Quick question about credit cards

Avoid credit cards and high-interest loans at all costs. If you can't afford something upfront, don't buy it. A credit card just creates this fake illusion of wealth, and once that money runs out, you’re staring down the barrel of bankruptcy. I learned my lesson the hard way: once I cleared my cards and wiped out my debt, I decided I was done with loans forever. Unless we're talking about a mortgage, obviously. If you lose your job, the bank can come after your house next.

That's the bottom line. Just spend what you actually have on hand.

First off, I’m a total newbie when it comes to credit cards, so please bear with me because I honestly have zero clue what I'm doing here...😁
Basically, I just picked one up from JPMorgan Chase because I need to snag something from overseas online, and they won't take anything but a credit card... I've got a Visa...
I've got a few questions, so thanks in advance :
1) So, I walked into JPMorgan Chase and just asked for a credit card without really specifying anything. Now I see they've got like two different types available—so which one did I actually end up with? Like, what's the standard one they usually hand out??
2) If I move some cash from my checking account over to the credit card, say $167, and the thing I want to buy costs $167, is there a way to make sure the money comes straight off the card instantly? I don't want any installments or extra interest bullshit—is that even possible???
3) I've got this starting amount of $1333... but look, what happens if I blow through it and don't pay it back? Do they actually sue you or what? Is there any way to wiggle out of that mess?? 🤣
4) How sketchy is shopping online? My whole plan was to not have any actual money sitting on the card, but then it just hit me that I could accidentally go into the negative, and there's already $1333 on there... how much of a disaster am I looking at here?? 😁

Help a clueless guy out, thanks...😁

Honestly, if you’re asking questions this vague, maybe credit cards just aren't your thing.
1) If you don't actually know which card you were issued, how on earth is anyone on this forum supposed to tell you?
If you can't be bothered to read the contract or the application you signed to see what you're holding, just head down to your local Chase branch and ask them directly.

2) You don't "deposit" money onto a credit card. You have a credit limit. If it’s a standard card, you have to pay the full balance within about 30 days. If it’s a revolving line of credit, you can pay it off in installments over up to two years—usually starting at 5% monthly—but the interest rates will absolutely kill you.
That said, you can treat a revolving card like a standard one by just paying the whole damn thing off when the bill arrives to avoid those fees.

3) Sure, you could blow through your entire limit without paying a dime back, and you won't face any immediate consequences. Because obviously, big banks like Wells Fargo are famous charities that let everyone max out their cards on day one without ever asking for the money back.

4) There isn't any $1333 on there; it's just your credit limit.
And I don't think you need to lose sleep over getting scammed while shopping online.

You’re more likely to get yourself into trouble just by using the card itself, considering you clearly have no clue how any of this works.

I really don't get it. If you felt the need to get a card in the first place, why didn't you just go to the bank and have them walk you through the details instead of dumping these questions on a forum?

quietseal11 said:Honestly, if you’re asking questions this vague, maybe credit cards just aren't your thing.
1) If you don't actually know which card you were issued, how on earth is anyone on this forum supposed to tell you?
If you can't be bothered to read the contract or the application you signed to see what you're holding, just head down to your local Chase branch and ask them directly.

2) You don't "deposit" money onto a credit card. You have a credit limit. If it’s a standard card, you have to pay the full balance within about 30 days. If it’s a revolving line of credit, you can pay it off in installments over up to two years—usually starting at 5% monthly—but the interest rates will absolutely kill you.
That said, you can treat a revolving card like a standard one by just paying the whole damn thing off when the bill arrives to avoid those fees.

3) Sure, you could blow through your entire limit without paying a dime back, and you won't face any immediate consequences. Because obviously, big banks like Wells Fargo are famous charities that let everyone max out their cards on day one without ever asking for the money back.

4) There isn't any $1333 on there; it's just your credit limit.
And I don't think you need to lose sleep over getting scammed while shopping online.

You’re more likely to get yourself into trouble just by using the card itself, considering you clearly have no clue how any of this works.

I really don't get it. If you felt the need to get a card in the first place, why didn't you just go to the bank and have them walk you through the details instead of dumping these questions on a forum?

Look, I agree that you should have asked a lot more questions at the bank, but these comments of yours are seriously out of line...

