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Kiplinger's Personal Finance Magazine - Credit cards - best of the lot - Brief Article

One issuer has pulled the plug on the right to join class-action lawsuits

If you routinely toss out the notices stuffed in with your monthly credit card bill, here's one reason to change your ways: FleetBoston cardholders who ignored a recent notice unsuspectingly abdicated their right to join a class-action suit against the card issuer. Now, whenever they have a beef, they must go mano a mano with the bank through arbitration. Those who took the time to read the notice-and opt out of the proposed change-preserved their right to sue on their own or as part of a class action.

While the change won't impact most consumer disputes, Professor Stephen Ware of Samford University, in Birmingham, Ala., says that pulling the plug on massive class-action suits will undermine consumer clout on issues such as the hair-trigger application of late-payment fees.

Low-interest premium cards Best if you carry a balance

                             RECENT    CASH-ADVANCE   ANNUAL
ISSUER                       RATE(*)   RATE/FEE(c)     FEE

Pulaski Bank & Trust (G)      6.50%     6.50%/none     $50
USAA Savings Bank (G,P)       8.00      8.00/none       45
Simmons First National (G)    8.25      8.25/none       35

                               LATE/       TELEPHONE
ISSUER                       OVER LIMIT      NUMBER

Pulaski Bank & Trust (G)      $29/$29     800-980-2265
USAA Savings Bank (G,P)       20/none     800-922-9092
Simmons First National (G)    20/none     800-636-5151
No-fee premium cards Best if you usually pay the balance each month

                             RECENT    CASH-ADVANCE    GRACE
ISSUER                       RATE(*)   RATE/FEE(c)    PERIOD

Chase Manhattan Bank (G,P)    8.40%      18.3%/3%     22 days
Everbank.com (P)              8.90       18.9/2.5     25 days
Capital One (P)               9.90       19.8/3.5     25 days

                               LATE/       TELEPHONE
ISSUER                       OVER LIMIT      NUMBER

Chase Manhattan Bank (G,P)    $29/$29     800-413-5661
Everbank.com (P)               25/20      888-882-3837
Capital One (P)                29/29      800-548-4593
Rebate cards Best of the air-miles cards (for travel on all major
airlines)

                              RECENT    CASH-ADVANCE   GRACE
ISSUER                        RATE(*)   RATE/FEE(c)    PERIOD

Visa MilesOne (P)([dagger])     9.90%    9.90%/2.5%     $19
Chase Travel Rewards (P)       14.49      18.55/3        25
USAA Eagle Points              12.25     12.25/none      49

                                LATE/       TELEPHONE
ISSUER                        OVER LIMIT      NUMBER

Visa MilesOne (P)([dagger])     25,000     800-548-4593
Chase Travel Rewards (P)        25,000     800-581-7770
USAA Eagle Points               25,000     800-793-8990

(*) As of August 10; rates are adjustable, often tied to the prime
rate. (c) Cash advances often have no grace period; additional fees may
be charged. (G) gold card (P) platinum card ([dagger]) pays air miles
on balances transferred up to limit.

SOURCE: Bankrate.com, N. Palm Beach, Fla.