Finding the best credit cards

October 7, 9:36 AMConsumer News ExaminerBroderick Perkins

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With credit card companies circling consumers like sharks, finding a card that won't take a hefty bite out of your wallet isn't easy.

Luckily, Consumer Reports has taken a lot of the guess work and leg work out of finding a credit card that comes with less cost and more convenience.

Newly available to online and magazine subscribers, "Take control of your credit cards," in the Consumer Reports November 2009 issue is packed with tips for those who pay on time, those who carry low balances and those who have larger growing balances.

Because it may be a good time to switch credit cards, the article also names some of the best cards by category. However, the best cards typically require a credit score of 730 or more. The best include American Express Clear (among balance transfer cards), Iberiabank's Visa Classic (among low-rate cards) and Schwab Invest First Visa (among cash-back cards).

Consumer Reports also explains where to look for deals and advises checking in with CardRatings.com, FatWallet.com, and other Internet sites which often offer direct links to card offers with special rates.

Consumer Reports also says to consider:

Credit-union cards -- PenFed, the Pentagon Federal Credit Union's card, described in the story as one of the best balance-transfer cards with a low rate and cash back rewards, is available to members of the National Military Family Association. Anyone can join the association for just $20. Employer, trade group and labor union credit union cards are others to consider.

Association cards -- USAA cards have interest rates as low as 7.75 percent for current and retired military personnel and their families. Likewise the National Education Association offers a card with a 6.24 percent rate and no interest on balance transfers. Also compare rates and benefits of cards from the likes of AARP, AAA, and other national associations open to the public.

Specialty rewards cards -- Consumer Reports says The TrueEarnings Costco card from American Express is a good cash-back card for Costco members who pay off the balance each month. And even with a $45 annual fee after the first year, the Starwood Preferred Guest card from American Express can be a deal for travelers who frequent Starwood hotels.