The whole point of a forum is for people to ask questions, debate things, and try to iron out their uncertainties

Maybe I’m off base here, so my apologies
and honestly, this is more directed at you as the mod than him

I mean, what kind of questions is he actually asking?
What credit card is he even using?
Can you just walk away if you don't pay the bill?
.....

Then, once he’s drowning in debt, suddenly it’s the bank's fault because he didn't bother to read the fine print or understand his terms and conditions.

And unfortunately, this isn't a first nor a last time.
It’s always easier to blame Chase or Wells Fargo once things go south. When it was time to spend five minutes reading up and asking questions before swiping, that felt unnecessary.

If he’d asked these questions before applying for the card, I might get it, and the reaction would be different (except for question #3).

Honestly, I don't get how people dive headfirst into loans, overdrafts, and credit cards without understanding how any of it works.
And no, I don't have much sympathy for the complaining. They landed themselves in a hole because they didn't do their homework—they just wanted the plastic in their hands so they could go shopping.

Thanks for the reply...
I tried digging for an explanation on the JPMorgan Chase website, but honestly, the info over at Visa isn't exactly crystal clear...
Like I said, when I walked into the branch, I told them I wanted a credit card and they didn't even bother asking me what kind I wanted—so I just assumed I was getting some sort of "basic" one. Does anyone actually know what the "standard" card is that you get when they don't ask a single question?🙄I don't have my contracts handy right now, which is why I'm asking here...
It would be great if the answer to point 3 wasn't pure sarcasm...😁But look, the reason I asked is because I know plenty of people who take out a loan and then just ghost everyone—they end up blacklisted at that bank and there's nothing anyone can do about it. So, I figured credit cards might work along those same lines...😛
And like unknown said, forums exist specifically so people can ask questions, and that’s exactly what I’m doing so I can actually learn something. I don't get why you see a problem with that? And for the record, I have zero intention of using this credit card until I know exactly how the whole thing works...:/
That's why I need advice from the pros on here—there are things you just can't ask a banker without looking stupid...
By the way, I was talking to a buddy today and he was telling me you can shop online using just a checking account...
As for transferring money onto a credit card, I think you're mistaken there—I actually asked at the bank and the woman working there told me I could transfer funds from my checking account to the credit card. I guess that's how you pay it off or bump up the limit.<.<;
Also, there's always that risk when you shop online because you're handing over your card number and all that sensitive info... I've heard way too many stories about people getting ripped off that way...

Let me try to walk you through this so you actually know how to handle that card properly 🙂

If you have a standard credit card, the system works on a billing cycle. Say your due date is the 15th; everything you charge up until the 5th hits your bill on that 15th.
Basically, it’s a delayed payment system—up to about 30 days—and then the whole balance hits you at once.
I'm not sure which specific card you're holding or what your repayment terms are, but usually, the bank just pulls it from your checking account, or you manually pay off what you owe.
I don't know the exact specifics for JPMorgan Chase since I'm not a client there, but take Chase for example: with a Mastercard, they pull USD charges from your checking and foreign transactions from your foreign currency account, though if one is empty, they'll just grab the funds from the other.
With a Visa, though, everything—domestic or international—usually just gets converted and billed in dollars.

Regarding point 3, I really don't want to get into an argument or give advice on how to dodge bills and end up on a blacklist. I'm assuming that isn't your goal and wasn't the reason you got the card in the first place.
Because if that *is* the goal, then I'm just wasting my breath explaining this.
And honestly, I wouldn't even know how that works. 😁

As for using a basic checking account for online shopping, I haven't heard of that being a thing.
I have a personal checking account with this ancient laminated card, and there is absolutely no way you're using that to buy anything online.
Whether other banks offer different types of cards linked to checking accounts, I have no clue, so I can't help you there.
But you shouldn't need that anyway now that you have your own credit card.

Credit cards have spending limits, and I'm not quite following what you mean by "transferring money" to the card.
If your limit is $1333 and you spend 1,000, you have $1000 left. Once you pay off that 1,000, you're back to having 4,000, and so on.
You aren't "transferring" money because a credit card doesn't have its own bank account to deposit money into; you just pay the amount you spent last month to the account number provided by the card issuer or the bank.
I have a few credit cards myself, and this is the fundamental principle for all of them.
You make a purchase, the bill arrives, and you pay it.

