First Credit Card

Discussion in 'Off Topic' started by usapatriot, Mar 6, 2011.

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  1. JVRR

    JVRR Notebook Evangelist

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    Visa and Mastercard yay. AMEX and Discover nay. :D

    AMEX not only has higher processing fees if I recall correctly, but (again, if I recall correctly) they take longer to pay the charging entity. I want to say Visa and MC pay out in like 30 days, AMEX takes 60. I worked in retail but did not mess with this stuff, but we went over it a bunch when we decided to stop taking Discover so I remember bits and pieces. (I believe the Discover deal was simply because our contract expired with them and we accepted so few Discover cards it was not worth it).
     
  2. miro_gt

    miro_gt Notebook Deity

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    there's a reason of why Sams club does not accept VISA. They must know stuff since even Walmart can not take them down.

    besides, AmEx and Discover give you more benefits because the cards are not so widely spread. Yet. Thought most places accept at least one of those two. Cash back FTW.

    in general my visas have been the most crappy cards among all. Right now Chase is sending me letters like twice a month to join their VISA.
     
  3. JVRR

    JVRR Notebook Evangelist

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    Well, I am not sure why WalMart would be trying to take Sam's Club down, seeing as how WalMart owns Sam's Club :D.

    You say it like AMEX and Discover are brand new cards. They may be great cards, but if you are only going to have one there is no legitimate reason to get either. If you are going to have a Visa and an AMEX, great. But if you need your credit card, whether you use it to build credit (like I do) or convenience (cannot remember the last time I carried cash or a checkbook)- AMEX and Discover are not going to get you as far.

    I love my Visa through Bank of America. Never had any problems, and I never seem to pay fees (even when I mess up, because of my history with the bank they remove most fees, which they will do if you call and complain and have few mistakes and good history- though I suspect most banks will do this).
     
  4. TofuTurkey

    TofuTurkey Married a Champagne Mango

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    I try to use AMEX first to get the benefits (3x points), sometimes I have to fall back on Visa or Mastercard when AMEX is not accepted.

    The other thing I noticed was that if the amount owed in my statements exceed a certain amount, then that'll cause a hit on my credit scores. That's the other reason why I have multiple cards: when the statement for one card is about due, I'll be using the other one in the meantime just to have the statement reflect "$0 owed".

    Also, I read somewhere that 'no credit limit' cards don't contribute to the credit score, such as my AMEX card. The reason is that part of the score is calculated from the sum of all the credit available, and 'no limit' can't be used :D Hence, I still keep my Visa and MC cards.
     
  5. miro_gt

    miro_gt Notebook Deity

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    ^ my bad, must have been some other club that Walmart could not take down in econimic terms and so they either bought it or had other partnership deal. I gladly apologize :)

    - but on topic, I have VISA, AmEx, and Discover cards, and use only the last one due to the higher benefits. Lately AmEx are matching pretty good as well. Of course if neither of those two is accepted, I pull the VISA.

    something I have learned through the years - do not get credit card with the bank that your checking/savings accounts are. Look into another bank/company for that matter.
     
  6. JM

    JM Mr. Misanthrope NBR Reviewer

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    If you're referring to the Right of Offset... don't stop paying on said credit card that happens to be with your deposit institution, and you'll be fine.
     
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