Bank of America and American
Express have both offered what’s called “spend to save” cards. They deposit a small portion of each card purchase into a separate savings account.

“I want to get a card like that,” said a credit card user. “I’m not a very good saver, so I probably would do that.”

Most Americans are not very good savers, so the new cards sound attractive.

But be sure and read the fine print of the contracts. Annual fees and any charges for debit transactions could wipe out your new savings.

Other credit card companies are trying to entice consumers tired of paying high fees.

Citi Group’s “Simplicity” card has no annual fee and waives the $39 late fee so long as you use the card at least once a month. That’s a plus if you have a hard time paying on time.

But it can also backfire on you. The fine print says if you miss a payment or fail to use the card at least once a month, your interest rate will shoot up and you’ll pay penalties.

Still, increasing competition among the card companies can mean real benefits.

“I’m more interested in frequent flier miles,” said a credit card user.

Just be sure to choose a card that meets your needs, so you don’t end up not getting what you pay for.