Credit Cards - What is the best? Looking to get some rewards without a headache..

[Figit090]

You need to watch your cash flow. The $500 bill is due on your first monthly statement. If you don't pay it off you will incur interest charges. You will need to wait up to 5 months to get your $200 back, 3 months for the offer period, plus 8 weeks processing time. If you can up front the $500 then this is a good deal for you, otherwise, I don't recommend it.

Also, it looks like that link is now dead, and it takes you to the $100 offer. You may only have the $100 offer now.

I definitely have the money available, I need new tires I was just thinking I could save money if I took on an offer for a credit card. I will have to buy slightly more expensive tires but it doesn't matter too much (still saving compared to many local shops prices, jeebus!) and I'll get a few hundred dollars in the mail. That's nice because I can't spend money that's in the mail.

The link still works, but comparing to the page given when I go through chase.com, the flash up top has a slightly different type in where it says in bold blue letters "5% cash back", all the writing is in caps, and I'm wondering if that's a simple marketing change by the flash guy, or an elaborate fake site.

Anyway, the link is still up for me, both your link and that from dailymarkets.com. Is dailymarkets a reliable/useful site you use, or one you just pulled from google? I'm trying to figure the legitimacy of an extra 100 dollars, which could be the case if it's a legit site getting kickbacks. The rep from Pakistan or India or wherever can't go online to check that site nor did he know about the $200 offer, so I'm not sure what to think.

 

[ATL88Supra]

my advise is do not get one, do not ever get one EVER

 

[suprarx7nut]

my advise is do not get one, do not ever get one EVER

Sounds like advice from one who bit off more than they could chew?

Sent from my ADR6400L using Tapatalk

 

[ATL88Supra]

Sounds like advice from one who bit off more than they could chew?

Sent from my ADR6400L using Tapatalk

well not me, but a few friends yes.

 

[3p141592654]

Anyway, the link is still up for me, both your link and that from dailymarkets.com. Is dailymarkets a reliable/useful site you use, or one you just pulled from google? I'm trying to figure the legitimacy of an extra 100 dollars, which could be the case if it's a legit site getting kickbacks. The rep from Pakistan or India or wherever can't go online to check that site nor did he know about the $200 offer, so I'm not sure what to think.

Weird about the link, it was down for me. There are plenty of reviews on this card> Here's another one. http://creditcardforum.com/rewards/1251-chase-freedom-card-review.html They are a partner with Chase, so take it with a grain of salt. Note that the signup site has a Chase SSL certificate. If you're really paranoid, trace it back to them.

The main downside of this card is that you need an excellent credit rating to get it. I don't claim to know what your rating is, but it needs to be better than 700, possible even 740 according to some. I considered this card a few months ago when I got fed up with BofA, but I went with the Chase Sapphire because I travel a lot for work.

Note this....
"Reward cards should only be used by those who always pay their balances on time and in full, while others should be seeking non-reward cards with the lowest possible interest rates."

 

[Figit090]

Weird about the link, it was down for me. There are plenty of reviews on this card> Here's another one. http://creditcardforum.com/rewards/1251-chase-freedom-card-review.html They are a partner with Chase, so take it with a grain of salt. Note that the signup site has a Chase SSL certificate. If you're really paranoid, trace it back to them.

The main downside of this card is that you need an excellent credit rating to get it. I don't claim to know what your rating is, but it needs to be better than 700, possible even 740 according to some. I considered this card a few months ago when I got fed up with BofA, but I went with the Chase Sapphire because I travel a lot for work.

Note this....
"Reward cards should only be used by those who always pay their balances on time and in full, while others should be seeking non-reward cards with the lowest possible interest rates."

Well since I'm starting out and have "thin credit" according to Credit Karma (just signed up for that site a minute ago), I likely will not get approved. I'll call them tomorrow if my application fails right now.

What happened to you with BofA? I was a bit fed up with them earlier but it was because of something I kinda messed up, so I decided to forget about it. I did close my direct deposit, though.

Thanks for your help!!

--Edit-- applied and got the response that it needs reviewing and will be mailed to me in writing. Pretty much failed that one, I think.

Oh well.
I'll get new tires without a card, I guess.

 

[3p141592654]

Hopefully it will go through for you. Mine took about 5 days after submission. I heard nothing after submission and wondered if the application was lost, not even a confirmation email from them. 5 days later I got an email that I was a approved and the cards were in the mail.

My BofA card was an Alaska Airlines card, and I just felt it was getting harder to redeem the miles for flights, and the required miles kept going up too.

 

[Figit090]

Hopefully it will go through for you. Mine took about 5 days after submission. I heard nothing after submission and wondered if the application was lost, not even a confirmation email from them. 5 days later I got an email that I was a approved and the cards were in the mail.

My BofA card was an Alaska Airlines card, and I just felt it was getting harder to redeem the miles for flights, and the required miles kept going up too.

Well I tried the application for the BofA cash rewards card that I was prescreened for and apparently I don't have enough established history nor enough revolving credit accounts to be approved. I thought if they sent something to my door I had to get something but maybe I misread something or that is a misnomer.

anyway, I guess that's what I get for staying away from credit cards, now that I want to take advantage of them they won't let me. go figure.

 

[ret]

One thing that I've always done with credit cards is to never buy anything that I couldn't pay for cash - right then. I have no credit cards right now, just store cards which stay locked in my safe for the most part, and when I did have credit cards they were literally used only to build credit, so if I didn't have room for it in my budget at that time, it wasn't bought.

