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post #1 of 35 (permalink) Old 03-08-2006, 03:09 PM Thread Starter
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Help with credit cards

Currently, I have a Citibank card with a $10,300 limit and a AmEx Blue card with $3,000 limit. I use my Citibank card for everything and I got the Blue card because it was 0% APR until 2007, but I still don't bother using it for anything because I pay off my balance every month. I do have rewards on the Blue card, though.

I did just get a Capital One rewards card (don't know about limit yet, it's on its way) because you can apply your miles to over 100 airlines. This is pretty important to me because I'll be flying quite a bit in the next few months.

But, I just received a pre-approved AmEx Gold Card with a no limit and am wondering if I should use this card instead. All of my other cards have no yearly fee and this one is $95. Is it worth to me to pay that?

I'm just trying to figure out what would be best for me. I don't like the idea of having 4 different cards in my wallet, so I'm thinking about consolidating to 1 or 2 to use all of the time. The question is which to use. I mentioned the limits because I've read the higher credit limit you have, the better your credit score is.

Any thoughts/suggestions would be appreciated.
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post #2 of 35 (permalink) Old 03-08-2006, 03:10 PM
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Quote:
All of my other cards have no yearly fee and this one is $95. Is it worth to me to pay that?
no

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post #3 of 35 (permalink) Old 03-08-2006, 03:10 PM
 
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I wouldnt pay for any credit card. Havent in years. The only reason I would consider doing it is because I am going to be putting such SERIOUS amounts on the card, that the rewards I get would make it worth the fee. But I am strongly inclined to say dont get a card with a yearly fee.
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post #4 of 35 (permalink) Old 03-08-2006, 03:12 PM
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Why would you need a card without a limit? Ditch the Amex Gold. Ditch the Citibank and just use the AmEx blue and the Capital one if you really want the airline miles.

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post #5 of 35 (permalink) Old 03-08-2006, 03:13 PM
 
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Yea, only reason for the card would be for something like starting a business or other large purchases. Otherwise it's not worth having at this time. Figure it this way...if your credit was good enough to receive it the first time, you can probably get it again later if you need it.

I prefer my chase card which pay 3% back on gas and 1% on everything else.
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post #6 of 35 (permalink) Old 03-08-2006, 03:14 PM Thread Starter
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Quote:
Originally Posted by Chills
Why would you need a card without a limit?
higher the limit, better the credit score is what i've heard. Also, I've read your score takes into account of how much you have charged compared to your limit.

If I have 1k charged on my citibank card, it's gonna look a lot different than my blue card with their 10k and 3k limits respectively.
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post #7 of 35 (permalink) Old 03-08-2006, 03:18 PM
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Quote:
Originally Posted by CRAZe Inc
higher the limit, better the credit score is what i've heard. Also, I've read your score takes into account of how much you have charged compared to your limit.

If I have 1k charged on my citibank card, it's gonna look a lot different than my blue card with their 10k and 3k limits respectively.

You are correct there. Having a CC account in good standing with a low balance and relatively high limit does help your FICA.

You can call AmEx blue and have them up your limit if you'd like, but don't pay a yearly fee for a credit card.

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post #8 of 35 (permalink) Old 03-08-2006, 03:19 PM
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I've never hear dthat limits make a difference in your credit score. but inquirys to your credit reports do lower your credit score so quit applying for stuff.

Oh and get a harley visa card you get points twords harley stuff




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post #9 of 35 (permalink) Old 03-08-2006, 03:23 PM
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Here is what you should be putting in your wallet: http://www.prankplace.com/atm.htm

use one as scratch paper for jotting down your number when you meet ladies at the bar. Garauntees a call from them!!

Chris
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post #10 of 35 (permalink) Old 03-08-2006, 03:24 PM
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Quote:
Originally Posted by CRAZe Inc
higher the limit, better the credit score is what i've heard. Also, I've read your score takes into account of how much you have charged compared to your limit.

If I have 1k charged on my citibank card, it's gonna look a lot different than my blue card with their 10k and 3k limits respectively.

