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RE: If you could only have ONE card, which would it be? - 11/23/2008 2:54:21 PM
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mikemoo
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Citi Drivers Edge.
Accepted everywhere and at least 3% cash back on groceries and additional rewards for driving.
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RE: If you could only have ONE card, which would it be? - 11/26/2008 3:22:21 PM
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coolfamily6
Posts: 344
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I have a Sears Mastercard, it started out as just a Sears card and over the years they added the MC logo. We get points for all purchases that can be used for different things: gift cards, store discounts, discount travel etc. This year so far we have received 2 $40 Bar/nes and Noble cards and 1 $25 California Pizza Kitchen card (our choices). We pay off the balance monthy, but the points still add up. This card has a higher interest rate but we read that you should keep your oldest account open because your credit score looks at the duration of the credit line.
We also have a Visa Card from Capital One, it has a lower interest rate. We use that one for emergencies that might not get paid off in a month (rare).
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~Encouragement a mom gave to our children at our First Grader's Bible Ceremony!
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RE: If you could only have ONE card, which would it be? - 12/7/2008 12:15:06 AM
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ot4christ
Posts: 185
Joined: 8/29/2008
From: Beside the Smoky Mountains
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Can’t pick just ONE. These are the three I currently carry:
AmEx Blue
-No fee
-Doubles warranty up to an extra year
-Buyer’s assurance (including remorse)
-Earn points (about 0.5% cash equivalent, not great but adds up)
-Great customer support
-I use it for ALL electronics where the card is accepted
Discover Gas Card
-No fee
-5% cash back on gas
-1% everywhere else
-Use it everywhere it’s accepted when I don’t care about the warranty
Citi Diamond Preferred Rewards Master Card
-No fee
-Doubles warranty (like AmEx)
-Buyer’s assurance (like AmEx)
-Low price guarantee!!! (they’ll refund the price difference, a feature not available with no-fee AmEx cards)
-Points (haven’t really kept track of how that works)
-Use it when AmEx and Discover are not accepted
I’ve never carried a balance and have received thousands in rewards on money I was going to spend anyway. If you lack self-control in regards to spending, you probably shouldn’t get a credit card. Otherwise, I think that not using them is probably bad stewardship (assuming you never carry a balance).
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RE: If you could only have ONE card, which would it be? - 12/10/2008 11:39:02 AM
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blessedinnyc
Posts: 2024
Joined: 10/12/2007
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I really like that new Charles Schwab card- they are offering 2% cashback. Not sure how they are making any money, but it seems like a good deal.
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RE: If you could only have ONE card, which would it be? - 12/11/2008 5:49:59 PM
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ot4christ
Posts: 185
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From: Beside the Smoky Mountains
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quote:
ORIGINAL: blessedinnyc
I really like that new Charles Schwab card- they are offering 2% cashback. Not sure how they are making any money, but it seems like a good deal.
They make money because most people carry a balance and pay the high interest rates. There is also a fee charged to the retailers.
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RE: If you could only have ONE card, which would it be? - 12/11/2008 9:44:56 PM
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blessedinnyc
Posts: 2024
Joined: 10/12/2007
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quote:
ORIGINAL: ot4christ
They make money because most people carry a balance and pay the high interest rates. There is also a fee charged to the retailers.
Naturally, but they are only charging 15% interest. Typically, credit card debt gets securitized as ABS's and sold to various investors, and right now, I think investors are going to be wanting a whole lot more than 15% from credit cards. (Many banks are paying 10-15% interest on their debt.)
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RE: If you could only have ONE card, which would it be? - 12/12/2008 7:23:30 PM
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ot4christ
Posts: 185
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From: Beside the Smoky Mountains
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quote:
ORIGINAL: Mrs.Above_All
Does anyone have an Amazon.com card? It's either a VISA of MS
I have one. Got it for the initial cash bonus, I think it was $30. It pays back 3% which is pretty good but you can only use the "cashback" at Amazon. I still have it but haven't called to activate the most recent card I got. I later got a similar deal through Buy.com and haven't activated that one either.
