Quick question about credit cards

Robin Allen8 said:It’s just mediocre. Honestly, I might as well hold off on buying anything until next month👎 — wouldn't want to look like an idiot.
Since nobody seems to take checks anymore, I probably need to close my Intel account ASAP and try to snag a Diners Club card instead. Though, God knows what the requirements are for that one.

Just please, not a Diner's Club! Seriously, pick any other card, just stay away from Diner's! 👎

ironsurfer10 said:Just please, not a Diner's Club! Seriously, pick any other card, just stay away from Diner's! 👎

Why not? 😕 I actually have one, and it's been solid (so far, anyway 😁).

Robin Allen8 said:It’s just mediocre. Honestly, I might as well hold off on buying anything until next month👎 — wouldn't want to look like an idiot.
Since nobody seems to take checks anymore, I probably need to close my Intel account ASAP and try to snag a Diners Club card instead. Though, God knows what the requirements are for that one.

You probably won't have much luck with Diners Club either. It’s a pain to get approved, they aren't accepted everywhere, and the credit limit is usually pretty low. Your best bet is just keeping both.

Why would it be such a hassle to get one? I managed to snag mine back when I was just a college student, so she’ll figure it out too. Plus, my credit limit wasn't exactly small ($1667); obviously, my parents were the ones who set it for me. It could easily be even higher now.

Does anyone here have their own credit card even though they're under 18? And I'm not talking about those useless Diners cards—I mean an actual American Express, Visa, or Mastercard.
Help me out here 🙄

darkmaker94 said:Why would it be such a hassle to get one? I managed to snag mine back when I was just a college student, so she’ll figure it out too. Plus, my credit limit wasn't exactly small ($1667); obviously, my parents were the ones who set it for me. It could easily be even higher now.

Sure, you physically got yours as a student, but it was based on your parents' income—if they hadn't met the requirements, you wouldn't have been approved. Like I mentioned in another post, you can actually get a Visa or Mastercard without having to provide proof of employment or parental income.
By the way, my mom applied for and received both Diners Club and American Express at the same time. Her Diners Club limit is basically tied to her salary, whereas her American Express is a revolving card with a limit three times larger. 😉 Usually, you'll end up paying off the Diners Club first.
Personally, I think Diners Club is a total bust: it's a hassle to get, the limits are pretty low if you do, and half the places don't even take it.
I stick to American Express and Visa. I push the American Express because of the rewards points and I have a solid limit, then I just pull out the Visa whenever they don't accept the Amex.

Anthony Newman3 said:Does anyone here have their own credit card even though they're under 18? And I'm not talking about those useless Diners cards—I mean an actual American Express, Visa, or Mastercard.
Help me out here 🙄

I’ve had a Diners since I was 16... didn't use it much unless I was buying something on an installment plan... there you go.

Wait, so you're telling me that as a college student, I can actually snag a Visa or Mastercard?😕How does that even work when they usually require a notary to verify a consent form for wage garnishment (in case of non-payment)?

darkmaker94 said:Wait, so you're telling me that as a college student, I can actually snag a Visa or Mastercard?😕How does that even work when they usually require a notary to verify a consent form for wage garnishment (in case of non-payment)?

Yeah—

Charles Ramos7 said:Yeah—

That’s just about sitting on foreign currency. Problem is, I’m a college student—I don't exactly have extra cash lying around to park in an account, especially since I don't even use it. It's hard to make that work. 😁 It’s a different story if you're working through a university service or something.
Besides, I don't really need a Visa or Mastercard right now since I've got Diners. Once I hit my sophomore year, I'm planning to grab that student package from Chase to get an American Express.

darkmaker94 said:Why not? 😕 I actually have one, and it's been solid (so far, anyway 😁).

I’m using a student account myself... honestly, I’m not a huge fan because it feels like the least advantageous credit option. The interest rates are pretty high, and you can't use it everywhere like you can with a Mastercard...

@Charles Ramos7, quick question—since I have a student banking package set up at Chase with regular monthly deposits hitting my account, would I be eligible to get a Mastercard? I don't mean an authorized user through my parents, but one issued directly in my own name.

Anthony Newman3 said:Does anyone here have their own credit card even though they're under 18? And I'm not talking about those useless Diners cards—I mean an actual American Express, Visa, or Mastercard.
Help me out here 🙄

You can usually get an authorized user card or a junior account through your parents, provided they already have one...