Not necessarily. When applying for a mortgage, lenders tend to view your credit card limits as potential future debt that may not be paid....ie. read. uncertainty. Take a look at your credit report and it should list the factors that detracted from your credit score, it's unbelievable as some of the things they list practically contradict one another.
Since I am taking on more and more mortgage debt, I have been consolidating all of my credit cards down to the two that I use all the time. The credit card company's wanted to roll mulitple cards' limits into the new one I was requesting. I had to ask them to reduce the limit to what I viewed as a reasonable amount.

Also Biggy, have you seen the fine print on your Chase card? It's not like Discover with 1% cash back on all purchases, unlimited amount. They have something like a $250 - 300 limit on the amount they will give you back annually. Sneaky SOBs

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post #11 of 35 (permalink) Old 03-08-2006, 03:27 PM
 
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The gold card does have some advantages. My girlfriend was able to get tickets to the Rolling Stones early through her gold card. There have been a number of things she has mentioned as perks but like everything else in one ear out the other. Check out their site to see if the perks are worth the $95. The seats at the Rolling Stones concert were definitely worth some of that cost.
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post #12 of 35 (permalink) Old 03-08-2006, 03:29 PM
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Quote:
Originally Posted by Vcook
Here is what you should be putting in your wallet: http://www.prankplace.com/atm.htm

use one as scratch paper for jotting down your number when you meet ladies at the bar. Garauntees a call from them!!

"When in doubt, use full throttle. It may not improve your situation, but it will end the suspense."
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post #13 of 35 (permalink) Old 03-08-2006, 03:49 PM
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Having just one card is not a good idea. I use credit cards for everything I can, mostly DiscoverCard so I can get cash back. But there are times when Discover and American Express is not accepted. That is when I whip out my MBNA Titanium MasterCard.

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post #14 of 35 (permalink) Old 03-08-2006, 04:08 PM
 
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Having a high credit limit is ok, but that depends on other factors such as your income. If you make $20k a year, then there will be very few companies that will give you a $5k card...so it's not all that easy to get a huge credit limit. Very possibly to get enough to be above your limits though. You're generally worse off if you have a higher balance though. The magic number is 50%. If your credit cards add up to less than 50% balance/available credit then you should be ok. And it doesn't matter if it's on one card or many cards. You have a total credit line on all of your cards which is shown and even added up on your credit report. Then you balances are thrown in there and there's your number.

Don't forget, it doesn't stop with credit cards. Car loans, bike loans, mortgages...these (in a sense) are like credit cards...you're given a limit. I looked at my report last night and my total lines of credit...meaning if I squeezed every dollar on every account I have would be almost $250,000. Only $10k of which I have in credit cards.

As YZFAlex even told me...the mistake that people make is pay a credit card off and then close it. The damage is done when you open the card...closing it generally doesn't fix your credit. In fact it would hurt it because your debt to available credit has just gone up with that $X line of credit you just closed.
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post #15 of 35 (permalink) Old 03-08-2006, 04:08 PM
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I pay an annual fee for CitiPlatinum MC but after I had it a year I called them to say I was dropping it due to the fee and they waived all but $25 worth.

Sometimes the fee is worth paying. For example, someone answers my phone calls on the 1st ring when I dial customer support. Also, I was in Guatemala on vacation one year, rented a car and the rental place told me I damaged the car upon return. I had Citibank stop paying on the card for that issue without a problem because I didn't damage anything and was being extorted. It was an easy to fix situation and I was able to take advantage of it toll free from Guatemala.

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post #16 of 35 (permalink) Old 03-08-2006, 05:00 PM
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Debit cards man, debit cards.

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post #17 of 35 (permalink) Old 03-08-2006, 05:03 PM
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Quote:
Originally Posted by Wink
Debit cards man, debit cards.
yup, I love my debit card.


In fact best thing you can do Craze is get a paypal debit card. direct deposit your checks there, they are paying 4.5% interest on your money and you get 1.5% back on all your purchases instantly.




