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Credit card education

  1. #51
    Lifer SwiftTone's Avatar
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    Re: Credit card education


    Quote Originally Posted by luv2win View Post
    BOA is my preferred card, although they have many different cards. The Simplicity Card doesn't give cash back but only points towards purchases in stores like Neiman-Marcus where I don't shop. The BOA ThankYou card has the 3-2-1 rewards, but you cannot pay the balance from another bank. They force you to pay from a BOA checking account, which earns next-to-nothing interest. I keep my checking in Amex PersonalSavings that at least gives me 0.80% on my balance. Other places offer up to 0.95% on free checking, so why give your money away for nothing? Also the BOA card doesn't have autopay from other banks. I use autopay on all my credit cards to pay balances in full every month. With that I have a 100% rating of never missing a payment for over 8 years.

    I never use cash because credit cards offer rewards, give me time to think about my purchase which I can easily return within a week or two (try before I pay), price protection to get a lower price within 60 days, doubles the warranty on bike parts, keeps track of how much I spent, if I lose it I'm protected vs if I lose a wad of cash it is gone forever. P.S. I have a line of credit with my cards of $200,000 and have them send me offers of 0% balance transfer with a 1% fee. They love people who pay on time, and punish anyone who misses even one payment.
    I think you're referring to CITI instead of BoA

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  2. #52
    Just Registered drop's Avatar
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    Re: Credit card education

    Quote Originally Posted by SwiftTone View Post
    The last I checked, their VISA Signature does not report the credit line/limit to the credit report. If you do end up getting a VISA Signature (>$5k limit) you can request a non-signature.
    my BofA visa signature card is reporting the full credit limit on EX/EQ/TU reports. i do believe that it used to be absent sometime in early 2013, but it's there now for sure.

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  3. #53
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    Does anyone know of any credit cards that use adjusted balance method instead of average daily balance method to calculate interest?

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  4. #54
    Don't bother me! R7's Avatar
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    Re: Credit card education

    Quote Originally Posted by TheIglu View Post
    Does anyone know of any credit cards that use adjusted balance method instead of average daily balance method to calculate interest?
    I've never even had a card that didn't use average daily balance to collect interest. IMHO if you carry a balance to the next month, you're doing it wrong. Not every agrees, but that's why I said IMHO.


    I've refinanced my house twice after getting the initial mortgage, so 3 major loans in the past seven years. I've learned what did and didn't hurt my credit score all 3 of those times, and at the cost of an additional point on my first loan! The first one, I went ahead and cancelled a bunch of unused credit cards prior to my first home loan, as I was told the available credit would hurt me. Worst advice I was ever given! Long term stability and ontime payments is what builds credit, available balance was meaningless. Adding and cancelling cards shows instability = bad! Just let them sit locked up, or even cut them up, but don't cancel the account. If I recall, the score was in the mid 700's range

    Second time, I didn't do anything (cancel or open new accounts) with credit cards for 2 years, but added some additional debt. Oddly, credit score was much higher, even adding debt. Score was low 800's

    Third time, didn't add any additional debt, didn't add or cancel any additional credit cards, and the score jumped even higher.

    A full credit report will tell you what hurts your scores, but also an inquiry into your credit also hurts your score.

    As for the credit cards, I don't care what the rate is, I don't carry the balance over in most cases.
    Things that are important to me, no annual fee, no interest if paid in the first billing cycle, customer service, and last but not least, some sort of rewards points program

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  5. #55
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    Quote Originally Posted by R7 View Post
    A full credit report will tell you what hurts your scores, but also an inquiry into your credit also hurts your score.
    There are two types of credit checks. A 'hard' check is a check run by a lender to see if you are eligible for their loan or line of credit. Many of those in a short period of time can hurt your credit. A 'soft' check is a check typically by yourself through one of the reporting agencies to check for fraud, errors, etc. I've been assured those never hurt.


    I agree about the card priorities:
    - No fees
    - Solid cash back awards
    - Easy to use (accepted everywhere, or nearly so)

    I have a cap-1 card I use 90% of the time now. I used discover for years too. I got the cap-1 card for a trip overseas as they do not charge fees for foreign exchanges. Meaning you can use the card at will overseas and they just charge you the current market exchange rate on the foreign currency. Easy as pie. Their cash back is lower than discovers' "bonus" rate, but higher than their normal rate. I believe I get more back overall. It is also more commonly accepted than discover.

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    Last edited by nhbubba; 07-05-14 at 06:57 AM.

  6. #56
    Lifer SwiftTone's Avatar
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    Re: Credit card education

    Quote Originally Posted by nhbubba View Post
    There are two types of credit checks. A 'hard' check is a check run by a lender to see if you are eligible for their loan or line of credit. Many of those in a short period of time can hurt your credit. A 'soft' check is a check typically by yourself through one of the reporting agencies to check for fraud, errors, etc. I've been assured those never hurt.
    +1.

    Soft inquiries when you check your own credit doesn't affect your credit or score. Actually soft inquiries can't even be seen by lenders.

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  7. #57
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    1) Got my BOA card today. Looks like they've got an additional deal going that I didn't know about. 100 dollar cash bonus if I make $500 in purchases in the first 90 days. I'll get that easy just in gas purchases alone.

