As most of you know, in 2009 the government created the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to help consumers with high rates and those that couldn’t understand and pay their bill. Turns out that the CARD Act may have a multi-billion dollar hit to the very consumers Washington was trying to help.

Since the anniversary of the CARD Act is today, I wanted to talk about a study that was done by CardRatings.com. They compared approximately 500 credit card offers in 2008 and in late 2011. Here is what they found.

1. Crazy Interest Rates – Over the past two years we have seen mortgage rates in the US reach an all-time low, but credit card rates have risen as a result of the CARD Act. In fact, the annual percentage rate rose by an average of 2.1% over the two year period. Based on roughly $800 billion in outstanding U.S. credit card debt over much of the past two years, this 2.1-percent increase in credit card rates would translate to an annual additional consumer cost of $16.8 billion.

2. Beat down consumers with poor credit – The CARD Act was implemented to help protect the consumers with credit troubles. However, the credit cards for poor credit are the ones that received the highest spike in interest rates.

3. Compounding balance transfer fees – Along with the standard interest rates, balance transfer fees have also risen over the past two years. Where once we saw most cards have a maximum fee, we don’t anymore. Balance transfer credit cards are some of the most popular credit cards and this would increase the cost of switching cards dramatically.

The CARD Act has definitely done some good things for the US, but I think that we put too much blame on companies for the ignorance or laziness of consumers.

Hilton HHonors™ has created a promotion to help consumers increase their points. All you have to do is register your mobile phone and any eligible Visa® card, and you’ll receive special offers via text message when you use your enrolled card. Just for enrolling, consumers will receive 1,000 HHonors Bonus Points. In addition, you can earn 4,000 Bonus Points the first time you spend $100 with your enrolled card at any U.S. hotel or resort within the Hilton Worldwide portfolio of brands between now and June 30, 2012. You will receive up to two special offers each week via your mobile phone. If you decide that this is too much for you, HHonors allows you to opt out at any time.

You can enroll up to three eligible Visa cards, but Visa Buxx, Flexible Spending Account (FSA) Visa cards, EBT Visa cards and other Visa-branded cards whose transactions are not processed through the Visa U.S.A. payment system are not eligible to participate.

If you would like a list of Visa credit cards you can use, check them out here.

The answer is more than likely “YES”.

Most consumers with good to excellent credit can pick up the phone and request a credit limit increase on their credit card. What’s this do for you?

In the FICO scoring model, your credit score is affected if the amount of credit used is close to the total amount of credit available on your card. You are considered to be an “at risk” consumer because you can easily max out your credit card. By raising your credit score you will increase the available amount causing your credit score to increase.

Another reason for trying to get your credit limit increased is that it will make it easier to get a loan. By not using all your available credit, you are seen as financially responsible and your credit score increases. This makes it a lot easier to get approved more another credit card, car, or mortgage.

Having a higher credit limit will help in emergencies. You never know when something might happen and you don’t have the cash to cover it. BY not having the credit you could be out of luck.

Bottom line is that if you are financially responsible enough, increasing your credit limit on your credit cards can help in the long run.

Unless you are an impulse “applier” at the checkout, you probably do your homework on which credit card is best for you now and in the future. There are tons of credit cards with teaser rates out there from 0% on purchases for 21 months or 0% on balance transfers for 12 months, but after that which card is right for you. Do you base the decision on “ongoing APR” or “annual fee”? Or maybe you are more concerned about what kind of rewards you are going to get.

As you know, to build a good credit score you need to sustain a credit account for a long period of time. So when picking a credit card I think it’s important to find a company that is going to give you the best customer service.

In August 2011, American Express ranked highest in customer satisfaction for a fifth consecutive year in a JD Power and Associates study.

Overall credit card satisfaction averages 731 on a 1,000-point scale in 2011, up from 714 in 2010 and 705 in 2009. American Express scored 786 and performed well in other categories like benefits and services, credit card terms and rewards factors. Discover Card followed with a score of 779, and performed well in the interaction factor. Barclaycard ranked third with 739.

This is no surprise to me. American Express credit cards offer the “90 day purchase protection plan” and are known for being an elite credit card. The great thing for you is that they have made it easier for people in good credit standing to get one of their cards. Their “Blue” credit card line is a great credit card to have. They offer nice intro rates, good rewards, and excellent service.

