What are some of the better credit card companies out there?
I get offers all the time from Capital One and a bunch of no name places...anyone have any thoughts on which ones are good and which are bad?
Answers
957 points
CUWu answered one year ago …
Going with your bank is always a good idea - you know who they are and can talk with someone face to face about issues like APR, credit limit increases, etc. I personally LOVE my Chase Visa card.
American Express is also good if you want to keep your spending in line with your income - you have to pay it off at the end of each month.
Whatever you do though, STAY AWAY FROM STORE CREDIT CARDS (e.g. the "Gap Card" or the "Macy's Card")...they usually carry the worst credit terms and never cap your spending where they should. Avoid these at all costs!
379 points
dustbusterz answered one year ago …
nCUWu had some great answers for ya especially about store credit cards.
Personally I would like to add just one thing to that , you need to find card companies that allow you a grace period for paying off the balance before you incur any interest. cause this can allow you to pay the balance off say within the first 25 to 30 days and not incur any interest. this is a great way to use someone else's money with out paying ny interest. and you want the card with the least number of fees. some cards will charge a fee for this and a fee to that , and by the time you add it all up, this card isn't such a bargain after all
fees have been increasing not only in size but in number over the past 6 to 10 years. i even saw one recently that now charges each time they increase your credit limit. Oh and don't let them just automatically increase that limit without your consent. you star out with a 500.00 limit and in a couple years your saddled with a limit of say 2,500. and this is not good . it only temps you to spend more than you need .
312 points
mjrenn answered one year ago …
Great answers above. Might I add that I got my American Express in 1989 and I love it. Widely accepted in my travels, great customer service etc. As CUWu mentions it needs to be paid entirely at the end of the month.
I have a Westpac Visa as well because if Amex is not accepted somewhere Visa always is. Not necessary to carry so much cash. No other cards needed for me.
Always keep your receipts so you can check your bills are correct. If you use your cards a lot it's difficult to remember what you bought 30 days ago. Only 1 time has Amex charged me for something that was not mine. It was fixed right away but if I wasn't checking my receipts I would have paid a $432 charge that was not mine.
Good luck.
102 points
texhammer answered one year ago …
Good advice from folks above....Also, watch out for teaser ads regarding Balance Transfers spouting zero APR on the transfer amount for an introductory period. Almost ALL of them hide their 3% transfer fee in the fine print. Avoid the temptation to have multiple products such as Visa, MasterCard and AMEX. Practically any one of them can be used worldwide these days. Sign on to a web site such as Creditcards.com and compare offerings to find the card that is best for you. Be aware and good luck.
Read more from texhammer
122 points
twitham answered one year ago …
I have found that the Credit Unions seem to offer some of the lowest interest rates.
tom
4085 points
EthanR answered one year ago …
I truly believe that all credit cards stink! The interest rates are a disgrace, and they keep people in debt. I believe we would all be better off if we went back to cash only. And you if don't have the cash, you don't buy it! But having said that, if you have to have one, my wife has a JC Penney Visa card, and loves it because they send her $10 gift coupons all the time. However, CUWu is probably right about store cards. And whichever ones you go with, always pay the balance off completely when the bill comes.
Read more from EthanR312 points
mjrenn answered one year ago …
Great point Ethan. My 2 cards are paid off fully every month. If I'm not going to have the cash at the end of the month to cover the bills I don't use them. Credit cards are most definately not a substitute for cash. But my mother hasn't quite figured that out yet!
Read more from mjrenn124 points
Parker352 answered one year ago …
Hi great points about pros and cons of credit cards. I have a couple of things to add. First of all I would like to say that Macy's is the ABSOLUTE WORST store card to have. I will explain why. I had a Macy's account awhile ago. I used to (note I say I used to) shop there all the time. The problem came up when I wanted to pay the card off in the store or preferably on the phone with my banking card. They do not do that end of story. End of credit card. Recently they had a pretty good deal during a holiday season. The cashier was plugging for applying for an account to get x,y, and z discounts. I asked the cashier IF they had changed their policy about paying the bill. This cashier assured me that I could pay it off in the store or on the phone with my bank card. What a surprise I had when I tried to do that with the holiday purchase and they said no. I told the customer service that the cashier assured me the policy had changed. Customer service said the cashier should have checked with them before telling me that. No more macy's card ever again. PERIOD.
As far as other credit cards are concerned, I would recommend a company called Advanta. My husband did a balance transfer on a business transaction. They offered 0% until 2009 sometime. No hidden fees, very easy to use, internet friendly, sends you reminders if you like. Very good service.
Another note on other 0% credit offers. Please be very aware of when to make the payments and don't miss one payment. If a payment is late or missed by accident as some of us do occasionally, some credit cards have no mercy. They do not say up front, or for that matter after a situation has been explained,or even if you are top tier credit, that if this happens the 0% changes to a whopping 28%! Forewarned is forearmed.
