Credit cards

[Corky Ramirez up on 94th St.]

OK, I need some help in trying to find a new credit card. I'll be honest, I'm not too up on these things.

I've had just one card since 1997 (Mastercard); however, my APR is through the roof. Do you have any advice as to which ones have low APRs (like zero or close to it), and don't have a fee for transferring balance?

Thanks.

 

[imjustagirl]

Good luck finding any. They've all cranked up their interest rates to like 29.99 percent on everyone in advance of whatever the new law is.

 

[Corky Ramirez up on 94th St.]

Good luck finding any. They've all cranked up their interest rates to like 29.99 percent on everyone in advance of whatever the new law is.

Yikes. Mine's at 25.99 percent already.

 

[Ace]

Go online and search. There are different cards for different situations. Depending on your credit, maybe you could find one that would give you a balance transfer with a rate of 0 percent for six months to a year.

(Note: On most of these, they may charge 3 or 4 percent off the top to do the transfer but it's still better than paying 25 or 30 percent or whatever the jacked-up rate is))

 

[Inky_Wretch]

Go here ... http://www.cardratings.com/

 

[JackReacher]

If you travel a lot, get the Marriott card.

 

[TwoGloves]

I just got offered one today from Spirit Airlines at 14.9 percent. I applied to get the 15,000 free miles when I use it the first time, which will be for something very inexpensive. (Providing I get it, which I should.)

 

[TwoGloves]

If you belong to a credit union, check with them. I've got one from mine that's 13 percent interest.

 

[Corky Ramirez up on 94th St.]

Go here ... http://www.cardratings.com/

This is a good site. I'm not sure if it's available but I'd like to find one that has some kind of gas rewards, as that's why I primarily use the card.

 

[Inky_Wretch]

Have you considered just getting American Express? Yes, you have to pay it off each month (except for travel charges like hotels and plane tickets), but there's no interest.

 

[Wenders]

I've got a card through Chase that is 0 percent for the first six months and 13 percent afterwards.

 

[The Big Ragu]

I can't answer your question well. My understanding is that the card companies have tightened up, so killer deals might not exist, even if you have sterling credit. I have a few cards. I had this Chase card that was making these insane offers for a few years. They sent me solicitations offering to advance me money (and the card had a healthy credit limit) at a 2.99 percent APR for life. I figured what the hell, deposited one of their checks into a FOREX account, made more than 2.99 percent with some conservative trading. I then just made minimum payments on the card to try to stretch out the "free money" as long as I could.

Then last year, they reneged on the deal. Targeted me for milking them and not paying back fast enough (even though I had met all the terms of THEIR offer and made my payments on time. Just paid the minimum I had to). They changed the terms so that there was suddenly a $10 monthly fee on the card and you had to payback some insane amount of your balance every month (to get out of the loans). Even if I paid them back, they told me my APR was going up, presumably as punishment for getting the better of them. I paid them back, closed the account and told them that they lost a customer for life (not that they cared). When I researched, I saw that there were several thousand customers like me and there are a couple of class action law suits now.

For purchases, I really only use one card: My American Express Blue Rewards. I ran just about everything I could through it last year and that sucker paid me back a $400 dividend on my last statement. For the first $6,500 you charge, they give you 1 percent back on gas, grocery, &
drugstore purchases. They give .5 percent back on all other purchases. After $6,500, it goes up to 5 percent for gas, grocery and drugstore and 1.25 percent for everything else. Given any choice between cash or running it through that card, I just whipped out the card.

 

[Moderator1]

I've got a card through Chase that is 0 percent for the first six months and 13 percent afterwards.

For how long? Because the similar deal I got with Chase jumped through the roof - despite never once being late or over the limit.

 

[Hank_Scorpio]

It's much better to just use the debit card. That way you are spending money you HAVE, instead of money you DON'T HAVE.


I even just run the card as a credit card, so I don't have to punch a pin number. And I have rewards on my debit card too.

 

[Walter_Sobchak]

Since my father was military, I have an account with USAA. Their card is phenomenal. 8.9 percent with cash rewards, impeccable customer service, and no minimum payments.

 

[Corky Ramirez up on 94th St.]

Two friends of mine have suggested taking out a loan through a bank, paying off the remainder of the balance on the old one and open a new one. The bank - besides wanting my business - would have a lower percentage rate to pay it off (certainly lower than 25.99 percent.)

Gotta say, this sounds pretty good.

The credit card through my credit union is 10.5 percent through 13.8 percent, which also sounds pretty good.

 

[Inky_Wretch]

For purchases, I really only use one card: My American Express Blue Rewards. I ran just about everything I could through it last year and that sucker paid me back a $400 dividend on my last statement. For the first $6,500 you charge, they give you 1 percent back on gas, grocery, &
drugstore purchases. They give .5 percent back on all other purchases. After $6,500, it goes up to 5 percent for gas, grocery and drugstore and 1.25 percent for everything else. Given any choice between cash or running it through that card, I just whipped out the card.

My father keeps telling me I should do the same thing.

He uses his AMEX for everything. His household bills like electricity and cable are automatically charged to it. He says it's great because 1) he only has to actually pay one bill per month and 2) he's on some hellacious reward plan (Platinum Rewards, I think).

 

[Wenders]

I've got a card through Chase that is 0 percent for the first six months and 13 percent afterwards.

For how long? Because the similar deal I got with Chase jumped through the roof - despite never once being late or over the limit.

About a year and a half. What I do with my credit card is put a couple of purchases on a month and paying them all off at the end of the month.

 

[cjericho]

It's much better to just use the debit card. That way you are spending money you HAVE, instead of money you DON'T HAVE.


I even just run the card as a credit card, so I don't have to punch a pin number. And I have rewards on my debit card too.

good advice. i have visa, american express and discover. i use discover as much as possible and pay it off every month because you get cash back.

 

[Football_Bat]

I've paid off all my credit cards and use one for gas that I pay in full every month.