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How to select credit card?

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Postby Madison » Thu Nov 17, 2005 6:15 pm

I'd suggest avoiding department store cards. The interest rates are usually insanely high.

Don't know what your credit history is (or even if you have any), but if at all possible grab a platinum visa or mastercard and pay it off in full every month. My card is fixed at 6.9% and I've never carried a balance from one month to the next on it, but it's nice to have a small interest rate just in case of emergency.

Whatever you do, don't get into too much debt. Remember that just because you're not paying cash for something, that doesn't mean you don't have to pay for it. After my first wife, and then a girlfriend after that, I found myself in credit card debt to the tune of $50K. It's all paid off now, and my credit record is sparkling since I never missed a payment, was never late on a payment, etc, but it was a real pain to get all that debt paid off. Don't let it happen to you.
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Postby Yoda » Thu Nov 17, 2005 6:23 pm

Madison wrote:I'd suggest avoiding department store cards. The interest rates are usually insanely high.



If you have the cash to payoff the credit card balance and immediately closing it upon payoff, then I would consider dept store cards. Some stores give you like 20% discount which could be substantial depending on what you buy.
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Postby pokerplaya » Thu Nov 17, 2005 6:26 pm

Yoda wrote:
Madison wrote:I'd suggest avoiding department store cards. The interest rates are usually insanely high.



If you have the cash to payoff the credit card balance and immediately closing it upon payoff, then I would consider dept store cards. Some stores give you like 20% discount which could be substantial depending on what you buy.


I'd avoid them...most have small limits, and when you get one you usually get a few more...the more you have, actually harms your credit rating even if you pay them all off on time. Go with one of the big ones and just build your credit over time that way.
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Postby Coppermine » Thu Nov 17, 2005 6:43 pm

Where's the dude that first posted... he's getting quite a bit of good advice.
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Postby ironman » Thu Nov 17, 2005 6:47 pm

Madison wrote:I'd suggest avoiding department store cards. The interest rates are usually insanely high.

Don't know what your credit history is (or even if you have any), but if at all possible grab a platinum visa or mastercard and pay it off in full every month. My card is fixed at 6.9% and I've never carried a balance from one month to the next on it, but it's nice to have a small interest rate just in case of emergency.

Whatever you do, don't get into too much debt. Remember that just because you're not paying cash for something, that doesn't mean you don't have to pay for it. After my first wife, and then a girlfriend after that, I found myself in credit card debt to the tune of $50K. It's all paid off now, and my credit record is sparkling since I never missed a payment, was never late on a payment, etc, but it was a real pain to get all that debt paid off. Don't let it happen to you.


$50K? Good lord. Mine is a fraction of that and it still gives me ulcers.
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Postby Madison » Fri Nov 18, 2005 1:12 am

ironman wrote:
Madison wrote:I'd suggest avoiding department store cards. The interest rates are usually insanely high.

Don't know what your credit history is (or even if you have any), but if at all possible grab a platinum visa or mastercard and pay it off in full every month. My card is fixed at 6.9% and I've never carried a balance from one month to the next on it, but it's nice to have a small interest rate just in case of emergency.

Whatever you do, don't get into too much debt. Remember that just because you're not paying cash for something, that doesn't mean you don't have to pay for it. After my first wife, and then a girlfriend after that, I found myself in credit card debt to the tune of $50K. It's all paid off now, and my credit record is sparkling since I never missed a payment, was never late on a payment, etc, but it was a real pain to get all that debt paid off. Don't let it happen to you.


$50K? Good lord. Mine is a fraction of that and it still gives me ulcers.


Note the Ex-Wife and then Ex-Girlfriend parts of my post. :-b
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Postby Sticky Spice » Fri Nov 18, 2005 7:53 am

Coppermine wrote:Where's the dude that first posted... he's getting quite a bit of good advice.


Thanks everyone for the help.

For my first step I went to http://www.AnnualCreditReport.com to check out my credit report. They charge you to see your actual credit score, so I just skipped that.

Next I think I'm going to go to bankrate.com like was suggested earlier and shop for a good card. In addition to Christmas, my wife and I are expecting to treat ourselves to new computers when we get our taxes back. We are considering buying them on credit if we see a really good deal during the holidays and then paying it off when we get our refund - perfect for one of those no payments for 6 months kinda deals. It scares us a little to count our chickens like that though.

What I want to get my wife is a Kitchenaid Artisan Mixer. It "has" to be the Artisan model, and it "has" to be pink (rolling eyes) - runs about $250-$275. I don't want to buy on ebay because I don't trust kitchen appliances and would want the security of knowing I could return it just in case it blows up. Talk about a gift that gives back :-L Not romantic, I know, but cooking is one of her personal interests.
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Re: How to select credit card?

Postby Mookie4ever » Fri Nov 18, 2005 8:13 am

Sticky Spice wrote:I think I'm going to have to get a credit card this Christmas. I don't know how to find cards with good rates and I've never had one before.


Using a credit card for a loan is a really bad plan.

Interest of 20% on a credit card vs. 6% on a personal loan. If you are planning on carrying a balance why don't you get a line of credit instead?
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Postby Coppermine » Fri Nov 18, 2005 10:17 am

Sticky Spice wrote:
Coppermine wrote:Where's the dude that first posted... he's getting quite a bit of good advice.


Thanks everyone for the help.

For my first step I went to http://www.AnnualCreditReport.com to check out my credit report. They charge you to see your actual credit score, so I just skipped that.

Next I think I'm going to go to bankrate.com like was suggested earlier and shop for a good card. In addition to Christmas, my wife and I are expecting to treat ourselves to new computers when we get our taxes back. We are considering buying them on credit if we see a really good deal during the holidays and then paying it off when we get our refund - perfect for one of those no payments for 6 months kinda deals. It scares us a little to count our chickens like that though.

What I want to get my wife is a Kitchenaid Artisan Mixer. It "has" to be the Artisan model, and it "has" to be pink (rolling eyes) - runs about $250-$275. I don't want to buy on ebay because I don't trust kitchen appliances and would want the security of knowing I could return it just in case it blows up. Talk about a gift that gives back :-L Not romantic, I know, but cooking is one of her personal interests.


Sticky, let me tell you, from personal experience, that mixer will win you far more points than any flowers, chocolate or even jewelry.
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Re: How to select credit card?

Postby Yoda » Fri Nov 18, 2005 10:52 am

Mookie4ever wrote:
Sticky Spice wrote:I think I'm going to have to get a credit card this Christmas. I don't know how to find cards with good rates and I've never had one before.


Using a credit card for a loan is a really bad plan.

Interest of 20% on a credit card vs. 6% on a personal loan. If you are planning on carrying a balance why don't you get a line of credit instead?


Where can u get a line of credit for 6%? THe loweset I've seen lately is around 7-8.
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