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Post by GratefulHippie on Mar 16, 2008 11:54:16 GMT -5
i need to get a credit card(i know, i'm too old not to have one). i've just avoided it because i don't want to get into debt with it. but, i do need one, but i have no idea where to start. i think the biggest thing is that it has a low interest rate...right?
Post by generalstore on Mar 16, 2008 12:07:05 GMT -5
Get a traditional American Express card, which makes you pay your balance every month. It gives you all of the conveniences of a credit card, but none of the potential for abuse.
Amex also has traditional cards, but I would not recommend those any more than a visa or mc. Stay away from those.
Amex is a good idea for a first card. Let's you get used to paying off every month. I think Amex has an annual fee though.
The worst thing most people do is not pay it off every month. Just know that if you miss ONE MONTH you will likely be in debt forever. It's that easy. It is like playing with poisonous snakes. So the annual fee is okay if you need the discipline.
If you are absolutely sure you will pay it off I'd look at things in this order
No annual fee. Rewards (airline miles, cash back, $$ off next new car, etc.) Interest rate.
I put interest last because if you pay it off every month interest will not matter. Also card companies can change interest rates for any or no reason at all (late payment for them or anyone else, drop in credit rating, more debt elsewhere, no reason at all)
I have a GM card which gives me a percentage off my next car. I buy GM cars anyway and I usually save $2000-$3000 off a vehicle. My in-laws like the airline miles. But remember these mean nothing if you do not pay off the card each month.
I know I'm preaching but I've been in the hole before and it can take deacades to get out.
Let me add I think it's great that you've waited to get a card. Probably kept you from doing stupid stuff. I'm glad i grew up in the 80's when interest rates were so high no one would give me a card until I was 30 and making good money. I still got in trouble but I can only imagine how bad it might have been if I'd have had a card when I was 20 and broke.
Last Edit: Mar 16, 2008 12:56:14 GMT -5 by troo - Back to Top
Post by GratefulHippie on Mar 16, 2008 12:58:07 GMT -5
troo said:
Amex is a good idea for a first card. Let's you get used to paying off every month. I think Amex has an annual fee though.
The worst thing most people do is not pay it off every month. Just know that if you miss ONE MONTH you will likely be in debt forever. It's that easy. It is like playing with poisonous snakes. So the annual fee is okay if you need the discipline.
If you are absolutely sure you will pay it off I'd look at things in this order
No annual fee. Rewards (airline miles, cash back, $$ off next new car, etc.) Interest rate.
I put interest last because if you pay it off every month interest will not matter. Also card companies can change interest rates for any or no reason at all (late payment for them or anyone else, drop in credit rating, more debt elsewhere, no reason at all)
I have a GM card which gives me a percentage off my next car. I buy GM cars anyway and I usually save $2000-$3000 off a vehicle. My in-laws like the airline miles. But remember these mean nothing if you do not pay off the card each month.
I know I'm preaching but I've been in the hole before and it can take deacades to get out.
i appreciate all the feedback. i'm not worried about not paying it off. at first i'm just going to use it for bills i pay early anyway. that way i'm only using money i already know i have. i'm not really worried about reward points...i doubt i'll be using it for anything big enough to really help me out in that area. i guess i just know that things can come up that you don't expect(car repairs, etc) and if it comes to only being able to pay $75 out of the $100 on the bill one month, i don't want to be paying out the butt the next month.
You can apply online but again the Amex card Becs shows allows you to carry a balance and it therefore not really different form a Visa/MC. The normal Amex has an annual fee and no carry over.
If you're not worried about making sure you pay each month, I'd get a Visa/MC as they are accepted more places.
I'd check with my utility companies to see what they take as I know my Mom's electric only takes Visa. I know my utilite companies don't take Amex.
I'd also go to my bank and get a card there as then you know the company you are dealing with and should you have a problem it may be easier to get help.
Last Edit: Mar 16, 2008 13:13:13 GMT -5 by troo - Back to Top
Post by GratefulHippie on Mar 16, 2008 13:12:32 GMT -5
troo said:
You can apply online but again the Amex card Becs shows allows you to carry a balance and it therefore not really different form a Visa/MC. The normal Amex has an annual fee and no carry over.
If you're not worried about making sure you pay each month, I'd get a Visa/MC as they are accepted more places.
I'd check with my utility companies to see what they take as I know my Mom's electric only takes Visa.
I'd also go to my bank and get a card there as then you know the company you are dealing with and should you have a problem it may be aesier to get help.
ah, that's true. i think my electric company only takes visa/mc
Post by GratefulHippie on Mar 16, 2008 13:22:04 GMT -5
i've had a couple cards to places (sam's club and VS) which i have used and paid off every month. i just chose not to continue using them because i didn't want to get into trouble, and i was still in college. the electricity and cable/internet has been in my name for about 2 years now, and never been late on a payment.
And a car payemnt in your name should also be on your credit report. A Visa/ MC will be no problem in any case (I still recommend looking into your own bank) but Amex is a little stricter.
Find out what the grace period is. Mine is 21 days so if I pay within in 21 days it is just the princ. no interest. Some cards dont have that but most do. Also, people get into more trouble with cash advance. It cost more then purchase items...
Post by ziggyandthemonkeys on Mar 16, 2008 14:40:26 GMT -5
It sounds to me like your number one concern should be no annual charge and low interest. I have a citi dividend mc with a low credit line and it serves me well for all intensive purposes, but a higher interest rate, which really motivates me to pay it off within the grace period. Just look around on the internet to see what you want, theres a lot of helpful sites and sites that compare cards.
This word also has a underground meaning once you break it down. Let’s take “Bonn” for example and it actually turns into the word “Bone”. We all know gays use this word to describe the action of when they are fecal fisting their Cuban cabana boy at their sex bath house parties. Now let’s look at Roo, “Roo” is short for “Kangaroo”.So put the full true message together and you get“Bone a Kangaroo
Post by bamadancer on Mar 17, 2008 16:07:23 GMT -5
Can anybody recommend a card that I can transfer my other balances over to? I was kind of an idiot and have too many cards. I would really like to consolidate things so I'm only making 1 payment. Any suggestions?
Post by kaleidoscope kristen on Mar 17, 2008 16:53:45 GMT -5
i don't have any idea about that bamadancer.. I wish I could help!
I'm just starting on my credit journey.. I have a loan in my name I'm paying for, and I also got approved at Kay Jeweler's for a card, and so I know i have good credit, and I really want to keep it that way.
I've been getting offers in the mail, but I haven't found the right kind I like yet.. so I think I shall wait
Watch out for the ones with gimmicks like that "keep the change" one, you pay more in fees than you get back. Better to look for no annual fee and low interest rate if there's a chance you might not be able to make full payment some months.
Banks love their "Plastic Slaves"! We once had a bank threaten to drop us because we always pay our full amount each month. Sad but true... We're since cut up all but a couple of our cards.
