Credit Cards - Too many to choose from

steveinaz

shack wrote: »

I agree with AmEx and it is my only CC...but...they are not universally accepted. Unfortunately there are still some places that don't take the card which is a PITA.

Agree, but it is slowly getting better acceptance.

jdhdiggs

Just don't plan on using it outside of the country... Or at least have a visa/MC backup.

WilliamM2

rskarvan wrote: »

The only time that using a credit card makes any sense at all is if you get a 20% discount on the purchase for using the store's card.

Yes, there are reward cards out there.
But, I've never found the benefit worth the risk (and hassle).
Its much more satisfying to me to just pay cash and not have to worry about any future bill that is going to have to be made.

Credit cards are a 3% middle-man on any purchase.
Do the economy and yourself a favor... cut them out of your life.
Even if they pay you back 1%... they are still "winning" 2% of the transaction.

Credit cards are a little like "Global Thermonuclear War" or "tic-tac-toe"... the only winning move is not to play.

There are many good reasons to use credit cards. Can you dispute a cash transaction months after the purchase? Does paying cash double the warranty on purchases? How do you send cash for internet purchases?

I use a credit card for just about every purchase I make, pay the balance off every month, and haven't paid any interest in over 20 years. No need to carry cash. What is the "risk" you are talking about?

Systems

steveinaz wrote: »

I have been extremely pleased with my 10 year old American Express Blue. Never any problems, no opt out notices, no slippery practices---and a human being when you call. Not the best interest rate, but well worth the lack of ****, and their top notch service.

I love my Amex Blue for the same reasons! had a similar problem with Chase. They gave me $20,000 credit line so i bought a laptop (about $2000). They sent me a notice saying I was using it to much! rate was going up to 18.9! Dumped 'em immediately and never looked back. Amex is nice as I pay it off monthly anyway!

shack

steveinaz wrote:

Agree, but it is slowly getting better acceptance.

The problem is how AmEx processes their transactions. Much more expensive and cumbersome to the business. That doesn't bother AmEx as they use that as a sign of "exclusivity". They don't care if the mini-mart accepts their card as long as the airlines, hotels and major retailers do.

madmax

I like the American Express "Blue Cash" card. Some combination of 1%/2%/5% on purchases. Just got a credit last month for $300 for using it. Not too shabby for nothing.
madmax

BaggedLancer

Anyone know if you can tag an Amex on paypal? I would probably be using this for ebay and other purchases through paypal as well.

rskarvan

http://www.daveramsey.com/etc/cms/credit_card_q&a_7041.htmlc

Credit Cards Q&A

Is there ever a good time to have a credit card? NO. NEVER. When you play with snakes, you get bitten.

“But Dave, they give me airline miles.”
Consumer Reports says 75% of the airline miles are never redeemed. You won’t wear the hat or t-shirt. And the next time you are in the store that gave you a discount for signing up for a card, you will have forgotten your cash; you’ll use the card and then carry a balance again.

“But Dave, I need it for travel and to buy stuff online.”
Between media appearances and live events, I guarantee I travel more than most of you, and I do it all with a debit card. I don’t have a credit card. I buy things online, stay in hotels and rent cars all the time using my debit card. The only thing the debit card won’t do is get you into debt.

“But Dave, I have to build my credit.”
Bankers, car dealers, and unknowledgeable lenders have told America for years to “build your credit.” They are telling you to get debt so you can get more debt because debt is how you get stuff. Those of us who are debt free know that cash buys stuff better than debt.

“But Dave, what about buying a house?”
Since you aren’t “building your credit” you will need to find a mortgage company that does actual underwriting. That means they are professional enough to process the details of your life instead of using only a Beacon score (lending for dummies). You can qualify for a conventional 15-year fixed-rate loan if:

You have paid your landlord early or on time for two years.
You have been in the same career field for two years.
You have a good down payment.
You have no other credit.
You are not trying to get too big a loan.

BaggedLancer

rskarvan wrote: »

http://www.daveramsey.com/etc/cms/credit_card_q&a_7041.htmlc

Credit Cards Q&A

Is there ever a good time to have a credit card? NO. NEVER. When you play with snakes, you get bitten.

