iCreditCardSource.com

Hey everyone–

I am needing to apply for my first credit card soon to start building some credit. What are some things that I should know about and consider when I am doing this? I am planning on making payments as soon as possible. Where can I find a credit card with an interest rate that won't get me out of too much money? Is there a certain place I can go to apply for a credit card WITHOUT going through a mail service? These things would be great to know. Thanks!

Avoid any card that promises cash back/points–if you aren't spending a $1000/month, these won't get you anything.

You can get a basic credit card with a nominal line of credit for an $18 a year fee. (There should be NO signup fees.) If you pay it off each month the 14-20% interest rates are a non-issue. Each year or so, the bank will review your credit usage and typically send you a letter increasing your credit line.

If you do not qualify for a credit card, then and only then look at a secured card.

Note, it can be difficult to find a no-annual fee card with a 30 day grace period. The ones I've seen have 20 day grace periods which can be a tough turnaround time. Once you owe money, the finance charges rack up quickly–and continue for at least 2 cycles after you've paid the balance in full. These cards also have very high fees if you go over your line of credit or are more than a few days late in paying. If you are late twice on a Capital One card, the interest rate jumps to 30% and their late fees are $39 a pop.

I applied for the Bank of America points credit card with access to World Points and I was wondering how you like it. Does this credit card offer a special points program in addition with World Points and it says Bank of America Rewards? Also have you found AE to be wildly accepted like VISA in the USA and abroad? What are the benefits over the VISA world points credit card in terms of acceptance. I know the AE card has travel and retail protection and the Visa WP does not have travel protection.

It's good news folks for all Bank of America fans. Open your arms to receive the Rewards American Express Card from Bank of America. What makes this credit card special is that it will be readily accepted across the global network of American Express . Proudly called the Bank of America – Rewards™ American Express Card, it brings together the goodness of both the Bank of America and American Express. Let us look at some of its features.

Basic features highlights

1. 0% Introductory APR (Annual Percentage Rate) on balance transfers and cash advance checks for first 12 billing cycles.
2. Low fixed interest rates after the introductory rate has expired.
3. No annual fee.
4. Option to pay over time.
5. Emergency services such as replacement of prescription, physicians, hospitals, and referrals as well as legal referral services.
6. Extended warranty protection on purchases from scheduled outlets
7. Insurances for accident, damage and rental loss, while traveling
8. Protection against damage or theft of the card
Apply online at: http://www.credit-card-gallery.com/American_Express.html

In the UK it is £50 as they must not give more or they would need to register themselves as a bank.
They offer this service so that the amount of cash to be carried away each day is as low as possible. The companies that take the cash away charge according to the amount they shift. Also they want as little as possible floating around in case of a robbery.

I'm 18 just graduated from high school, and I would like to apply for a credit card, i have absolutely no credit at all. Where do I go or who do i talk to to apply for a credit card? Any tips on what would be a good first credit card?

I would recommend staying away from store and gas credit cards. They are easier to be get but they are also the easiest to get in trouble with. As a loan originator, I see people who are just starting to get credit get in the most trouble with those cards. If you belong to a credit union they would be the best place to go to start getting credit. The interest rates are a lot lower and usually will rarely go up. Starter loans (credit cards are loans) can start at about $300 to $500. You can also get secured loans where you would put the funds down and the bank or credit union holds the money until you pay off the loan they have given you.

I wanted a credit card, and to get 30 bucks off my purchase, (This is my first credit card, I’m 19) so I applied for an Amazon Rewards card. They told me they couldn’t tell me whether I was approved yet. If I filled it out this morning, how long will it take for me to be approved/be able go make my purchase on amazon with this credit card?

Thanks!

That’s because you have not yet establish credit with a bank yet, so the computer system that checks your FICO score saw no numbers. They will most likely call you or mail you a letter indicating their decision. It will take some several business days.

I read that in order to get the Bonus Cashback you need to select the merchant’s website through www.discovercard.com/shop

So once you are at the merchants website, does the cashback apply to all the products, including the ones which are on sale?

Also, a complete list of participating merchants(latest) will be helpful to know.

Thanks.

It sounds like all purchases qualify for the Bonus Cashback.
I’ve included the link to the FAQ.
The other 4 links are to screenshots of the merchants currently participating.
Bob

I got my first credit card a little over a month ago, and am very anxious to start building my credit score up.
I have already made my first payment, on time and in full, and my next statement should be arriving within a few days.
I have heard that you have a 3-payment-cycle “grace period”, in which your payment habits do not affect your credit. Is this true? Or does your credit start being affected as soon as you make your first payment?

Creditors report to the Credit Bureaus every month. Your credit will increase as long as you continue making timely payments and keep your balances under at least 50% of your credit limit (30% is a better goal but 50 is ok). Although creditors are not allowed to report a late payment until you are 30 days late, you should still pay on time to avoid APR increases or decreases in credit limit that could affect credit negatively as well.

I want to take my kids to Disney in 18 months. I don't have a credit card and am trying to figure out which one to get so we can save some $$$ on the trip.

Well there are cards that will pay you up to 1.5% on all your spending in general. There are also cards that will pay higher rewards percentages on some categories of spending for travel (car rentals, airline tickets, etc.). For example, the Chase BP Rewards card pays 2% back on airline tickets, hotels, vehicle rentals, and restaurants. Other cards will pay up to 3% back for your spending at restaurants and in some other categories like home improvement (e.g. the Citi Professional card). Still other cards pay up to 6% back on gas, groceries, and drug store purchases (e.g. Citi Driver's Edge). I found all these cards at the rewards calculator site here: http://www.creditcardtuneup.com/.

In general, to maximize your rewards (cash back, etc.), you'll probably want to pump all your normal spending through credit card(s) that pay the best rewards in the categories you normally spend the most. Then, just pay off your balance every month and enjoy the cash back rewards or other rewards.

To find the credit card (or combination of cards) that will pay you the most for your normal spending profile, you can use this rewards calculator:
http://www.creditcardtuneup.com/

You just plug in how much you normally spend in each of the various categories each month and it calculates how much you'll earn from the various rewards cards per year.

I have some unused gift cards of visa and amex, so can i just go to a grocery store and ask for them to charge the card and give me cashback like they would a debit card?

another trick is transfer balance from one card to another
call second company and tell them it was mistake, and you want your money back. if they say we can only transfer it back tel them your account with them is closed or you cleared their balance by direct debit.
they will send you a cheque.
thats how we do with credit card companies in UK

Since I am being charged more for the portion of my credit bill from a cash advance, when I make a payment I would like to allocate my payments to pay off the higher interest portion of my credit card balance first. Is that possible.

Sadly it's not. That's how credit cards are tricky. Your best bet would be to pay that card off as quickly as possible and then not use your credit cards for cash advances. If you have the ability to balance transfer to another card, that would get your balance at a lower interest.