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Who should I get credit card from?
It's time for me to get my first CC. I would use it for gas and online purchasing. I keep hearing it's easier to cancel a transaction or get your money back with a CC.
I know I can go directly with the major CC companies (visa, MC, capital one, etc) and through my bank or any bank. Just wondering which would be best. I can do a Visa/MasterCard through my bank. Here's the info. Although the APR for the points card is higher I do like the points idea. Who does cashback and is it worth it? Preferred Points Card 2.90% intro APR first six months 15.24% APR after that Low rate card 2.90% APR first six months 10.24% after. Then there's Capitol One and Chase. So many to choose from. My debt/cc cards have always been either Visa or Mastercard and they're accepted EVERY I've seen and been so I'd like to stick with them. Last time I checked my credit score (summer) it was around 750 I believe. I think I have it written down somewhere. |
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Ur not making sense here. First CC or fifth CC? |
Depends on how you want to use it. I have three cards, one was my first decent card with an ok rewards system - my water bill goes on there every month, just to keep it alive. The other two - one with a really low rate and ok rewards... The other with higher APR and an awesome rewards system. The low rate card is for emergencies and big purchases - like when I needed a new A/C for the house. I have the cable, cell phone, and e-pass on this card keeping it going in the mean time. The other card is for everyday purchases... I use it constantly and generate nearly $500 cash back per year.
All three of my cards are VISA's. There are also benefits to certain cards - extended warranties, emergency roadside service, etc Oh, I forgot... All the cards are paid off every month, unless there's an emergency or other big expense. |
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A true debt card is when you have to enter a pin. Now days your debt card is still debt but it acts like a CC. That's why it'll have Visa or something on it. It'll be tied to my paypal account so it'll be used often for internet purchases or when I manually enter in my CC info. I would use it as a gas card and it would be nice as emergency money when out of town. I just need one for now. The main reason is for paypal and being able to get my money back if something happens. |
Btw - my everyday card is with chase and my low apr card is with bank of america. Chase rewards were just better - tons of bonus points and neat redeeming options for cash back. BoA has ok rewards and all the bells and whistles - extended warranties and all that.
The only beef I have with chase is that it takes a couple of days for online banking to update and show my transactions. BoA on the other hand, updates in minutes. |
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Listen...a debit card is a debit card because it is tied directly to a checking or savings account. Visa or Mastercard logo is irrelevant as it is still a debit card. Whether the transaction is taken as a charge or a debit is not relevant. Now a credit card is a line of credit, money which you do not have. Do you have or have you had any other loans? If you never have any other credit cards or car/student loans, you aren't going to get a CC all that easy. Most likely they will want a deposit unless you get a co-signer. Credit history is much more important for obtaining a cc. Checking or savings account never even show up on credit reports. |
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DON'T EVER GO THROUGH CAPITAL ONE. Just eliminate that from any considerations right now. Shady shady company. Discover Card. /End of thread |
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whoever told you you NEED a cc is full of shit. My bank will cover any fraudulent charges on my debit card. I haven't had a credit card in over 12 years now. I don't NEED one. Haven't needed one in that period of time. Won't ever get one again. My debit card with MC logo is all I ever need.
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Discover isn't accepted as much around here. Probably because they're one of the highest that charge companies to use them. |
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I know I don't need one (I'm 25 and still dont have one) but it is a lot easier the get your money back. All it takes is a phone call. If your bank doesnt catch it fast enough you have to go in sign papers and have to have another card mailed to you. I'm still waiting on mine. It's not just about fraud. It's just being able to get your money back faster and easier. Plus when you use a debt card online, it's a gateway straight to your checking account. |
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Mohammed replies "Derp, derp... we can go ahead and make the payment off of your bank account over the phone. I say, "No I want the charges removed, there should have been no interest in the first place, Im not paying over $30 in late fees." Mohammed replies "Derp, derp... well sir we cant do that. I said "Bullshit, I know you can because you've done it before to me. I said if you make me pay these charges I am cutting up my card right now. So he told me that he still couldnt, so i told him that I was done with their business for good. I should have sent an email to customer service like last time, but i payed them their last $30, cut the card up, and will never go back. I have heard countless friends, family, and coworkers get screwed by Capital One. Discover was my grandparents, parents, uncles, and my first card. No one has ever had a problem with them, and have acually been saved from fraud with my parents and myself. |
If you were to carry a balance and are looking for low min payments you may also want to consider what percentage of the balance they want you to pay every month. Typically Discover wants you to pay 3%, Chase- 2% and BOA and Cap1 - 1%. It may not matter much if you don't plan on just paying the minimum, but its a nice option to have when you need it.
