Credit Card FAQ

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This thread is designed to point you towards other useful threads dealing with credit cards.

Why use them

Debit Card vs. Credit Card use - Why you should NOT use a debit card for purchases!
The Credit Card " Free Insurance " Thread
Amex's Extended Warranty (success stories)

Cash rewards cards

Best Reward CC discussion
AMEX Cash Rebate Card FAQ
Discover Card's new Gas Rebate Card - 5% back on gas purchases, and reversed tiers - Current cardholders can switch!
Principal Bank Credit Card
AAA 5% GAS REBATE VISA +$30 credit

Rewards Strategy - Utilities, Bills, Loan Payoffs

Non-cash rewards

Specialty Credit Cards Reward List
Best non-cash rebate card
Discussion about how non-cash rewards can be devalued

BVG/Price protection

AMEX BVG Cards

Balance Transfers

Balance transfers
Paying loans with BT
Amex balance transfer payoff

Credit Score Issues

Free and Accurate Credit Act - free credit reports and consumer protections on the horizon
Credit Monitoring - Experian, Equifax, and TransUnion
Free Equifax Credit Report with True FICO Score
Cancel lesser Credit Cards (good/bad for credit score?)
Does closing credit cards affect your credit score and/or FICO?

Disputes/Chargebacks

CC Dispute/Chargeback
Do CC disputes affect credit report

Integration with Financial Software (Quicken/Money)

Quicken integration

Security

One time use numbers

New users
What's needed to qualify

Rewards cards for new users
Building credit
Student Credit Cards (see the second post by TheDiggler)

Getting out of the hole

Getting out from under CC debt
Another thread

Intro rates

Increasing credit limit

How to maximize credit limit
Should I decrease my credit limit?
The LARGE credit lines thread: ... members get their unsecured credit cards/lines > $25,000?

Misc.

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=272730
Large purchases
Business Credit Card Discussion - Which are the best, where do they report, etc.

Specific Cards

JUNIPER
DISCOVER
CHASE SHELL/CHASE FREEDOM CARD
MBNA
CITI Dividend

Please PM me or post in this thread if you have suggestions for additions or removals. Thanks

Member Summary
Most Recent Posts
Is there any instructions on how to apply for a CC? especially for new immigrants/people with no or very little credit h... (more)

wizzard (Jun. 28, 2005 @ 7:21a) |

If I am a college student and have no credit history, how many cards should I apply for? I heard that I shouldn't apply ... (more)

dj7houston (Sep. 14, 2005 @ 12:44a) |

alanwong5521 said: <blockquote><hr>If I am a college student and have no credit history, how many cards should I apply f... (more)

didYOUsearch (Sep. 14, 2005 @ 1:18a) |

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cool, that's what i need


taylor said:

<< I intend for this to be much more informative, but I will be away from
my computer for a week, and I wanted to get this started before I left.
This will be the FAQ for Credit Cards.
It will include categories for:

Cash rewards cards

Best Reward CC discussion
AMEX Cash Rebate Card FAQ

Non-cash rewards

Best non-cash rebate card
Discussion about how non-cash rewards can be devalued

BVG/Price protection

AMEX BVG Cards

Balance Transfers

Balance transfers
Paying loans with BT
Amex balance transfer payoff

Disputes/Chargebacks

CC Dispute/Chargeback
Do CC disputes affect credit report

Integration with Financial Software (Quicken/Money)

Quicken integration

Security

One time use numbers

New users
What's needed to qualify

Rewards cards for new users
Building credit

Getting out of the hole

Getting out from under CC debt
Another thread

Intro rates

Increasing credit limit

How to maximize credit limit[/b
Should I decrease my credit limit?

Misc.

Large purchases
>>


excellent! very comprehensive!

heres some threads i found on specific credit card issuers, if you want to include these discussions for those who want to know about a specific card issuer:

JUNIPER

DISCOVER

CHASE SHELL/CHASE FREEDOM CARD

MBNA

CITI Dividend

im sure theres more too, if i find them ill post them....this post has been linked in the "building the FW Finance FAQ post" to eventually be part of the master FAQ

BVG is dead in April.

Crazytree said:

<< BVG is dead in April >>

for which AMEX cards ?

