CREDIT CARDS

[kenneth delves]

I noticed Citibank in a move to compensate their ineptitude as bankers have raised the rates to usurious heights. Anyone know a credit card whose interest rate is within the range of non millionaires. Also thinking of debit card-advantages/disadvantages

[Steve James]

Well, in one sense, it's not the card, it's the debt. If you're a "deadbeat" (to the credit card companies) who pays off your balance every month, then there's not really much difference between cards. You're in control, and you can just find the card that will get you the best rate.

Yeah, I know; you asked which card. Ok, depending on where you are, the answer will be different. In general, bigger banks in smaller markets will usually offer the best rates. But, here's the thing. You might find that CapitalOne offers the best rates in your area --6% for someone with sterling credit is about right. However, if you miss a month, they'll be able to raise your rate as much as they want. CapOne also prefers to give you a card with a low limit. Then, if you want to get a higher limit, they will give you another card --thereby putting a knock on your credit rating, which will ultimately allow them to raise your rates. So, beware.

Imo, find out your credit rating from the 3 agencies first. Then, drop your debt, and they'll be sending you offers of 1% for the first year. If you pay up, take 'em. If you don't, they're just going to pop you for a higher rate whenever they feel like. I've heard that even lawyers don't bother to read the credit contracts. They're designed to confure; and the company will be able to raise your rates no matter what. It's when you don't owe money that you can demand the best rate.

[Mike Strong]

I use a Debit Card, ...

... I can book a flight, and a hotel room, - rent a car.

Who needs a credit card ?

I have ZERO credit card debt, ...

... and Citibank sends me letters every month, saying they want to lend 10 Grand or more, for whatever I want.

[Darth Rock&Roll]

yep, i keep credit cards because it makes it a whole lot easier to deal with bankers and martgagers etc etc in regards to the home when you atcually have a credit ratingf vs not having a credit rating.

however, do NOT accumulate debt on the card, pay it off once a month, fully and completely if you do use it.

in a sense, amex(american express) is the only credit company that runs itself ethically on that front. they essentially force you to pay your debt monthly on almost all of their products. if you don't pay, you lose the card, permanently. lol

[Darth Rock&Roll]

oh, on the other hand, if you have an investment opportunity that carries some risk, you may as well take it on with other peoples money, that is the way afterall.

If you lose, you lose, but if you win, it's all gravy baby!

[Royal Dragon]

I got a Gold card for my business. it's the only credit card I have had in 20 years..so of course my business went south the last few months and I can't afford to pay it right now.....

[gosao]

Well I think you should have more than 1 card. Best thing is to have around 3 so you have a bigger line of credit. You don't have to use them just have them and some are better than others with reward points or cash back.

[Darth Rock&Roll]

if i need credit i use a plc for big ticket items. way lower interest than any card excpet for maybe introductory offer scams a.k.a negative billing policies. lol

[qiphlow]

used to be that just paying your bills on time was enough to give you a good credit score. not any more! now your score will go down dramatically if you carry balances close to your credit limits. open accounts with no late payments that you've had for a long time, with low balances is the way to go.

(*digging himself out of the credit debt hell hole*)

[Ben]

I hate credit cards. One day I will be completely out of debt and I'm never getting credit cards again.

[Michael]

Interesting to hear you can rent a car with a debit card. Whenever I book flights online and want to go for a package deal with car rental, they have said on the up front info on the web page (non-human) that they won't accept debit cards for car rentals.

Any info?

[Darth Rock&Roll]

i've been able to pay for a rented car with debit, but a credit card is required to actually do the rental.

maybe mikes buddies with the car rental joint?

[qiphlow]

Interesting to hear you can rent a car with a debit card. Whenever I book flights online and want to go for a package deal with car rental, they have said on the up front info on the web page (non-human) that they won't accept debit cards for car rentals.

Any info?

the last time i tried to rent with a debit card, they said they couldn't because of the need to place the funds "on hold" in case we absconded with the vehicle. it kind of makes sense because i think that most debit cards will only allow about 50 bucks to be on hold that way (at least, that's all that gets charged at the gas station if i use my debit card (the pump stops at 50 bucks)).

[nready]

Well I have credit card debt, that at this point I will not be able to pay do to losing a job not being able to find one here where I live. It's so dam depressing. I really am the type that prefers to work at anything to, I just don't have the best ability at selling my skills. Hell, I would be willing to work for the credit companies to pay it back. I hate that I owe someone money, makes me feel like a loser.

[Michael]

There was a Frontline show in 2004 called The Secret History of the Credit Card. You can watch it online at PBS or download it over here.

From the PBS web site, you can take a quiz about your credit card knowledge.