I mostly use Amazon and Buy.com for electronics and rather forgo the cashback for the double warranty through AmEx.
BTW, it's generally not a good idea to get lots of credit cards. But, since my credit rating is good and I don't plan to by another house anytime soon, it wasn't a concern to me.
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RE: If you could only have ONE card, which would it be? - 12/12/2008 7:25:45 PM
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ot4christ
Posts: 185
Joined: 8/29/2008
From: Beside the Smoky Mountains
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Maybe that's why the banking industry is in a mess 
quote:
ORIGINAL: blessedinnyc
quote:
ORIGINAL: ot4christ
They make money because most people carry a balance and pay the high interest rates. There is also a fee charged to the retailers.
Naturally, but they are only charging 15% interest. Typically, credit card debt gets securitized as ABS's and sold to various investors, and right now, I think investors are going to be wanting a whole lot more than 15% from credit cards. (Many banks are paying 10-15% interest on their debt.)
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RE: If you could only have ONE card, which would it be? - 12/12/2008 10:24:53 PM
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ot4christ
Posts: 185
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From: Beside the Smoky Mountains
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quote:
people tend to eat really crazy things when they've had too much to drink? LOL! Eating was the very least of my concerns when I was drinking!!!
But I get the picture. I always assumed that the "prime" in prime + x% was what the credit card companies paid for their money. You seem like you understand this stuff, so with the economy being what it is, shouldn't rates be going down? I just got a notice saying my rates and fees are going up (not that I incur any). I guess they are trying to recoup their losses.
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RE: If you could only have ONE card, which would it be? - 12/15/2008 6:30:00 PM
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blessedinnyc
Posts: 2024
Joined: 10/12/2007
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quote:
ORIGINAL: ot4christ
You seem like you understand this stuff, so with the economy being what it is, shouldn't rates be going down? I just got a notice saying my rates and fees are going up (not that I incur any). I guess they are trying to recoup their losses.
Well, first off, I work in corporate bonds and CDS's, so I'm not an expert on Asset-Backed Securities. However, the thing that's generally going on is that people are scared to death of risk right now. They're willing to lend to the government at 0% interest, because they know they're going to get paid back- but they're worried that they might only get 50 cents on the dollar if they lend to a consumer- so they want higher interest rates to make up for their risk.
So rates are going down, but you can't borrow at those rates. Only the government can.
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RE: If you could only have ONE card, which would it be? - 12/15/2008 7:40:37 PM
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writerchick
Posts: 225
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quote:
ORIGINAL: Mrs.Above_All
If you could have just one credit card, which one would you choose and why? I'm not just talking about VISA, AMEX, etc... I would also like to know from where (a bank? store? Other?)
No one has mentioned this, yet, but Capital One is a great card to have if you're planning travel overseas or it you'll need to make a purchase in a foreign currency. They were the only ones I could find that didn't charge a fee for the exchange. It's generally 3%-4% of the purchase. That can really add up if you're buying a $1900 plane tix.
Even my debit card had this fee attached to it. Both Visa and MC do it. Amex is slightly higher. I didn't check Discover.
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RE: If you could only have ONE card, which would it be? - 12/26/2008 1:32:34 PM
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iwillfearnoevil
Posts: 4480
Joined: 11/6/2007
From: upstate NY
Status: offline
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a mastercard or visa debit card with reward points linked to my checking account ...
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RE: If you could only have ONE card, which would it be? - 12/26/2008 3:10:14 PM
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flyboy2610
Posts: 141
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I have a Capital One card. I like it.
I am going to go against the grain a bit here, and I would advise NOT getting a card through the bank where you have checking or savings accounts. And don't get your mortgage loans there, either.
I can guarantee you that tucked away in the fine print is a clause that lets them debit your account for the cards balance if you should ever fall a set number of days behind.
I heard this little tip from Dave Ramsey.
www.daveramsey.com
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RE: If you could only have ONE card, which would it be? - 12/26/2008 3:15:40 PM
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iwillfearnoevil
Posts: 4480
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From: upstate NY
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quote:
ORIGINAL: flyboy2610
I am going to go against the grain a bit here, and I would advise NOT getting a card through the bank where you have checking or savings accounts.