Updated OP with links from SIS (thanks)

Don't forget the fleet card which also gives price protection. I made a post about it a few days ago, check it out

I nominate the excellent recent thread by rafaelg on credit montoring choices as FAQ material. I think it belongs here, I can't figure out where else? (maybe we actually need to break this up, this topic is so large, one for credit card product choices (rewards, BT, BVG, etc), the other for credit issues (which applies to other loans, scores, monitoring, identiry tehft, etc? Just an idea.)

also the cancel lesser cards thread has gotten useful

MarkM said:

<< ...maybe we actually need to break this up, this topic is so large, one for credit card product choices (rewards, BT, BVG, etc), the other for credit issues (which applies to other loans, scores, monitoring, identiry tehft, etc? Just an idea. >>

I think this is a good idea to break up this topic a bit. Credit cards are really just a subset of credit issues, albeit a huge subset. Credit issues, as MarkM points out, expand far beyond just credit cards.

Hope this will be a sticky thread, so we will remember to check here first. (There are other noteworthy FAQ's that should be sticky too.) I don't remember half of the threads linked, thanks Taylor for creating this FAQ. <img src="i/expressions/face-icon-small-happy.gif"border=0>

I added the two threads related to Credit Scores. I believe DaveHanson was planning on writing a thread related to credit scores. When that is done, I think it would be best to move them from this thread into it, and put a link from here to the Credit Scores FAQ.

It terms of making this a sticky, I'd prefer to see SIS's FAQ that links to all of the sub-FAQs be a sticky, but not all of these sub-FAQs. Having too many stickies is a bad thing, IMO. For the time being, I have added links to all of the sub-FAQs in my original sticky thread, but since I can't edit the original post, the links appear in the next post that I made.

Tooshy, perhaps you'd like to put the links in your post (since you have the second post in the thread).

i agree with Taylor, too many stickies is a bad thing....Tooshy what Taylor is suggesting is good...you have the 2nd post in the EXISTING sticky thread (the FW Finance Guide)...

Good idea Taylor and Sis!!

Sis, great job finding all the sticky FAQ's to post. <img src="i/expressions/face-icon-small-happy.gif"border=0>

Thanks Tooshy for modifying your 2nd post in the sticky thread! When we get a lil more complete FAQ, Ill revise the list above and you can copy/paste the revised list...

Taylor, heres a few other credit card related threads I think will be a good part of a FAQ

http://www.fatwallet.com/forums/forum.php?catid=52&threadid=184463

http://www.fatwallet.com/forums/forum.php?catid=52&threadid=173128

Thanks SIS. I added thos excellent threads to the list.

The appropriate thread for my quesiton is: http://www.fatwallet.com/forums/forum.php?catid=52&threadid=100398

However, I can't reply to that thread. The label above post #1 on the thread says archieved message text. Does this mean that the thread is "dead" and I need to start a new one? It seems silly to start a new thread for my question.

Anways, my credit limit increase question is: Discover told me that a request to increase my credit limit would be reported to the bureaus. how long does such on inquiry affect one's credit score?

(Bonus points if you link to the help file/faq that answers the archieved message question that I missed when I searched)

This is a wonderfully complete FAQ thread. Please check here before posting common CC questions, and ask common CC questions here so this thread can be updated with current information.

rhaun said:

<< The appropriate thread for my quesiton is: http://www.fatwallet.com/forums/forum.php?catid=52&threadid=100398

However, I can't reply to that thread. The label above post #1 on the thread says archieved message text. Does this mean that the thread is "dead" and I need to start a new one? It seems silly to start a new thread for my question.
>>

This is a general problem with FW. For example, I only now discovered (thourgh this faq) that there is an "Amex balance transfer payoff" thread by DaveH, and in the first post he references a conversation he and I had long ago, but he can't remember where. Well, I do remember, it was via PM, and I was going to cut and paste it to the thread ... but then I noticed it was impossible to reply anymore, the thread is apparently archived. Oh well. (FYI the gist of what I was going to post is that thre seems to be no rhyme or reason to me what AMEX does, some periods they charge interest & some they don't, it's gone from no to yes to no on me at least twice over now (I tend to make use of those no-fee AMEX checks as a way to "consolidate" balances in one place before doing a transfer to a 0%-but-with-fee card, and AMEX has bombarded me with these checks almost non-stop for years now).

I have a CC question I didn't see the answer to...

Both my wife and I have scores of 750+. We have 0 CC debt. I'm going to apply for a new AMEX Blue Cash to purchase some savings bonds so here's the question:

Should I create my account and add my wife to the account, or should I apply for two cards, one in my name and one in her's, being completely separate of each other? Certainly we will jump through reward tiers faster with one account. Any preferences out here?

