Keeping up with changing credit card terms[SIZE=-1]Credit card terms seem to be changing almost daily. Some might be moving a little too fast for companies? marketing materials.
One example is the Hess Visa card, which offers rebates that you can earn at any of the East Coast chain?s gas stations. We first recommended the Hess Visa card because it offered a 10 percent rebate on purchases at Hess stations for the first 90 days, 5 percent afterwards, and 1 percent for purchases at other stores. But the card recently notified holders that their terms would be changing for the worse as of April 1. The rebate is being scaled back to 10 percent for 60 days, 3 percent afterwards, with the 1 percent cash back still in effect. While the card used to credit rewards on each month?s statement, and the rewards were unlimited, as of April, you?ll earn rewards on up to $400 in monthly purchases of gas (which is still a lot of gas, now that prices have dropped), and the rebates will only be credited every time you earn $25.*
We sent Hess an e-mail asking why they were still advertising the old terms on their Web site when they?d already sent out notices saying that the terms were changing. No reply. *
As an alternative you may want to check out the BP Visa card, which for the first 60 days offers 10 percent cash back on BP purchases, 4 percent on travel and dining, and 2 percent on all other purchases. After 60 days, you get 5 percent on BP purchases, 2 percent on travel and dining and 1 percent on everything else. You can also take your rebates as checks made payable to you, not just credits for future purchases.
Consumer Reports Money Adviser offers some additional tips on how to make the most of rewards credit cards.?Chris Fichera*
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