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Credit Card recommendations.

toxcrusadr said:
I could do without one and use my debit card EXCEPT...you can't rent a car in this country w/o a cc. Even if you have a suitcase full of cash.
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Sure you can rent a car without a credit card. I have even used cash. Really threw the counter agents off though. Most debit cards can be used as credit cards though. My debit card is a visa debit card, which means I can run it as a credit card, but it debits my account right then just like when I use it as a debit card. I do not think a business can legally turn down cash if it is offered for payment. I know some don't like to ie: car rental agencys, but if you insist they will find a way.

Bill R
 
It's not how you PAY for the rental, it's a security thing for them I guess. About a year or two ago, they told me on the reservation lines (more than one agency) that a debit card wouldn't work. When pressed one of them said they would not hand me the keys to a $30,000 car without a credit card for security. These were national car rental places. To me, having an actual account with money in it is worth more than a piece of plastic, but what do I know.
 
I have been told the same thing that it is for security. When I stopped laughing at them, I explained to them that I didn't see how a credit card was more security than money in the bank. After all most people do not have enough credit on the card to cover the cost of the car, nor do they have enough cash in the account. I never got the connection between credit cards and security. When I use my debit card I do not tell them it is a debit card, and they run it just like a credit card. It even has the Visa logo on it. Only difference is that it debits my account instead of creating a monthly bill. I got mine through my local bank.

Bill R
 
American Express! Sure you pay a membership fee for the premium services, but it's well worth it. In more than 30 years of membership, I have never had a problem that was not imediately resolved to my satisfaction, including when my numbers apparently decided to take a world tour with charges popping up from Europe, Asia and Africa. In most cases, I was contacted by Amex before the charges appeared on my statement. Besides, knowing you have to pay the balance in full each month imposes a modicum of discipline.
 
mhardy6647 said:
Anyone who buys even a modest amount of "outdoor recreational equipment" annually should be an REI member! They're a co-op, pay a dividend annually, and offer (IME) excellent service and advice in their stores. We're fortunate to have one 15 min away from my workplace.

Dunno about their credit card, though.

Debit cards frighten me, since they're a direct link to a bank account.

Remember: Credit cards (that charge no fees) cost nothing if you don't run a balance on them! Don't use a credit card to get cash (i.e., a "cash advance") since most if not all credit card companies charge interest on the "loan" instantly (i.e., no grace period).

As to car loans... much as I hate debt... if you can get a car loan at a rate that's less than you could earn on your principal; it's really more cost-effective to borrow and repay than to pay cash.

In fact, I'll reiterate. If you have any sort of savings at all, you can always borrow against yourself. This is usually (if not always) the cheapest way to borrow. In fact, we financed our first car this way (a long time ago)... I think the net cost was 2% -- at a time when mortgage interest was in the high 'teens.

Find a good, local banker, and ask him/her. Here's an example:
http://www.stcsb.com/

(I'm a little biased; a very good friend of mine is its president)
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Amen to the car loan part. Say you have your cash in a money market fund (such as Vanguard Prime MMF), yielding more than 5% currently, you are getting paid to buy a car at less than 5% APY, and there are lots of deals out there, especially with the 2007 models. 'Course, you'd have to have alot of cash in there for the interest to actually pay the car payment...

Back to the thread topic, I like American Express Blue, no annual fee, great rewards program.

I refuse to pay an annual fee for what can be had for free.
 
I totally hate Bank of America.

I have my MC with them. Not by choice, mind you.

It was initially with MBNA abd I had no prolems in the many years they handled it. I always pay promptly and never carry a balance.

Well. BOA bought out MBNA about a year ago and in that time I got two late notices since then, both showing the day after the payment was due.

Now, I could see one screw up but since that first one, I've beenverry careful about sending those bad boys out, to to the point of noting the day they went in the mail, not just the check date.

According to them, it took 8 (eight) working (not calendar) days for my last payment to them to show in their records and, amazingly enough, it showed up in their books the day after the payment was due.

When I mentioned that it took eight working days and this was the second time that the payment magically showed up the day after it was due, he said they have no conrol over the mail. Right...

I now have a nice, brendy new Countrywide credit card and haven't used the BoA card since. I hold on to it just in case. It doesn't cost anything.
 
With BofA you get treated like s**t. We were standing in the checkout of a gourmet grocery store with abot $300 worth of various items. Gave the girl my BofA VISA and it came back "Please ask the customer to call us". Sure thing, there are all kinds of pay phones in the checkout line. I said to the checkout lady, "Here, use my Optima, the hell with BofA". That went through with no problems.