That being said, I use Chase for my day to day swipings. I use their cashbacks and rewards. I am sure there are better cards out there, but I don't really care to look. I don't use my BOA card out of principle since they cut my credit line for no apparent good reason, but up until this year, they have been pretty good. |
Pork chop WTF is Derp derp??
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Its that funny noise that indians make when they say "uh" or "um" |
Been told that it's best to pay off the whole months payment instead of carrying it on so I'll just charge a certain amount the whole month so I know I'll be able to pay the whole card off. No since in paying interest.
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Ugh, not this again. Go read t-rock's thread in cage hell about which he should buy. Forget credit cards, period. Having a credit card is even worse than having a car loan. Sure, you'll pay the card off every month. But, one month, you'll end up spending more than you can afford to pay off. Why, because you NEED this one particular item. Then you get caught back up, or you take away savings to pay off the card. Whatever the case is, you get caught in a cycle of spending on credit. Stay away from credit cards and other debt. Get in good habits while your young.
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I already do that. Checking accounts dont build credit and I'm not going to take out a loan when another one is done. I don't have a mortgage so I need something to keep my credit score updated. |
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And Ranger. CC's just get you into trouble. I bought my R6 on a credit card. It was fine the first year because it was 0% interest, and if figured i would pay it off by then. But once that interest kicked in its sucked. I am now down from 3 cards to just my Discover, and it is only for emergency. I've heard of people getting a small personal loan and keeping it in your savings account to gain interest. Just pay the more than the payments. It should be a good boost on your credit score. |
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Jeez people I'm not spending thousands with one. I know that's dumb. I don't want to just get a loan for no reason and pay interest on it. I'm responsible with my money and I've never done something stupid with money. I have nothing bad on my credit report. |
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Then I got in the habit of using my card for everything. After all, I was earning points when I spent money on groceries, or anything else for that matter. At first, I monitored exactly how much I was spending every month and I never spent more than a certain amount. Then, I started to get lazy and keep mental track of it. Then, I stopped keeping track of it because I was earning enough to pay it anyway. Then I ended up with a paycut. Yet, I kept on spending the same. I thought my pay would go back up, but it took a LONG time. By then, I was in a hole. I dug out of that hole and got back in good shape. Then I slowly started the same habits. Then the same shit happened. Now, I'm working on aggressively paying off what I owe and I will never borrow again. Period. I'm done with the bullshit. I thought I knew what was best and thought I was better than all the shit people told me. Yeah, it was the same shit I'm telling you. But I had a degree in finance. I knew how to manage my money. 0% here and 2% there is awesome. Why wait when I can have it now at such low rates? I got sucked into the same shit, yet I started out just like you are. Good luck. I'm sure you'll do much better than I did and you'll never get sucked into the same bullshit marketing. Yep, I rolled my eyes, too. |
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Any yes...when you first start out building credit, some cards give you a limit based on your deposit...I know sounds fishy. redflip |
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Oh, and banks are getting keen on having multiple accounts... If you're going to go the debit card route with multiple accounts, you'll most likely need to go through two separate banks. Chase just recently wanted to start charging me for my extra checking account, so I converted it to a savings account. Quote:
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Aren't you military or reserves or something? Talk to USAA and get a card through them. Decent rates usually and they are by far the most excellent banking/finance company I have ever dealt with, and I've had lots of cards and worked at a few banks. LOVE them!
Hate Capital One and Discover, BoA are bitchy and those fly by nights that give you a card to help you "build" your credit back up are usually ridiculous as far as taking care of your account. Fees, errors, etc. Thank gawd I got rid of all the rest, I keep one now for random purchases and try to pay it off every month if I feel like it, but I've only used it once in the last 2 years. |
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I have two Capital One cards and I have zero complaints with the company. |
I have a CC with my old bank and one with my new Bank.
Could give two shits about the interest rate because I never carry a balance. Always pay off the full the amount. |
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USAA has had my back. They offer both general checking/savings with debit/credit options AND credit cards. Of course, my favorite card is Amex for purchase protection. |
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Lotta folks scared to death of credit cards in here. I have been using my card for all of my daily expenses for years. Pay all of it in full each month and sit back and collect the rewards. Like OSP said, be responsible. If you have a large purchase you want to make (tv, etc), make sure you have the CASH for it before you buy it, put it on the card for the points and then pay off the card that month as normal with the cash you had allocated for the item. I take the approach that I'm paying for everything with cash, but route all expenses through my reward card to gain the points. |
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