In order to release these guiding principles, a small review of the 20 platinum and rewards cards that are issued by 10 credit card companies have been conducted by the the Bankrate.com. The names of those ten companies are – American Express Co., Bank of America Corp., Capital One Financial Corp., JP Morgan Chase & Co., Citibank N. A., Discover Bank, First National Bank of Omaha, USAA Federal Savings Bank, U. S. Bank and Wells Fargo.

The most basic terms and conditions of the issuers have been evaluated by the Bankrate.com. It has been founded by Bankrate.com that average late fee charged by the most of credit cards ranges from $20.70 to $38.50; an average fee of $32 is charged for exceeding limit; and an average balance transfer fee of 3 percent is being charged.

While 3 percent on cash advances is being charged by six out of ten cards; for phone payments most issuers charge a fee from $10 to $15. In addition to this, for a copy of the borrower’s credit card statement seven out of ten issuers also charge $3-10; and the grace period offered by most of them is 20-25 days’.

Making the above analysis of the ten leading issuers of credit cards as the base it is said by Ellen Cannon, who is the managing editor at Bankrate.com, that he has come up with a ‘practical rule,’ for choosing a card, and that rule is: “Look for the ones that charge the lowest fees!”

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