What Credit Card should I get?

[doug925 0]

I just canceled my WAMU/Chase credit card after paying off the small balance on it.
Chase sucks balls! (see my other Chase bank topic)

Anyway, I have one credit card currently, but it has a relatively small limit of about 6K
The one I canceled had a limit of 20K
Not that I need that much or would ever use it, but a credit card is a tool. One I want to replace.

So what company should I talk to?

I really don't like to keep revolving balances, so an original Amex is in the mix. (who does huh?)

Who really likes their credit card company, and who might you recommend?

Thanks,

Doug.

I have never developed indigestion from eating my words.
Winston Churchill

[Nataly 38]

I would vote for either Mastercard or Visa..

Which one you pick depends on the current offerings of each, but for me they are universally accepted, whereas many other cards (Amex included) don't work even in major European countries..

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[Brains 2]

I voted other. I keep a debit card and that is it. No credit cards in our house, cash is king.

Never look down on someone, unless they are going down on you.

[Nataly 38]

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I voted other. I keep a debit card and that is it. No credit cards in our house, cash is king.

That is only true if you are bad at managing money or have lots of cash!!

The fact is that having a credit card is one of the quickest ways to build your credit - PROVIDED YOU ALWAYS PAY IT OFF IN FULL. The key is to treat your credit card as though it is a debit card (ie: never spend more than what you can pay off).

My friend who is 50 has no credit history whatsoever because she has always dealt with money only. This meant that when she wanted to raise a loan for only £3000 everybody refused. She couldn't believe it because she's always been extremely responsibly, never gotten into debt, etc.. But she's off the radar and by default an unknown is a risk.

But yeah.. If you're bad with money.. Stay away from the fuckers because it's one of the easiest ways to get into debt as well..

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[doug925 0]

Thanks.

I have one BOA Visa now, and the various debit cards for a couple of different accounts, but I am interested in having one other credit card.
Preferably one with a higher limit.

Here again, I only use them for short term purchases. Some company related, some personal.
I feel I might have done my credit score some harm by closing out a credit card with that high a limit.
(credit available to me)
That is why I am looking to replace the one I had.

Doug.

I have never developed indigestion from eating my words.
Winston Churchill

[skydiver30960 0]

You already have one of the tools you seek. One is enough, especially one with a $6,000 limit.

As above, get a debit card for purchases at locations you trust. Use your ONE credit card for purchases online and locations where you would be wary of using a debit card (credit cards have much better theft/fraud protection). Pay it off every month. Watch your credit rating and your bank accounts skyrocket.

Elvisio "been there" Rodriguez

[Nataly 38]

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Thanks.

I have one BOA Visa now, and the various debit cards for a couple of different accounts, but I am interested in having one other credit card.
Preferably one with a higher limit.

Here again, I only use them for short term purchases. Some company related, some personal.
I feel I might have done my credit score some harm by closing out a credit card with (credit available to me) that high a limit.

That is why I am looking to replace the one I had.

Doug.

Sorry to pee on your parade, but having many credit cards generally *lowers* your credit score.. You probably did yourself a favour by dropping the additional credit card. You would probably be better off asking your current card to increase your credit limit rather than getting a new credit card.

Be careful about how much you shop around as well.. Every time you apply for credit they do a credit check on you. A couple of credit checks won't hurt you, but getting *several* credit checks done within a short time-frame can lower your score as it's considered one of the behaviours that signals financial distress.

You can go to a credit-rating company (like Equifax.com) and they generally have very good tips on improving/maintaining/ruining your credit. You can also pay a very small fee to find out exactly what companies see when they check to see if you're a safe bet and get a breakdown of what you have done to earn your current score.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[BillyVance 34]

I have had Capital One's Visa for a while, and it has served me well. Bank of America sucks donkey balls. They've gotten way too big for their britches.

Although a different topic, they just recently took over my Countrywide home loan company and I am not happy about it. I hope they don't fuck that up.

