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need credit card information...

M

Mark

Golden Member
i own a credit card though my bank, which has a whopping $500 credit limit and my bank deducts $25 every month from my bank account. anyway, its nearly maxed out and my brother is always hassling me to buy stuff for him on the internet like baseball/basketball tickets(he doesn't own a credit card because of bad credit). ussally when i do buy them for him, i use my debit card which takes it directly out my bank and then he gives me the cash. i dont like doing this because i then have to go to the bank and deposit the money back into my account(which i hate doing). what i wanted to do was get a second credit card so i could pay for future orders for him(which i will immediatly pay in full when my bill would come), while building more credit for myself at the same time. problem is i don't know a single thing about credit cards. can someone point me in the right direction? i just need a basic credit card but i dont know where to look. since i would be paying the bill in full, would it be a better idea to get 3 or 4 credit cards and just use different ones each time he wants to buy something? i myself am not the type of person who runs out and buys everything in sight when i have a credit card, so im not worried about that.
 
Hi Mark,

Is your current $500 bank credit card your first credit card?

How long have you had it for (years & months)?
 
i guess i could do that, but i wanted to know if it would help if i got another/a few other cards to see if it would help boost my credit any.
 
Originally posted by: RossMAN
Why don't you request a credit line increase from your bank?
Click to expand...

I also suggest this however you should also shop what other banks have to offer. Not necassarily to take advantage of the offers (which may be a better option) but most banks will match other offers in my experience. ie. no fees, lower intrest etc.
 
Originally posted by: Mark
i guess i could do that, but i wanted to know if it would help if i got another/a few other cards to see if it would help boost my credit any.
Click to expand...

it won't boost your credit really. I'm sure it is fine now. You just need a higfher "high credit". I guess it wouldn't hurt to have another revolving account.

Oh wise Grand Nagus correct me if I'm wrong. 🙂
 
Assuming you are approved for another credit card, that is the route I would take.

Here are some great credit cards you should consider.

The CitiBank Dividend and Chase Perfect Card both offer no annual fee and excellent rewards :thumbsup:
 
ok ill take a look at those offers rossman. im assuming when one pays off the bill in full within the first month, theres no interest? and ive seen most credit cards offer no annual fee, but is there any reason why other cards WOULD have an annual fee?



also ross, of the 2 cards you mentioned, which is better? and im assuming all credit cards these days have some sort of theft protection?



looks like im sort of leaning towards the chase since it offers some sort of rebate on gas while the other offers cash back on purchases made in retail stores(which i wont be doing)
 
When I first applied for a credit card through my bank, they gave me the $500 dollar credit limit on it. You can go ask for an increase or whatever, or you can look at other credit cards and get a second one, which you should be able to do. I havn't asked my bank about it, but it sounds like it isn't too hard to do. Also if you sign up for an Amazon.com (visa) credit card, you can get $30 off an order. The other options listed probably have better long term rates, but if you don't plan on racking up a lot of debt, then you might want to check the amazon visa out. I like it, and if you get the routing numbers and all that from your checking account, you can transfer from your bank checking account to the Amazon.com card (provided by bankone), and pay your balance easily online, for free. Just thought I'd point it out, I'm not trying to promote it, just letting you know based on my experiences with credit cards.


 
Originally posted by: Mark
ok ill take a look at those offers rossman. im assuming when one pays off the bill in full within the first month, theres no interest? and ive seen most credit cards offer no annual fee, but is there any reason why other cards WOULD have an annual fee?



also ross, of the 2 cards you mentioned, which is better? and im assuming all credit cards these days have some sort of theft protection?



looks like im sort of leaning towards the chase since it offers some sort of rebate on gas while the other offers cash back on purchases made in retail stores(which i wont be doing)
Click to expand...

Very good questions 🙂

1) Correct there is no interest (finance charges) as long as you pay your bill in full on or before the due date. Remember that cash advances begin accruing interest the same day you receive the cash advance (usually from an ATM). So this should only be used in an emergency.

Most credit cards have no annual fee but there are two types which do carry an annual fee:
1a) Airline credit cards, the average is around $50/yr. If you use your credit card a lot and fly a lot, it's worth it. My wife and I have separate airline credit cards, we rack up around 1,000 miles a month each. Which airline credit card is right for you? Good question. Choose it based on airline. If American Airlines has a big presence in your city, WTF would you get a Southwest Airlines cc?
1b) Premium or Elite credit cards with perks such as Amex Starwood or Amex Centurion.

2) RE: CitiBank vs Chase.
In my personal opinion the CitiBank is better because:

2a) They offer Virtual Account Numbers which Amex used to offer (and MBNA also offers this). This is a very useful tool which gives you a unique 1 time use credit card number where you can specify the limit and expiration date. Very handy if you are dealing with a questionable web site retailer or magazine subscription.
2b) 5% cash back on gas, supermarket and drug store purchases. 1% cash back on all other purchases. However you need to first accrue $100 dividend dollars before a check is issued to you. If you use your credit card frequently, it should take about 12-18 months to reach $100. Once you reach $100 a check is sent to you.
2c) Personal preference. I like their online banking interface more than Chase (I posses CitiBank and Chase credit cards). If I make a payment online at CitiBankCards.com before 1PM EST it is applied the SAME DAY for free.

Theft protection wise, both these cards offer exceptional protection.

3) Read the above answer. CitiBank is 5% on gas vs Chase 3% gas (after first 90 days).

CitiBank > Chase
 
well i applied for the chase a week ago and got one sent to me today and i just activated it today as well. i just noticed there is an annual fee($19) if you don't make at least 9 purchases after the first year of the card which is scaring me off since i dont know if ill be making that many. would it be wise to cancel the chase and apply for the citi card or should i just stick with the chase?
 
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