Which credit card is better

[MrMatt]

0% Intro APR on both, no annual fee on both, balance transfer on both. I carry a small balance forward month to month, nothing too big. I will be putting most of my monthly expenses (outside of rent) on the card, and then paying off virtually all of it at the end of the month. That way I always have money in my checking account during the month should an emergency arise.


IBERIABANK Visa Classic:
* Variable Rate APR ranging from Prime + 3% thru Prime + 5% (As low as 6.25% - 8.25%)
* Cash Advance Variable Rate APR ranging from Prime + 7% thru Prime + 9% (As low as 10.25% - 12.25%)
* No annual membership fee
* 0% Introductory APR on balance transfers for the first 6 billing cycles. Applies to balance transfers processed within three months of your account open date
* No transaction fee for balance transfers
* 25 day grace period
* Online access to credit card account information
Regular APR: As low as 6.25% - 8.25%


second one down on the list



Citi® Platinum Select® Card


* 0% APR* on balance transfers and purchases for up to 12 months
* No annual fee
* Citi® Identity Theft Solutions
* $0 Liability on unauthorized purchases
* Secure, free online account management
* Extra Cash from Citi: enjoy significant discounts on gift cards, travel, merchandise and more.
Regular APR: As Low As 8.74%

Second one down here as well

 

[kranky]

From what I have read, Iberia only approves people with outstanding credit and also sells their accounts to other banks. That would mean new terms and rates could apply. I would go with Citi.

 

[Brainonska511]

Why carry a small balance forward month to month?

 

[SoulAssassin]

Originally posted by: Brainonska511
Why carry a small balance forward month to month?

Exactly. And if anyone answers that it helps build credit I'm going to smack the shit out of them.

OP - find a cashback/rewards card and pay it off every month.

 

[the unknown]

I think carrying a small balance every month helps your credit score.
edit: don't hurt me

Did you misspell "poll" on purpose? Everyone does it now so I can't tell anymore :laugh:

 

[mugs]

Originally posted by: SoulAssassin

Originally posted by: Brainonska511
Why carry a small balance forward month to month?

Exactly. And if anyone answers that it helps build credit I'm going to smack the shit out of them.

OP - find a cashback/rewards card and pay it off every month.

:thumbsup:

OP says "That way I always have money in my checking account during the month should an emergency arise." That makes sense. Use the credit card for emergencies. Don't pay interest that you don't need to pay.

 

[StageLeft]

Warning about citi I got a citi card in 2005 with an awesome rewards scheme and it was continually rolled down until last year I just got sick of them entirely, especially after raising my APR (credit and payment history are exemplary, btw).

FWIW also your idea of using the CC each month and then paying it off is not great. I know, I used to preach it, too. That approach absolutely, positively will be punishing you long term. The psychology behind why is not hard to understand and the rewards are meaningless. I would advise strongly against using a CC for stuff even with the "ideal" of paying it off each month. Very few people can do this and truly benefit from it. Most will end up carrying a little balance or otherwise spending more than they should and the data on this does exist and support my assertion.

 

[davidbeiler]

Why not just have a small savings of say a 1000 or so in case of an emergency?

 

[microAmp]

Originally posted by: Skoorb
Warning about citi I got a citi card in 2005 with an awesome rewards scheme and it was continually rolled down until last year I just got sick of them entirely, especially after raising my APR (credit and payment history are exemplary, btw).

FWIW also your idea of using the CC each month and then paying it off is not great. I know, I used to preach it, too. That approach absolutely, positively will be punishing you long term. The psychology behind why is not hard to understand and the rewards are meaningless. I would advise strongly against using a CC for stuff even with the "ideal" of paying it off each month. Very few people can do this and truly benefit from it. Most will end up carrying a little balance or otherwise spending more than they should and the data on this does exist and support my assertion.

I'm actually amazed to see this advice on ATOT.

:thumbsup:

 

[Bignate603]

Originally posted by: Skoorb
Warning about citi I got a citi card in 2005 with an awesome rewards scheme and it was continually rolled down until last year I just got sick of them entirely, especially after raising my APR (credit and payment history are exemplary, btw).

FWIW also your idea of using the CC each month and then paying it off is not great. I know, I used to preach it, too. That approach absolutely, positively will be punishing you long term. The psychology behind why is not hard to understand and the rewards are meaningless. I would advise strongly against using a CC for stuff even with the "ideal" of paying it off each month. Very few people can do this and truly benefit from it. Most will end up carrying a little balance or otherwise spending more than they should and the data on this does exist and support my assertion.