"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

[Unstable 8]

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I have had Capital One's Visa for a while, and it has served me well.

I'm hesitant of Capital One. I had 2 Capital One cards, and even though I never missed a payment and used it very responsibly, but my credit score kept sucking. It went on for 3 years. Come to find out that Capital One has a rather predatory tactic with their reporting standards - when they report to the Two Credit Bureaus, they report your balance for your total Limit - E.g. I have a Credit Limit of $5,000. I used my card and bought $300 in Jump tickets, and then they report my CC Maxed out at $300.

They may have changed their practices since then, but I was very upset.

=========Shaun ==========

[Nataly 38]

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I have had Capital One's Visa for a while, and it has served me well.

I'm hesitant of Capital One. I had 2 Capital One cards, and even though I never missed a payment and used it very responsibly, but my credit score kept sucking. It went on for 3 years. Come to find out that Capital One has a rather predatory tactic with their reporting standards - when they report to the Two Credit Bureaus, they report your balance for your total Limit - E.g. I have a Credit Limit of $5,000. I used my card and bought $300 in Jump tickets, and then they report my CC Maxed out at $300.

They may have changed their practices since then, but I was very upset.

That doesn't make sense.. Have you ever gotten a breakdown of your credit score?? Maxing out on your credit card does nothing to lower your score provided you pay it off in full and on time.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[regulator 0]

Captial One sucks ass!!! Wait til youve had it for a couple of years and rack up some money on it. Then go investigate what youre interest rate just went up to. Oh sure you can pay 650 a month like we were and out of that 650, 400 of it will go to interest alone. Dude get rid of that POS capital one card, unless you like getting ass raped by rediculous interest fees.

[JohnMitchell 14]

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That doesn't make sense.. Have you ever gotten a breakdown of your credit score?? Maxing out on your credit card does nothing to lower your score provided you pay it off in full and on time.

Actually it can. We had 2 cards offering interest free money for about 9 months. Since I was still using a credit line to pay off a rental property, I took advantage of their offers to the max. Those two cards, at limit, knocked my credit score down into the lower 700's. Same with picking up a few hardware store credit cards during a remodel.

All is payed off now, but my score still shows about 4 inquiries on it, and my score suffers slightly because of it. In another 6 months those inquiries will be gone from the record.

To the OP, I would ask the current card company for a credit increase. I would maybe pick up the no-fee AMEX card too. Discover has some nice cash-back incentives, but doesn't seem to have the wide acceptance of Visa and MC.

[Nataly 38]

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That doesn't make sense.. Have you ever gotten a breakdown of your credit score?? Maxing out on your credit card does nothing to lower your score provided you pay it off in full and on time.

Actually it can. We had 2 cards offering interest free money for about 9 months.

Keeping a balance, even at zero interest rate is not paying by the "due date".. So yes, that would lower your score.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[merino007 0]

What ever you get don't get Amex. I have one just in case but balances have to be paid in full (most of them) and there's usually an annual fee.

Get one that has the lower Annual APR, based on your credit you should be able to get a decent APR (I'm assuming it's good right?)

It was a bad choice to cancel the CC with the 20K limit. This is going to lower your credit score. I would've kept it open since it has no balance.

I know credit cards are a pain in the ass, but in the world we live in we need credit to buys things, to get loans and all sorts of stuff.

Again, I would get a Visa or MC and read the terms i.e. can you transfer balances, purchase APR, delicuent fees, annual fees, rewards al sorts of shit.

And demand for a lower one too!! You are shopping for a good credit card, try to hassle a litle bit! THe bigger the limit the better your credit score.

Just don't go and use the whole 20k!

I hope this helped.

BTW, I have a USAA Mastercard 4 %APR
If somebody you know can hook you up with the bank they are the best.

Everything in excess is bad... except skydiving and sex!

[Remster 24]

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What ever you get don't get Amex.

meh.... I got the Costco Amex with 0 fees, and cashback (3% on fuel and travel, 2% on restaurants, and 1% on everything else).

