: Credit Cards Do you pay extra intrest to go for the rewards cards or just basic extr



ThumperPup
02-07-11, 02:01 AM
Just wondering
when it comes to credit cards what do you prefer this was actually going on a topic of its own in another thread we where talking about credit cards some have shell some have GM rewards
so i thout start a thread where more will see and lets here no personal information is being just of anyone

so when it comes to your credit cards

would you rather have lower interest cards but no rewards
or do you rather go for the higher interest card or for the higher yearly annual fee cards with rewards and hope you make it up in the long run

For me

I have both i probably say i use the rewards cards more the last several years

but when it comes to cards i have recently decided there are some that just have to go but not gona cancel them just wait for the to expire and not renew them

how about you all

what do you like do you like money back free gas free food cruise rewards vacation rewards airline or hotel miles and points

or do you just want a credit card to use in an emergency with a low interest rate and a small annual fee ?

Jesda
02-07-11, 02:07 AM
Cash.

ThumperPup
02-07-11, 02:18 AM
Cash.

cash is good i actauly had a ruel for many years i would never spend more on my credit card then i had in my checking account to make a paymnent used the cards got good reports to credit scores stayed up payed cards of in full each month
right up untill last March when i started to have to max my cards out to pay for auto repairs lol

im hoping ones my payments on the car is up my first thing i will be able to do is take the next 5 months or so and get all my credit cards paid off maybe my score will jump back from the low 600s where they are now into the mid or hi 600s in a year id hope

Stingroo
02-07-11, 02:26 AM
I'm paying the one credit card that I used to have off at the moment. Even though it got cancelled, and probably hurt my "score", I'm glad I had it though. I wasn't able to find work over the summer, and it saved my butt, and my family's too, quite a few times when money got tight. It doesn't bother me that I'm paying on it, the payments are minuscule (It was only a $400 limit card). I also have no plans on paying credit for anything in the future anyhow. I own a car, and I won't need a house for quite a few years as it is.

Normally what I would do with it was use it if I had the money in my account and pay it off right when it was due. Now that I have a steady job (a real one, that is :lol:) I want to get another one to rebuild my score slowly, and have another emergency fund.

ThumperPup
02-07-11, 02:32 AM
I'm paying the one credit card that I used to have off at the moment. Even though it got cancelled, and probably hurt my "score", I'm glad I had it though. I wasn't able to find work over the summer, and it saved my butt, and my family's too, quite a few times when money got tight. It doesn't bother me that I'm paying on it, the payments are minuscule (It was only a $400 limit card). I also have no plans on paying credit for anything in the future anyhow. I own a car, and I won't need a house for quite a few years as it is.

Normally what I would do with it was use it if I had the money in my account and pay it off right when it was due. Now that I have a steady job (a real one, that is :lol:) I want to get another one to rebuild my score slowly, and have another emergency fund.

From what i hear Capital One and Orchard bank are the best ones to help rebuild if you can get a unsecured card
if you need to go secured with a small depsoit say 200 to start and just build up your score again
then orchard is the only way to go

Stingroo
02-07-11, 02:45 AM
I've never heard of Orchard, and I've heard that Capitol One will rape you over the eyeballs with interest. My last card was through my bank, I'm hoping to do that again, maybe. Or like a gas card or something that I can spend elsewhere too. If I remember right, BP and Shell have really good ones.

Jesda
02-07-11, 02:58 AM
I had Orchard a few years ago. Its owned by HSBC.

ThumperPup
02-07-11, 03:00 AM
I've never heard of Orchard, and I've heard that Capitol One will rape you over the eyeballs with interest. My last card was through my bank, I'm hoping to do that again, maybe. Or like a gas card or something that I can spend elsewhere too. If I remember right, BP and Shell have really good ones.

Orchard bank Cards are Financed and run threw HSBC
also if you find someone who uses GE Money Bank they are pretty decent and easy to get with lower credit scores
Capital one used to rape you on charges and other stuff but not anymore what they used to do was they where known for making sure that your payment you send it would always be shown as late then they could charge you late fees they also where crooks in other ways but about 2 years back the AG attorney generals office got on them and actually sewed them i think they won a settlement close to the 100s of millions
so i don't think cap one will be making any mistakes like that again not any time soon

the cards like Shell and BP are threw citi bank i think and citi bank is one of the harder banks to get approved for credit threw
usually u need a score up near 700 to be accepted then they have chase witch has the cards for alot of the airlines other gas company's and hotels u for sure are gona nee dot be in the 700s for those then the auto repair shops mostly i think use a number of places like wells fargo , citi bank , ge money , citizens financial , and there are a few others can go on and on but most of those are for high credit scores and then there is Amex they have the green card wich is a credit card but technically u cant call it a credit card amex is charge cards because most of them have to be paid off in full with in 30 or 60 days i think
and unless you have a 750 or high you can usually count amex and discover out of the book right away

if there are many things i know credit is one of them
i know that these days you cant get anything without credit at least not anything that is worth anything

Stingroo
02-07-11, 03:03 AM
Really? I thought Discover was one of the easier ones to get into... I get flyers from them all the time for student cards. My old CC was through Wachovia (now Wells Fargo).