Both Discover Card and Barclays did well in the survey. Barclays, which bought the U.S. Company, Juniper a few years back specializes in more affinity credit cards. Some of their card partners include Apple, Frontier Airlines, Priceline, and LL Bean.

Recently I read an article in the Wall Street Journal by Sudeep Reddy entitled “Taxes Refunds Move to Debit Cards”.

In this article in examines a new pilot program the U.S. Treasury Department is conducting this year. The government is going to deliver tax refunds through prepaid debit cards to about 600,000 low- and moderate-income households this year.

The U.S. Treasury hopes to save money on paper and check problems.

Consumers in the income bracket that will be getting the invitation to participate in this pilot program are more likely not to have a bank account and need help with the fees associated with cashing checks. Of course they do. These people get money back while the harder workers and affluent consumers have to pay for their taxes.

The program is going to be managed by Green Dot Corp.

Besides this new pilot program, if you have problems at the bank, there are a couple other options out there for you.

H&R Block Emerald Prepaid MasterCard®

This prepaid MasterCard offers another alternative to getting a check from the government. You have to get H&R Block to submit your taxes, but this card has no credit checks, no initial load due when applying, and you don’t have to have a checking account. The card can be used anywhere MasterCard is accepted and is reloadable after the initial load.

There are some fees you need to be aware of; such as ATM cash withdrawals will set you back $2.50, plus just checking your balance at an ATM cost a $1.00. If you need cash, that with cost you $25.00 to get it over the counter.

TurboTax Prepaid Visa Card

The TurboTax card is very similar to the other prepaid card. Accepted everywhere Visa is accepted, secure, and an easy way to get your refund if you don’t have a checking account. In addition, this card provides automatic discounts at top merchants and has a mobile app where consumers can track balances and transactions.

There are some fees you need to be aware of; such as ATM cash withdrawals will set you back $2.50, plus just checking your balance at an ATM cost a $.50. If you need cash, that with cost you $2.50 to get it over the counter at participating banks.

I suggest just getting the tax refund direct deposited in your checking account and spend the money how you want and with what you want.

I don’t know about you, but one of my new year’s resolutions for 2012 is to manage my finances better, set-up an budget, and hold my wife to it (of course me too). With a 2 year old and a baby on the way, making sure they are provided for is extremely important to me. But, if you are anything like me, I don’t have the time to write down everything I buy, categorize it, and budget it. So I have turned to an online personal finance assistant.

Online personal finance assistants allow you to sync your credit card accounts, bank accounts, investment accounts, auto accounts, etc. and manage them in one location. These services will breakdown what you are spending your money on and help you prioritize and keep up with a budget for each category. There are many good personal finance assistants out there online, and most of them have apps in the Android Market or in the Apple Store.

If you are looking for help, here are my top 5 Personal Finance Assistants.

Tuesday, Citibank launched a Facebook application that lets consumers partner and use their credit card reward points to support their favorite charity, buy a group gift, or if feeling generous, by a friend something nice.

Last year Citibank launched a similar service on their homepage that allowed customers to transfer money to one another. After seeing the success in that and with a little customer feedback, they decided to utilize social media for their next phase.

Interested in participating? Sign-up quickly because Citibank is offering 2,500 points to the first 4,000 customers that sign-up. Click here to go to Citibank’s Facebook page.

There is no fee to use this service and you can transfer as many points as you have in your account. Be aware though, the points will expire 90 days after transfer if they are not used. You can cancel a contribution amount as long as the pool is still open participants can change their contribution, including reducing amount contributed to zero.

Customers will need to name a recipient and explain the purpose of the pooling. The named recipient maintains control over the contribution. If you want to donate to an organization, you still have to pick a recipient for the pooling.

Customer then can promote the reward pool on their Facebook page or have the option to privately invite of Facebook, Citibank customers to join. Citibank will be collection customer’s information through the app, but says that they will not share the information.

More and more consumers are switching from credit cards to debit cards these days. Especially since banks are not offering greater incentives to use debit cards. Such as the Delta Sky Miles debit card from Suntrust Bank or the Disney Rewards debit card from Chase. But using your debit card is a much riskier move than using your credit card.

If you spot a fraudulent charge on your credit card bill, you simply have to decline the charge and notify the bank of the charge. However, if you get a fraudulent charge on your bank statement, its more than likely too late, your information is in the wrong hands. Getting your money back from banks can be an uphill battle and most of the time it takes months longer to get your money back.

