Choosing the right card.

Discussion in 'Credit Talk' started by creditwork, Jul 2, 2000.

  1. creditwork

    creditwork Well-Known Member

    We are in a time when it is almost fashionable to hate credit cards. You know I am a strong advocate of using them to make a profit. I don't use my credit cards for anything except cash advances or balance transfers. Here are a few things to keep in mind when making a decision on using your cards.
    All teaser rates are designed to lock you into the higher rate for the long term.
    Billing cycles are also potential traps, make sure your card provides a grace period and know how long it is. Some issuers have shortened these periods. Some issuers send bills late, I won't name names here.
    Most cards use a one month cycle to calculate interest, but some cards, such as Discover and Nextcard, use a two-month billing cycle, which typically squeezes even higher finance charges.
    Read the fine print on the teaser offers. If it is not the right offer wait a week, there is sure to be another one.

    Profit from the experience.
  2. informed

    informed Guest

    I have not-so-good credit, and while some people are beginning to loathe credit cards, I find it imperative to at least own one rather I use it often or not. How can someone with my negative credit history gain access to the world of credit card holders to rebuild my credit without getting scammed?And is there anyway you can suggest some credit cards for me to apply for.
  3. creditwork

    creditwork Well-Known Member

    It is hard to make a prediction on the card that would be right for you without knowing all the circumstances. Whatever you decide, start out small. Make sure you manage your debt responsibly. It takes time to build a credit portfolio. Try applying for a department store card and an oil card.

    Profit from the experience.
  4. BOB

    BOB Guest

    You can read posts on this board and determine which cards to stay away from, if you are really intent on rebuilding your credit. One word of advice stay away from
    MERCHANTS BANK. CCB is nothing short of a bunch of thieves, FP has to many fees,
    and DMB well there in a class with CCB
    just another bunch of crooks.
  5. spyguyjim

    spyguyjim Guest

    gas cards

    Chevron offers a "credit builder" account now. You cannot have any large charge-off's greater than $500 and no major recent delinquencies. The credit line is only $300 and you have to pay application (up to $75)and anual fees ($25). The interest rate is 22.5% currently.

    Its the only such gas card program around, as far as I have been able to find.
  6. Betty

    Betty Guest

    I would reccommend capital one they are a great bank , I have been with them a longtime an now have their platnium card I also have MBNA Platinum, and Direct Merchants Bank too. I have had no trouble with any of these companys. Perhaps it depends on the account type you have ? Good Luck. Betty
  7. Doris K.

    Doris K. Well-Known Member

    I glad to hear something positive about Direct Merchants Bank. My daughter has one of their cards, and she's scared to use it because of all the negative things we've read.
  8. Steven Z

    Steven Z Guest

    What Betty says is very revealing. It appears that how you are treated by some of these creditors comes down to which of their cards you are holding.

    I've long suspected this of Providian, and felt the Aria division was in large part set up for this very reason (that, and the fact, at the time the Providian name had the worst reputation in the industry).

    Apparently, the complaints for those with DMB Platinum are few and far between, unfortunately, this is not the case with their sub-prime which resides near the bottom of the heap.
  9. Mike

    Mike Well-Known Member

    I have heard no complaints for the folks I know who have a direct merchants bank card. Some have their higher line cards, but a few do not. I thin they have the gold one. I really don't know much about them . But they seem to have no problems with this bank. I think it depends on which card you have as betty said. But think the bank is fairly good. Not Prime , more like sub-prime I guess. But I think they do help alot of people obtain credit, rebuild credit ect... I have heard a ton of terrible things about alot of banks these days, especially Cross Country Bank, But thats no new news to any of you/ Be sure and stay away from that one.If you have already have one from cross country-make sure you pay your payments early, Always check to make sure they recived your payments ect, then when it comes up for renewal cancel/close it. CCB seems to charge alot of fees ect. be careful and always read the fine print.

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