Members Beavis Posted December 19, 2008 Members Report Share Posted December 19, 2008 I want to get a credit card but I want to get the best one with the lowest rate and best offer(like cash back or that stuff) and lowest annual fee. Who has suggestions? I don't want to go through my bank they don't offer great options for cards. Quote Link to comment Share on other sites More sharing options...
Members mystofpric Posted December 19, 2008 Members Report Share Posted December 19, 2008 I want to get a credit card but I want to get the best one with the lowest rate and best offer(like cash back or that stuff) and lowest annual fee. Who has suggestions? I don't want to go through my bank they don't offer great options for cards.None. If you can afford to live without credit cards then you should! And really what you get depends on your credit score. If your looking to buil;d credit apply for a line of credit at your bank for over draft protection then never use it. Quote Link to comment Share on other sites More sharing options...
Members ladylove Posted December 19, 2008 Members Report Share Posted December 19, 2008 You have to shop around for the best rates and no annual fees. Be carful never to charge anything that you don't have the money for. To many people get into financial trouble when they buy things they can't afford. Quote Link to comment Share on other sites More sharing options...
Guest eminatic Posted December 19, 2008 Report Share Posted December 19, 2008 i'll spare you the "you shouldn't buy things you can't afford" speech. the point of getting a credit card at your age is to BUILD credit so that you will have a secure history and lower rate when you DO need it. in the meantime you should treat it like a debit card, always pay it in FULL every month because you are going to get a crappy interest rate. no way around that.in the past couple of years banks have changed their policies and do NOT give credit cards to people with no credit history. i tried at my bank and they told me "we can only give you a credit card if you already have a credit card" (and no, a debit card with a credit logo doesn't count) some places that WILL give credit cards to people with no credit history are department stores and capital one. i got a Target credit card last winter and about 6 months after that my bank began offering me a credit card. yes you should use it but like i said, treat it like its a debit card. credit cards have a grace period (usually 28-30 days) and if you pay in FULL within that time, you are not charged the interest rate. Quote Link to comment Share on other sites More sharing options...
Members ladylove Posted December 19, 2008 Members Report Share Posted December 19, 2008 i'll spare you the "you shouldn't buy things you can't afford" speech. the point of getting a credit card at your age is to BUILD credit so that you will have a secure history and lower rate when you DO need it. in the meantime you should treat it like a debit card, always pay it in FULL every month because you are going to get a crappy interest rate. no way around that.in the past couple of years banks have changed their policies and do NOT give credit cards to people with no credit history. i tried at my bank and they told me "we can only give you a credit card if you already have a credit card" (and no, a debit card with a credit logo doesn't count) some places that WILL give credit cards to people with no credit history are department stores and capital one. i got a Target credit card last winter and about 6 months after that my bank began offering me a credit card. yes you should use it but like i said, treat it like its a debit card. credit cards have a grace period (usually 28-30 days) and if you pay in FULL within that time, you are not charged the interest rate.You still should never purchase anything you don't intend to pay for at the end of the month, so the interest rate shouldn't matter all.I do understand about building credit, I too had to get my first credit card at some point. I was 16, my mom and dad gave me one. My first year of college I went crazy charging and was not responsible. My parents warned me several times, long story short..... I worked a whole year to pay them back for my irresponsibility. Quote Link to comment Share on other sites More sharing options...
Members mystofpric Posted December 19, 2008 Members Report Share Posted December 19, 2008 There are alternatives to credit cards to building your credit. The over draft protection is a great one! If you have student loans and are still in school start making payments because as soon as you do, it gets reported to teh credit agencies, also another plus to this is lower bills when you leave school (win/win on all sides) and because your loans aren't due yet is you pay for three months straight then things get tough anbd you can't make a payment you can safely skip it without a negitive report going in for that month.9 ways to build creditbuilding Credit Without a Credit Card Quote Link to comment Share on other sites More sharing options...