I've pulled it off so far but I'm not sure most people watch how much they spend like I do. I check my balance once a week and adjust my spending to make sure I stay within what I can easily pay off.

 

[wiredspider]

I don't see why you are not paying in full each month, even though I'm currently pissed with Citi.. Get the Citi card, the rewards have gone down lately, but it's better than nothing.

 

[ponyo]

Originally posted by: Skoorb
Warning about citi I got a citi card in 2005 with an awesome rewards scheme and it was continually rolled down until last year I just got sick of them entirely, especially after raising my APR (credit and payment history are exemplary, btw).

FWIW also your idea of using the CC each month and then paying it off is not great. I know, I used to preach it, too. That approach absolutely, positively will be punishing you long term. The psychology behind why is not hard to understand and the rewards are meaningless. I would advise strongly against using a CC for stuff even with the "ideal" of paying it off each month. Very few people can do this and truly benefit from it. Most will end up carrying a little balance or otherwise spending more than they should and the data on this does exist and support my assertion.

It's pretty much a fact that most people will spend more if using a credit card than cash. I've switched from using about 80% cash to about 80% credit cards. I know I spend more. But the more cash you have, the more you'll spend too. Simple solution is to make more money than you can spend.

 

[MrMatt]

Originally posted by: wiredspider
I don't see why you are not paying in full each month, even though I'm currently pissed with Citi.. Get the Citi card, the rewards have gone down lately, but it's better than nothing.

I can't afford to pay it all off each month. if I could, I would.

 

[boomhower]

Originally posted by: MrMatt

Originally posted by: wiredspider
I don't see why you are not paying in full each month, even though I'm currently pissed with Citi.. Get the Citi card, the rewards have gone down lately, but it's better than nothing.

I can't afford to pay it all off each month. if I could, I would.

You have a budget problem you need to fix asap. This isn't exactly the climate you want to be going into credit card debt with. Eat Ramen, get a cheaper car, cut of the internet and cable. People living off of credit cards to support their lifestyle is one of the big reasons the country is in the damn economic mess its in now.

 

[Bignate603]

Originally posted by: MrMatt

Originally posted by: wiredspider
I don't see why you are not paying in full each month, even though I'm currently pissed with Citi.. Get the Citi card, the rewards have gone down lately, but it's better than nothing.

I can't afford to pay it all off each month. if I could, I would.

Then you don't need another credit card. Pay down your cards ASAP. Live like you're poor because until you're free of credit card debt you are. Don't eat out, bring a bag lunch to work. Take the bus if your employer will pay for it. Cancel TV and only watch stuff on local broadcast. Call around for your car insurance to see about getting a better deal. Learn how to cook your own food (you can eat amazingly well if you can cook).

 

[RU482]

this poll is so 1999

 

[MrMatt]

Originally posted by: Bignate603

Originally posted by: MrMatt

Originally posted by: wiredspider
I don't see why you are not paying in full each month, even though I'm currently pissed with Citi.. Get the Citi card, the rewards have gone down lately, but it's better than nothing.

I can't afford to pay it all off each month. if I could, I would.

Then you don't need another credit card. Pay down your cards ASAP. Live like you're poor because until you're free of credit card debt you are. Don't eat out, bring a bag lunch to work. Take the bus if your employer will pay for it. Cancel TV and only watch stuff on local broadcast. Call around for your car insurance to see about getting a better deal. Learn how to cook your own food (you can eat amazingly well if you can cook).

I already do actually, I can live netting around 275.00/week, but I was unemployed for several months, and didn't qualify for unemployment

I want a different card because the one I have is a Macy's visa with a 21% APR

 

[alkemyst]

Originally posted by: davidbeiler
Why not just have a small savings of say a 1000 or so in case of an emergency?

lol $1000 bucks?

Two things go on here. Many that brag they have no debt simply cannot afford it. Not that debt is great, but that is the reason. Ask them about 401k's and retirement, ask them their net worth or what hovel they live in.

For a true emergency, you are talking about the ability to be able to get a new roof put on, or surgery insurance will not approve. Having $1000 available is a matter of most people's deductables.

Too many people live at home still or will a billion roomies to understand. Still they aren't saving much if anything.

Ideally one should have 6 months to a year in expenses sitting in an account in today's economy. Most cannot save this quickly though

I have a bit of debt I am paying down. However; should all hell break loose in my life tomorrow I can pull about 100k out.