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Home › Society › Economy › Banking, Insurance & Loans › Quick question about credit cards

Quick question about credit cards

Started by Alex Foster6 · · 👁 10 views · 399 replies

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Participants Alex Foster6goldengull3Robin Rodriguez5jadeangler43Jason Wells4AHannah Davis18gentlejackal16ruggedcobra65jadesailor14Timothy Kim9Maria Stewart57Kimberly Nguyenvelvetravencasualhawk342Kimberly Mitchell42Austin Grant10Matthew Harris2dustyjackal9Nicholas Sanchez3Anthony Rodriguez58Charles Bennett8Mark Sullivan62Jeffrey Stewart4 …
Kimberly Nguyen Kimberly Nguyen Regular
543 messages
joined Jul 2009
#101 ·
I’m asking you all—when you’re talking about those specific cards (like Visa or ECMC) that you’ve actually managed to snag or apply for... please, for the love of everything, mention which bank issued them.

Look, every single bank out there offers these types of cards, but they all play by completely different rules when it comes to their approval criteria...

Take Chase, for example. They issue Visa cards by default based on certain setups:
- foreign currency account => debit card
- business account => debit card

But don't get it twisted—they also have two different Visa credit options involving revolving credit, which require you to show steady income, a deposit, or some other kind of collateral...

So, why am I being so insistent about this?
Because I want to make things easier for people who are actually looking to apply. We need to give them a realistic idea of what they can expect when they hit that "apply" button.

🙂
rowdybadger3 rowdybadger3 Member
23 messages
joined Nov 2010
#102 ·
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.

Honey, you might want to try breaking that habit of swiping your card like you're at a casino... It can get pretty awkward when you realize that's actual money you had to work for.
Jeremy Wright7 Jeremy Wright7 Newcomer
5 messages
joined Jul 2008
#103 ·
Quick question for the group! Can I actually snag a credit card—specifically a Visa, since that's all they offer over at Chase—if my checking account is currently sitting in the red? Just to give you the full picture: I work for a state institution, specifically a major university here in the States. I’ve been there for a year now, fully permanent, and I've been super consistent with everything!
Ronald Allen Ronald Allen Active Member
160 messages
joined Oct 2010
#104 ·
You can, because having a negative balance in your checking account doesn't have anything to do with your credit card.
Jeremy Wright7 Jeremy Wright7 Newcomer
5 messages
joined Jul 2008
#105 ·
Man, thank God!! Seriously, thanks a million for the heads up!
Ronald Allen Ronald Allen Active Member
160 messages
joined Oct 2010
#106 ·
Round two! 😉
Kimberly Nguyen Kimberly Nguyen Regular
543 messages
joined Jul 2009
#107 ·
Are we talking about a standard overdraft here, or is this some kind of unauthorized breach?
Jeremy Wright7 Jeremy Wright7 Newcomer
5 messages
joined Jul 2008
#108 ·
It’s actually allowed!! Like, seriously—how is that even legal?!?
Ronald Allen Ronald Allen Active Member
160 messages
joined Oct 2010
#109 ·
Jeremy Wright7 said:It’s actually allowed!! Like, seriously—how is that even legal?!?

Because if you're overdrawn on your account, they'll basically demand you cover that first before you can even think about applying for a credit card. I just assumed you were within your limit, so I didn't bother asking...
Jeremy Wright7 Jeremy Wright7 Newcomer
5 messages
joined Jul 2008
#110 ·
Look, all that is fine and dandy!! I just put my request in, and boom—it’ll be here in a month flat!! 🙂
Jeremy Wright7 Jeremy Wright7 Newcomer
5 messages
joined Jul 2008
#111 ·
So, what happens if I went ahead and ordered this credit card, did all the paperwork, and everything—but now that it’s actually here and I’m supposed to verify it and start using it, I've totally changed my mind!! How do I even cancel this thing!?! And do I have to pay for it now?? I just got some notification saying they're gonna pull $33 from my account because of this card!! Is that some kind of order fee or what??
Alex Evans2 Alex Evans2 Newcomer
4 messages
joined Sep 2008
#112 ·
Jeremy Wright7 said:So, what happens if I went ahead and ordered this credit card, did all the paperwork, and everything—but now that it’s actually here and I’m supposed to verify it and start using it, I've totally changed my mind!! How do I even cancel this thing!?! And do I have to pay for it now?? I just got some notification saying they're gonna pull $33 from my account because of this card!! Is that some kind of order fee or what??

It really depends on which specific card you're looking at—that might just be an application fee. If you can afford to lose that money, go ahead, but don't forget about the annual fee for the first year (it looks like it's about $50).
http://www.chase.com

BTW—credit cards are a total trap if you don't know how to handle them properly.

Best regards,
Jason Palmer76 Jason Palmer76 Newcomer
2 messages
joined Nov 2008
#113 ·
Hello there!