Members Beavis Posted December 19, 2008 Author Members Report Share Posted December 19, 2008 I will try my bank but I don't like the way they don't credit. Their lowest rate is for credit is 13.75%. Yet loan rate is 4.75%. I don't get that but w.e. I wish to at some point buy a car but being that I have no credit to my name I can't one. I want to get a bank loan at some point but I can't unless I have 3 lines of credit. I don't have student loans(thanks to my parents). Chase offers cards with 8.9% as the starter rate same with Capital One. I think I will get some and just hide them in my room so I don't use them and keep one in my wallet that has a limit of like $300 and stay up on it. I can afford $300 a month and can stay below that. I have a credit card with Jared but thats a store only card.Not to be rude or offensive but it sounds like you hate credit cards with a purple passion Suzy. Quote Link to comment Share on other sites More sharing options...
Tyger Posted December 19, 2008 Report Share Posted December 19, 2008 I've had a Providian, Capital One, Sears (all 3 they offer), and a couple of other ones. Hell, I use to be encouraged to promote the Sears card when I worked there, though I rarely ever did.I paid them off and shut them down. You may start out paying the balance every month, but, especially young people, you get cocky, and think "A little bit of interest won't hurt this month, I'll just catch up next" or think that because they have $1000 line of credit, they should use it all. With the economy being as it is, & with jobs not being as reliable, at this point, I would be against getting a credit card. People have been living off credit for a long time, which is one of the reasons that we are in such a bad state now.Many credit card companies are struggling even harder now, and, in an attempt to get their money back, they've cut down a lot of people's credit limits, even if they pay the balances all upfront. A local business owner here where I live, has an American Express Gold card. He had a limit of about $5k, which he used in his construction business. With one little bitty letter, they cut his credit limit down to just $1500. He paid on time, each month, never used the full credit limit, and is a loyal customer. He was like "WTF can I use $1500 for in my business? I have to have at least $4k available for parts, equipment, and so on". AND, on top of that, the credit card companies are raising interest rates. One man I know really pays attention to little details. He got a card at an intro rate of 6%. Then it went up to about 11%, which is normal after an introductory period. All of a sudden, it went up to 28%. He shut the card off. He said to hell with it.Every month, those credit cards that are advertising, will advertise different rates, and so on. You really have to go out and look if you want to find one. Bank loans are different from a credit card, even if it's offered at your bank. The bank has a more "intimate" way of getting their money, and can judge how much interest can be charged. Plus, loans usually have collateral, so if you get a loan, say, for a car, if you don't pay it, they get the car. With a credit card, there's rarely ever collateral, so, if they don't get their money, in the end, they can get screwed, and have been, so they charge a higher interest rate. This is normal for all banks. Plus, banks that offer Visa/Mastercards, have to pay a fee for being allowed to use the Visa/Mastercard services, so, the customer has to make up for that cost as well. Good luck in whatever you choose to do. Quote Link to comment Share on other sites More sharing options...
Guest eminatic Posted December 19, 2008 Report Share Posted December 19, 2008 You still should never purchase anything you don't intend to pay for at the end of the month, so the interest rate shouldn't matter all.yeah thats what i meant. if you're young you are going to get a crappy rate no matter what (btw korn 13% is about the standard for your age) but just pay it off every month so that the interest rate doesnt effect you, that way you are building credit so that by the time you need it (like for buying a car etc) you will be able to get a lower loan rate. Quote Link to comment Share on other sites More sharing options...
Members makasha1 Posted December 19, 2008 Members Report Share Posted December 19, 2008 This does'nt have to do with your credit card question but if you want to build a credit history try this.Go to your bank and borrow $500 or $1,000 on a 90 day demand note. Then go to another bank and put it in a savings account.At 80 or 85 days take the money out and pay off the loan. The difference between what you are paid in interest and what you are chargedis minimal. Do this 2 or 3 times and you jhave established a good credit history.Then a credit card or a loan for something you needwill be easier to get. Quote Link to comment Share on other sites More sharing options...
