Fight against credit card rate hikes

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NEW YORK (CNNMoney.com) -- As expected, credit card issuers are raising fees and rates just before legislative restrictions take place next February. But you don't have to be vulnerable. Here are some alternatives to bank credit cards.

1. Credit union credit cards

Recently two Harvard doctoral students found that credit cards from credit unions were less likely to charge fees and penalties that big banks do. And when fees are involved, those fees are less.

In order to join a credit union, you typically need to be a member of some kind of organization. Ask your employer or your college alumni organization if there's a credit union you can sign up with. To find a credit union near you, go to creditunion.coop or call (800) 358-5710.

2. Prepaid credit cards

If you're having trouble qualifying for a credit card, you may consider opting for a prepaid credit card.

Basically you deposit money onto this card and use it until the money runs out. There are no bills and no interest charges.

But there are downsides. These prepaid cards aren't covered by the federal statutes that protect credit-card holders from fraud or limit their losses when cards are lost or stolen says Curtis Arnold of Cardratings.com.

Keep in mind that some companies may opt to offer protection. And there are a lot of fees associated with prepaid cards including activation fees, transaction fees and fees when you reload your card with money says Ben Woolsey of creditcards.com. Prepaid cards may be a good option for younger people who are just getting introduced to the world of revolving credit since it's a safer option than a secured card.

3. Secured credit cards

Secured credit cards operate just like regular credit cards except they are secured by a deposit held by the issuing bank. In general you have to have $500 to $1,000 to get one of these secured cards.

At first, your credit limit generally depends on the amount of your deposit. You will have to make interest payments if you don't pay in full. But if you want to improve your credit, using a secured credit card wisely can help you do that.

-- CNN's Jen Haley contributed to this article.

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