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What’s in Your Wallet?

When it comes to plastic, consumers gave the highest ratings to American Express, Discover, as well as to cards issued by credit unions in a report released recently. In a survey taken by 36,000 cardholders conducted by Consumer Reports, five of the largest Mastercard and Visa issuers, J.P Morgan Chase, Bank of America, Citibank, Capitol One, and HSBC, which together control about 80% of the market earned mediocre rating scores.

The card issuer USAA Federal Savings earned the highest rating 95 points out of the possible 100. The Navy Federal Credit Union and others followed with the same high scores. The top three unions charged interest rates between 9 and 11 percent.

Although, the USAA Federal Savings card ranked the highest, it is limited to members of the military, retired military personnel, and their families. Other credit unions, which also earned high scores on the list, also have limited membership, but have recently loosened their policies and almost anyone can join a credit union. Credit unions are run by is members, so they are less likely to suddenly increase their interest rates.

To find your local credit union visit http://www.creditunionsonline.com/

It’s more important than ever to have a card with a higher consumer reports rating because the lower rated ones can cost you a lot due to their higher interest rates and fees. Consumers who used Mastercard and Visa bank cards through J.P. Morgan Chase, Bank of America, Citibank, Capital One, and HSBC, complained they were assessed unfair late fees or experienced unexpected interest rate increases. Of all, Providian had the worst ratings for unexpected interest rate hikes. Cardholders said their bills arrived too late for them to get the payment in on time and as a result they were more likely to be charged a late fee when they sent their payment in a week before the due date.

For more info visit CNNMoney.com