noahlowryfan
Well-known member
I'm planning to get my first credit card. What company I should get it from and is it a good idea to sign up for a credit card with your bank where you have your account at?
first credit card
- Thread starter noahlowryfan
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ClaireAvril
Well-known member
credit cards = pure evil. i am serious.
Get a prepaid credit card and use that.
Get a prepaid credit card and use that.
meaghan<3
Well-known member
Personally, I love American Express. My very first credit card was the Clear Card . This particular card allows you to carry over the balance on the card if you need to and there is no annual fee. Also, it sends a $25 gift card for ever $2500 you spend. I found these rewards better for me rather than both credit cards that I have from Wachovia and Bank of America (both where I have accounts). Also, American express has GREAT online banking, nothing comparable to the other cards that I have. After I had that card for like 3/4 years, I also got a Platinum Charge card. However, that may not be the best card to jump right into for your first card, where as the clear card is great! You can also read all about the different cards on AmericanExpress.com. I also know that the blue card is great too! Good luck with picking a CC company and I hope I was a bit helpful!
Beauty Mark
Well-known member
Credit cards are a necessary evil. It's very difficult, if not impossible, to establish credit otherwise.
What I would look for:
-0% APR for a long time (6 months to a year)
-Some kind of reward that you'd use (like cash back or a gift certificate)
-No annual fee
I have an American Express Blue Cash and an Amazon Visa as the ones I use (I have other open that I never use, like my Apple card when I bought my computer). I'd suggest either one of those. It seems like I always buy something from Amazon and the American Express has great customer service.
I would look as to how you're using the card. Everyone takes Visa or Mastercard, most (but not all) take American Express, and even less take Discover.
What I would look for:
-0% APR for a long time (6 months to a year)
-Some kind of reward that you'd use (like cash back or a gift certificate)
-No annual fee
I have an American Express Blue Cash and an Amazon Visa as the ones I use (I have other open that I never use, like my Apple card when I bought my computer). I'd suggest either one of those. It seems like I always buy something from Amazon and the American Express has great customer service.
I would look as to how you're using the card. Everyone takes Visa or Mastercard, most (but not all) take American Express, and even less take Discover.
bebeflamand
Well-known member
If I were you I'd go for Visa. Accepted in way more countries than American Express. A couple of months ago I placed an order with a company that went bust before they delivered my order. I got my money back right away without any hastle, really excellent service.
COBI
Well-known member
Credit cards do not equal evil; unpaid credit cards=evil.
As a rule, do not use your credit card to buy things that you can not really afford to buy otherwise because if you are only making minimum payments, you will be paying for the items multiple times over. However, using cc and paying your cc bills are important parts of establishing and maintaining credit for future credit needs including car loans and mortgages.
As a rule, do not use your credit card to buy things that you can not really afford to buy otherwise because if you are only making minimum payments, you will be paying for the items multiple times over. However, using cc and paying your cc bills are important parts of establishing and maintaining credit for future credit needs including car loans and mortgages.
*Stargazer*
Well-known member
My best advice is to visit creditboards.com
In the main credit forum there, they can advise you on the best card to get for your situation. You can visit their credit pulls database to see what CRA each company pulls and what average scores are getting approved. The LAST thing you want to do is start randomly applying to companies.
The key to using a credit card is to treat it like cash. Only charge what you WILL pay in full each month. I track all my charges in my check register. Then twice a month, I pay off all the charges I've made. Each year, I receive thousands of dollars in reward cards for nothing. Win-win!
In the main credit forum there, they can advise you on the best card to get for your situation. You can visit their credit pulls database to see what CRA each company pulls and what average scores are getting approved. The LAST thing you want to do is start randomly applying to companies.
The key to using a credit card is to treat it like cash. Only charge what you WILL pay in full each month. I track all my charges in my check register. Then twice a month, I pay off all the charges I've made. Each year, I receive thousands of dollars in reward cards for nothing. Win-win!
Janice
Well-known member
Quote:
I was just about to send her to the same place. Great advice Ruth!
Originally Posted by *Stargazer*
My best advice is to visit creditboards.com In the main credit forum there, they can advise you on the best card to get for your situation. You can visit their credit pulls database to see what CRA each company pulls and what average scores are getting approved. The LAST thing you want to do is start randomly applying to companies. The key to using a credit card is to treat it like cash. Only charge what you WILL pay in full each month. I track all my charges in my check register. Then twice a month, I pay off all the charges I've made. Each year, I receive thousands of dollars in reward cards for nothing. Win-win! |
I was just about to send her to the same place. Great advice Ruth!
xxManBeaterxx
Well-known member
It will be nearly impossible to get a credit card during these times. Espeically if you are young and have no established credit. I would not be picky about whether it is american express, visa, or mastercard because they choose you, you cant choose it. My very first credit card was at 16 T_T by citi card, i never used it once until i was 18, my mom just wanted me to gain good credit while i was young.
I would try for a secured credit card, its pretty much a pre paid card where you can establish credit. I think you can sign up at the bank.
Yup i agree on the treat the credit card like cash. Only charge what you will pay every month, interest rates are insane now and its just not worth collecting all that debt. Also sign up online! and connect your bank account to your credit card so you can pay it online.
I would try for a secured credit card, its pretty much a pre paid card where you can establish credit. I think you can sign up at the bank.
Yup i agree on the treat the credit card like cash. Only charge what you will pay every month, interest rates are insane now and its just not worth collecting all that debt. Also sign up online! and connect your bank account to your credit card so you can pay it online.
