actually i dont need one...i might like the idea of wanting a credit card. here is my deal

ive been a cash guy my entire life. if i wanted to shop...cash. if i wanted to take a vacation...cash. if i wanted to buy anything...cash. i was raised that way. my credit score is decent. i was approved for a mortgage (however i am not a homeowner yet) and i bought my bmw myself (with 5500 down).

i paid off my school loans myself about a year ago and ever since i have been getting credit card offers in the mail everyday! i just burn them, throw them out, let me dog eat them, etc. but now i am more interested in maybe getting one. i have never ever used them before. i have gotten this far without one but it might be beneficial to have one line of credit with visa or mastercard or discover?!?

dont some credit card companies charge you for not using your card? what ones? there are many fees associated with them correct? seems like it cost more to actually use the card than the actual credit limit you are given?!? after preliminary inspection it seems like you qualify for a set amount of money based on certain criteria bla bla but you have sign up fees, registration fees, and every other type of fee just thrown in there....is there anybody here that can explain the dos and donts of credit cards? should i avoid them completely? is there a beginner card that will ease me into the field?!

sorry for the ignorance...before you bash me consider i post this here because i value the opinions of this board. if you drive blue and white your cool with me!

08rookie wrote

actually i dont need one...i might like the idea of wanting a credit card. here is my deal

ive been a cash guy my entire life. if i wanted to shop...cash. if i wanted to take a vacation...cash. if i wanted to buy anything...cash. i was raised that way. my credit score is decent. i was approved for a mortgage (however i am not a homeowner yet) and i bought my bmw myself (with 5500 down).

i paid off my school loans myself about a year ago and ever since i have been getting credit card offers in the mail everyday! i just burn them, throw them out, let me dog eat them, etc. but now i am more interested in maybe getting one. i have never ever used them before. i have gotten this far without one but it might be beneficial to have one line of credit with visa or mastercard or discover?!?

dont some credit card companies charge you for not using your card? what ones? there are many fees associated with them correct? seems like it cost more to actually use the card than the actual credit limit you are given?!? after preliminary inspection it seems like you qualify for a set amount of money based on certain criteria bla bla but you have sign up fees, registration fees, and every other type of fee just thrown in there....is there anybody here that can explain the dos and donts of credit cards? should i avoid them completely? is there a beginner card that will ease me into the field?!

sorry for the ignorance...before you bash me consider i post this here because i value the opinions of this board. if you drive blue and white your cool with me!

stay away from American express blue, that card sucks imo (lots of drama online about their practices)...go with one of the big guys, just apply at Visa.com or something for a generic card to get start

oh yeah, and don't buy car mods with your card...if you ever get the modding bug you'll be done for!!! lol

Just get a Visa classic with a $500 limit to start. That's what I did when I was 18

I started with costco American Express. Gave me a $3000 limit when i was 18

I just use a debit card that can also be used as a mastercard and gives me some credit. If you want to build your credit, just get a visa with a low limit and use it for just one thing. Maybe one that gets you points at the grocery store or some crap like that.

Pickup a Visa with a low interest rate and no annual fee.

If you are trying to build credit, always keep a balance and always pay more than the minimum, and most importantly - NEVER CANCEL IT!

My credit score is right around 800 by following this rule (and others) .. my credit card has never seen a zero balance.

I love having a credit card or two around. When the balance is near zero, I use it to treat myself to something for the car or the house.
________
volcano vaporizer

i dont need the credit card to build credit...i already have a decent score (around 700)...i bought my 330xi without a co signer...my credit is decent but not the best...sure i can build it to 800 and i was told to do exactly what one of the posters said...get a small basic card...keep lil charges rollin in...small balances...always pay more then needed...the credit card company will look at it like "heyyyy this guy always pays on time and always pays more then we ask sooooo we neeed to give him moreeee of an allowance! hi 5 fella keep up the good work"

...im just more of a 'hypothetical what if' kinda guy now...i guess im a lil older and in the event something comes up it would be nice to have the option of using a credit card...i dont know what the hypothetical could be butttt u get the point.

The card people don't really care if you pay more than the minimum (they actually don't want you to) since they charge the incredibly high APR on the balance.

I would get a card you are going to keep for a while, with as high of limit as possible, and then use it and pay the full balance every month. You want to keep it open cause closing lines of credit reflects poorly on your credit rating cause they see it as less available credit. The higher your available, but unused, credit is the better usually. Also pay off every month to avoid interest/fees/and to keep your maximum available credit.