When we got home and unpacked the groceries, I called the number on the back of the card. The little fart at BofA said "we were concerened because there have been unusual purchases on your card." "What unusual purchases" says I. "Well BMG CDs, a county liquor store, blah, blah." I told the littel fart that I have been a BMG customer for eight years and we have dealt with that same liquor store for four years, wake up.

Ended up writing to the CEO, he had his assistant call me. Told her that I did not appreciate being embarassed by some little twit who needed his diaper changed, said not to pull that stunt again. She said they would do it whenever they felt like it. That's when they lost all the business to Optima, only thing thast goes on it now is when we hit a merchant who won't take Amex. Arrogant a**holes.

We also changed banks, only reason we had an account with them was because they bought out our bank.
 
Markw said:
I now have a nice, brendy new Countrywide credit card and haven't used the BoA card since. I hold on to it just in case. It doesn't cost anything.
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You are wise not to cancel it, as (believe it or not) it harms your FICO score (credit rating) when you close a credit account.
 
Bill R said:
How about no credit card at all. I use my Visa debit card. Credit card debt is just not a good idea. All of them are a bad deal. I have no need for a credit card of any kind, ever.
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Because having no or very little credit history the credit bureaus can draw from lowers your FICO score(s)......:yes:
 
jcmjrt said:
I've had bad experiences with service from Capital One Visa...bad enough to really recommend that you NOT go with them.
I've had good experience with my credit union which offers a card. If you have some connection like that (credit union) you may wish to give that a try. As far as I'm concerned, I've had better luck doing business with my credit union than any bank (Wells Fargo, BoA, etc), I've ever tried so at this point I pretty much just go there first.
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Hey now. My cousin make a lot of money working for capitol one.
 
Debit cards are nuts. If you are robbed by identity theft with a debit card, your money is gone. You have no protection. With a credit card your loss is limited to $50. Debit cards are given to those that cannot qualify for credit cards. Always risk the banks money not your own. Never charge more than you can pay off and pay your bill in full every month. The sharebuilder Visa card returns 1 % of all purchases to your statement,and up to 10 % on some stuff. It has no fees or costs and a reasonable interest rate, but I never pay a dime of interest.
 
Over the years I've tried Amex, Chase & B of A and dumped them all. Without a doubt my experience is a CC from a credit union provides the lowest cost and best service.

Terry
 
e2e4c7c5 said:
American Express, their service is outstanding, never had a problem with them at all, in 27 years.

Stay away from Chase!!
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I agree with American Express. The new American Express Blue has 15 months of no APR if you're worried about not paying your balance in full.

About the Chase, What's your experience like with Chase? I currently have a Chase card and no complaints here. :dunno:
 
What I don't understand...

..is that to use a debit card as a debit card (as opposed to a "credit" card) you need to input a PIN, which is a good thing in my book.

Why can't cerdit cards do the same thing? This can minimize unauthorized use. We've got the technology, don't we?
 
They do, in Europe, where they use "PIN and chip" technology for POS (point of sale) transactions.
An ID chip in the card, and (e.g., at a restaraunt) they bring a little wireless device to your table to swipe the card and for you to input your PIN -- they don't take your card out of your sight.
 
If I pay cash I realy do not care about any FICO score. I would rather have the cash.
In the case of identity theft, if you call the bank, they wll correct the probem, and put the money back in your account. I know from experience.
Credit cards of any kind do not build wealth, the only hamper it.
I do know that credit reports are used for other things than credit. This is where the governmemt should step in and limit the use of credit reports to the extension of credit and only the extension of credit. A lot of employers now run credit reports for hireing purposes. Talk about discrimination.

Bill R.
 
You are dealing with a good bank most won't until a lengthy investigation is completed and even then it is not guarenteed you will get your money back.
 
grateful said:
Debit cards are given to those that cannot qualify for credit cards.
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.....I see debit cards as setting one free from writing 50 checks a month....but, there is some truth to what you say...."some" persons allowed a debit card can't get a legit credit card....and, they could very well probably be better off with a card that only allows access to what is in their checking account....
 
Markw said:
..is that to use a debit card as a debit card (as opposed to a "credit" card) you need to input a PIN, which is a good thing in my book.

Why can't cerdit cards do the same thing? This can minimize unauthorized use. We've got the technology, don't we?
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.....have pondered this line of thinking many times....I also don't understand the powers-that-be of the credit-card industry allowing a simple forged signature to rape said industry.....
 
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