What's a good credit card?

**flat-top** · 09-09-2010, 07:29 AM

I have excellent credit, and I keep giving my GM Credit card reward points to my dad that keeps buying a new truck every 3 years.

I'd like a card with no annual fee and some kind of reward points back to buy stuff. Obviously a low APR.

thanks,

***SMWS6TA*** · 09-09-2010, 07:38 AM

Stay the hell away from Capitol One and any HSBC backed card. 1st one I had to fight over 5 yrs to get them to close the account after it was paid off. It kept coming up on my credit report (zombie). I finally threaten to sue but serving them a notice that if the paid off and closed account wasn't fully closed and reported to the credit bureau then I'll be suing and will seek monetary damages. The 2nd - they are the worse F'ing bank in history. They will deliberately screw your credit and have highly shady practices. They've been fined for them. I can't wait till I get out from them....

**ibanez7** · 09-09-2010, 07:47 AM

a credit card through a good credit union, like baxter credit union...

**Spaz** · 09-09-2010, 07:47 AM

they are ALL bad...

**86 IROC-Z** · 09-09-2010, 07:54 AM

I use Discover. No annual fee. Great customer service. Great online services, their spend analyzer thing is very straight forward and easy to understand. I don't use the APR, can't remember what it is but not bad I don't think.

I think mine is still technically a student card, I don't know what that changes (if anything).

The only bad thing about it is if you go out into the sticks with small time gas stations/stores, those places are more likely to only take the main two companies, MasterCard and Visa. However more and more stores are supporting Discover/Novus, it's actually been a while since I've seen a place that doesn't take it. It's not a big concern for me because my debit card is a Visa, but just a word of warning if you want to use a Discover card as your main card.

**86 IROC-Z** · 09-09-2010, 07:55 AM

Originally Posted by Spaz

they are ALL bad...

They're only bad if you make it bad.

I bet my credit card company hates me

**Nhra Firebird** · 09-09-2010, 08:52 AM

Originally Posted by 86 IROC-Z

They're only bad if you make it bad.

I bet my credit card company hates me

We hate you so why wouldn't they hate you.

**SiggyZ** · 09-09-2010, 09:14 AM

He already has one of those. The GM card is an HSBC card.

Originally Posted by SMWS6TA

Stay the hell away from Capitol One and any HSBC backed card.

**Y2KPewterSS** · 09-09-2010, 10:24 AM

Originally Posted by Spaz

they are ALL bad...

None was my answer as well.

**ccusum** · 09-09-2010, 10:24 AM

Originally Posted by Spaz

they are ALL bad...

X100.

I am down to only one card now, and I plan on keeping it that way. The bastards keep lowering my limit though. I might toss them out the window as well.

**CJREX** · 09-09-2010, 11:35 AM

The only good card is the one you pay off every month.

Since you're not carrying a balance, APR doesn't matter.

Just get one with no annual fee.

The very first month you don't pay it totally off, cut it up with scissors.

This will prevent you from waking up 6 months from now with a $6k balance and a house full of stuff that seemingly came from nowhere.

**ARM5280** · 09-09-2010, 12:23 PM

If you can't pay for it with CASH you don't need it.

You need Dave Ramsey in your life.

**1MileCrash** · 09-09-2010, 01:26 PM

Originally Posted by ARM5280

If you can't pay for it with CASH you don't need it.

You need Dave Ramsey in your life.

i agree with that...most of the time.

purchase a car or a house. most people out there would not be able to pay cash for either until they were in their 50s or 60s...but getting a loan for either one is a great way to build your credit rating.

after 2 motorcycle loans fully paid off, 2 car loans (1 paid off, 1 currently making payments on) and 1 mortgage i have damn good credit for a 26 year old. already over 800. i didn't have cash for any of these things. the bikes...yeah...superfulous...and the house not necessary but it's a rental so it pays for itself. the 2 cars...well...needed a car and when that one shit out on me i got the 2nd one.

but the best credit cards are ones that you don't have a required spending minimum and don't carry annual charges. even better if you never have to use the damn thing. i still don't have a credit card and don't really want one. it's just incentive to spend money that i don't currently have.

**345hpss** · 09-09-2010, 01:32 PM

You guys are looking at this all the wrong way.

The BEST card to use would be one that gives you a nice reward (at least 1% on spending), that has no annual fee, and that you pay off every month.

I rotate between an old GM Card, a Bank Of America perks card, and a Discover Open Road card. Haven't carried a balance ever, couldn't even tell you what the APRs are. Pay it every month and NEVER use cash unless I have to.

The way I see it: Cash is expensive, because most merchants have inflated their prices to cover the cost of processing credit card transactions, so unless you get a break for cash, it isn't worth it. Plus, if you use a card (such as GM Card that is 5%), that can be money back in your pocket for doing nothing.