Listen, let’s use some common sense here—for those of us living on a standard, average income (and let's be honest, most of us fall into that category), one credit card is more than enough! If possible, go with a traditional credit card rather than a revolving line of credit. Like someone mentioned earlier, revolving debt is basically a one-way ticket to a spiral of your own making—once you're stuck, there's no easy way out. Plus, if you actually sit down and crunch the numbers—annual fees, membership costs, interest rates, those pesky cash advance fees—you'll quickly see some pretty eye-opening totals. I used to be a total card addict, carrying everything under the sun, but after years of trial and error, I stuck with a simple Mastercard from JPMorgan Chase, and frankly, it does the job just fine. All those other complicated options are essentially a "stupid tax"—something the banks and card issuers know all too well as they squeeze us for every cent. I was just reading about some Visa revolving offer from Intel in partnership with the Federal Reserve, where you rack up points at Intel, then use them at the Mall of America via JPMorgan Chase... honestly, who has the energy to keep track of all that? They're out there hunting for every bit of profit, and we're just buzzing around like bees chasing honey, until eventually, we hit a wall!

ruggedhound0 said:Listen, let’s use some common sense here—for those of us living on a standard, average income (and let's be honest, most of us fall into that category), one credit card is more than enough! If possible, go with a traditional credit card rather than a revolving line of credit. Like someone mentioned earlier, revolving debt is basically a one-way ticket to a spiral of your own making—once you're stuck, there's no easy way out. Plus, if you actually sit down and crunch the numbers—annual fees, membership costs, interest rates, those pesky cash advance fees—you'll quickly see some pretty eye-opening totals. I used to be a total card addict, carrying everything under the sun, but after years of trial and error, I stuck with a simple Mastercard from JPMorgan Chase, and frankly, it does the job just fine. All those other complicated options are essentially a "stupid tax"—something the banks and card issuers know all too well as they squeeze us for every cent. I was just reading about some Visa revolving offer from Intel in partnership with the Federal Reserve, where you rack up points at Intel, then use them at the Mall of America via JPMorgan Chase... honestly, who has the energy to keep track of all that? They're out there hunting for every bit of profit, and we're just buzzing around like bees chasing honey, until eventually, we hit a wall!

I'm with you on this one. 👍

ironsurfer10 said:I’m using a student account myself... honestly, I’m not a huge fan because it feels like the least advantageous credit option. The interest rates are pretty high, and you can't use it everywhere like you can with a Mastercard...

@Charles Ramos7, quick question—since I have a student banking package set up at Chase with regular monthly deposits hitting my account, would I be eligible to get a Mastercard? I don't mean an authorized user through my parents, but one issued directly in my own name.

I’ve never actually dealt with JPMorgan Chase personally, so I can't say for sure, but generally speaking, if you have steady monthly income you can prove, it shouldn't be an issue.

ruggedhound0 said:Listen, let’s use some common sense here—for those of us living on a standard, average income (and let's be honest, most of us fall into that category), one credit card is more than enough! If possible, go with a traditional credit card rather than a revolving line of credit. Like someone mentioned earlier, revolving debt is basically a one-way ticket to a spiral of your own making—once you're stuck, there's no easy way out. Plus, if you actually sit down and crunch the numbers—annual fees, membership costs, interest rates, those pesky cash advance fees—you'll quickly see some pretty eye-opening totals. I used to be a total card addict, carrying everything under the sun, but after years of trial and error, I stuck with a simple Mastercard from JPMorgan Chase, and frankly, it does the job just fine. All those other complicated options are essentially a "stupid tax"—something the banks and card issuers know all too well as they squeeze us for every cent. I was just reading about some Visa revolving offer from Intel in partnership with the Federal Reserve, where you rack up points at Intel, then use them at the Mall of America via JPMorgan Chase... honestly, who has the energy to keep track of all that? They're out there hunting for every bit of profit, and we're just buzzing around like bees chasing honey, until eventually, we hit a wall!

It really comes down to self-discipline and how you manage your own money. The reality is that there are certain things you simply can't buy without a credit card, so arguing over whether someone needs one at all is pretty pointless. Since not every merchant accepts every type of card, having just one isn't always enough.
As for the costs, enrollment is usually a one-time thing and sometimes it's even free. Interest and cash advance fees are entirely avoidable if you make smart choices, so the only real cost left is the annual fee. When I consider that I can spread purchases over 12 interest-free installments—essentially letting me play around with their money for a while—the annual fee doesn't seem like much. If I just put that same amount of money into a basic high-yield savings account, I could practically pay the fee off with the interest earned.

