Credit Card...
- Thread starter Loudrango112
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also, if u can buy it with ur check card, might as well buy it with ur credit card. therefore u can build up credit, and know u have enough money to pay it off. like everyone says, dont use what u dont have. also, u'll probably find that ur credit limit is pretty low cuz ur younger. i started off with a $500 limit, and about
`pr0digy
10+ year member
- turbobricks.com -
American Express has more fees and is taken at less places than Visa, or am I wrong ?
That's why you charge a little bit and pay it off each month.
But what about that "it's best to carry 20%-30% of your limit" that you always hear about? Well, there is an overlap between the time that your new period starts, and when the payment for the previous period is due. So, even if you pay off the balance on your statment each month, it is still possible to carry a somewhat consistent balance yet never have to pay finance charges.
As for what the minimum amount is due.....it varies card to card. Most places are 2%, but some are as high as 4%. So, if you charge $1000 and the minimum payment is 2% of the balance, your minimum payment would be $20. But, almost all of them have a flat minimum of $10 or so (say you only have a $15 balance, your minimum payment will be $10, not 2% of the balance like "normal").
As I said in your other thread about this.....if you soley want this so you can build credit, be sure you specify that you do not want your credit limit automatically increased periodically. That's a quick way to get yourself into trouble.
Also, just as an FYI ( //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif )......if you have a credit card at a department store (JCPenneys, Kays, Sears, Best Buy, etc), that is reported on your credit report. And having too many of those accounts open will actually hurt your credit score.
`pr0digy
10+ year member
- turbobricks.com -
I *think* merchants have extra charges as well when it comes to Amex, and that's why not everyone accepts it... I think.
DBfan187
5,000+ posts
Supa's mom was here!
debit/visa
Chase is a good one as well. Hard to get unless you have good or excellent credit.
You are correct. Visa i think charges merchants ~2% and amex charges them 3-4% (NOTE: the merchant pays this fee, not you, the buyer)
My first credit card was my American express blue card. Its great, no annual fees, plust i earn cash back on all my purchases. I don't know what the finance charges are since i always pay on time.
If the place i am at doesn't take my amex, then i have my check card (which acts like a visa credit card)
they do charge merchants, why do you think small places won't let you use CC unless it's a minimum purchase amount...
Citi is good, their interest rates are absolute SHIT though so do NOT i repeat DO NOT let your balance carry over. theyre a good company though, personally i wish i went with a route that gave me a flyer mile for ever dollar i spend. i'd be seeing the world. but yea citi is good if you ever lose your card or anything, theyre really good about fraud and what not
Citi is good, their interest rates are absolute SHIT though so do NOT i repeat DO NOT let your balance carry over. theyre a good company though, personally i wish i went with a route that gave me a flyer mile for ever dollar i spend. i'd be seeing the world. but yea citi is good if you ever lose your card or anything, theyre really good about fraud and what not
Visa/M/C typically don't charge the merchant directly. The merchant goes through an independent merchant services dealer (their local bank, for example), who is the one who actually determines how much the merchant gets charged. And then the bank/independent dealers have their merchant services agents (Certegy, for example). What rate the dealer charges the merchant depends on a host of variables, such as sales volume, avg sale amount per ticket, etc etc. We typically charge merchants 3-4% for all cards. Though extremely large companies (Walmart, Sears, etc) may have something worked out with Visa/M/C/etc directly....but your average merchant won't.
The rates charged by Visa/M/C to the merchant services companies (and not the merchants themselves) vary by card used, how used (in person, over the phone, etc) and a whole bunch of different variables. There are, IIRC, 5 different charge tier levels for both Visa and Mastercard, and Amex/Discover have their own tier system for charges.
wags
10+ year member
Prime Minister of Funk
No I completely beg to differ. They totally screwed me over. I got one of their zero percent interest cards to transfer a balance. Then I never got a statement and they charged me a late fee which put me over and then they charged me an overage fee. So I payed it off in full and cancelled it (causing me to have to take out a bond). The only thing I did get from them was a letter saying to 'prepare for hard times' after i went over my balance. I would call up the number on my card and never be able to find out when a payment was due (just what the balance was).
Don't ever deal with chase manhatten. Go with Capital one and get a Discover when you get good enough credit (they have cash back features instead of useless "REWARDS" features like everything else).
Don't go with american express. They charge annual fees I believe.
Another option is get a student card if you can. Lower interest rate- but don't use it and a lower anual fee--if any. The only down side is they come with a huge limit, (like 10k on mine) to trick you to pay for college classes with it but don't.
Everyone seems to have it straight. Spend less than what's in the bank; Pay every month in full; Keep an eye out for purchaces you didn't make.
Im a visa man from B of America myself...
Everyone seems to have it straight. Spend less than what's in the bank; Pay every month in full; Keep an eye out for purchaces you didn't make.
Im a visa man from B of America myself...
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