-Pakaderm

Pakaderm, unless you plan to use it for purchases (i.e. you both would like to use it at retail locations), if you are going to carry a balance, there is no advantage to getting it in both names, and many advantages to NOT doing that.

And BTW, if you do get the Blue Cash in just your name, but would still like to maximize "everyday" expenses, here is one useful idea: get a "Speedpass" wand from Mobil & link the card to it, and give it to her to use it when she needs gas.

I do not plan on carrying a balance. The only reason for the new card is for the rewards. 1.5%/3.0% are better than my current Discover/Amex Costco cards which are 1 & 1.5 at the top tier. We would both use them as everyday cards/to pay bills/buy bonds(& pay them off w/o carrying a balance)/whatever.

Interesting idea on the SpeedPass.

-Pakaderm

Pakaderm, then you might as well just get one card in both names, unless you think you will charge significantly over 50K annually (or whatever the limit is for getting rewards), it will maximize rewards.

By the way, I just realized what thread this is, it is the FAQ thread. My apologies to all for not noticing this sooner. I don't think this is the place to be posting questions. I'm not sure, but my hunch is taht this question should have been in the "AMEX cashback/Blue Rewards FAQ & startegy thread" or perhaps the "Rewards cards for new users" thread.


Very useful, thanks!!!

Do CC companies usually call your place of employment? Do they ever do it all?

DirkDIggler said:

<< Do CC companies usually call your place of employment?


NO they usually do not.


Do they ever do it all?


They may. Most dont ask for your work # though, so dont give it to them.

>>


bump to prevent archiving

Good save SIS.

I would enjoy a thorough treatment on computing revolving interest with various card companies. I've never had to do this, and am ignorant about some subtleties...anyone want to take that on?

Bump for a few additions to the original post. Please PM me if you think there are other relevant threads that should be listed here.

I may be posting in the wrong place, but this has the most recent activity. I have been looking for an online manual this guy wrote a couple years ago about getting out of debt and how to clear up problems on your credit report. I remember that it employed some guerilla tactics, but all seemed legitimate. I think it was a Word doc and it was out there for free. I can't find it now. If anyone knows what I am talking about, please post the link or PM me.

Thanks!

Taylor: Curious if you ever heard of something like this before:


My girlfriend got an offer--which I no longer have--from Discover Card with a tiered cash back award up to 1.5% (I think the tiers were the same as normal Discover with the exception of going past 1%).

I called Discover to change my Discover card to the Discover Plus card -- the CSR would not let me do it without cancelling my present card & applying again. Anybody else heard of it?

Bump for update (Rewards Strategy thread)... and to indicate that I responded to penumbra222 via PM since it wasn't really appropriate for this thread.

Bump for an awesome job on this thread.

MBNA/Rotary Club credit card w/ 5% rebate on gas PLUS .5% charity

is invalid, I called them up and they told me they don't have it.

bumped due to the increased number of recent CC posts.

Great job with this taylor. You might add the large credit lines discussion, since it is focused on credit cards.

Not sure where to put this, it's so general/wide interst, so I'll just post it here: COnsumer Action News: Annual Credit Card Survey 2004. I'd posted last year's issue, but who knows what thread anymore. Credit to meehawl (PM) for update on most recent issue. TOC:[Q]Annual Credit Card Survey 2004

--------------------------------------------------------------------------------

Good credit is your shield against unfair risk policies
Getting credit for your credit (rewards cards)
High court rules that over limit fees are not finance charges
Beware of two-cycle billing
Fewer credit card offers in the mail
Fewer paying in full
Low rate credit cards
Introductory rates at time of survey
Credit Card Survey 2004
Substitute card numbers offered
CA hosts seminar for Midwest community groups

bump-er-ooni

Skipping 23 Messages...
alanwong5521 said: [Q]If I am a college student and have no credit history, how many cards should I apply for? I heard that I shouldn't apply for too many (on the same day...Apporama they call it) since it could be detrimental to my credit score. Should I try to apply for a card one by one? I'm looking to apply primarily for the AMEX Student Blue Card, and maybe the Citi Dividend Student Card. (I was also thinking about applying for the US Bank College Card, as I heard it was easy to get, but I find the two earlier cards to have better rewards and such).

Should I apply for one card first or try to apply for 2 cards on the same day? I plan on aplying when I turn 18 which is less tahn two months from now.youve already posted this here in the thread you started, please dont duplicate your posts in different threads (please also fully reread the sticky and FAQs to familiarize yourself with posting guidelines)



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