I heard this little tip from Dave Ramsey.
www.daveramsey.com
dave ramsey never advocates credit cards, he always advocates debit cards which are linked directly to your checking account.
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RE: If you could only have ONE card, which would it be? - 12/26/2008 3:39:06 PM
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flyboy2610
Posts: 141
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I never said he did advocate them. But I have heard him say that if you have consumer debt, do not have it at the financial institution where your checking and savings accounts are located, for the reason stated above.
_____________________________
If the women don't find you handsome, they should at least find you handy.
Red Green
If you're going to live like there's no hell..... you'd better be right.
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RE: If you could only have ONE card, which would it be? - 12/26/2008 4:18:22 PM
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iwillfearnoevil
Posts: 4480
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thanks for posting an update ... since this thread is about credit cards, i didn't want anyone to get wrong impression dave would pick any ... i don't recall him saying not to get a mortgage where our checking account is, but don't doubt that at all ...
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RE: If you could only have ONE card, which would it be? - 12/27/2008 4:21:03 PM
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agapetos
Posts: 5566
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As soon as I've finished paying off my credit card, I'm getting rid of it.
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RE: If you could only have ONE card, which would it be? - 1/2/2009 10:42:40 AM
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trelawrence
Posts: 26
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Ms Giggles is on point here.
Minor segue: don't fear credit cards. Use credit cards as a souped up debit card. Pay it off every month. If you can't use credit cards as you would a debit card (meaning, only what you can afford and have cash to pay for), don't get one.
My heart is really in this. I consider myself a Ramsey graduate, so I respect him a great deal.
However, I think having believers do the credit ostrich is dangerous. Creditworthiness is just as much a part of your character rating as, say, your criminal record. You should be aware of it, and you should work to improve it ethically.
With the current mortgage fiasco, this is going to be more pronounced, and a lot of good, responsible people will be left holding the bag because we have primed ourselves to avoid FICOs. FICOs are not evil; for people who don't have millions of disposable income in the bank, they are a reality of life. Full doc loans? Now, I am betting you better have the credit history to back it up. It is gonna be a very different ball game, and the younger christian folks may be the hardest hit.
This is not meant to be a treatise on the benefits of using cards. This is just a call for everybody to get truly informed. Keep in mind that I think that Dave Ramsey's principles are fairly smart. I humbly think his approach on credit cards is somewhat simplistic.
By the way, he is not COMPLETELY anti-credit. There is some food for thought.
One card I would recommend? Here is a sleeper: Christian Community Credit Union Visa or MC. Credit Unions, IMHO, are almost always better options for believers than the big commercial banks; they are more stable (most avoided the mistakes the big boys did), and nothing beats having one based on biblical principles that any christian can join.
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RE: If you could only have ONE card, which would it be? - 1/2/2009 12:40:43 PM
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agapetos
Posts: 5566
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quote:
Minor segue: don't fear credit cards. Use credit cards as a souped up debit card. Pay it off every month. If you can't use credit cards as you would a debit card (meaning, only what you can afford and have cash to pay for), don't get one. Question... if you're going to pay off the balance in full each month, why bother having one?
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RE: If you could only have ONE card, which would it be? - 1/2/2009 2:00:45 PM
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trelawrence
Posts: 26
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quote:
ORIGINAL: agapetos
quote:
Minor segue: don't fear credit cards. Use credit cards as a souped up debit card. Pay it off every month. If you can't use credit cards as you would a debit card (meaning, only what you can afford and have cash to pay for), don't get one. Question... if you're going to pay off the balance in full each month, why bother having one?
Hey agapetos!
Why? To enhance your creditworthiness in a healthy and (what I humbly view as a) principled way.
Positive, current REVOLVING history is a huge portion of the FICO algorithm. Installment loans (like car notes, school loans, etc) don't have nearly the same effect as, say, regular and responsible credit card use.