Most websites have solid security to prevent your data from being stolen, so as long as you're using reputable sites, you should be fine.
Fraud happens, always, so just be careful about where you shop.

In my experience, booking flights, books, or hotels has always been totally seamless.

Bottom line: use some common sense. Just spend what you can actually afford to pay back, and you'll be fine. 😉

Tyler Castillo96 said:Thanks for the reply...
I tried digging for an explanation on the JPMorgan Chase website, but honestly, the info over at Visa isn't exactly crystal clear...
Like I said, when I walked into the branch, I told them I wanted a credit card and they didn't even bother asking me what kind I wanted—so I just assumed I was getting some sort of "basic" one. Does anyone actually know what the "standard" card is that you get when they don't ask a single question?🙄I don't have my contracts handy right now, which is why I'm asking here...
It would be great if the answer to point 3 wasn't pure sarcasm...😁But look, the reason I asked is because I know plenty of people who take out a loan and then just ghost everyone—they end up blacklisted at that bank and there's nothing anyone can do about it. So, I figured credit cards might work along those same lines...😛
And like unknown said, forums exist specifically so people can ask questions, and that’s exactly what I’m doing so I can actually learn something. I don't get why you see a problem with that? And for the record, I have zero intention of using this credit card until I know exactly how the whole thing works...:/
That's why I need advice from the pros on here—there are things you just can't ask a banker without looking stupid...
By the way, I was talking to a buddy today and he was telling me you can shop online using just a checking account...
As for transferring money onto a credit card, I think you're mistaken there—I actually asked at the bank and the woman working there told me I could transfer funds from my checking account to the credit card. I guess that's how you pay it off or bump up the limit.<.<;
Also, there's always that risk when you shop online because you're handing over your card number and all that sensitive info... I've heard way too many stories about people getting ripped off that way...

With a checking account, you get a Visa debit card and can use it online wherever they accept it.
You don't really transfer money "to the card"—you likely have an account linked to it. You didn't give enough details for anyone to give you a straight answer. Based on why you got the card—like if you have a checking account at JPMorgan Chase or a foreign currency account there...🤷
Online shopping isn't any more dangerous than buying things in person.

And if you don't pay, it's not like you're off the hook; eventually, they'll come after you with interest...

Tyler Castillo96 said:Thanks for the reply...
I tried digging for an explanation on the JPMorgan Chase website, but honestly, the info over at Visa isn't exactly crystal clear...
Like I said, when I walked into the branch, I told them I wanted a credit card and they didn't even bother asking me what kind I wanted—so I just assumed I was getting some sort of "basic" one. Does anyone actually know what the "standard" card is that you get when they don't ask a single question?🙄I don't have my contracts handy right now, which is why I'm asking here...
It would be great if the answer to point 3 wasn't pure sarcasm...😁But look, the reason I asked is because I know plenty of people who take out a loan and then just ghost everyone—they end up blacklisted at that bank and there's nothing anyone can do about it. So, I figured credit cards might work along those same lines...😛
And like unknown said, forums exist specifically so people can ask questions, and that’s exactly what I’m doing so I can actually learn something. I don't get why you see a problem with that? And for the record, I have zero intention of using this credit card until I know exactly how the whole thing works...:/
That's why I need advice from the pros on here—there are things you just can't ask a banker without looking stupid...
By the way, I was talking to a buddy today and he was telling me you can shop online using just a checking account...
As for transferring money onto a credit card, I think you're mistaken there—I actually asked at the bank and the woman working there told me I could transfer funds from my checking account to the credit card. I guess that's how you pay it off or bump up the limit.<.<;
Also, there's always that risk when you shop online because you're handing over your card number and all that sensitive info... I've heard way too many stories about people getting ripped off that way...

You aren't increasing your limit; you're just paying off what you already spent on the card. Look, if I have an account at the Royal Bank of Canada and a Diners Club card, and I don't feel like driving down to the Diners Club office or the post office or dealing with the IRS to pay cash, I can just use my banking app to transfer the amount I owe directly to their account to settle the bill.

