#credit card for poor credit
The Consumer Reports Money Lab put 53 popular cards to the test
On the surface, the HSBC Platinum MasterCard with Cash or Fly Rewards and the Capital One Venture card seem comparable. If you like to travel, you might find their pitches enticing: Both let you earn points that you can use for plane tickets. But a cardholder charging $1,500 a month would get $460 worth of points in the first year with the Capital One card and only $180 with HSBC’s card.
Whether you’d uncover that difference is debatable. Sure, you’re a savvy consumer. But these days, picking the right rewards card—the most heavily marketed type—seems to require an advanced degree in mathematics. Many have complex formulas for determining how much cash or how many points you’ll earn. Some cards come in two versions: one with no annual fee and another with a fee but higher rewards.
Missed-payment penalties. Some cards take away your month’s rewards if you miss a payment, and they might charge a fee to reinstate them. The Discover More card, for example, takes away all of your points if you miss two payments in a row.
Changes in terms. Avoid surprises by reading the notices that come with your monthly bills for changes in fees, rates, credit limit, or rewards programs.
If your credit-card issuer isn’t solving your problem—a billing dispute, say, or trouble closing your account—submit a complaint to the Consumer Financial Protection Bureau. The agency gives issuers 60 days to resolve and close most complaints before it takes further enforcement action.