Members mystofpric Posted December 20, 2008 Members Report Share Posted December 20, 2008 Not to be rude or offensive but it sounds like you hate credit cards with a purple passion Suzy.I don't hate them at all, however I would never, ever recommend that someone just starting out in the credit world get one. Especially if there are other options. Get a cell phone! Guess what, they run your credit, they report to the credit industry! You build credit! Get a short term loan (not a pay day loan that's completely different and evil), pay it off before your due date, you just built excellent credit! Take out a student loan! Yu don't have to pay it off until 6 months after your end date and if you pay it off sooner, you not only don't pay interest but you build credit!Credit cards are way too easy to use. Did you ever get a debit card? If you did then you know, and guess what it gets even easier knowing that you can pay it back later! Anyone telling you to get an unsecured credit card is leading you down teh wrong path, especially intoday's economy. Read the news and then see if you think that credit cards are a sure bet right now. Not only can they slice your limit without much notice but they acn and will raise your rate, get one, see what happens when your payment is late.Building credit is a genius thing to do, it really is. But unless your used to really paying bills (and a fair amount of them) avoid credit cards, cause it's wicked easy to wrack up debit. Plus once you start messing one up it goes on your credit report for a minimum of 7 years. So a screwed up credit card now could haunt you until your 26. Depending on where you live landlords run your credit report, schools do, some employers too! Why run that kind of risk over something as dumb as a credit card? They have very very few postitive aspects besides easy money in the event of an emergency.Also a loan interest rate will be lower, the federal reserve basically wiped out the interest rate that banks charge each other for loans, which inturn lowers teh rates they give you. This is great news for home owners, loanees, and car owners (yeah you can refinance those too!) but it means nothing to teh credit industry. Quote Link to comment Share on other sites More sharing options...
Members Kinky Twinkie Posted December 20, 2008 Members Report Share Posted December 20, 2008 I don't hate them at all, however I would never, ever recommend that someone just starting out in the credit world get one. Especially if there are other options. Get a cell phone! Guess what, they run your credit, they report to the credit industry! You build credit! Get a short term loan (not a pay day loan that's completely different and evil), pay it off before your due date, you just built excellent credit! Take out a student loan! Yu don't have to pay it off until 6 months after your end date and if you pay it off sooner, you not only don't pay interest but you build credit!Credit cards are way too easy to use. Did you ever get a debit card? If you did then you know, and guess what it gets even easier knowing that you can pay it back later! Anyone telling you to get an unsecured credit card is leading you down teh wrong path, especially intoday's economy. Read the news and then see if you think that credit cards are a sure bet right now. Not only can they slice your limit without much notice but they acn and will raise your rate, get one, see what happens when your payment is late.Building credit is a genius thing to do, it really is. But unless your used to really paying bills (and a fair amount of them) avoid credit cards, cause it's wicked easy to wrack up debit. Plus once you start messing one up it goes on your credit report for a minimum of 7 years. So a screwed up credit card now could haunt you until your 26. Depending on where you live landlords run your credit report, schools do, some employers too! Why run that kind of risk over something as dumb as a credit card? They have very very few postitive aspects besides easy money in the event of an emergency.Also a loan interest rate will be lower, the federal reserve basically wiped out the interest rate that banks charge each other for loans, which inturn lowers teh rates they give you. This is great news for home owners, loanees, and car owners (yeah you can refinance those too!) but it means nothing to teh credit industry.Bankrate.com Good advice on a plan to pay off is available at Clarkhoward.comPersonally Suzy advice is good advice Glenn Quote Link to comment Share on other sites More sharing options...
Members mystofpric Posted December 20, 2008 Members Report Share Posted December 20, 2008 Bankrate.com Good advice on a plan to pay off is available at Clarkhoward.comPersonally Suzy advice is good advice GlennI refused to sell credit cards when I worked at a department store unless they were store specific, harder to spend money if you can only use it at one store. Quote Link to comment Share on other sites More sharing options...
