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Posted: 10/27/2006 1:28:09 PM EST
Ok I've never had a CC before, I really don't know why, but I am kinda confuse on the whole thing. Anybody out there have above average finacial intelligence? (I would assume most here don't since 99.99% of you have BRD.) Anyways if you could recommend a good CC I would appreciate it. Thanks!

grooVe
Link Posted: 10/27/2006 1:28:56 PM EST
Credit cards are bad. Pay cash.
Link Posted: 10/27/2006 1:29:09 PM EST
Don't get one.
Link Posted: 10/27/2006 1:31:59 PM EST
If you already have a credit history (IE you have or had a car/ house/ other loan) find one that offers benefits for its use (like a cash back bonus or points card).
If you DON'T have a credit history and are a student, try for a student card.
If you Don't have a credit history and aren't a student, I dunno, since some people in this position had trouble finding someone who would give them a CC.
Link Posted: 10/31/2006 10:07:32 AM EST
Ok so anybody know of any CC that support the RKBA? Cabelas.... Midway... etc?
Link Posted: 10/31/2006 10:13:43 AM EST
I say Debit Card with the mastercard/Visa logo. Thats all you need, keep money in the bank and your good to go. But if you have to get a card I say go Capital One.
Link Posted: 10/31/2006 10:13:56 AM EST

Originally Posted By grooVe:
Ok so anybody know of any CC that support the RKBA? Cabelas.... Midway... etc?
Those cards are ultimately managed by Capital One or Bank of America or some other big bank, so just get the one that has the best terms. The lovely Ms. Boobalicious has a card with 1.9% for life.
Link Posted: 10/31/2006 10:14:03 AM EST

Credit cards are bad. Pay cash.


Don't get one.


+1 It is so easy to get sucked in way, way over your head with credit cards. It happened to me. $60k-$70k, It was not fun

Get a bank debit card on a checking account, this way your are spending money you have.
Link Posted: 10/31/2006 10:22:57 AM EST
I have some knowledge about this subject - I've worked with quite a few people (former F&I manager, and a mediator with the small claims court) that don't understand credit.

Credit cards are NOT evil - not paying your bills and having credit collectors call you makes you think they're evil.

Credit cards - aka "revolving credit" are important to your overall financial health.

Since you have little to no credit history, you will likely get approved by an entry level Capital One card, or most likely a card from HSBC, OrchardBank, or Providian.

Visa and MasterCard are the two main choices, followed by American Express and Discover (don't worry about Carte Blanch, Diners Club, etc., because you probably won't qualify).

Get one or two cards, use them and pay them. If you write a check every month for your cell phone payment - make it on the card, then pay the card each month. Don't buy things with the card that you normally wouldn't buy or can't afford. If your initial credit limit is $500, don't spend all of it - only spend about 1/2 to 2/3, and pay it off monthly. After 12 - 18 months, they will likely increase your credit limit.

The other form of credit you need to work on is "installment loan" credit. Like a car loan. This is another area that is not "evil" but you can't miss payments or they will repo the vehicle.

Link Posted: 10/31/2006 10:24:59 AM EST
[Last Edit: 10/31/2006 10:25:59 AM EST by jchewie]
If you are eligible get a USAA mastercard. Whatever you end up with pay it off each month.
Link Posted: 10/31/2006 10:25:41 AM EST
I got a HSBc one get 1% cash back on it, pay it off every month.

Also got a Cabelas one, same deal.

got a Battlestar Galatica one cause it looked cool. Pay it off everymonth.

Link Posted: 10/31/2006 10:28:59 AM EST

Originally Posted By MrClean4Hire:
Credit cards are bad. Pay cash.


If Credit Cards are bad, guns are worse…........
Link Posted: 10/31/2006 10:30:19 AM EST
I believe the NRA has some sort of affinity card.

Always pay your credit card off every month. Otherwise, you are going to pay high prices for whatever you charged.
Link Posted: 10/31/2006 10:30:26 AM EST

Originally Posted By extra_ammo:
I have some knowledge about this subject - I've worked with quite a few people (former F&I manager, and a mediator with the small claims court) that don't understand credit.

Credit cards are NOT evil - not paying your bills and having credit collectors call you makes you think they're evil.

