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dexter6 posted:
From what I've gathered in the thread it's in your best interests to leave them open as long as possible so that it doesn't mess with your average account age as much. If they don't have fee's associated with them then it's probably advisable to just let them remain open as this will also increase your overall available credit and lower utilization. Not sure about the how often you should open one, I'm sure someone else more knowledgeable can chime in on that.
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Jan 13, 2015 04:39
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JibbaJabberwocky posted:I hope it's okay to ask a basic credit card question here. I have never owned a credit card but I'm pretty old now so it's probably time I start. My husband has a card with his bank but he'll be switching to my bank soon and we'll both need new credit cards. As long as you pay it off every month, you will never be charged interest at all. You only get charged interest on outstanding balances, meaning stuff that you didn't pay off. This is how credit cards companies earn their money(along with fees/etc) so it would make no sense for them to have a credit card that never accrues interest. What you are referring to in regards to the 0% APR then it skyrockets is an introductory period, almost all credit cards have those these days because they want you to get the card, rack up a bunch of stuff on it and then forget about paying it because there's no interest. Once the introductory period runs out they slap you with a bunch of interest charges and you're stuck having to pay it back. Again, you will not have to worry about any of this if you just simply pay the bill off, entirely, every month.
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May 15, 2015 03:15
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JibbaJabberwocky posted:Wellp now I feel like an idiot. I tried to do research before I came here to post questions but apparently I failed. I also have no idea which card I should pick because I have no idea if I even have a credit score. I've tried to get my report but each time they ask me to verify questions and ask me about accounts I opened or other stuff like that but I've done nothing like that. It feels like they're asking me about places and things my parents/husbands parents have lived in or signed up for. Or maybe things they did in my husbands name? I have no idea. So of course I have no clue what the answers to all the questions are and it denies me. Really frustrating. If you have your name on a car loan, cell phone bill, credit card by another family member(parent/husband/etc) then you very likely might already have some form of credit. You might be best served by going to the bank you already have your account open with and just asking them if they have any credit card offers available for you. You likely will not get anything with awesome rewards or a great APR yet, but its an easy way to get started without having to go the Secured Credit Card route. You already have a history with them, you already have an account with them so they will be much more lenient with you. If you end up getting a capital one card, you can check your credit score on their mobile app anytime you want without having to hassle with all those questions and stuff you mentioned above. It might not be as accurate or up to date(mine takes a month or two to update sometimes) but its better than nothing and its free/easy/quick. A few other cards do this as well, my Discover card sends me my credit score on the bill every month for instance.
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May 15, 2015 03:38
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Tautologicus posted:Credit card companies don't just make money with interest/fees wtf..the company or issuing bank makes most off the merchant or "swipe fee" (1-3% per transaction). Some of you people think you're borrowing money for free? Well you are, but someone's paying.. So how exactly does a "swipe fee" for the merchant not fall into the category of "fees"? And unfortunately, you still aren't borrowing money for free. Any smart retailer that accepts credit cards factors these fees into their pricing, so you're paying for it regardless of what method of payment you use. If they were a cash only establishment and they sold something for $1, once they start accepting credit cards that price will likely jump to $1.05 or so. If you pay cash, they earned an extra few percent because they don't have to pay the fee, if you're paying with CC then they might break even. Regardless, you are still paying for the privilege of being able to swipe a card. With a good cashback card you might end up breaking even, probably not though.
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May 15, 2015 22:16
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FISHMANPET posted:So basically I'm tired of this "hurf durf cash is free you're paying for credit with higher costs" bullshit. I don't think anyone was implying or under the impression that cash was free to process, not sure how you got on that rant. It's just simply more expensive to process credit card transactions so businesses typically account for it in their pricing.
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May 15, 2015 23:10
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Having a lot of recent inquiries and recently opened credit lines are also dings to your credit worthiness, but not major ones at all. I've been declined on a card application because I had too many recently opened credit cards, but they then approved me for that exact card two months later. Like Blinkman987 mentioned, once they have time to age a bit you're score will recover and likely go up because of the increased available credit.
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Nov 1, 2015 18:52
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StormDrain posted:I’ve been wondering where the asterisk on “Eligible gas stations” in the Citi Costco card was gonna come into play, they won’t give 4% on gas purchased at King Soopers fuel since its part of a competing grocery store chain. Which led to a quick struggle of considering how to save the most on gas, weighing the benefits of fuel points, cash back, discounts.... and I decided not to game it for like $6 a month. I’ll get gas wherever but still a little disappointed. I've also had that issue with cards, not that specific card, and gas stations where I live because a lot of my local gas stations show up as crazy poo poo on my credit card. So I just think they don't know how to classify it. Usually they show up as like "Sunoco - #4573 Fairfax, VA" etc but the ones it doesn't catch are usually someone's last name and a large string of numbers. Presumably they are just franchises and that's whoever owns it but my CC doesn't know wtf to do with "Mohammed - 457854632587" for instance. And much like you I'm not bothered enough to try and figure it out, I just go to the stations where I know it works usually.
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Sep 22, 2018 02:39
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El Mero Mero posted:Students? This is more common than some might think. A friend just sold his house to a young couple, mid-20's who both had just graduated within the previous few years and had gotten very lucrative Department of Defense contract positions, I think they were in the $150-200k/year salary per person. Neither of them had any credit whatsoever, but $300-400k/yr a year income cumulatively means plenty of extra income. I can definitely see people like that paying for a similar type service.
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Nov 12, 2018 18:05
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Cacafuego posted:What DoD contract pays $150-200k to mid-20s people? I’m not calling you a liar, just curious what the government is paying young people that much money for, aside from overthrowing other governments, gun running and assassinations That's a good question and I have no idea. Probably assassinations.
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Nov 13, 2018 03:06
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Diva Cupcake posted:I have a Capital One Platinum that’s almost 20 years old and it hasn’t been closed despite only putting a single charge on it every 1-2 years. I only keep it for account age purposes. I'm in a similar situation except I don't even bother using mine at all, probably haven't for about 5 years and they give no fucks at all. I do use other cards on the account regularly but the platinum is only there for credit age and credit limit purposes.
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Mar 2, 2019 21:34
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Harminoff posted:Does the Capitol one savor card pay out the $500 once you clear the $3k or does it pay after the three months. When I did the savor bonus it was $200 for $1k spend I think, but it posted to my account very promptly. Didn't have to wait 3 months or anything. Redeem it in whatever way is most advantageous to you. Account credit is the simplest, usually what I go with.
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May 10, 2019 18:15
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