The Platinum Card previously had access to the American Airlines Admirals Clubs, Delta Sky Clubs, US Airways Clubs, and Airspace Lounges.

Overall we are very impressed by this show of customer appreciation on American Express’s part and I would not be surprised to see more benefits added soon to make the cart more lucrative for travelers and heavy spenders.

Photo Credit:  Andrey Belenko

A recent article on WSJ.com about the changing landscape of credit cards highlights some of the ways credit cards are making a comeback and offering great rewards and benefits for credit card users.

One important mention in the article was the fact that many banks are either eliminating or clamping down on rewards debit cards.  I think this is of no surprise.  There is not a lot of money in debit cards for issuers and this is one gravy train that had to end soon.  Given the extra benefits and protections credit cards offer over debit cards this should not be an issue for any responsible credit card user.  Reward debit cards were not very generous to begin with and were not worth the risk of using a debit card for any major purchase.

Another positive for consumers is that credit card issuers are starting to be more generous to consumers with lower credit scores.  This gives an opportunity for those with imperfect credit to repair and rebuild their credit history without having to turn to companies that charge excessive fees and have overbearing restrictions.

To read the rest of the story, click here.

Known officially as the PenFed Premim Travel Rewards American Express Card, this card offers 5x points of airfare purchases (given in the form of PenFed’s Premium Rewards program) and 1x points on all other purchases.

A great plus for frequent travelers is with $15,000 in annual spending, you get access to VIP airport lounges through Priority Pass.  This gives you access to over 600 airport lounges throughout the world.

Additionally, they offer concierge service, much like the American Express Platinum charge card.  No doubt this is a premium card for anyone looking for top notch benefits, particularly for travelers.

You do have to be a  member of Pentagon Federal Credit Union to get access to this card, but it’s not difficult.

This card is huge for the frequent traveler who wants premium benefits!  If you fit that category, this is definitely something to look into.

Please see our review on the PenFed Amex.

The average consumer now carries $7,404 in credit card debt, a decrease of about $1,000 since January 2009, says Ken Lin, CEO of CreditKarma.com. Similarly, home mortgage loans and home equity loans both dipped four percent.

“With our near economic meltdown and a high unemployment rate, debt is really becoming top of mind for a lot of consumers,” Lin says. “People are really starting to get the message that paying with cash and saving more pays off.”

Despite, the debt decreasing rapidly, $7,400 is still a lot of debt for the average person, but the outlook for consumers, credit card issuers, and the economy is looking upward.  Once consumers begin to pay more of this debt off, consumer spending will increase more rapidly and fuel the once great economy we once had.

To read the rest of the story above, click here.

AwardWallet works in  much the same way as Mint.com.  It’s an online aggregator for your online based rewards point accounts.

This is particularly useful for airline point accounts  because frequent travels often accumulate many points spread out over many different airlines.  These points can often expire if forgotten about.  AwardWallet solves this problem by basically putting all your rewards points onto one screen so you can view your progress with each airline on one website.

The downside is that you do have to provide your account numbers and passwords to all your accounts to AwardWallet, which for some can be unnerving to give up that much sensitive information.

If this is not an issue, AwardWallet is a great service and other reviews online have been great.

Check out AskMrCreditCard’s Review.

CranklyFlier also wrote a nice piece on it.

Photo Credit:  Andrey Belenko

We however urge you to do your homework before applying for any instore credit card. Make sure the terms are worth the effort and the interest rate is low. Zero interest instore cards we think are the best and offer you a chance to finance something with a free loan and the ability to pay it back slowly.

The recent housing crises has displaced many from their homes. When a house is foreclosed, the homeowner’s credit score is damaged severely with little chance of allowing them to transition into a new mortgage and even in many cases, getting approved to rent a home or apartment, leading many people to rent substandard low income apartments that do not require credit checks.

In the United States, the average credit score took a steep decline starting in late 2008. A recent report by Time Magazine indicated that as much as a third of all Americans would not qualify for a mortgage, even if they had saved up a 20% down payment.

This is another form of “credit crisis” in America. The credit of the average American is being neglected often due to poor financial decisions and other times because of loss of employment. Credit education and awareness is the key to turning this around, giving more consumers the access to make more responsible choices when dealing with their personal finances.

First, it’s important to make sure your credit report is accurate. You can access your credit report once a year for free. Just review all the information on the report and make sure it’s accurate. Many people have incorrect information on their credit reports.

Second, make sure your debt is low at the time of application. Part of the way your credit score is analyzed is based on the level of debt you have. Typically the lower the debt you have, the higher your score.

Third, have a diverse mix of credit accounts. Research shows that it’s typically better to have several different accounts on file such as a mortgage, auto loan, and credit cards.

Forth, if you have any recent late payments, this may seriously hurt your credit. Pay your bills on time or wait until old late payments fall off your credit file.

And fifth, make sure your credit file is not locked. You cannot get credit if creditors cannot access your credit report and analyze your information.

TransUnion reported that mostly states in the southwestern United States, such as California, Arizona, and Nevada, had the highest credit card default rates. This may be related to the housing crises which is taking place mostly in this area, not to mention other areas like Florida or Michigan.