    2) And with the card came my credit rating info... My Experian credit score is 822
    I was expecting 750ish.

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    Last edited by OreoGaborio; 07-15-14 at 12:37 PM.
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  8. #58
    Lifer SwiftTone's Avatar
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    1) Got my BOA card today. Looks like they've got an additional deal going that I didn't know about. 100 dollar cash bonus if I make $500 in purchases in the first 90 days. I'll get that easy just in gas purchases alone.

    2) And with the card came my credit rating info... My Experian credit score is 822
    I was expecting 750ish.
    Nice man. Hope the terms were good.

    Was it Experian FICO score or Experian credit score? They are different.

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  9. #59
    Senior Member kumpy's Avatar
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    Re: Credit card education

    I have a bank of america, and I get 3% on gas, 2% on groceries, 1% on everything else.

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  10. #60
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Quote Originally Posted by SwiftTone View Post
    Nice man. Hope the terms were good.

    Was it Experian FICO score or Experian credit score? They are different.
    Just says
    Your credit score: 822
    Source: Experian
    Think the scale was 300-850 but I gotta double check.

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    Last edited by OreoGaborio; 07-16-14 at 02:10 PM.
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  11. #61

    Re: Credit card education

    Since the OP mentioned air travel I figured I'd post a quick note on using cards to gain points toward airline tickets. For years I used a SouthWest Visa card because their points quickly racked up to a free round trip anywhere they flew with no blackout dates. SouthWest has changed to the same shit plan most every airline uses which means you need +++points to get anywhere. Now looking at Capital One as their points (I believe) can be applied to any airline.

    Similarly I have a card that accrued +++points on Delta Airlines. Delta made it really difficult to redeem points in a way that worked for the cardholder. If you've stuck with enough points but can't find seats during the period you want, consider booking the flight through one of their partners. In my case, I booked through Delta's partner Air France. Delta had to sell the seats to the partner for the time frame I wanted and sure enough Air France couldn't have cared less if hurt Delta. It's better to do this one over the phone with the partner rep than dick around with the web tool. So check with the partner airlines before giving up on flight miles.

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  12. #62
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Quote Originally Posted by 02redhawk View Post
    Since the OP mentioned air travel
    I did?

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  13. #63

    Re: Credit card education

    Ahh...actually it seems one of the others mentioned points/miles. My bad.

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  14. #64
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education


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  15. #65
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    Who here is an AmEx member and wants to earn a referral bonus when I sign up?

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  16. #66
    Lifer SwiftTone's Avatar
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    Re: Credit card education

    Quote Originally Posted by TheIglu View Post
    Who here is an AmEx member and wants to earn a referral bonus when I sign up?
    Me me me!

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    Four wheels move the body, two wheels move the soul.

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  17. #67
    Your Father csmutty's Avatar
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    Re: Credit card education

    Pick me. I have 2 amex cards.

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  18. #68
    I pick things up.... mzdagrl's Avatar
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    Re: Credit card education

    Quote Originally Posted by TheIglu View Post
    Who here is an AmEx member and wants to earn a referral bonus when I sign up?
    ooh ooh, pick me!

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  19. #69
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    Re: Credit card education

    I know credit card education has been a big thing on here over the last year or 2, I personally use chase and have been happy with them. anyone who is looking to get a credit card they are offering me a $50 referral bonus and $100 to you the customer if you spend 500 within the first 3 months of having the card. Usually there card is no interest for 12 or 18 months when you first get it.

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  20. #70
    First name on the shit list.... SVRACER01's Avatar
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    Re: Credit card education

    i just consolidated all our cards into one 5 year loan. had to throw my car in too, which i didnt want to do since it wouldve been paid off in the 7 months but i had to meet a certain percentage for debt consolidation. extra money is me planning ahead for wedding costs that wouldve ended up on a CC anyway.
    its nice to know that, as long as we dont rack up any CC debt, we will be debt free in 60 months or less

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  21. #71
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    Re: Credit card education

    Did you ensure that there is no early payback penalty on the 60 month loan? If not you may have cost yourself more money (unless you are sure you wouldn't have the diligence to pay it off early anyways)

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  22. #72
    Lifer Chippertheripper's Avatar
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    Re: Credit card education

    I wish I'd read some of this stuff 15yrs ago.

    As of this second, I'm still terrified of credit cards, to the point where I'll likely not ever have another.

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  23. #73
    Lifer gumby's Avatar
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    Re: Credit card education

    Quote Originally Posted by Chippertheripper View Post
    I wish I'd read some of this stuff 15yrs ago.

    As of this second, I'm still terrified of credit cards, to the point where I'll likely not ever have another.
    That's not necessarily a bad thing.
    The credit card companies know the power of marketing their rewards plans... Spend, spend, and then spend some more.

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  24. #74
    Lifer ilikenapalm's Avatar
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    Re: Credit card education

    There's a big difference between spending money you don't have and using credit cards to purchase things you were going to buy anyway.

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  25. #75
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    Re: Credit card education

    Quote Originally Posted by ilikenapalm View Post
    There's a big difference between spending money you don't have and using credit cards to purchase things you were going to buy anyway.
    This.

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