Quick question about credit cards

Credit card interest rates can't just hit 18% out of nowhere because federal law caps them at 15%.
Look, if we're talking about high rates, sure, they exist—and honestly, it depends on what kind of card you're holding, since some are sitting down at 7.5%—but let's not go overboard with the exaggerations here.

Kimberly Nguyen said:Credit card interest rates can't hit 18% because the legal limit is 15%.
If they're high, sure—they're high (though it varies, I've seen some as low as 7.5%), but let's not get carried away here.

Here’s what the interest looks like on my Visa Dividend card (living in Canada):
Annual-19.50%
Daily-----0.05342%

Compound Interest Calculator

My bad... I had no clue you were all the way across the Atlantic.

And then they have the nerve to claim everything is getting cheaper globally.

Kimberly Nguyen said:My bad... I didn't realize you were across the ocean.

And then they claim everything in the world is getting cheaper.

Well, I guess that’s just the hallmark of capitalism—minimal government oversight and corporations having way too much freedom.

Oh, here we go again... apparently, we need more restrictions...

Kimberly Nguyen said:I mean, there really should be some kind of limits in place...

I guess I agree, but that’s just not how capitalism works.

So, I’ve been sitting here crunching the numbers on my current setup, which consists of a checking account at my local bank and a Diners Club card, but lately, I’ve been seriously contemplating just ditching the Diners altogether in favor of a solid Mastercard. I can't help but wonder if I'm making the right call, because when I look at the specifics, there seem to be a few compelling reasons to make the switch:
First off, isn't it true that Diners tends to hit you with an annual membership fee of around $83 dollars or so?
And then there's the whole digital convenience factor—you know, things like shopping online or using services like PayPal and other various web platforms...
It just feels like there might be some friction there, doesn't it?
When I weigh everything out, it really seems to me that a Mastercard holds a definitive advantage over Diners, but am I totally misreading the situation here, or am I actually onto something?

obviously

And honestly, if you're already pulling out a Mastercard, just grab a Go Card while you're at it. You'd be much better off signing up for one of those all-in-one packages—that way, you can dodge the membership fees and the enrollment costs entirely. It's just common sense.

Heaven forbid we let Vlatka get her hands on any credit cards..

Jeffrey Stewart4 said:Heaven forbid we let Vlatka get her hands on any credit cards..

With my "cards" in hand, I’d probably barely manage to enjoy a single afternoon of shopping at the Mall of America before getting bored! Honestly, I think our love wouldn't even last very long if things worked that way, don't you?

Thanks, Mark Sullivan62, I'll definitely check that out.

Charles Bennett8 said:So, I’ve been sitting here crunching the numbers on my current setup, which consists of a checking account at my local bank and a Diners Club card, but lately, I’ve been seriously contemplating just ditching the Diners altogether in favor of a solid Mastercard. I can't help but wonder if I'm making the right call, because when I look at the specifics, there seem to be a few compelling reasons to make the switch:
First off, isn't it true that Diners tends to hit you with an annual membership fee of around $83 dollars or so?
And then there's the whole digital convenience factor—you know, things like shopping online or using services like PayPal and other various web platforms...
It just feels like there might be some friction there, doesn't it?
When I weigh everything out, it really seems to me that a Mastercard holds a definitive advantage over Diners, but am I totally misreading the situation here, or am I actually onto something?

Go down to Chase and grab their 1 for all package ($13 monthly, plus they waive the first year's membership fee) and then just pick up a GO!card 👍—it’s basically three cards rolled into one. It makes everything so much easier, from delayed payments and cash withdrawals to installment plans... honestly, it's brilliant.🙏

Plus, you get a welcome gift and a 6-month subscription to a magazine of your choice🙂 (it’s not life-changing, but hey, it’s still something).

swiftrider said:Go down to Chase and grab their 1 for all package ($13 monthly, plus they waive the first year's membership fee) and then just pick up a GO!card 👍—it’s basically three cards rolled into one. It makes everything so much easier, from delayed payments and cash withdrawals to installment plans... honestly, it's brilliant.🙏

Plus, you get a welcome gift and a 6-month subscription to a magazine of your choice🙂 (it’s not life-changing, but hey, it’s still something).

