Posted: 12/9/2003 7:48:07 AM EDT
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For the first time in my life Im looking at getting a credit card. Never thought Id cross over to the dark side in this matter but .... Now all you experienced holders give me some info. This will be used for small to medium purchases, (mostly on line, ammo and such) paid off immediately upon receipt of billing no carry over balance, and emergency use. Im looking for no or minimum annual fees, low interest rate ( just incase of emergency use), cash back would be nice, dont give a flip about air mile promotions, just a basic clean cut c/c. Whats the best route to go, Visa, Master Card, Discover ...... My bank doesnt offer one so whats the best way to go about getting one without getting on every bloody mailing list out there for free c/c My credit history is clear, my bills are minimal |
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If its your first card you probably won't get much of a limit, maybe a $1000 since you have no history with a credit card. Good luck! My first card was Discover and haven't had a problem with it and use it for almost everything. Just don't fall for the you have to pay an annual membership fee...that's total crap. There are plenty of cards out there that don't charge a yearly fee. |
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I have a VISA from Bank One. There is no fee. They send me 1% refund on all purchases. I'm very happy with it. Look on their internet site for information. Sounds like you have the right plan. Always pay it off at the end of the month. Then it doesn't matter what the interest rate is. I made myself a promise...If I ever can't pay it off at the end of the month, I'll take the scissors and cut it in half. |
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Not making any recommendations, but some options may help you decide: Discover Card: No annual fee, but not as widely accepted as Visa or MasterCard. AT&T Universal Card: No Annual Fee Internet Theft Protection Travel Insurance Car Rental Insurance If you're an NRA Member, The NRA VISA: No Annual Fee Car Rental Insurance Travel Insurance Extended Warranty on purchases |
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If you're going to use it for travel at all, especially international travel, go with American Express. There is an annual fee, but I've used mine to get out of some real hell-holes, never with any problem whatsoever. Well, except one time in Cyprus when their computers were jacked up, and the hotel wanted me to get cash to pay my $1200 bill. Nyet. I ended up calling AmEx myself in the states, and putting them on the line with the hotel manager, and giving them a verbal authorization for the charges. Everything worked out, and when I got home, there was a very nice letter from the hotel manager apologizing for any inconvenience, and offering two nights free at the hotel. Of course, I haven't been back to Cyprus since. Do not carry a balance on any credit card. Ever. |
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Like BBQMAN said you will be offered a low limit on your first card. That is bad and good at the same time. Bad because you can't make large purchases, but good because a credit card with a high limit is looked at on a loan application as debt to that limit. The potential of the credit card is the amount they consider, not the actual balance. You probably wont get a great rate of interest either since it's your first. Once you get one though, you will start getting offers. I have taken good credit card offers to my bank and had them match them. Good luck and be carefull with that thing. A credit card has wrecked more homes than adultery. |
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I hope you have good self control. I have friends that carry horrendous balances and pay just the interest each month. Don’t be that guy. I’d get anything but a Discover card. VISA, MC, AMEX all good. I charge a lot of personal expenses and business travel on my card and collect 1% cash back each year to spend at REI. If we don’t spend it at the store they cut us a check for the amount. I have run up about $1500 cash back in three years with out [b]ever[/b] carrying a balance or paying a dime in interest. No annual fee either. Business travel adds up nicely! I can’t believe they, my VISA card, are still letting me get away with it. They pay me $500 a year to use their money. |
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Be careful! I have several. My Visa from Bank One is good. Shop around for interest rates. I know you want only one card, but having two can be an advantage. When rates go up, you can play one against the other. I've called on a particular card and told the customer rep that I wanted to transfer my balance to another card and cancel, only to have the rep drop my rate immediately just to keep my business. With a lot of CC companies the longer you have a card and mantain a good record, they will automatically increase your limit. It can be tempting to buy, when you have a $30,000 limit and only have 2k on the card. Also, be prepared for a lot of solicitations. I get at least one a week. Hi, you're pre-approved for our platinum plus card, but you have to act now to lock-in your guaranteed low, low interest rate. Good luck. |