Credit cards - aka "revolving credit" are important to your overall financial health.

Since you have little to no credit history, you will likely get approved by an entry level Capital One card, or most likely a card from HSBC, OrchardBank, or Providian.

Visa and MasterCard are the two main choices, followed by American Express and Discover (don't worry about Carte Blanch, Diners Club, etc., because you probably won't qualify).

Get one or two cards, use them and pay them. If you write a check every month for your cell phone payment - make it on the card, then pay the card each month. Don't buy things with the card that you normally wouldn't buy or can't afford. If your initial credit limit is $500, don't spend all of it - only spend about 1/2 to 2/3, and pay it off monthly. After 12 - 18 months, they will likely increase your credit limit.

The other form of credit you need to work on is "installment loan" credit. Like a car loan. This is another area that is not "evil" but you can't miss payments or they will repo the vehicle.




+1
Link Posted: 10/31/2006 10:34:44 AM EST
[Last Edit: 10/31/2006 10:37:27 AM EST by Matthew_Q]
Which card to get?

NONE


If you think you must, PAY IT OFF EVERY MONTH. Do not spend more than you can pay off right away. Credit cards will ASSRAPE YOU if you rack them up. Yes, my ass hurts, and the raping continues while I dig myself out. When I'm out, those fuckers go in the trash. I will keep one to have my recurring bills pay to, but I will pay it off every month.


ETA:

I HIGHLY recommend getting a check card. Something like a Visa check card. That way you can use it like a credit card, but you're spending money that you actually HAVE.

Oh yeah, and go buy Dave Ramsey's book: Total Money Makeover. Read it. It will put your financial attitude in the right place before you get started. DO IT. Just DO IT.
Link Posted: 10/31/2006 10:34:50 AM EST
[Last Edit: 10/31/2006 10:42:40 AM EST by Gunner1X]
Having a card is not necessarily a bad idea. As a matter of fact, having a CC is almost
a necessity in some cases such as traveling, etc.

Regardless of which card you get, the common theme here is PAY THE FULL BALANCE
AND THE END OF EACH AND EVERY MONTH.

Aside from good basic investment strategies...this is the best financial advice that
anyone young person could possibly receive and abide by.
Link Posted: 10/31/2006 10:37:38 AM EST
I've got the Cabellas Visa and I'm loving it. Things that I used to buy with my debit card or checks now go on the Cabellas card and I immediatly pay it off online. I'm spending the same that I was before, but now I'm improving my credit and building up a nice stack of points at Cabellas for free toys. I haven't decided yet if I'm going to cash out on ammo or let it build and get a nice new rifle.
Link Posted: 10/31/2006 10:41:43 AM EST
[Last Edit: 10/31/2006 10:46:08 AM EST by Torf]
Rule: Good credit is a must, and the only way you keep good credit is by paying your bills on time.

Advice: If you have no credit currently, then go to your bank and apply for a good beginner card with no fee/low limit. Once you establish some good credit, and it doesn't take long, you will be easily able to qualify for higher limits, and some of the better longer term use cards.
My current favorites:

Amazon.com card - 3% back on purchases from Amazon.com 1% back on all others. Rebates payable in amazon.com gift certificates (good on anything sold at amazon.com) No Limit on benefits.

Citicards Dividends Platinum - 5% cash back on Groceries/Pharmacy/Gas and 1% on all others. Reward Limit $600 per year. Rebate checks available upon request ($50 and up).

Shell Mastercard - 5% back on Shell gasoline, 1% on all others. No limits (I think) Rebates applied to your next months bill.

For a few years we used a Sony Rewards card, and got 2 nice WEGAs and DVD changer out of the deal. We stopped using it though, because we were too limited by the reward selection. Better to use Amazon. You can still get all the Sony stuff plus about anything else under the sun.
Link Posted: 10/31/2006 11:12:50 AM EST
[Last Edit: 10/31/2006 11:23:23 AM EST by tozar]

Originally Posted By grooVe:
Ok I've never had a CC before, I really don't know why, but I am kinda confuse on the whole thing. Anybody out there have above average finacial intelligence? (I would assume most here don't since 99.99% of you have BRD.) Anyways if you could recommend a good CC I would appreciate it. Thanks!

grooVe


As previously suggested, do not get a credit card. Pay CASH.