$13 Honestly, looking at that monthly cost, it feels a bit steep at first glance... $147 per year. I think I'll sit down and really dig into all the different perks included in that "all-in-one" deal before I make a move... My main goal is just getting a Mastercard to use with PayPal, and maybe if I can offset the card membership fee, I can finally ditch my Denny's card and just stick with the Mastercard instead. After all, what good are all those extra services if I'm just paying for things I'll never actually use?

If you aren't going to take advantage of things like Zelle or similar digital tools, then honestly, signing up for Package 1 isn't even worth your while. You’re absolutely right to question it...

$13 monthly comes out to $160 per year—it’s quite a jump! 🤣 My apologies, but I just had to get that off my chest.🙂

To be perfectly honest, their "services" are hardly services at all—I wouldn't touch them with a ten-foot pole myself, which is exactly why I don't bank with them.

GO!CArd!
After you wrap up your first year, the annual fee hits $67.

If you’re already on one of those "ALL-IN-ONE" checking bundles, depending on which specific tier you picked, you either skip the membership fee entirely after year one or you snag a 50% discount.

VISA Mall of America
with zero membership fees or enrollment costs during that initial first year.

For anyone using the ALL-IN-ONE account packages, you'll either dodge the fee after the first year or get 50% off, depending on your specific plan.

Here is the breakdown of what’s actually included in the ALL-IN-ONE package—specifically the Expert tier:
http://www.chase.com/personal/banking/all-in-one/expert

Honestly, when you crunch the numbers, it actually looks like a pretty solid deal to me... 🙂

Hey everyone!
I have a bit of a question and I’m really hoping someone might be able to point me in the right direction. Basically, for several years now, I’ve been working seasonal jobs on a standard full-time contract during July, August, and September—so I'm building up my seniority and paying all the necessary social security and taxes—but for the rest of the year, I just work freelance under various service contracts. All of my income goes directly into my checking account at Chase. Based on my tax returns, it looks like my total annual income is actually higher than the average American's. So, my main question is: do you think it's actually possible for a bank to approve me for a credit card, even though I don't have a permanent, year-round position? Thanks so much.

The easiest way is just to open a savings account and toss some cash in there. I'm not sure if they'll hand you a card on the spot, but if they do, they won't care a bit about where you work. You can grab a Visa or a Mastercard—honestly, it doesn't matter which one you pick.

Another option is to just ask your parents to add you as an authorized user on one of their cards.

@Charles Ramos7

Wait, let me make sure I’m actually following your train of thought here 🤷 ...
So, what you're saying is—just to be clear—that if someone were to deposit a chunk of cash into their own checking account, the bank would just automatically issue them a credit card based on those funds after a little while?

Kimberly Nguyen said:@Charles Ramos7

Wait, let me make sure I’m actually following your train of thought here 🤷 ...
So, what you're saying is—just to be clear—that if someone were to deposit a chunk of cash into their own checking account, the bank would just automatically issue them a credit card based on those funds after a little while?

I can't speak for her, but I have an account over at JPMorgan Chase. I opened a standard foreign currency account, parked some money there, and just left it alone for about a year. When I went in to withdraw some funds a year later, the teller actually suggested getting a card before I even asked. I told her, "Look, I don't even have a checking account here, and I don't even work for this company." They told me it didn't matter at all; I filled out the application on the spot and walked out with it.

You still have to fill out an application, though. Banks don't just hand out credit cards by default.

Charles Ramos7 said:I can't speak for her, but I have an account over at JPMorgan Chase. I opened a standard foreign currency account, parked some money there, and just left it alone for about a year. When I went in to withdraw some funds a year later, the teller actually suggested getting a card before I even asked. I told her, "Look, I don't even have a checking account here, and I don't even work for this company." They told me it didn't matter at all; I filled out the application on the spot and walked out with it.

You still have to fill out an application, though. Banks don't just hand out credit cards by default.

They don't even issue them without a security deposit, proof of income, or a solid credit score, so I honestly don't get where you're coming from...

And what you ended up with is a legitimate credit card—you know, the kind with a grace period, revolving credit, and all that jazz...