I apply the same logic to the 0% APR incentives. Recently I bought a bed for around $3000 I think at 0% interest with $120 minimum payments. While Meanwhile the $3000 is sitting in a bank account earning me around $10 a month in interest, so it's actually working out better than if I had just bought it outright.

 

[Figit090]

One thing that I've always done with credit cards is to never buy anything that I couldn't pay for cash - right then. I have no credit cards right now, just store cards which stay locked in my safe for the most part, and when I did have credit cards they were literally used only to build credit, so if I didn't have room for it in my budget at that time, it wasn't bought.

I apply the same logic to the 0% APR incentives. Recently I bought a bed for around $3000 I think at 0% interest with $120 minimum payments. While Meanwhile the $3000 is sitting in a bank account earning me around $10 a month in interest, so it's actually working out better than if I had just bought it outright.

Good tips again, thanks. What bank and type of account gets you that much in interest!? I thought I had good interest in a savings account at a credit union and my last (floating interest rate/fluctuating interest) earned me about 3 dollars on about the same amount of money in THREE months.
I'd love to have made 30 instead of 3...

 

[ret]

Beacon Credit Union, it's local-ish, but offers 5% APY. That is with a handful of stipulations, though.

To summarize the fine print, the 5% interest is earned only on balances between $300 and $2500, all other balances earn .15% I believe. You also have to have 15 debit/credit transactions per month and monthly direct deposits. That, and you have to have a membership to the credit union, which is just opening a basic savings account with $25.

There's no fees, though, so if you can't meet all the requirements you're still fine, but you could probably earn better interest elsewhere.

https://www.mybcu.org/index.php?option=com_content&view=article&id=292&Itemid=288

 

[Figit090]

Cool, that stipulation stuff does sound tricky, I'll stick to working and avoid the hassle, I think. But thanks all the same! I dunno about better interest elsewhere, 5% sounds really high (unheard of I thought...perhaps I've missed something), but easier...yes.

I had one account where the interest was so low that the quarterly interest was literally LESS than it cost the bank to mail me the damn statement letter (~.34)!! I had over 1k in the account too, I think...but I don't remember. I just know it sucked.

 

[suprarx7nut]

Beacon Credit Union, it's local-ish, but offers 5% APY. That is with a handful of stipulations, though.

To summarize the fine print, the 5% interest is earned only on balances between $300 and $2500, all other balances earn .15% I believe. You also have to have 15 debit/credit transactions per month and monthly direct deposits. That, and you have to have a membership to the credit union, which is just opening a basic savings account with $25.

There's no fees, though, so if you can't meet all the requirements you're still fine, but you could probably earn better interest elsewhere.

https://www.mybcu.org/index.php?option=com_content&view=article&id=292&Itemid=288

Holy Hell 5%?! That's very impressive. Do they charge for debit transactions? I dont see how they could justify the 5%. Wow.

 

[ret]

Cool, that stipulation stuff does sound tricky, I'll stick to working and avoid the hassle, I think. But thanks all the same! I dunno about better interest elsewhere, 5% sounds really high (unheard of I thought...perhaps I've missed something), but easier...yes.

The better interest I was referring to was if you couldn't meet all the fine print. If you fail to meet one of those requirements, the interest rate drops to 0.15% I believe.

Holy Hell 5%?! That's very impressive. Do they charge for debit transactions? I dont see how they could justify the 5%. Wow.

They don't charge me for debit transactions. As I understand it, banks and credit cards charge the store a certain percentage or amount for each time the card is used, so the bank is making money every time I spend money. This is why some stores won't allow you to pay with a card if you spend under $5-10.

I would assume this would allow the bank to still profit while providing such a high interest. They limit the amount of money they'll provide that interest on, though ($2500), so that they don't start to lose that money.

 

[Figit090]

The better interest I was referring to was if you couldn't meet all the fine print. If you fail to meet one of those requirements, the interest rate drops to 0.15% I believe.

Yeah that's...what...I thought you said the first time? You can get a huge 5% if you meet all these dumb requirements (work for it), but otherwise a normal-ish .15 percent.

They don't charge me for debit transactions. As I understand it, banks and credit cards charge the store a certain percentage or amount for each time the card is used, so the bank is making money every time I spend money. This is why some stores won't allow you to pay with a card if you spend under $5-10.

I would assume this would allow the bank to still profit while providing such a high interest. They limit the amount of money they'll provide that interest on, though ($2500), so that they don't start to lose that money.

They profit from using your money, direct deposit is one of them. they hope you'll keep that 2k-2500 in there (you'd be silly NOT to take full advantage of their interest) by leaving your direct deposits alone for a while. in the meantime they use your money. you spend little bits here and there to lower the credits in your account to be under 2500, but for the most part you've secured the bank a somewhat stable loan of $2500. Now, 10 a month for that loan sounds a bit pricey but if they nab a lot of customers that's a lot of money, and if they nab them and then they get hit with complications and give up on the outrageous 5%...the bank gets their money and doesn't have to pay NEARLY what it promised it would (under those very specific circumstances). THAT is how they afford it, by paying measly interest to people unlike you who can't meet the requirements, but thought they could (and now won't back out to save from lowering their credit).

--Bait and switch with fine print, for most people, I would gather.
--Profit for those willing to take the time to keep the maintenance up. it's like rewards cards, and why I started this thread. there's usually (read: always) a catch that complicates things for 80-90% of those who take the offer wanting the FULL benefit.

Glad it works for you in this case, though.