TISH1124
Well-known member
Quote:
Maybe thats why we have every other one as well...My husband is always in Singapore and Italy ...I could have sworn he used the AX a lot..I will have to check my records...Good to know
Another note
Not sure she said she had no credit...I had tons of credit prior to getting my first credit card..... (car payment, bank loan etc..)
| Originally Posted by MissChievous
I have a Visa, if you're planning to travel outside the US, don't get American Express, it's hardly accepted anywhere... |
Maybe thats why we have every other one as well...My husband is always in Singapore and Italy ...I could have sworn he used the AX a lot..I will have to check my records...Good to know
Another note
Not sure she said she had no credit...I had tons of credit prior to getting my first credit card..... (car payment, bank loan etc..)
xxManBeaterxx
Well-known member
^^^ Thats why you go to your local bank and the your pre paid cc card from there so you can make sure that the company you sign up for does report it.
COBI
Well-known member
Quote:
I think what you mean to refer to is a "secured" credit card. Prepaid credit cards are not the same as secured credit cards. I've personally never heard of any prepaid option (vs. secured) that reports to a credit agency; typically, prepaid credit cards do not collect any data on the purchaser, and often they are given as gifts. A prepaid credit card doesn't require the establishment of any account, and therefore there is no data to report.
Secured credit cards are typically "real" credit cards, but the limit is tied to a deposit account of some sort versus an actual line of credit. Secured credit cards are typically taken by people with no credit or bad credit who looking to establish (good) credit. The fees associated with secured credit cards is typically high making them a good option only for the purpose of establishing or re-establishing credit.
| Originally Posted by xxManBeaterxx
^^^ Thats why you go to your local bank and the your pre paid cc card from there so you can make sure that the company you sign up for does report it. |
I think what you mean to refer to is a "secured" credit card. Prepaid credit cards are not the same as secured credit cards. I've personally never heard of any prepaid option (vs. secured) that reports to a credit agency; typically, prepaid credit cards do not collect any data on the purchaser, and often they are given as gifts. A prepaid credit card doesn't require the establishment of any account, and therefore there is no data to report.
Secured credit cards are typically "real" credit cards, but the limit is tied to a deposit account of some sort versus an actual line of credit. Secured credit cards are typically taken by people with no credit or bad credit who looking to establish (good) credit. The fees associated with secured credit cards is typically high making them a good option only for the purpose of establishing or re-establishing credit.
noahlowryfan
Well-known member
I'm not planning on getting more than one card. I just want one. I am leading towards Visa or Mastercard.
*Stargazer*
Well-known member
Cobi rocks!!
Secured cards = generally sub-prime. I would advise use ONLY if you cannot get an unsecured card or your FICOs are so low that you have no other options.
Secured cards = generally sub-prime. I would advise use ONLY if you cannot get an unsecured card or your FICOs are so low that you have no other options.
*Stargazer*
Well-known member
Quote:
You might try your bank first, then. With an established history with them, they may be more lenient in their lending standards. I know credit unions tend to be.
| Originally Posted by noahlowryfan
I'm not planning on getting more than one card. I just want one. I am leading towards Visa or Mastercard. |
You might try your bank first, then. With an established history with them, they may be more lenient in their lending standards. I know credit unions tend to be.
COBI
Well-known member
Quote:
To go back to part of the original question: there is not necessarily reason or benefit to go through your current deposit account bank for your credit card or to not go through them.
The only thing that would make a difference in that respect is if they extended rewards, reduced fees/rates or something along those lines to you because you have a relationship with the bank. Then you would need to weigh those benefits and costs against those of other cards you were considering.
Also, depending on your current credit level (poor, great, none, etc), you may or may not be eligible for all programs that a card offers. For instance, you may apply for a premier-level card with a bank and only qualify for their "new credit" program which will likely have fewer perks and rewards and possibly higher rates. It's hard to say without knowing.
Want to view your credit ahead of time? AnnualCreditReport.com This is the official site for obtaining the legally required report from each of the 3 major companies on an annual basis. They are not legally required to provide your FICO score, but you can see everything listed on all three reports, including accounts, inquiries and payment history reported. There are several other sites that offer "free" credit reports, but they require you to sign up for an ongoing service. As far as ongoing services, I personally subscribe to "score watch" at myfico.com and am notified of any changes to my credit report and score.
| Originally Posted by noahlowryfan
I'm planning to get my first credit card. What company I should get it from and is it a good idea to sign up for a credit card with your bank where you have your account at? |
To go back to part of the original question: there is not necessarily reason or benefit to go through your current deposit account bank for your credit card or to not go through them.
The only thing that would make a difference in that respect is if they extended rewards, reduced fees/rates or something along those lines to you because you have a relationship with the bank. Then you would need to weigh those benefits and costs against those of other cards you were considering.
Also, depending on your current credit level (poor, great, none, etc), you may or may not be eligible for all programs that a card offers. For instance, you may apply for a premier-level card with a bank and only qualify for their "new credit" program which will likely have fewer perks and rewards and possibly higher rates. It's hard to say without knowing.
Want to view your credit ahead of time? AnnualCreditReport.com This is the official site for obtaining the legally required report from each of the 3 major companies on an annual basis. They are not legally required to provide your FICO score, but you can see everything listed on all three reports, including accounts, inquiries and payment history reported. There are several other sites that offer "free" credit reports, but they require you to sign up for an ongoing service. As far as ongoing services, I personally subscribe to "score watch" at myfico.com and am notified of any changes to my credit report and score.