“But Dave, they give me airline miles.”
Consumer Reports says 75% of the airline miles are never redeemed. You won’t wear the hat or t-shirt. And the next time you are in the store that gave you a discount for signing up for a card, you will have forgotten your cash; you’ll use the card and then carry a balance again.

“But Dave, I need it for travel and to buy stuff online.”
Between media appearances and live events, I guarantee I travel more than most of you, and I do it all with a debit card. I don’t have a credit card. I buy things online, stay in hotels and rent cars all the time using my debit card. The only thing the debit card won’t do is get you into debt.

“But Dave, I have to build my credit.”
Bankers, car dealers, and unknowledgeable lenders have told America for years to “build your credit.” They are telling you to get debt so you can get more debt because debt is how you get stuff. Those of us who are debt free know that cash buys stuff better than debt.

“But Dave, what about buying a house?”
Since you aren’t “building your credit” you will need to find a mortgage company that does actual underwriting. That means they are professional enough to process the details of your life instead of using only a Beacon score (lending for dummies). You can qualify for a conventional 15-year fixed-rate loan if:

You have paid your landlord early or on time for two years.
You have been in the same career field for two years.
You have a good down payment.
You have no other credit.
You are not trying to get too big a loan.

That's wonderful. You just made a post directed at the irresponsible consumers of america. Sorry, but I don't put myself into the group and therefore it's irrelevant. Thanks.

rskarvan

BaggedLancer wrote: »

Thanks, but I am 22 years old and it is essential for me to build my credit early so I can eventually buy/mortgage a house for myself. I have been paying cash for everything but my credit score isn't going anywhere.

Unfortunately in this day and age, no credit = no house, no car, no loans, etc.

You can get a home loan without credit cards.
You don't need a car loan to buy a car.
People who aren't (and don't seek to be) in debt could care less about their credit score.

BaggedLancer

rskarvan wrote: »

You can get a home loan without credit cards.
You don't need a car loan to buy a car.
People who aren't (and don't seek to be) in debt could care less about their credit score.

I'm sure you can without credit. However, it makes it significantly easier when you can prove you have the ability to pay off debt.

Demiurge

Dave Ramsey is wrong. You cost yourself money by not using credit responsibly, and yes, it's entirely possible to do.

WilliamM2

Who is Dave Ramsey, and why would I care what he has to say?

You didn't quote this part:

“But Dave, I pay mine off every month.”
CardTrak, who gets their information from the credit card companies, reports 60% of people don’t pay your credit cards off every month. Cambridge Consumer Credit Index found that 47% of balance holders only make the minimum payment. You aren’t paying it off every month.

You’re also paying more. A study by Dunn and Bradstreet showed that the credit card user spends 12 to 18% more when using credit instead of cash. After McDonald’s began taking credit cards, they found that people spent $5 to $7 more per sale. It hurts when you spend cash and therefore you spend less.

So Dave is sure that I don't pay my card off every month? And that I spend more than if I used cash? Sounds like Dave is an idiot.

rskarvan

BaggedLancer wrote: »

That's wonderful. You just made a post directed at the irresponsible consumers of america. Sorry, but I don't put myself into the group and therefore it's irrelevant. Thanks.

Irresponsible consumers use credit cards. I've never heard anyone who pays cash for all their purchases referred to as irresponsible.

rskarvan

BaggedLancer wrote: »

I'm sure you can without credit. However, it makes it significantly easier when you can prove you have the ability to pay off debt.

Why in the world would I want to prove that if I'm interested in paying cash for everything?

BaggedLancer

rskarvan wrote: »

Irresponsible consumers use credit cards. I've never heard anyone who pays cash for all their purchases referred to as irresponsible.

so that being said, you are calling EVERY PERSON ON THIS FORUM other than yourself an irresponsible consumer?

*knock knock* Wake up

BaggedLancer

rskarvan wrote: »

Why in the world would I want to prove that if I'm interested in paying cash for everything?

You wouldn't, but if you can prove that you can pay off debt it may mean that extra $20,000 on your home loan to buy that house "you really want". Whereas if you never paid debt the bank may not give you the loan.

Don't even sit there and tell me banks will give you bigger loans to buy homes if you have no credit and pay everything in cash.

