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Old 04-08-2009, 03:03 PM   #1
jgln
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What credit card would you recommend? I have had Citibank for ever but I think I could do better with rewards and cash back with another company but I am not sure. Are these programs really what they seem to be or is there a catch to them like their acceptance not as wide. For example I had heard once the Discover Card was not as widely accepted as others. I am not too concerned about interest rates as I have been paying off the full balance each month in full for probably the last 20 years.

On a side note my girlfriend just got notice that BOA was greatly increasing her interest rate after reviewing her account activity. Like me she has always paid the balance in full. I told her to call and ask why but my guess is it is because they make no money from her, just like Citibank from me. That way when she is late on a payment they can nail her on interest. I only have a CC so I don't have to carry a lot of cash and can impulse buy.

 
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Old 04-08-2009, 03:17 PM   #2
ShortSnoutBrewing
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NONE...Credit Cards are evil!

 
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Old 04-08-2009, 03:25 PM   #3
eschatz
 
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I have no credit cards and never have. If I were paying off my payments always on time I would probably get a card with FlightMiles (or whatever they call it when you get airline miles for money spent). I mean, free flights would be the bomb if you're already paying off your stuff. I have a debit card that I use for everything. It's a VISA. I've never been anywhere that accepts cards but does not accept VISA.
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Old 04-08-2009, 03:32 PM   #4
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I am a big fan of my Blue Cash from American Express. I really only use it for larger purchases and emergencies. It has some benefits such as purchase protections: covers theft/damage on items purchased with the card, extends warranties, car rental insurance. I have never used any of these, but I have read other people that have and the services come through in the end.

Best part is that there is no annual fee (most of the airline ones have steep annual fees), get some % cash back which came out to about $20 for me last year.

 
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Old 04-08-2009, 03:33 PM   #5
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I agree with the others. No more credit cards. I have one just for emergency or as a fallback and am working on clearing it off. I had the same thing happen to me with a credit card. Even though I paid on time and more than the minimum, they jacked the interest rate up so I canceled the card.

 
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Old 04-08-2009, 03:34 PM   #6
nostalgia
 
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I'm a Citibank guy. Their service is good and their rewards system is pretty nice. I get a gift cards to various places. So I put everything I can on my credit card to get lots of points; things I'd be paying for anyway: my electric bill, all of my gas, my phone bill, my auto insurance, etc.

Credit cards do not put you in debt. Only you can do that. If you only use your credit cards to buy things you have the money for, you can just pay it off at the end of the month. I've had my Citibank card since 1993 and only carried a balance once when I needed to make a very large purchase, when I was very happy to have a credit card and not just a debit card.

While I'm sure there are situations where a debit card is preferred, I prefer a CC for several reasons.

First, you're building a credit line, which is good if you want to buy things like houses and cars. Second, you get the backing of your credit card company if something goes wrong with a purchase (you may get that with some debit cards, but certainly not my bank's). Third, you get free stuff for paying for things you'd pay for anyway. Fourth, the credit line is there if you ever need it in an emergency.

-Joe
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Old 04-08-2009, 03:53 PM   #7
jgln
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Quote:
Originally Posted by nostalgia View Post
I'm a Citibank guy. Their service is good and their rewards system is pretty nice. I get a gift cards to various places. So I put everything I can on my credit card to get lots of points; things I'd be paying for anyway: my electric bill, all of my gas, my phone bill, my auto insurance, etc.

Credit cards do not put you in debt. Only you can do that. If you only use your credit cards to buy things you have the money for, you can just pay it off at the end of the month. I've had my Citibank card since 1993 and only carried a balance once when I needed to make a very large purchase, when I was very happy to have a credit card and not just a debit card.

While I'm sure there are situations where a debit card is preferred, I prefer a CC for several reasons.

First, you're building a credit line, which is good if you want to buy things like houses and cars. Second, you get the backing of your credit card company if something goes wrong with a purchase (you may get that with some debit cards, but certainly not my bank's). Third, you get free stuff for paying for things you'd pay for anyway. Fourth, the credit line is there if you ever need it in an emergency.

-Joe
I think you made some excellent points here supporting credit cards.

I just got off the phone with them and asked them what rewards or cash back programs they have available for my account as I never saw any. He put me on hold (foreign accent, hard to understand) to ask someone else and came back to tell me I was enrolled in some 8% or something program. I asked him what that was and he said I got a percentage off certain purchases. I said so I have to buy what you want me to get it like the stuff on the back of the envelope with my bill like a camera or something. He said "yes, is there anything else I can help you with today?" I said no but I don't think he even understood what the program is and said yes so I would go away.
With that said maybe you can explain how it works. I don't usually shop at the places they tell me I can get discounts at because those places are usually more expensive anyway or are specialty shops so that nullifies the savings.

 
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Old 04-08-2009, 03:57 PM   #8
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Quote:
Originally Posted by nostalgia View Post
...

Credit cards do not put you in debt. Only you can do that.

First, you're building a credit line, which is good if you want to buy things like houses and cars. Second, you get the backing of your credit card company if something goes wrong with a purchase (you may get that with some debit cards, but certainly not my bank's). Third, you get free stuff for paying for things you'd pay for anyway. Fourth, the credit line is there if you ever need it in an emergency.

-Joe
^ This 100%

 
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Old 04-08-2009, 03:59 PM   #9
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My biggest reason for sticking with a credit card over a fake credit card (aka debit card) is that you have federally backed fraud protection with a legal limit of $50 liability if your card is stolen or used fraudulently. You also have the ability to protest a charge if you buy something online, and they fail to deliver, or send you a defective item. Try getting your money back once you paid out of your checking account.

For everyone who thinks a debit card is safe because you have a "secret" PIN:

More Visa and MasterCard accounts breached - Technology Live - USATODAY.com

Visa: New payment-processor data breach not so new after all

Quote:
RBS WorldPay, the Atlanta-based payment processing division of The Royal Bank of Scotland Group PLC, disclosed on Dec. 23 that its systems had been breached by unknown intruders, resulting in the compromise of personal information belonging to about 1.5 million owners of prepaid payroll and gift cards. The compromised information included the Social Security numbers of 1.1 million people, according to the company, which said it had discovered the breach in early November

 
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Old 04-08-2009, 04:09 PM   #10
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I didn't have a credit card until my bank spontaneously put a freeze on my account because of "suspicious activity". They also decided to not tell me there was a freeze on my account. I had to get a bank teller to give me cash until my new debit card arrived. Having a way to use credit is a great back-up.

BTW, the suspicious activity was $1.50 charge in Georgia. I guess it's good that they caught it, but pick up the phone and give me a heads up. Geez.
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