The whole point of a credit card is that the bank or the credit company lends you money—basically letting you go into a hole.

But don't get cocky or think you can just blow through cash without paying it back. It’ll bite you... man, it's gonna cost you big time.

Hey there.
Call me a loser if you want, but I’ve never seen the point in owning a credit card. Up until now, I’ve just used cash or my debit card for everything. However, work keeps dragging me abroad, and hotels won't stop demanding a card number for guarantees, so I finally need one.
I get my paycheck through Goldman Sachs, so I decided to grab a Mastercard from them. They don't offer a traditional charge card, just a revolving line of credit, but you can select an option to pay off 100% of the balance monthly, which effectively makes it the same thing. The bank told me that regardless, I'll be hit with a 13% interest rate on every transaction. I did see an option to defer the interest calculation—it costs a bit more, but I don't care. My question for anyone in the know: if I take this Mastercard from Goldman Sachs and pick that specific option, does that actually mean I'll avoid paying interest on my transactions?
Thanks.

What do you mean, a fee on every single transaction? That’s not even a thing. They can charge you interest on the total balance, but we're talking 13% annually. Someone totally misinformed you, or you just completely misunderstood how this works...

frozenwalker4 said:What do you mean, a fee on every single transaction? That’s not even a thing. They can charge you interest on the total balance, but we're talking 13% annually. Someone totally misinformed you, or you just completely misunderstood how this works...

Come on, explain this to me. If I pay a bill for, say, $667 using my card, will I be hit with interest on next month's statement, or what?

Look, if you owe that full $2,000 for the whole month, you're looking at maybe $25 bucks tops!

frozenwalker4 said:Look, if you owe that full $2,000 for the whole month, you're looking at maybe $25 bucks tops!

Aha. And if I choose the option to defer the interest calculation, does that mean I don't get charged anything at all?

So, I just spent some time digging through the Goldman Sachs website, and they lay it out pretty clearly right here:

"The Visa credit card functions as both a revolving line of credit and a traditional credit card, allowing you to pay for goods and services at any merchant worldwide that accepts Visa. If you settle your full balance every month, the American Express card essentially acts as a deferred payment tool, and in those cases, Goldman Sachs won't charge you any interest. However, if you choose not to pay the full amount due, the approved revolving loan feature kicks in."

Honestly, your first message made zero sense to me. 😕

Gregory Wright82 said:Aha. And if I choose the option to defer the interest calculation, does that mean I don't get charged anything at all?

Here’s how it works: if you pay the full balance the second the bill hits, you pay $0.00.
If you only pay part of it, you’re automatically sliding into a revolving credit line and getting hit with a 13% annual interest rate on whatever's left.

That interest deferral thing is some weird gimmick Goldman Sachs runs—I don't really get it since I bank with JPMorgan Chase, so I can't tell you exactly what the payoff is. 🤷

frozenwalker4 said:So, I just spent some time digging through the Goldman Sachs website, and they lay it out pretty clearly right here:

"The Visa credit card functions as both a revolving line of credit and a traditional credit card, allowing you to pay for goods and services at any merchant worldwide that accepts Visa. If you settle your full balance every month, the American Express card essentially acts as a deferred payment tool, and in those cases, Goldman Sachs won't charge you any interest. However, if you choose not to pay the full amount due, the approved revolving loan feature kicks in."

Honestly, your first message made zero sense to me. 😕

That’s because the tellers at the bank obviously have no clue what they're talking about—that's what they told me. That was their story, and the guy on the customer service hotline was saying basically the same thing.

... can I ask a quick question?? 🤷

Does anyone here have an unknown card? I'm wondering if it works at other retailers too, or if it's strictly limited to unknown?

🙏

I stumbled upon this savings account with zero enrollment fees or monthly charges.
Is this actually a solid deal? I already bank with Chase, but honestly, I’m not trying to get hit with any sign-up fees or membership costs.

http://www.chase.com/personal/savings/classic

No way. I wouldn't touch that with a ten-foot pole—they hold those funds in your checking account for every single card purchase you make 😲

Don't get too hung up on the initial savings if it means tying yourself down to stuff you aren't actually comfortable with.