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post #18 of 35 (permalink) Old 03-08-2006, 07:02 PM
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PJ,

Is this your attempt to get the attention of Homeland Security??????

Quote:
Originally Posted by chibeemer
Also, I was in Guatemala on vacation one year, rented a car and the rental place told me I damaged the car upon return. I had Citibank stop paying on the card for that issue without a problem because I didn't damage anything and was being extorted. It was an easy to fix situation and I was able to take advantage of it toll free from Guatemala.
Most credit cards have dispute resolution.

Also, I don't know about other cards, but most Visas I've seen will cover the collision damage waiver insurance that most car rental companies try to squeeze you for.

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post #19 of 35 (permalink) Old 03-08-2006, 07:20 PM
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+1 regarding what chibeember said. If you can afford the annual fee, it can be worth it, ESPECIALLY if you travel alot.
Here's an example: Parents recarpet basement, pay with AMEX. A week later notice that carpet is coming up in places. Call carpet place and guy is out of town. Maybe fishy? Hmm? Don't know? How do you protect yourself? Call AMEX, they says "well no, we have not yet paid them. We can hold payment, however, until your concern is satisfactorily resolved." Mom calls carpet company back, schedules appointment for them to come remedy the problem, and has no worries that they might just disappear into the night with her $.

Example #2: Me. Arrive in Europe with Dad in '98. Flight, hotel, and rail pass paid with AMEX. Luggage lost, airline declines to py for anything until 48 hours have passed. Call AMEX, am immidiately wired (for no charge) $400 for clothing and personal items to get me through the waiting period. One day later, luggage is found, call AMEX, they say "enjoy your clothes, and have a safe trip back."
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post #20 of 35 (permalink) Old 03-08-2006, 07:23 PM Thread Starter
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Quote:
Originally Posted by ill_ag
+1 regarding what chibeember said. If you can afford the annual fee, it can be worth it, ESPECIALLY if you travel alot.
Here's an example: Parents recarpet basement, pay with AMEX. A week later notice that carpet is coming up in places. Call carpet place and guy is out of town. Maybe fishy? Hmm? Don't know? How do you protect yourself? Call AMEX, they says "well no, we have not yet paid them. We can hold payment, however, until your concern is satisfactorily resolved." Mom calls carpet company back, schedules appointment for them to come remedy the problem, and has no worries that they might just disappear into the night with her $.

Example #2: Me. Arrive in Europe with Dad in '98. Flight, hotel, and rail pass paid with AMEX. Luggage lost, airline declines to py for anything until 48 hours have passed. Call AMEX, am immidiately wired (for no charge) $400 for clothing and personal items to get me through the waiting period. One day later, luggage is found, call AMEX, they say "enjoy your clothes, and have a safe trip back."
Wow, that's pretty incredible, that sounds like it's worth the yearly fee.
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post #21 of 35 (permalink) Old 03-08-2006, 07:32 PM Thread Starter
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Quote:
Originally Posted by BIGGY
Having a high credit limit is ok, but that depends on other factors such as your income. If you make $20k a year, then there will be very few companies that will give you a $5k card...so it's not all that easy to get a huge credit limit. Very possibly to get enough to be above your limits though. You're generally worse off if you have a higher balance though. The magic number is 50%. If your credit cards add up to less than 50% balance/available credit then you should be ok. And it doesn't matter if it's on one card or many cards. You have a total credit line on all of your cards which is shown and even added up on your credit report. Then you balances are thrown in there and there's your number.

Don't forget, it doesn't stop with credit cards. Car loans, bike loans, mortgages...these (in a sense) are like credit cards...you're given a limit. I looked at my report last night and my total lines of credit...meaning if I squeezed every dollar on every account I have would be almost $250,000. Only $10k of which I have in credit cards.

As YZFAlex even told me...the mistake that people make is pay a credit card off and then close it. The damage is done when you open the card...closing it generally doesn't fix your credit. In fact it would hurt it because your debt to available credit has just gone up with that $X line of credit you just closed.
My current limits don't come anywhere near 50% of my salary, and I have zero debt.