The lack of credit card history negatively impacts ones credit standing. I used to be the biggest proponent of debit card/cash only living. I used to teach it. But, I do truly believe the proof is in the pudding.
Please note: I am not pushing folks to go out and procure credit cards. Some folks do not have the discipline, and if your left hand causes you to to stumble...
Others simply won't get one for a multitude of reasons. I am not trying to scare anyone into doing something they would rather not. I also do not want to slander a fellow believer's ministry.
However, for those who do have the discipline, it is a natural part of adulthood. Most of us will be rated at often by our creditworthiness. In addition, you can actually make money using cards by way of rewards... but that is another topic entirely!
General rule of thumb: use and pay. If you have the cash, you can use the card. In fact, all one has to do is look at what Dave Ramsey made his fortune in -- twice -- to see what I am talking about.
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RE: If you could only have ONE card, which would it be? - 1/5/2009 1:13:27 PM
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iwillfearnoevil
Posts: 4480
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From: upstate NY
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quote:
ORIGINAL: trelawrence
By the way, he is not COMPLETELY anti-credit. There is some food for thought.
the only borrowing i've ever heard him advocate has been for a house ... if someone is really organized and has a full fledged emergency fund, i personally don't see a problem trying to play games with credit cards ... in fact most people lose the game which is why credit card companies offer them and dave urges people not to play ... however i think since most people fail to pay on time, dave urges against them ... my debit card offers reward program that's really good ... however this is straying from OP's point ...
i will use dave ramsey's reverse logic argument ... if you had no cash on hand (none needed either) but a $500 credit card bill ... would you go out and borrow $500 on that card leaving you with $500 cash and $1000 credit card debt? it's kinda silly to think that way ... adding in small basic emergency fund to handle unexpected bills to equation is possible too but i just broke it down simply ...
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RE: If you could only have ONE card, which would it be? - 1/6/2009 3:21:11 PM
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trelawrence
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quote:
ORIGINAL: iwillfearnoevil
quote:
ORIGINAL: trelawrence
By the way, he is not COMPLETELY anti-credit. There is some food for thought.
the only borrowing i've ever heard him advocate has been for a house ... if someone is really organized and has a full fledged emergency fund, i personally don't see a problem trying to play games with credit cards ... in fact most people lose the game which is why credit card companies offer them and dave urges people not to play ... however i think since most people fail to pay on time, dave urges against them ... my debit card offers reward program that's really good ... however this is straying from OP's point ...
i will use dave ramsey's reverse logic argument ... if you had no cash on hand (none needed either) but a $500 credit card bill ... would you go out and borrow $500 on that card leaving you with $500 cash and $1000 credit card debt? it's kinda silly to think that way ... adding in small basic emergency fund to handle unexpected bills to equation is possible too but i just broke it down simply ...
I do not want to slander his ministry,as he has done much good for people, including myself.
I will make a couple of points: Dave is not entirely anti-credit. he is on his show. He has received some flack for the perceived double standard, including the way he permits folks to pay for his services. In fact, it can be legitimately argued that using credit is what has made him be able to minister to others.
It could also be argues that no exceptions should be made for houses. If an exception is made, Christians who follow his precepts in everything else are potentially at a disadvantage. Don't take my word for it... research the issue.
Again, a credit card should be used as nothing but a debit card. Period. If you don't have it, you don't have it. Ice the card. I COMPLETELY agree with your point: cash emergency fund FIRST; then you can play the credit game. I cannot in good faith beat up on my brethren who live by debit cards... I think it shows good stewardship. If you cannot handle that, you cannot handle finances period. So, I think we mostly agree.
I do believe that using credit cards in a wise manner is the next step. Living with zero debt is clearly admirable, and IMHO, is the way it should be. If I had to pick between having a reputable financial reputation (high FICOs) and having zero debt, I'd pick zero debt EVERY time. If I can have both, even better.
I am passionate about Christians, by definition usually responsible people, not understanding credit.
Having said all that, I freely admit to admiring Dave Ramsey, even to this day. Credit is the only area I disagree a bit with his precepts.
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