Charles Ramos7, not many people actually have self-control when it comes to spending. That’s exactly why they end up with five or six different cards—just shuffling money from one empty pocket to another, spinning in circles until they get hopelessly tangled up. And once you're caught in that mess, the fallout is brutal. You see people making, say, $3,000 or $4,000 a month, yet they're swiping for double or even quadruple that amount through credit cards, checks, and overdrafts. It reminds me of a trip I took through Des Moines toward Austria about six or seven years ago. This tiny little local bank was absolutely packed with folks from Chicago who had traveled all the way there just to withdraw foreign currency on their Mastercard, only to rush back to a bank in Chicago to deposit it into their US accounts to cover expenses—only to repeat the whole cycle the next month. It goes on forever unless you hit a jackpot. Thankfully, those types of loopholes were closed, but I honestly don't know how those people ever dug themselves out of that hole. These overcrowded shopping malls are essentially a byproduct of that exact behavior. If you ran the numbers, a quick analysis would show a massive deficit in the cash-to-card ratio. The thing is, Americans don't necessarily swipe cards just because they want to avoid carrying cash like people do in Europe; most people simply don't have the cash to begin with, which is a huge distinction. On top of the essentials, people grab extra cards for their spouses, kids, grandparents... and as far as I know, Mastercard is accepted everywhere globally—and if it isn't, well, it's not the end of the world. People get trapped in revolving credit, which feels great at first, until the interest starts piling up—and by then, it's too late! I'm talking about those folks, not the ones who actually know how to manage their finances. There are far fewer responsible people in our economy because wages are so stagnant that everyone is constantly borrowing just to stay afloat. Of course, you need a card these days—it's a necessity—but it has to be within reason. Unfortunately, "reason" is often the last thing on anyone's mind.

Let me see if I can break down how credit cards actually work here...

To qualify for a revolving credit card or a charge card—where you get about a 30-day grace period before payment is due—you essentially have to prove to the Bank that you’re a safe bet. This usually means providing collateral, like a security deposit, or showing a steady monthly income. No Bank in the US is going to hand out one of these cards to a student with zero income; there's simply no way to guarantee they'll pay back what they spend.

Your spending limit on either or both cards depends on a whole host of factors. These are all laid out in the application you fill out when applying. Every single answer you provide is scored individually, and your total score determines your credit limit. Of course, don't think you can fudge any of the details, because the Bank reserves the right to verify every single piece of information you submit.

The bottom line? If you're a student with no income and your parents aren't willing to be the primary account holders—meaning they take responsibility for your spending—no Bank is going to approve your credit card application. ☕

ruggedhound0—I couldn't agree more with you! 👍

Regarding the issue of certain merchants not accepting specific cards: if it’s just your local grocery store, it's usually fine since there's always another shop right across the street. But if you're trying to book a flight through an airline that only sells online and they don't take your particular card... 😢 I honestly don't get that logic. It makes no sense that a company pulling in millions can't manage to set up agreements with all the major card networks, especially when we're the ones footing the bill for those transaction fees anyway. 😠

casualmoose63 said:Let me see if I can break down how credit cards actually work here...

To qualify for a revolving credit card or a charge card—where you get about a 30-day grace period before payment is due—you essentially have to prove to the Bank that you’re a safe bet. This usually means providing collateral, like a security deposit, or showing a steady monthly income. No Bank in the US is going to hand out one of these cards to a student with zero income; there's simply no way to guarantee they'll pay back what they spend.

Your spending limit on either or both cards depends on a whole host of factors. These are all laid out in the application you fill out when applying. Every single answer you provide is scored individually, and your total score determines your credit limit. Of course, don't think you can fudge any of the details, because the Bank reserves the right to verify every single piece of information you submit.

The bottom line? If you're a student with no income and your parents aren't willing to be the primary account holders—meaning they take responsibility for your spending—no Bank is going to approve your credit card application. ☕

You need regular monthly income, though it doesn't strictly have to be a paycheck; it could be a pension or parental leave benefits. 😉

Kokoska is a student, but he mentioned having steady monthly income... (no idea how much or what kind 🤷 )

Generally speaking, banks issue Visa and Mastercard themselves, and they're pretty liberal. There isn't some intense credit scoring process beyond that basic requirement—having regular monthly income.
It’s almost automatic. They just asked me if I wanted Visa or Mastercard without me even bringing up a credit card. When I asked about terms or applications, they basically just waved me off and said, "Just sign here and pick it up in a few days." 🙂

Amex and Diners Club are a completely different story. They're much stricter and rely heavily on credit scores, but even then, if you don't meet the baseline requirement of regular monthly income, nothing else matters. You could own several houses or half a city, but it's all useless if you can't prove $1000 a steady monthly income. They were even tougher a few years back; they've loosened up a bit since then, but still...😠