Members Kinky Twinkie Posted December 20, 2008 Members Report Share Posted December 20, 2008 I refused to sell credit cards when I worked at a department store unless they were store specific, harder to spend money if you can only use it at one store.store cards are the worst, interest rate is like now 21.99 percent on average. Most are serviced by retail services. Lots of bad things in them cards n smal print. They good as a starting point to establish credit. Charge it, pay it off immediatly as if it was cash. Do this a few times then apply for a visa. Then use it only when you need to like purchase of airline tickets, when traveling without cash, emergencies like a fuel pump that goes out on you and you cant get to your emergecy stash at the moment. This is a subject near to me because I paying off a big balance that wasn't all caused by recreational spending, I think everyone should have one like a handgun however it must be used with great care and lots of safety.Glenn Quote Link to comment Share on other sites More sharing options...
Members Beavis Posted December 20, 2008 Author Members Report Share Posted December 20, 2008 LOL nice. I love guns and hunting. Good point Glenn. I'm staying up on my store credit card and I have like two more times that I have to pay it off. I will look into those sites and I just dug into credit cards like you were talking and I see your point. This is what I have heard but I'm not saying it's true. If you have been a long time card holders and have been prompt with payments then your rate won't change much but newer card holders and people who have fallen behind on payments will see their rates almost double and those who have fallen behind will see rates increase by almost double or even triple or taken to court. But Glenn has a good point that I'm going to follow once things have settled and the economy is back. For now I'm just going to see about building credit in other ways. Thanks to all who put their input on this. Quote Link to comment Share on other sites More sharing options...
Members ladylove Posted December 21, 2008 Members Report Share Posted December 21, 2008 yeah thats what i meant. if you're young you are going to get a crappy rate no matter what (btw korn 13% is about the standard for your age) but just pay it off every month so that the interest rate doesnt effect you, that way you are building credit so that by the time you need it (like for buying a car etc) you will be able to get a lower loan rate.One should never have an out standing balance on a credit card ever........ Quote Link to comment Share on other sites More sharing options...
Members Amylynn920 Posted December 22, 2008 Members Report Share Posted December 22, 2008 I'm curious - I've heard that you should not pay your card off in full. Letting a little go over each month helps to develop credit. Is this true?If you pay your card in full on time it will establish both a good payment history and also not get you into trouble. You should not carry a balance monthly, it just feeds interest rates. I have a 0 apr on my card, I pay it in full each month and I don't carry balances. My credit is excellent. Quote Link to comment Share on other sites More sharing options...
Members ladylove Posted December 22, 2008 Members Report Share Posted December 22, 2008 Adriana: I'm curious - I've heard that you should not pay your card off in full. Letting a little go over each month helps to develop credit. Is this true?WRONG! Whoever told you that must work for a credit card co. From a finance stand point; to build excellent credit, you have to have a credit history, true. Not having outstanding balances on your credit card/s, and paying on time for any bills, will give you a leg up, and reflect in your personal score. There are many other factors that go into into a the credit rating, but again, if you alway pay your bills on time, don't carry a balance on your credit cards, and try to build your savings (no matter how little) each month, it will reflect positively on your overall score. Quote Link to comment Share on other sites More sharing options...
Guest eminatic Posted December 22, 2008 Report Share Posted December 22, 2008 I'm curious - I've heard that you should not pay your card off in full. Letting a little go over each month helps to develop credit. Is this true?no, thats not true. using the card in general builds credit. you SHOULD pay it off in full every month. just think of it as an ATM card that you are using to build a credit history. and like and ATM card you should not put anything on it that you cannot pay for up front. Quote Link to comment Share on other sites More sharing options...
Members Kinky Twinkie Posted December 25, 2008 Members Report Share Posted December 25, 2008 Ever notice that all credit card servicers and issuers seemt o be located in souix Falls. SD and Wilmington, De? There a reason for this. Who knows the reasonGlenn Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.