PhantomOG

It's obvious he has no idea what he's talking about and also obvious he'll never be able to understand the concept. Just ignore him.

rskarvan

Proverbs 22:7 “The rich ruleth over the poor, and the borrower is servant to the lender.”

Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”

“The ants are a people not strong, yet they prepare their meat in the summer” – Proverbs 30:25

VR3

I pay everything in travelers checks...

Because Im cool like that

rskarvan

BaggedLancer wrote: »

You wouldn't, but if you can prove that you can pay off debt it may mean that extra $20,000 on your home loan to buy that house "you really want". Whereas if you never paid debt the bank may not give you the loan.

Don't even sit there and tell me banks will give you bigger loans to buy homes if you have no credit and pay everything in cash.

Of late, homes have been very poor (depreciating) assets.

If you buy a $100K home and it depreciates 20%, you've lost $20K.
If you buy a $120K home and it depreciates 20%, you've lost $24K.

I just saved you $4K of loss by not buying more home. You can thank me later.

tommyboy

I got a chase card a few years back and had nothing but problems with them. They were always calling my house, sending crap to me ALL the time, and always changing my due date. I once got my bill and noticed they just started charging me 10 bucks a month for something I never wanted. I then got an american express and its almost the complete opposite. I hardly get anything sent to me asking to upgrade(every once in a while I do) and my due date is always the 4th of the month. I even get an e-mail notice every month reminding me of the upcoming due date.

Yes the interest is a little higher but as long as you pay it off each month, you won't have to worry about it anyways. They are also not accepted everywhere which sometimes is a hassle. (I believe because they charge the store a little more per transaction)

So from my experience, stay away from chase!

BaggedLancer

rskarvan wrote: »

Proverbs 22:7 “The rich ruleth over the poor, and the borrower is servant to the lender.”

Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”

“The ants are a people not strong, yet they prepare their meat in the summer” – Proverbs 30:25

Sorry, I'm not a religious person so I'll go ahead and label that as BS as well as the rest of what you post.


Seriously, it's time you GTFO of the thread because the stuff you're posting about not getting a credit card, and credit cards are the devil, etc....I'm not buying it and no one else is.

I was asking what credit card I should look for, and SPECIFICALLY asked not for a lecture about the use of credit cards. You live your life the way you live it and I'll live mine as I see fit.

Thanks.

Back on topic, back on topic. It seems the Citi Dividend Visa only comes in a college student version and the only way to get the regular ones is the Mastercard or Amex.

The blue cash looks to be the one...

BaggedLancer

rskarvan wrote: »

Of late, homes have been very poor (depreciating) assets.

If you buy a $100K home and it depreciates 20%, you've lost $20K.
If you buy a $120K home and it depreciates 20%, you've lost $24K.

I just saved you $4K of loss by not buying more home. You can thank me later.

With that logic I'm going to look into purchasing myself a washing machine and refrigerator box to make my house on a piece of public land. Thanks in advance.(i'd rather thank you now than later)

rskarvan

Some things are true whether or not you choose to believe them.

VR3

I think we should all sell our houses and live in a box...

Boxes cost approximately 50 bucks, and thats for a big one...

However they depreciate by 100% when it rains I hear, therefore you will be out 50 bucks, or a 100% loss - so I recomend you just man up and sleep outside bare...

Gaara

BL,

Just make sure that you are spending enough to reach the 5%/1% for the Amex. Below a point (I think $6500) you only get 1%/.5% back on purchases.

steveinaz

Bagged-
Do you belong to a credit union? Credit union credit cards are usually a good deal as they don't do the "opt out" crap because they are member owned. Just a thought. MY back-up VISA is with my local credit union, I'll never have another "bank card."

BaggedLancer

No credit union steve unfortunately.

and Gaara, my expenses for sure will go up next May when I graduate so the $6,500 should easily be reachable.

WilliamM2

rskarvan wrote: »

Of late, homes have been very poor (depreciating) assets.

If you buy a $100K home and it depreciates 20%, you've lost $20K.
If you buy a $120K home and it depreciates 20%, you've lost $24K.

I just saved you $4K of loss by not buying more home. You can thank me later.

You haven't lost anything, unless you sell the home.

And when real estate is down, that's the best time to buy. Your financial advice really sucks.