Knowing this, here are a few places to be aware of when using your debit card…

ATM Skimming – Skimming is the practice of capturing a bank customer’s card information by running it through a machine that reads the card’s magnetic strip. A smaller machine is placed over the real card slots at ATMs and other card terminals.

Gas Station Skimming – This sounds crazy but gas station terminals offer an easy access point for criminals to steal your information. This is a very similar practice to ATM Skimming.

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The Internet – Who doesn’t use their debit card online? But the internet is an easy place for criminals to get access to your debit card information. There are so many access points that scammers can get access to your information. Have you ever piggy back off of someone else’s wireless network? If you do it, think about what someone with the IT knowledge could do with that kind of access.

Local Restaurants – Have you ever given any thought to giving a stranger your debit card for 1-5 minutes without being able to see them? How long do you think it takes to write down your debit card number, your security PIN, and your name? Less than 5 minutes? Not only is this a threat, most restaurants keep your debit card information on file. They need this information to go back and add tips and look up other information they might need.

I use my debit card for a lot of purchases and I don’t expect to change that. However, I do try to be careful on where I use it and you should be too.

Most of us remember the TGIF show “Step by Step”, but do you remember the episode that JT receives a credit card and despite a warning from Frank, he charges $20,000 worth of stuff, including a mink coat which Carol adores. When everything is returned Carol has a hard time parting with the coat. Frank puts the next credit card JT gets in the blender. That episode aired in 1994, which was over 16 years ago. Teen credit card debt was an issue then and an issue now.

It’s no secret that American adult’s today have issues with using credit cards responsibly. We see the mess that the irresponsible ones got us in a couple of years ago and hope that they’ve learned something. But a sad fact is these adults that can’t use their cards the right way are teaching our next generation about financial responsibility.

If you find yourself in this situation, here are some lessons to cover.

Credit cards are a Loan

Credit cards are not a gift from the bank and should not be used to spend money on anything you want. Set spending limits for your teen and hold them to it. Teach them that they should never spend more in a month than they can pay back. Another thing that my Dad taught me was “never use your credit card for something that is intangible.”

Credit cards come with a price

Teens need to understand that if you don’t pay your bill, you get charged fees. Nowadays you can get a 0% APR credit card for up to 21 months in some cases, but those are usually reserved for the excellent credit individuals. So more than likely, your teen is going to have an APR that hovers between 15 – 25%. Do your homework on credit cards and find the best one for the long term.

Don’t trust the hype

Banks are going to do anything they can to get your teen to apply for their credit card. Yes it might be nice to have a cool design or add your photo to the card, but remember banks are in it to make money. And they will do whatever it takes to get in your wallet. Just be glad the issuers have to stay away from the college campuses.

Don’t get careless with your future

Having a credit card is a privilege and should be treated that way. Making sure you start your life with a good credit score is important to you and your future family. These days everyone pulls your credit when you want something. Buying a new house get ready for the utility company, Phone Company, Cable Company, etc. to all pull your credit. Applying for a new job? Yes, they will even pull your credit. If your teen spends carelessly and gets themselves in a credit score hole, it’s not going to be a positive thing for anyone involved.

Credit cards can be a great thing for teenagers. Capital One, Citibank, and Discover all have good credit cards that will help them on the path to financial freedom. However, I think it’s your job as a parent or mentor to teach them to be responsible and respect the plastic in their wallet or purse.

This is NOT a current credit card from Chase Bank.

The Chase PerfectCard from Chase Manhattan Bank was one of the best credit cards in 2005. In my opinion, one of the best Chase credit cards you could have gotten. This credit card is a legend and was all about helping you save money on gas.

In the beginning of 2005, gas was around $2.00 and everyone thought that was crazy. But in August, things took a turn for the worse when hurricane Katrina hut and changed it all. With gas prices hovering around $3.00 in my area, I wish this card was still around.

The Chase PerfectCard gave consumers a 6% rebate on gas purchases at any gas station for 90 days (3 months), then 3% after that period. If you were to look at the gas credit cards in today’s market, they are only offering 2% back on gas and if you get more you have to wait until the rewards shift to gas savings to get it.

Consumers also received a 1% rebate on all purchases, no annual fee, and 0% introductory APR.

Even though this was only 6 years ago, you more than likely wont find credit cards like this one anymore. From what I was told by Chase, they lost a lot of money on this credit card, and not by consumers not paying their bills. It was the great rewards that did this card in.