Credit is used for purchasing houses and maybe cars.

10 years ago, I had great credit with about 30k out on 4 CCs. I didn't realize it at the time but I was living way above my income and the banks were charging me 20% to use my own money! I hit some financial snags that caused me to default on 3 of the CCs. Now, my credit is shot for another 2 years. I need to wait 7 years for the defaults to clear my credit report.

I also learned DO NOT get into a payment plan if you defaulted because it resets the clock on your debt! Morally you want to do the right thing but you are much better to just blow off the debt. Then tell the bank you'll pay them half of what you owe. Your credit it already shot. They'll get pissy but in the end they'll take half of the debt.

I've learned the hard way but if I don't have the money in my checking account, guess what? I can't afford it.


ETA:

All major banks these days have ATM VISA debit cards that can used anywhere world wide that a VISA CC can used. I've got one with my checking account and I don't miss not having a CC. It actually has helped me stop impluse types of purchases and I've got more money by not paying banks 20%.

Also, those great low interest rates can up REAL fast. If you are even late on a payment even for another CC, they can jack up your interest rate! And don't think they won't do it!
Link Posted: 10/31/2006 11:19:14 AM EST

Originally Posted By tozar:

Originally Posted By grooVe:
Ok I've never had a CC before, I really don't know why, but I am kinda confuse on the whole thing. Anybody out there have above average finacial intelligence? (I would assume most here don't since 99.99% of you have BRD.) Anyways if you could recommend a good CC I would appreciate it. Thanks!

grooVe


As previously suggested, do not get a credit card. Pay CASH.

Credit is used for purchasing houses and maybe cars.

10 years ago, I had great credit with about 30k out on 4 CCs. I didn't realize it at the time but I was living way above my income and the banks were charging me 20% to use my own money! I hit some financial snags that caused me to default on 3 of the CCs. Now, my credit is shot for another 2 years. I need to wait 7 years for the defaults to clear my credit report.

I also learned DO NOT get into a payment plan if you defaulted because it resets the clock on your debt! Morally you want to do the right thing but you are much better to just blow off the debt. Then tell the bank you'll pay them half of what you owe. Your credit it already shot. They'll get pissy but in the end they'll take half of the debt.

I've learned the hard way but if I don't have the money in my checking account, guess what? I can't afford it.


It is indeed worth repeating, that Credit Cards are NOT for the financially challenged.
Link Posted: 10/31/2006 11:31:51 AM EST
Go with a prime creditor or a credit union's own credit card.

Prime: BOA, AMEX, CITI, USAA

Not prime: Capital One, Merrick, Juniper, Capital One, HSBC, Providian, Capital One, GEMB


Now that you know where NOT to get one you need to evaluate how you'll use it. Will you pay in full each month? Everyone thinks they will. Most don't.

If you will, get a rewards card. I like my AMEX Clear. 1% cash back everywhere. Simple. CITI has a good rewards program from what I hear, but I don't personally have a CITI card.

If you will not pay in full (most people) you want the lowest APR possible. My lowest is 9.9%. That's rather high IMO as others have lower, but whatever.

A common mistake is for people to get a rewards card but carry a balance. That is foolish. You paying an extra 10% APR so you can get 1% cash back.

My personal recommendation is AMEX Clear. American Express is very prime and they give nice credit limits. Once you prove yourself to AMEX you can get additional AMEX cards (such as BLUE) without much ado. Also other creditors will flock to you.

Remember that credit cards are real money. If you wouldn't pull $100 in 20s out of your wallet to pay something don't charge $100 on your card.

Link Posted: 10/31/2006 11:37:55 AM EST
I wouldn't get a debit card. If someone gets a hold of it they can empty your bank account, and you're liable for the whole loss.

With a credit card, if it's stolen, you're only liable for a small amount, by law.

The important message is to PAY IT OFF MONTHLY.
Link Posted: 10/31/2006 11:42:54 AM EST

Originally Posted By Mazeman:
I wouldn't get a debit card. If someone gets a hold of it they can empty your bank account, and you're liable for the whole loss.

With a credit card, if it's stolen, you're only liable for a small amount, by law.