So, here’s the situation... I have a question regarding credit cards. I’m looking to pick one up, but honestly, I’m feeling pretty lost on which direction to go. My main priority is being able to make purchases on an installment plan without getting hit by interest during those initial months. For instance, if I opt for a 6-month installment plan on a purchase, I want to ensure that zero interest is applied to it. The only thing I know for sure is that I definitely don't want a Diners Club card. Beyond that, I don't have much information on the other options out there. I currently hold my checking account at JP Morgan Chase. I would love to hear about your personal experiences and see what you might suggest. Most importantly, I need a card that works seamlessly for online shopping.

Thanks in advance.
Jason Palmer76 Jason Palmer76 Newcomer
2 messages
joined Nov 2008
#114 ·
Jason Palmer76 said:Hello there!

So, here’s the situation... I have a question regarding credit cards. I’m looking to pick one up, but honestly, I’m feeling pretty lost on which direction to go. My main priority is being able to make purchases on an installment plan without getting hit by interest during those initial months. For instance, if I opt for a 6-month installment plan on a purchase, I want to ensure that zero interest is applied to it. The only thing I know for sure is that I definitely don't want a Diners Club card. Beyond that, I don't have much information on the other options out there. I currently hold my checking account at JP Morgan Chase. I would love to hear about your personal experiences and see what you might suggest. Most importantly, I need a card that works seamlessly for online shopping.

Thanks in advance.


Does anyone have any suggestions?
darkmaker94 darkmaker94 Regular
417 messages
joined Aug 2011
#115 ·
What can we even suggest? You already said no to Diners Club, so you're basically looking at American Express (though you'd need an account with JP Morgan Chase for that one), Mastercard, or Visa. Since you've got an account over at Zabiti, you could probably just grab their GO card, but as far as I know, that's revolving credit—I wouldn't recommend it unless you have insane self-control. 😉
Linda Reed5 Linda Reed5 Newcomer
2 messages
joined Dec 2008
#116 ·
It’s actually not true that you need to hold an account at JP Morgan Chase just to get an American Express card... You can simply walk into a branch, grab an application, attach your most recent pay stub, hand everything over to the teller, and then just wait for their decision. :-)
Diners Club is pretty much useless, if you ask me.
In my opinion, American Express is hands down the best option out there.
John Thomas2 John Thomas2 Active Member
88 messages
joined Feb 2012
#117 ·
Linda Reed5 said:It’s actually not true that you need to hold an account at JP Morgan Chase just to get an American Express card... You can simply walk into a branch, grab an application, attach your most recent pay stub, hand everything over to the teller, and then just wait for their decision. :-)
Diners Club is pretty much useless, if you ask me.
In my opinion, American Express is hands down the best option out there.

What makes American Express so great? 😕

By the way, Visa is the most widely accepted card globally. 😁

If you have an account at Zabiti, you've got four options:

1) Paying with a debit card for up to 12 interest-free installments—super easy to use everywhere. 👍

2) A standard Mastercard—just your basic card where the full amount hits your bill immediately.

3) A GO card, which is revolving credit, but you can choose to pay off 100%—which is fine since you can also do interest-free installments. But if you opt for 5% revolving, it gets tricky because you end up stuck in a loop. 😁

4) Visa—my personal go-to for emergencies. 🙏 You get a limit of X dollars (usually about 2x your net pay) that you have to pay back within 2 years. For example, say you buy a TV for $1.75 today; the first "installment" of 5% comes due next month, and you have to have that total $1.75 paid off after 2 years. They spread those payments out for you. (You pick between 5,000/24 or 5% of the total, whichever is higher). You decide how much to put toward the Visa account each month—you can even pay it all off at once (as long as it's at least 5%), which is better since there's no interest.

Interest on the balances for options 2, 3, and 4 is 12% 🙄 and they charge it every 3 months.
Interest on a negative checking balance is 14%. 🙄

For online shopping—use Visa 🙏! Just generate one through PayPal and you're good to go. 🙂
Linda Reed5 Linda Reed5 Newcomer
2 messages
joined Dec 2008
#118 ·
American Express really stands out because you aren't constantly getting hit by interest charges... those revolving credit cards can be absolute money pits if you aren't careful with the interest rates. My logic is pretty simple: you grab an American Express, take advantage of the installment options for larger purchases, and just pay off exactly what you spent without being buried under a mountain of extra fees from a dozen different places.
At the end of the day, it all comes down to what works best for your specific situation...
🙂
darkmaker94 darkmaker94 Regular
417 messages
joined Aug 2011
#119 ·
You can pretty much do that with any charge card. 🤷
Maria Young9 Maria Young9 Newcomer
2 messages
joined Dec 2008
#120 ·
At the end of the day, most of these credit cards are essentially cut from the same cloth. If a merchant offers you an installment plan, the only thing that truly matters is whether it's interest-free; if they charge interest on those installments, then you're simply paying more for the privilege of waiting. Now, revolving credit can be a perfectly fine tool, provided one exercises a certain level of discipline. Personally, I carry both an American Express Gold and an AT&T card, which functions as my revolving line. I have never once fallen into a debt spiral that required me to pay interest, but the real value lies elsewhere—I receive significant discounts on my AT&T bills, which are quite substantial, making the whole arrangement quite profitable for me.

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