ThumperPup
02-07-11, 03:05 AM
something els alot of ppl don't know about credit is its better to have 5 cards with a 1000 dollar limit on each then to have one card with 5000 limit and also
try to never go over half your available credit

what sucks is in the late 90s they stopped allowing you to shadow someones credit wich was meaning if you had someone shadowing you you would get good credit for there good credit at least thats how dad explain ito me at first my first credit card was with him he shadowed me so i was on his account but did not have access to any of the funds just had my social security number on the accounts like car loans almost like a cosigner but not so to speek
but they stopped doing that in the 90s i think

ThumperPup
02-07-11, 03:07 AM
Really? I thought Discover was one of the easier ones to get into... I get flyers from them all the time for student cards. My old CC was through Wachovia (now Wells Fargo).

hmm Maybe im wrong on that but i seem to remember that discover is one of the harder ones to get along with dighners club yes they are still around but not many get them anymore

something you can do is check out a site called Creditkarma.com or maybe its kreditkarma.com one or the other
its free no sighn up needed no credit card needed they just need your info and you can check yoru credit score and they even have a credit report card with history and info for you for free i use them for years each month like clock work to make sure im good and all

Stingroo
02-07-11, 03:24 AM
That creditkarma thing actually seems pretty legit. I'm cautiously optimistic....

ewill3rd
02-07-11, 08:57 AM
I have 2 primary cards I use.
One is a no fee card, I think, that gives me good perks on dining and other things. I use that for anything recreational such as dining out, movies, etc.
My other card is a rewards card with a pretty steep annual fee (as compared to some) but I use it to pay my monthly bills (phone, cable, etc) and it racks up points that I redeem for travel. I usually fly home to see my folks for free once a year or so. I keep an AmEx card that I have for shopping at Costco.
I can't speak as to the interest rate because I pay off my balances in full every month, haven't paid interest on a credit card in probably ten years, likely more.

Without divulging too much personal information I will give a plug to the bank, I use Chase for the most part, although admittedly I didn't start out with them. They bought my old cc account (I opened in 98) and have been very good about customer service even refunding me charges for late payments due to a mixup on my accounts when I was paying my bills. They have also gone to bat for me on charging back some vendors for some issues I have had. The only "problem" I have had with them is that often when I am on vacation they lock my account. As frustrating as it may be, it only takes a phone call to fix and they do it because they see "unusual activity" on my account. I tell them that I appreciate it but I need it and they turn it right back on. I have funny stories about that.... :lol:

When I was establishing my credit years ago Discover turned me down, so I will never get one. I'm not sure what criteria they use, but I think they might be more strict than some although I could be wrong.
I think an important factor in customer service is how you maintain your account. For years my wife and I have averaged about $3,000-$5,000 a month on the accounts and they are paid in full every billing cycle.
I am sure experiences vary. I do know that I had problems with Capital One and I don't like Bank of America either.

I think my point (if I have one) is that it depends on your situation. If you are going to carry a balance then my personal advice would be to get an account with the lowest possible interest rate, the money you save will reward you with things you can buy with cash rather than counting on points, which are a pittance by comparison.
If you have large revolving balances that you pay off every month then go for a card with higher rewards even if there are fees. My $400 per person plane tickets are well worth the price of the annual fee but if I was paying hundreds a year in interest fees it would be pretty silly for me to think I was being rewarded.... now wouldn't it?
;)

As a side note, I find the quickest way to get CC companies to quit sending you pre-approved offers is this:
Be sure your name and address are legible and write in marker VOID across the rest of the application. Put it in the envelope and mail it back to them.
They will open it after they pay the postage on their prepaid enveloope and see that you sent them a voided application. This gives a clear signal to them and I have used it more than once to stop their junk mailing to me. If they see you costing them money to NOT get a card they tend to leave you alone.

gary88
02-07-11, 12:48 PM
I've paid off my balance every month since I was 18, so interest rates don't affect me. My card has no annual fee and I get rewards, I usually end up getting myself a $50 Amazon card when I have enough points.

77CDV
02-07-11, 09:24 PM
Like Gary, I pay off my balance at the end of each month, so interest rates aren't important to me. Cards that charge annual fees are summarily executed.

ThumperPup
02-07-11, 09:47 PM
right now im in the hole from what my creditkarma update as of last nite im utilizing 98 percent of my credit and im in debte 9209.32 i think i can get that all paid off by end of this year im just happy that the intrest rate on my cards the highest one is at 14.9 percent and that is the Orchard bank card the others are between 7.3 and 13.99 this past year really sucked

EChas3
02-07-11, 11:48 PM
77CDV & Gary88 have it right. Always pay off the entire balance by the due date. If you can't do that, don't buy the goods or services. If you get in a bind, work out some other form of financing. Even the lowest Credit Card rates are a rip-off when all costs are figured.

I always carry at least one Visa & one Mastercard and cash. You can't imagine how many people put themselves one piece of plastic out of the gutter when on the road. When my customer banks are trying to help one of their customers that didn't think ahead, I do feel for them. But they do it to themselves.

I use a free card with a great rewards program. They also have a great anti-fraud program. I once had my info breached and they called me in less one day. I lost nothing and had a replacement card in three days.

ThumperPup
02-08-11, 12:01 AM
the one thing that i do appreciate with the cards i have even my bank cards
is the same thing that irritates the heck out of me
if i use my card at a Gas Station more then twice in one day they cut it off declnes card acceptance they iethere call me or i call them first to ask me whats going on i tell them im on a road trip they say oh ok no wonder we have 3 stations putting charges threw for 60 each ok thanks you have a nice day thats it end of story card works again but it does get embarsing if i go somewhere and my card doesn't work because of the fraud stuff but that is good also