Credit Card Choices

[Rokku]

^

That's really stellar advice, Norel. There's not much more that can be said that wasn't effectively summed up in that post, lol.

[Remyo]

guess people didn't think 0% on purchases up to $250 was a good deal?

[Ksandra]

Just because the banks have a say in it doesn't mean they have any of the decision power. Or are you trying to suggest that if Visa says no, the bank somehow has the power to overturn that? I know plenty of people that are Bankers and hold high positions in Chase, and I have various financial licenses myself, being an insurance agent.

I think you've somehow misplaced the bank's importance. Yes, the card needs the bank's approval to go through to Visa, MC, or Discover, but the bank has absolutely no say in it past that. If Visa turns you down, you're SOL, there's nothing the bank can do about it.

I am well aware that visa/mc have final say, but they are dealing with the banks and they strike deals on what is required for someone to get an approval. More and more we got messages from our system saying how the cc companies were starting to based some of their approval rates on bank history with the credit scores. You think mc and visa expect student cc to only be given to kids with perfect rates?

I wasn't saying banks get final say, but they DO have influence. Which you sounded like they have none.

[Norellicus]

Sounds like a great deal, that's the problem. CC companies aren't in it because they're generous, they're in it to make money off of you. No interest up to $250 is pretty huge, I'd like to see what kind of fees they're charging.

[Rokku]

I wasn't saying banks get final say, but they DO have influence. Which you sounded like they have none.

I apologize if it came across that way, but it wasn't my intention. They do have influence on certain types of cards, like a student Visa, but in most cases their ruling is absolute.

[Remyo]

Sounds like a great deal, that's the problem. CC companies aren't in it because they're generous, they're in it to make money off of you. No interest up to $250 is pretty huge, I'd like to see what kind of fees they're charging.

I've had the card for about a year and a half and 0 fees. they do try to trick me by upping my credit limit to $2k to entice me to use it more. it's nice to use for gas and lunch then pay it off at the end of the month

[Khamsin]

So what's a good visa to have, for someone with years of perfect credit?

My own bank's visa sucks and has annual fees.

[Correction]

Also, to help build your credit, pay your balance low, but don't pay it off. Keep a super low balance on the card (less than 25% of the total limit), and just pay it down to that point; this will encourage the CC company to increase your limit, which helps your overall credit score moreso than just paying your bills on time does. It also improves your spending power (can't buy a $2k laptop on a $500 CC, even if you got teh cash in the bank). I know not everyone can afford to do this, so you'll have to decide if this is manageable. It means you're funneling a little money out for the principal interest, but it pays for itself in the long run when your credit score lands you a nice car or home loan.

I've never carried a balance and over the last 10 years my credit limit went from 'shitty college card limit' to 'I could probably buy a car with my credit card alone.'

How much you use the card and what you buy with it is also considered into your credit limit. Thank god for buying college textbooks on it.

[Kylen]

So what's a good visa to have, for someone with years of perfect credit?

I'm pretty happy with my CapitalOne No Hassle Cash Back Rewards card. 1% cash back on pretty much any purchase; basically a free $250 in my pocket since I got it last year. If you travel a lot for work or usually go with a particular airline, a frequent flier card is good to have, too.

[Khamsin]

Speaking of traveling, is MasterCard commonly accepted in other countries, or would visa be best to take traveling?

[Omnipotent]

Speaking of traveling, is MasterCard commonly accepted in other countries, or would visa be best to take traveling?

I used it in England and I live in the U.S. It just autimatically does the exchange rate

[Correction]

Speaking of traveling, is MasterCard commonly accepted in other countries, or would visa be best to take traveling?

Check your credit card agreement. I'm pretty sure the fees levied for shopping internationally and the automatic exchange rate conversion will vary from card to card. It also doesn't hurt to call ahead to the places you're travelling to and just asking them. The concierge at any non-shitty hotel will know things like this.

[Lordwafik]

Speaking of traveling, is MasterCard commonly accepted in other countries, or would visa be best to take traveling?

It's accepted in many places here, although Visa is just safe.

[Zigma]

So what's a good visa to have, for someone with years of perfect credit?

My own bank's visa sucks and has annual fees.

just get an Amex and use your banks debit card for places where they don't accept Amex. Shit, I almost forgot to mention with my Amex, if I travel, I can just go and kick it in the lounge with drinks, TV etc

[Norellicus]

I've never carried a balance and over the last 10 years my credit limit went from 'shitty college card limit' to 'I could probably buy a car with my credit card alone.'

How much you use the card and what you buy with it is also considered into your credit limit. Thank god for buying college textbooks on it.

/shrug

I know people who carry a zero balance and continually get overlooked for limit increases; some of them some 40 years old. Maybe they don't actually spend on it much like you say, I dunno, but I use mine pretty regularly and I had adopted a zero balance policy at first, only to discover that as soon as I left a small balance on it they bumped my limit not but maybe 3 months after I started doing it. The catch is to keep that balance super low so they never tag you with "high average balances".

[Correction]

/shrug

I know people who carry a zero balance and continually get overlooked for limit increases; some of them some 40 years old. Maybe they don't actually spend on it much like you say, I dunno, but I use mine pretty regularly and I had adopted a zero balance policy at first, only to discover that as soon as I left a small balance on it they bumped my limit not but maybe 3 months after I started doing it. The catch is to keep that balance super low so they never tag you with "high average balances".

There's a way to do this without paying off the balance to zero or carrying an interest-accruing balance. Basically you have to pay attention to the closing date of your last statement and pay the balance as of that date. Everything purchased afterwards is still on the 'grace period' until next month's statement closes.

That's probably the quickest, safest way to build your credit. But you have to be EXTREMELY CAREFUL about changes to your credit agreement that change the closing date of your bills or alter the length of your grace period. It's a common trap with a lot of fly-by-night shitty credit cards that are given to college kids.

Or at least it was, when I was in college and credit cards were just lying on the ground for anybody to pick up, figuratively speaking. I'm not up to date on my credit card laws.

[evilbau]

AOR

[Bunnykillah]

if you are a student check out 1fbusa.com. I have one 0% interest on purchases up to $250 for the life of the card. It's great if you want to build credit by buying a little bit then paying it off without interest.

Yeah, I had this card. Was nice with the whole 0% interest thing. After a bit they try and up your limit but you can always call them and have them re-lower it if you cant handle it. A very good starter card to build credit.

[wop]

I use American Express Platinum.

As mentioned before, great reward system.

On top of that, because I spend a lot, Amex gives me free Priority Pass Black, which lets me enjoy over 500 VIP airport lounges across the world. Really handy if you travel a lot.

For Visa, I'm with Citibank.

[Remyo]

Yeah, I had this card. Was nice with the whole 0% interest thing. After a bit they try and up your limit but you can always call them and have them re-lower it if you cant handle it. A very good starter card to build credit.

yea, doesn't bother me to have a high limit I've never had a bill more than $100 with the card.