Credit card companies have taken a well-justified beating in the media lately for their shenanigans in raising customer's rates without cause, charging overdraft fees/over limit fees and other miscellaneous charges (until you challenge them on it); however with a little diligent research there are benefits to having certain credit cards.

Last week I received my Costco Membership bill and attached to it was a voucher from Costco for an amount, almost equal to the annual payment.  This is a special feature of the Executive Membership - the more you spend the bigger the return.  Well, this year was an exception due to the economy, but in the past we called it the "hundred dollar club" because we never left there without buying at least $100 worth of merchandise.  That being said, it was a treat this year to receive the bonus voucher! 

Credit card companies responding to consumer concerns in a troubled economy,  not to mention their tarnished image, are reportedly redesigning their reward programs to help consumers pay down their debts and even save money for retirement.

Here are a few of the innovative programs:

1)  Cash back credit cards that automatically apply the rebate toward outstanding loan balances

2)  Cards that funnel rebates earned on purchases toward retirement accounts

3)  Cards that offer "529" college savings awards

4)  Consolidating high interest debt into a fixed rate personal loan

5)  Planners are offered to calculate the time required to pay down balance and project how a major purchase might affect the balance of an account.

What's in it for them?  Well, consumers who can't pay down their debts and default aren't much benefit to the banks.  It is more profitable for them to have consumers who are being helped than hurt by their programs.  Looking for a credit card?  Do the research and find out what rewards are being offered.    You might just pay for your next vacation with some of the rewards earned!