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Credit Cards (pg. 9)
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| JD8180 |
| quote: | Originally posted by gehzumteufel
you have just explained a major problem with US society. they see a "deal" that really isnt a deal, its just a gimmick to get you to bring your business to them. $25 after spending 5k. come on. "buy 5 get 1 free" so you buy 5 and waste 3. did you save? no. you wasted 3! |
it is somewhat of a sales pitch to get people to take up on the offer, but if you use your card responsibly then it is nice sometimes. with my cc i get reward points for every $1 i spend, and just a few weeks ago i got a $300 gift certificate to circuit city with the points i had saved up. it's not like i went spending thousands of dollars left and right just for the sake of getting points, but i use my cc as cash... so it all adds up eventually. |
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| gehzumteufel |
| quote: | Originally posted by Roweazie
no, I stated its similar to home loan. Its up to credit grantor to provide the credit to consumer. I used to work for equifax, 3yrs ago. |
whereas i worked for the creditor, wells fargo. data brokers, which is exactly what the credit bureaus are, dont interpret data, they provide raw data. what the creditors do with it will be up to them, and im speaking from a creditor pov. you know the anals of the how the data broker, in this case the credit bureaus, put the data together.
| quote: | Originally posted by JD8180
it is somewhat of a sales pitch to get people to take up on the offer, but if you use your card responsibly then it is nice sometimes. with my cc i get reward points for every $1 i spend, and just a few weeks ago i got a $300 gift certificate to circuit city with the points i had saved up. it's not like i went spending thousands of dollars left and right just for the sake of getting points, but i use my cc as cash... so it all adds up eventually. |
yeah, but you are one of the few that will research the "gimmick" and determine if its really a crock of or not. most just see things, and "oh that sounds good, lets switch!" and actually do! |
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| Ang ' ela_ie |
| quote: | Originally posted by biznology
well but what is ? higher than 18% or is that about right?
where is the best place to start looking? my bank is one possibility but that place is annoying| |
Mine are around 24% right now... I missed two payments when I was in college. |
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| gehzumteufel |
| quote: | Originally posted by Ang ' ela_ie
Mine are around 24% right now... I missed two payments when I was in college. |
how long has it been? if its been more than 6 months id call and ask to see if they would lower it. |
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| Abercrombie |
too many pages to read... but my simple advice;
Don't get a card because you need money... get it because you have money. |
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| Lilith |
I cycle large amounts of money through my credit card and pay it off at the end of every month, sometimes earlier and dodge a lot of interest rates. Basically, all my insurance(s), bills, rates, remote payments and emergencies (things that need fixing immediately) go through it and it makes for a good credit rating eventually.
I also only have one.
That's all it does.
If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense. |
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| gehzumteufel |
| quote: | Originally posted by Lilith
I cycle large amounts of money through my credit card and pay it off at the end of every month, sometimes earlier and dodge a lot of interest rates. Basically, all my insurance(s), bills, rates, remote payments and emergencies (things that need fixing immediately) go through it and it makes for a good credit rating eventually.
I also only have one.
That's all it does.
If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense. |
lol yep. but your like 40 now anyways and bought 200 houses. so no worries for you. :p
aj: whether you need money or not, should never be the basis of getting a credit card, although it should not be used if you dont have money either. |
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| Lira |
| quote: | Originally posted by Lilith
If you're the type who gets one and then decides that you actually think you have say, $10,000 on your card available and think you are entitled to go spend it on a big TV, new computer or whatever, then you're going to get slaughtered. Credit cards by themselves aren't inherently evil things, people however are inherently stupid creatures that always think they're worth more than they are... thus many of them end up hurting themselves from a lack of sense. |
+1. The only reason why I've got a credit card is because I need it to do some online shopping. I've never ever had a problem with it. |
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| tubularbills |
| quote: | Originally posted by gehzumteufel
you have just explained a major problem with US society. they see a "deal" that really isnt a deal, its just a gimmick to get you to bring your business to them. $25 after spending 5k. come on. "buy 5 get 1 free" so you buy 5 and waste 3. did you save? no. you wasted 3!
oh and you have too many credit cards. 6 is way to many unless your making a ton of money (read: 100k+).... |
WRONG.
AMAZON CARD: you get 3 points for every dollar on amazon you spend. when you get 2500 pts, you get a $25 gift card. 2500 pts / 3 pts per dollar = $833. $833 is one mortgage payment. imagine that. every month when i pay my mortgage i get $25 on amazon. over a year, that's $300 FREE just because i used a credit card to pay my mortgage payment. use the credit card for the payment, then pay off the credit card via online banking w/ chase (since it's all lumped together).
BP GAS CARD: 5% cash back for all BP purchases. when you get $25, you get a $25 gift card to BP mailed to you (or other participating partners as well). thus, to get $25 in rewards, i only have to spend $500. $500? that's other bills per month. you pay the bills w/ the cards, then pay the cards again with free online banking w/ Chase.
This is how you use the system. if you go nuts and splurge, and never make the payments, then of course you won't get the full benefits. again, it just takes regular common sense and a little money smarts to figure this out.
travel a lot? get a credit card that gives you points for every mile you fly. after a few trips, you've got a free one.
have a business on the side? get an amex and get even more points for business .
it doesn't take a rocket scientist to figure this out, really. |
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| Lilith |
Yeah, between us T-Bills and I, we have the collective intelligence of a drunk baboon and we can work it out! :p
| quote: | Originally posted by gehzumteufel
lol yep. but your like 40 now anyways and bought 200 houses. so no worries for you. :p |
Bit of difference between 28 and 40 thankyou! :whip:
But my point still stands, if you pay your bills on time, be they $200 or $20,000, it is important not to be in arrears there and if you use a credit card to do it, (you're going to pay them anyway) then you'll get a further advancement on your credit rating. Pay it early and avoid a big interest whack, its not hard to be responsible and use them for what they are. |
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| Krypton |
| quote: | Originally posted by biznology
so ive been meaning to get one...not that i totally am in love with the idea. i've never had one and since im going on 4 years out of school i could likely deal with one. i work full time and have a limited history with loans, rent, cell phone - but i still dont feel like getting raped.
i do know that has more to do with how you pay off the card, but i also know that all those low rate starter deals are bogus in the long run.
i dont necessarily need a picture of pedobear on the front, (capital one card lab), but i would like something somewhat painless that could allow me to purchase something more extravagant.
anyone else deal with this recently? the idea of debt freaks me out, but then again i have nothing new to show for it| |
Keep in mind high interest rates (anything over 15%). Also, if you miss one month, they could raise your rate substantially, usually over 20%. They could also raise your minimum monthly payment for being over your credit limit. |
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| tubularbills |
| quote: | Originally posted by Krypton
Keep in mind high interest rates (anything over 15%). Also, if you miss one month, they could raise your rate substantially, usually over 20%. They could also raise your minimum monthly payment for being over your credit limit. |
but if you pay on time, and continue to use it, you can increase your credit score.
also, the longer you have a card, and the more you use it, the more they (potentially) may raise your max limit. this comes in handy if you have an emergency and have to drop $5k |
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