Remster

[ryoder 1,381]

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Thanks.

I have one BOA Visa now,

Something I have not seen mentioned is BoA's "ShopSafe" feature. You can login to their online site and create temporary cards with selectable credit limits and expiration dates. Then you can make online purchases using the temporary card numbers, w/o giving the merchant any real into about your card. If the merchants billing system leaks info, (which has been rampant lately), it is confined to the limits you selected. You can change the limits at a later date, so you can re-use a temporary card for additional purchases at the same merchant.

AmEx had this feature from 2000-2004, but dropped it.

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[ryoder 1,381]

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What ever you get don't get Amex. I have one just in case but balances have to be paid in full (most of them) and there's usually an annual fee.

Bzzztt!
AmEx has a variety of cards.
The one I have had for years:
- has no fees.
- does not need to be paid in full, (but I always do).
- gives a cash back percentage of purchases.

I also have always had excellent service from them.
Their number is promptly answered by people who speak fluent English and can always fix the problem.

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[Nataly 38]

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THe bigger the limit the better your credit score.

Not true. Having a big limit is usually a symptom of having a good credit history, but it does not *give* you a good score - not directly, anyway (not unless you use your large limit and pay it off).

In fact, a large credit limit can *prevent* you from obtaining a loan because there is more risk of you going into debt and not being able to pay back the new loan.

When my aunt went to apply for a business loan a couple of years ago, she was advised to get rid of all of her (excess) store credit cards, because her overall access to borrowing via her existing credit cards made her too much of a risk for further borrowings.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[merino007 0]

Hahaha, I have one too! And I love their service, I just think there's plenty of better ones out there. That's why I said to do some research and get the best APR possible.

Everything in excess is bad... except skydiving and sex!

[LuckyMcSwervy 0]

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Hahaha, I have one too! And I love their service, I just think there's plenty of better ones out there. That's why I said to do some research and get the best APR possible.

+ 1. I love them, too. They kiss my ass with the Delta Skymiles Platimun card... but... I agree with Luis. There's better ones out there.

Always be kinder than you feel.

[Remster 24]

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and get the best APR possible.

Thats only useful if you intend to carry a balance.

If you pay your balance in full every month, then a high APR but with other benefits (cashback, points, free rental insurance, etc) is a better deal.

Remster

[merino007 0]

Exsctly, until you can't pay it off at the end of the month and start paying interest.

Everything in excess is bad... except skydiving and sex!

[JohnMitchell 14]

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Exsctly, until you can't pay it off at the end of the month and start paying interest.

Remster's rich.

The main thing is to not spend money you don't have. Funny, if you need money, they don't want to loan it. If you have money, they'd love to give you more.

I was surprised when I found out credit scores affect your car and homeowner's insurance rates too. It even affects your ability to rent a home these days. We use a tenant screening, that, among other things, checks the credit score too. More than one prospect has flunked.

Nataly, you're probably right about keeping the balance. I would make the minimum payments each month on time, but what's the reason to get free money if you just pay it right back? Sure, my score took a hit, but I put a couple of thousand dollars back into my own pocket.

[monkycndo 0]

As explained to me, our credit rating is based on how long we have have had credit issued and how well we pay those bills. If the card you just cancelled was your oldest account, then your current credit score will be based on your current oldest card. I cancelled a gas card that I didn't use. It was my oldest card. My credit history/rating wasn't as good because I lost those years of good history included with the cancelled card.

If the card doesn't have a fee, I would keep it and not use it. If it does have a fee but offers some type of benefit(miles, points, free gas), ask the card company to change it to a no-benefit card to kill the fees & benefits, but keep the card account alive and reduce the credit limit. Some companies will do this to keep you as a customer. Others will cancel you if you haven't used the card within a recent time period. It just happened to me.

50 donations so far. Give it a try.

You know you want to spank it
Jump an Infinity

[Remster 24]

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Remster's rich.

If by rich, you mean not in debt, then yeah, I'm a billionaire!

Remster