I think I'm gonna cancel the Blue card, because I don't even use it.
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post #22 of 35 (permalink) Old 03-08-2006, 07:35 PM
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Why do you want such high limits??...i've got one card, Discover...$1000 limit, i won't let 'em raise it...i use it relatively frequently and keep the balance low...which sounds like what your doing...higher limits are extended in the hopes you'll use them and screw yourself...wether you mean to or not it happens...my parents got themselves in a world of shit when i was a kid...it took an inheritence i think to pay it off...but that's just me.

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post #23 of 35 (permalink) Old 03-08-2006, 07:37 PM
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Quote:
Originally Posted by Wink
Debit cards man, debit cards.
Be careful when using debit cards that are tied to savings/checking accounts. I cannot emphasize this enough: You do not have anywhere near the same level of fraud protection with a debit card as you have with an actual cc, regardless of the little Visa/MC/Discover label. Don't believe me?? Call your bank tomorrow and ask them how long it will take till you see your money again (maybe never) if someone steals your debit card and clears out your checking account. Don't accept their typical vague response when the question os asked of them; give them the scenario I posed above.

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post #24 of 35 (permalink) Old 03-08-2006, 07:42 PM
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Keep it simple PJ, get a VISA and forget about it.

This is gonna hurt!
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post #25 of 35 (permalink) Old 03-08-2006, 07:43 PM
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Quote:
Originally Posted by CRAZe Inc
My current limits don't come anywhere near 50% of my salary, and I have zero debt.

I think I'm gonna cancel the Blue card, because I don't even use it.
I think one of the advantages of the blue card is that it automatically gives you another year warranty beyond that of the origional manufacturers. That could more than pay for itself pretty quickly. Don't take my word on it, read the fine print. You may have purchase protection w/ the blue card as well i.e. if you see the same item for cheaper that the place you originally purchased the item from they may refund the difference. Amex has some pretty good perks better than most major credit cards.

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post #26 of 35 (permalink) Old 03-08-2006, 08:02 PM
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Quote:
Originally Posted by Phily-D
You do not have anywhere near the same level of fraud protection with a debit card as you have with an actual cc, regardless of the little Visa/MC/Discover label.
+100000
I never use my debit card unless i have to.
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post #27 of 35 (permalink) Old 03-08-2006, 08:03 PM
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My friend's parents have one of those no-limit cards that give them flyer miles. They put my friend's tution to Benedicine on there, which is something like $40,000 a year. They pay it off as soon as it shows up and use the miles to fly back and forth to India several times a year. It might be beneficial if you get some sort of return from it like that, if not, I'd say skip it.
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post #28 of 35 (permalink) Old 03-08-2006, 09:00 PM
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Quote:
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It might be beneficial if you get some sort of return from it like that
My newest invention: Frequent Porn Points
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post #29 of 35 (permalink) Old 03-08-2006, 09:24 PM
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Good have credit ,but also bad have to much and you can get in to touble.I take oathe that if I can't pay cash for it I don't need it.I have card with high limit and leave home. I have one that has low limit that I pay off each month.The properties that me an my bought cause us get inflex of people that want bought and give us credit. I use to have bad credit and taken me most my life to clean it up and get ontrack.So don't get anymore card and if you can pay cash. DOn't buy it!!!

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post #30 of 35 (permalink) Old 03-08-2006, 10:13 PM
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Quote:
Originally Posted by Phily-D
Be careful when using debit cards that are tied to savings/checking accounts. I cannot emphasize this enough: You do not have anywhere near the same level of fraud protection with a debit card as you have with an actual cc, regardless of the little Visa/MC/Discover label. Don't believe me?? Call your bank tomorrow and ask them how long it will take till you see your money again (maybe never) if someone steals your debit card and clears out your checking account. Don't accept their typical vague response when the question os asked of them; give them the scenario I posed above.
+10,000 Avoid using it as much as possible.

There are a few gaps that exist in the current system that one can drive a truck through. It's the elephant in the living room that no one talks about in the industry because the gaps are so damn huge at the moment.

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