Jo ([info]jojomojo) wrote,
@ 2009-06-24 10:21:00
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My entry into the world of usury
For the first time ever in my life, after my bank has (once again) caused me hassle in trying to buy things online (in this case my trip to Iceland for fanfest), I'm considering getting a credit card. I don't anticipate carrying a balance as a matter of course, it's more for hotels and plane tickets - but I also wouldn't mind having it available as a line of credit should I get laid off, so not having a huge APR would be nice. My credit rating should be good, with the caveat that I probably don't have much credit history, not having had a credit card or bank loan before (unless anything I had jointly with LaVera might be in there). I do pay my rent on time every month but I don't know if that makes it into credit history.

Holly recommends Capital One. Any recommendations or ideas from anyone else?

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[info]netmouse
2009-06-24 02:38 pm UTC (link)
I have a citibank dividend card. Getting money back for using your card is nice. Supposedly discover has the best dividend program but you have to sign up for each quarter of specials to take advatage of them. They also remind me frequently of my monthly bill, and i hate multiple reminders for something that isn't due yet. In fact i hate Discover in general. But i like citibank pretty well, i guess.


Whatever you do, don't pay for using a credit card. Make it pay you. Don't tolerate annual fees at all.

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[info]stormdog
2009-06-24 02:44 pm UTC (link)
I'm not sure; the credit gods have so far deemed me unworthy, I'm afraid.

I can highly recommend checking out bankrate.com though for a really handy method of comparing all your options.

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[info]abnormal_apathy
2009-06-24 02:58 pm UTC (link)
I hated Capital One when I had them. Very high interest and fees.

My honest recommendation is to go to a local credit union and see if you can get a card from them. They usually have much lower interest rates and no fees.

If not, go with whoever you bank with. Sometimes they'll be more forgiving. With that said, I have an entry in my LJ somewhere about how Chase fucked me over. So I went to my CU and got a signature loan, paid them off and cut my interest rate in half. Effers!

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[info]jojomojo
2009-06-24 03:07 pm UTC (link)
The trouble with that is I do bank with a local credit union and they keep giving me hassle about spending my own money. So I'm kind of inclined to go with someone else for the credit card :)

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[info]airsucker
2009-06-24 05:01 pm UTC (link)
Maybe you need to switch credit unions?

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[info]jojomojo
2009-06-24 05:36 pm UTC (link)
I've considered it, but eh, that's also a hassle and I don't need to buy things online all that often. Since it would be a good idea for me to get a credit card anyway (hotels are often funny about letting you use a debit card), I might as well just use that for the things my credit union is weird about.

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[info]netmouse
2009-06-24 08:32 pm UTC (link)
I applied for a credit card from a credit. Union once they wanted to give me a $300 line of credit but only if i tore up my other two credit cards. No thank you.

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[info]airsucker
2009-06-24 05:00 pm UTC (link)
Switch to a credit union with a debit card. We rarely ever have trouble with ours since they figured the internet out.Credit unions are far superior to banks.

Skip the credit card. They're nothing but trouble.

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[info]custardfairy
2009-06-24 09:12 pm UTC (link)
His union has a debit card, but they are apparently still not sure about this whole internet thingie.

Or god forbid you want to purchase something in the UK.

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[info]mrgeddylee
2009-06-24 05:13 pm UTC (link)
I have two different Chase cards that I've been very happy with. One gives 3% rewards on gas and 1% on everything else, and the other gives ~3% rewards on Amazon.com purchases. Both have no annual fee and no interest so long as I pay my bill every month. I don't actually know that the APRs are, since I don't run a balance.

I've never enabled the MasterCard debit feature of my ATM card. I can live with the fraud risk of credit card purchases because I can dispute any bad charges and get compensated. (I've done so with Chase twice that I'm sure of, and it's a hassle, but they've always been cooperative.) If those fraudulent charges had come right out of my bank balance, it would have been a much larger deal.

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[info]plexq
2009-06-24 10:07 pm UTC (link)
I had a card through my bank that was very good until they got bought. Capital One seems to be a bit high on fees/rates to be honest, but they will give a credit card to just about anyone. They keep sending me letters and I have loans in default at this point (due to my divorce, not really by choice).

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[info]waywardson5
2009-06-26 05:00 am UTC (link)

Recommendation #1: Don't do it! That is, unless you know you have the self discipline to truly just use it as described. I haven't had anything but my debit card in over 10 years because I learned the hard way what a lack of financial discipline can do with even minimal credit limits. Granted I don't do much in the UK for shopping and what little I do usually accepts PayPal just fine, so I can't speak to that point of your needs.

Recommendation #2: If you think you must get a credit card, read the agreement carefully. The actual interest rates are usually several points higher than they claim, and can change without prior notice to you. Remember, the issuing bank wants you to spend most of your credit and carry a balance on the card, because then you pay them more money. To that end, some cards carry additional fees for not using them (and will raise interest rates for the same reason). Read the agreement closely before accepting the card.

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