I do pretty much what I just described. I just got another cc, Capital One World card and I would reccomend it. 1% cash back on all purchases, 2% back on gas a groceries. It doubles warranties on electronics up to a full year, give you free vacation protection (cancellations/weather/lost baggage replacement), free insurance on rented cars, etc. The only catch is you have to make the full purchase of whatever the protection on with your card. There is no annual fee either. Although you will need 700+ credit to get it I believe.

stimpy wrote

.. my credit card has never seen a zero balance.

That is not a good thing you know. You are wasting money, getting charged possibly unnecessary interest on the balance. It does not matter if you have a balance for over a month, or just for a few days as long as it is active and you make a payment once a month.

If you have a near 800 credit score you probably already know that all the credit companies track is if an account is in good standing (and active) month by month and that is it. If you are not in good standing they look for a lot more, but not if you are making payments and doing it on time.

+1. Pay it off every month. If you don't use it for about... a year or two I believe, they will reduce your limit or even cancel it. So, every once and a while, use it to fill up on gas (or something minor).

The higher available credit you have, the higher your credit score!

twinturbo335 wrote

I started with costco American Express. Gave me a $3000 limit when i was 18

I started with VISA Rebates with a $3000 limit when I was 18 too...

Start off small Like a Bank of America card. No annual fee.

and remember. Credit cards do not hurt your credit score.. Only you can.

Start a Credit Card with your Credit Union. They usually got the best rates.

Yeah, American Express sucks so bad that I got rejected every time I use it. Many places don't accept American Express credit card. Also, itt keeps changing the rates on me so I hardly use it.

One of the most important things you can do as a merchant when talking with credit card processing companies is to be sure to ask a lot of questions. One of your primary goals should be to understand which fees you will be charged and a ballpark figure of how much they will add up to. It's a good idea to have some real numbers on hand to share with processing companies when you speak with them. Based on your average sale and an average of your total daily sales, credit card processing companies should be able to give you an idea of what you will be paying in fees.

camelia123 wrote

One of the most important things you can do as a merchant when talking with credit card processing companies is to be sure to ask a lot of questions. One of your primary goals should be to understand which fees you will be charged and a ballpark figure of how much they will add up to. It's a good idea to have some real numbers on hand to share with processing companies when you speak with them. Based on your average sale and an average of your total daily sales, credit card processing companies should be able to give you an idea of what you will be paying in fees.

Worst first post ever. You need to learn to read before you post. This has nothing to do with retailers.

And people... rates don't matter if you don't keep a balance for more than 30 days. He pays everything cash already so I assume he wouldn't want to run a balance. Who cares about interest rate, go for perks.

thanks for the advice/opinions...im not sure what to do...does anybody use bmw credit card? i was approved for the car im guessing id be approved for a credit card too?!

08rookie wrote

thanks for the advice/opinions...im not sure what to do...does anybody use bmw credit card? i was approved for the car im guessing id be approved for a credit card too?!

get the Discover More card, best rewards program I've seen on a card.

5% cashback on categories that change every few months (gas, dining, travel, etc.) and 1% on everything else. potential 5-20% cashback when using shopdiscover online retailers.

I have a few different cards, #1 rule, pay in FULL every month.

1. Chase Freedom mastercard. Not a bad card, no fees, bonus points with chase checking/savings account. Points can be used for rewards OR cashback.

2. Chase British Airways Visa Signature, huge line of credit, good for rewards if you fly BA or AA.

3. American Express Gold Rewards Plus - no spending limit, $150 annual fee, best rewards program, best customer service and buyer protection.

Leozap wrote

Yeah, American Express sucks so bad that I got rejected every time I use it. Many places don't accept American Express credit card. Also, itt keeps changing the rates on me so I hardly use it.

I cannot believe people here revolve. Bad practice that snowballs into a huge mountain later.

ZJP wrote

get the Discover More card, best rewards program I've seen on a card.

5% cashback on categories that change every few months (gas, dining, travel, etc.) and 1% on everything else. potential 5-20% cashback when using shopdiscover online retailers.

Too bad no one takes it.
________
Nash Motors history

the day I turned 18 I went to WaMu and opened up a MC there with a $6000 limit.

but they didn't many.. or any rewards
So I went to Citi and opened up a Dividend account

find a card that will give you something... like 5% cash back on gas/super markets etc
or whatever you want (travel, stuff)

don't just get a generic card.. at least have it give you something back