credit cards

sharlanetMay 27, 2003

DH & I are fed up with our credit card company and are looking to get a new CC. We'd like one with low interest (or interest free for as long as possible since we'll be tranferring our currnet balance) and one with some nice benefits or perks (ie: miles, money back, vacations, etc). Also, the people have to be HONEST, good customer service & friendly to deal with. Am I asking too much? Is there a such CC company out there?

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Meghane

We just got a good deal from Discover, but of course you can't use it everywhere. Free interest on balance transfer for life as long as we make 3 transactions a month, I think interest on purchases was in the 10% range, plus the cashback bonus. We transferred some high interest cards, cut them up and closed the accounts, and are paying off new transactions every month to avoid interest all together. Pretty good deal for us.

    Bookmark   May 28, 2003 at 3:46PM
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NebrJewel

Meghane - I received that ad for Discover. However, I understood that unless you have a 0 balance, that is, you have paid off the balance transfer, you would be charged interest on the transactions you make on that card. So if you charge $100 a month on that card per month, and you had a balance transfer of $2000, you would still end up paying a interest on your purchases because when they receive your payment, they will apply it to the balance transfer amount. However, I may have misread the advertisement and I threw it away.

Sharla, I would suggest you get one card with a 0 to low interest to transfer your balance and then get another card that you use for purchases and pay off those purchases every month. I have been using a Sears card and have accumulated enough points last year to pay $100 towards new glasses and bought a docking station and digital camera at Sears. I now have another $250 worth of certificates to use at Sears. They also offer certificates for other business but you get more at Sears.

    Bookmark   May 28, 2003 at 7:39PM
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lazy_gardens

Check with your credit union.

    Bookmark   May 30, 2003 at 9:26AM
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lazy_gardens

"We'd like one with low interest (or interest free for as long as possible since we'll be tranferring our currnet balance) and one with some nice benefits or perks (ie: miles, money back, vacations, etc)"

Unfortunately, the company has to PAY for those perks, and it's usually in the form of higher interest rates. You usually have to decide if you want the perks or the low interest.

    Bookmark   May 31, 2003 at 11:50AM
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joyfulguy

Hi Sharla,

A deal like this is where it *really* pays to shop.

Carefully.

Check out all the nooks and crannies of the various offers. Look over all the small print.

Don't be in a hurry.

Maybe ask some people whose judgement you trust what their experiences have been - and whether they have a recommendation.

Dad used to say, "Marry in haste - repent at leisure!"

One could almost say similarly about choosing a credit card - though a bad choice would usually be much less onerous, and more easily remedied.

Good wishes as you choose.

joyful guy

P.S. I assume that you've thrown out most of the offers that have appeared in your mailbox over the past three? months?

I could send you some, if you wish.

jg

    Bookmark   June 2, 2003 at 3:53AM
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sharlanet

No thanks joyfulguy! We get plenty ourselves! lol Just wondered if anyone has found a great one they'd share!

    Bookmark   June 2, 2003 at 4:31PM
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rhonni

I really like my Citibank card. It is sooooo easy to pay online and they have always given me a good rate, even after the promo offer at 0% expired - they will meet any other offer. www.citicards.com

I also agree to check with your credit union - they have good deals usually, or even think of getting a home equity line of credit and pay off credit card debt. .....just an idea......

    Bookmark   June 6, 2003 at 9:37AM
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weebus

The interest rate should be irrelevant if you are paying them off in full each month. If you are not, ask yourself why

    Bookmark   June 18, 2003 at 3:24AM
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joyfulguy

Re: weebus' message,

Amen ...

Amen ...

Amen ...

Would you go to the bank/credit union to borrow for an ordinary consumer purchase?

If not, putting it on a credit card when you can't pay off the balance in full each month is ...

pretty well the same thing.

If you can't live on your regular paycheque now, how will you manage next year to:

-pay next year's expenses, plus

-pay the fairly heavy interest rate on the loan you made this year to live on this year, plus

-pay off some/all of the loan you made this year,

to pay for this year's living beyond what you can afford now?

Let us know when you find out how to do it.

joyful guy

    Bookmark   June 19, 2003 at 7:05PM
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martyg

I like Citi Bank. I get back 5% on groceries, gas, and prescriptions, plus 1% on other things. I go to Kroger's on Tuesdays - Old Folk's Day, and get another 5% off groceries. I pay it off monthly - no interest and up to 10% cash back - up to $300 a year. Works for me. They also offer the 0% usually when you first go with them. Marty

    Bookmark   May 13, 2006 at 11:48PM
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