The important message is to PAY IT OFF MONTHLY.


+1 I NEVER use Debit cards. Credit card means there is an extra layer of protection between a thief and my money.
Link Posted: 10/31/2006 12:05:16 PM EST
[Last Edit: 10/31/2006 12:06:43 PM EST by jthuang]

Originally Posted By Torf:
Rule: Good credit is a must, and the only way you keep good credit is by paying your bills on time.



+1

Credit cards are no more "the devil" than YOU are. If YOU are responsible, you will be fine. Pay it off every month and you are golden.

PS I use the Citi Dividends MasterCard card (and the Chase Rewards Visa card as a backup). Both give cash back. I prefer cash to frequent flyer miles, Cabela's points and all that ... EVERYBODY likes cash.

PPS AMEX Blue is good too but be aware that some places do not take AMEX. Example: AIM Surplus ... if you are an aspiring ammo whore, it does not bode well to have an AMEX card as your sole card.
Link Posted: 10/31/2006 12:18:16 PM EST
Using and on time payments on a major credit card (MC/VISA) is a good way to increase your credit score.

Carrying a balance on your credit cards is a great way to destroy your financial life.

Get a major credit card, use it one time per month, and pay it off every month. The painless way to impr0ve your credit score.

BTW, I am a professional involved in the consumer finance world. Every day I see people who have devastated their lives by not using credit responsibly. However, no credit = bad credit in today's world.

Personally, I love my Cabelas Visa card. I use it for work and on average charge 3K a month on it. At this time, I have over $700.00 in cabelas dollars waiting for them to get a Beowulf Upper in stock. . See: Linky

Mark
Link Posted: 10/31/2006 12:27:51 PM EST
That thread is what prompted me to get my Cabellas card, and the massive in-store promos...
Link Posted: 11/1/2006 2:44:12 AM EST

Originally Posted By tozar: As previously suggested, do not get a credit card. Pay CASH....10 years ago, I had great credit with about 30k out on 4 CCs. I didn't realize it at the time but I was living way above my income and the banks were charging me 20% to use my own money!


But that's the problem - you, yourself got into 30k debt because you were living above your income. The credit card companies were not charging you 20% to use "your own money" -- you were using their money!

You borrowed money from the lender (credit card company) and much like a bank, they charge interest (just like if you bought a car or house - you pay interest).

Credit cards are necessary in business, and if you buy anything online, ever, you have legal recourse with a credit card. Sure, most banks that have Visa/CheckCards will give you some recourse, but you will need to wait until the money is replaced in your checking account. This could be anywhere from a couple of days, to a couple of months, depending on the type of dispute, the amount taken, the bank's policy, etc.


Link Posted: 11/1/2006 2:59:04 AM EST


Don't get one......get two. In case one companies computers are down for some reason. Yes, it has happened to me before. Shop for the best rate if posssible.

Credit Cards are excellent for on the spot emergency use. One day you will need one very badly. Just pay your bill off monthly and you will never be sorry you got one or two.

Link Posted: 11/1/2006 3:03:36 AM EST
It is good for disputing charges also.

I went to Wendys one night, got $10 in stuff through the drivethrough it was wrong and when i got home they were closed.

I disputed the charge and got it taken off
Link Posted: 11/1/2006 3:13:58 AM EST
+1 on the Cabela's VISA. Especially fun if you live near one of their stores.
Link Posted: 11/1/2006 8:52:30 AM EST
UPDATE

Filled out the Cabelas application.
The main reason I have felt I needed to get one is a) I need to build my credit and b) I have had a few problems with disputes on my debit card. Problem is that my money IS GONE and now I have to fight to get it back; while with a CC it adds more protection from my money. Anyways, thanks for all the input.



.........oh yeah and c) I need to start building my Mk12 clone upper.
Link Posted: 11/1/2006 10:15:43 AM EST
For daily use, a debit card is better. Then you know you aren't actually using 'credit' per se.

If you must get one to build credit, and most do, then get into the habit of going home and immediately firing off the payment check for whatever you've purchased.

A credit card is not a 'payment plan' for something you want. It isn't easy money.

Do this and you'll be safe.

Don't do this, and you'll join the rest of the fools.
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