The key is to make sure you pay it off. Like IROC, I guarantee you that the credit card companies hate me too. But my credit rating is excellent (800+).

There is a website floating around somewhere that lists most of the reward cards, along with what the rewards are, whether there is a fee, etc. Those are the BEST cards to get.

**Y2KPewterSS** · 09-09-2010, 01:54 PM

Originally Posted by 345hpss

You guys are looking at this all the wrong way.

The BEST card to use would be one that gives you a nice reward (at least 1% on spending), that has no annual fee, and that you pay off every month.

I rotate between an old GM Card, a Bank Of America perks card, and a Discover Open Road card. Haven't carried a balance ever, couldn't even tell you what the APRs are. Pay it every month and NEVER use cash unless I have to.

The way I see it: Cash is expensive, because most merchants have inflated their prices to cover the cost of processing credit card transactions, so unless you get a break for cash, it isn't worth it. Plus, if you use a card (such as GM Card that is 5%), that can be money back in your pocket for doing nothing.

The key is to make sure you pay it off. Like IROC, I guarantee you that the credit card companies hate me too. But my credit rating is excellent (800+).

There is a website floating around somewhere that lists most of the reward cards, along with what the rewards are, whether there is a fee, etc. Those are the BEST cards to get.

95% or more of credit card users don't practice what you posted. Most carry a balance and fall into the cycle of having a monthly payment and can't get out of it. Your idea works beautifully if you are disciplined enough to stick to it, but most people aren't.

**ibanez7** · 09-09-2010, 01:54 PM

credit cards aid in building up and keeping your revolving credit look good...

as stated above, charge something, pay it off.

APR is usually if not always cheaper through a credit union, then a bank

**DrMilhouse** · 09-09-2010, 03:17 PM

credit cards are awesome for building credit.

My friends that have money seem to favor their Discover cards. I think it's probably because of the rewards, but I've never really cared enough to ask.

I AGREE STAY AWAY FROM CAPITAL ONE. I DESPISE CHASE. I'm not a big fan of HSBC, though I've never had any real problems with them. I've never had a credit card that I've loved or that has been surprising to me about being great.

I don't care much about APR, but I have closed some of my credit cards because the APR was higher than I was okay with (35%).

I've always been told that paying them off each month is the way to go, so that's what I've done when able to.

I have a credit person working with me now on my credit and he has stated that credit cards are the best long term credit builders as they are something you can pay on forever as opposed to a car or other type of loan that goes for 3-6 years. After the 3-6 years are gone, the account no longer continues to feed your credit score, it just reflects as a good account and 7 years after that, it did nothing for your credit. It makes sense when pointed out that way, but over all, I still think pretty much all credit card companies are crooked and evil.

If you have a credit union, get a credit card with them. If you don't have a credit union, get one. I LOVE my credit union as opposed to any bank.

All banks I've dealt with have screwed me over, OR have kicked me when I'm down when I screwed myself over.

My credit union has been more than helpful when I screw myself (fortunately, something I have mostly grown out of).

Credit cards make money when you screw up. They make money anyway of course, but they make a lot more money when you screw up. They want you to be late. They want you to go over your limit. There's good money in that.

**KMdef9** · 09-09-2010, 03:29 PM

An auto loan in your name is worth 10x the credit of a credit card. So are personal loans, but those rates are higher.

**Smkn_TA** · 09-09-2010, 04:26 PM

Can't find a clip on youtube...but meh, here's is script.

Originally Posted by 86 IROC-Z

I use Discover.

Peter: May I help you?

Customer: Yes, do you accept the Discover card?

Peter: Hey, Lois, Diamond Jim Brady over here just asked if we accept the Discover card.

Lois: They're in an exclusive club called anybody.

Peter: Yeah. No, no, no, I don't think so. You know, you know, I would rather take two live chickens than your fly-by-night credit card. I would rather take a jar of pennies that's value was less than that of your bill.

Customer: Look, you don't have to insult me.

Peter: No, no, no. You are going to sit there and listen to the funny things I would take instead of your credit card.

**86 IROC-Z** · 09-09-2010, 04:28 PM

Originally Posted by Smkn_TA

Can't find a clip on youtube...but meh, here's is script.

Peter: May I help you?

Customer: Yes, do you accept the Discover card?

Peter: Hey, Lois, Diamond Jim Brady over here just asked if we accept the Discover card.

Lois: They're in an exclusive club called anybody.

Peter: Yeah. No, no, no, I don't think so. You know, you know, I would rather take two live chickens than your fly-by-night credit card. I would rather take a jar of pennies that's value was less than that of your bill.

Customer: Look, you don't have to insult me.

Peter: No, no, no. You are going to sit there and listen to the funny things I would take instead of your credit card.

I've never seen that before, what was it from?