creditors have the ability to do this at all. At the very least they should be required to get a new signed agreement from the consumer every time they change the terms.

I'll continue on this thread tomorrow. Also check out Consumer's Union's YourWallet.org web site for more.