Credit Card help - Printable Version

Credit Card help - Printable Version

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Credit Card help - Douglas - 07-12-2006

I am going to have to bite the bullet and get one of these plastic pieces of rectangular evil. I was just wondering what kind of cards everyone has and some of the pros and cons I should be looking for. Do you get them online? At the bank? I will be using it for concert tickets mostly. Any info would be great. Thanks.

- thompson girl - 07-12-2006

Oh man....you really have to think about the reason you want a credit card in the first place, and then choose one that has the best rates for what your planned use is. You may want to start out with one with a low balance (say $500), because you want to make sure you can pay it off right away, otherwise you'll be paying it off forever.

I wish I had never gotten one of these stupid things...but I'm a girl, and all those new clothes and shoes are just too tempting to resist. Like Oprah once said on one of her "get out of debt" shows, when you purchase something with a credit card, you are pretty much doubling the cost of the item when you add on all the fees, etc. Just something to think about before you pull out the plastic....

- Douglas - 07-12-2006

I just need one for concert tickets and maybe some motel reservations. Just wanted to get on it with a Hip tour looming. I think I will be able to keep the balance low since the guy I buy pot from only takes cash. :mrgreen:

- thedarkcanuck - 07-12-2006

i got rid of all my plastic 5 yrs ago and just finished paying them
off about 3 months ago... i just found myself a woman with plastic
and thats what i use for concerts and what not Smile

- aaronck - 07-12-2006

As long as you pay off your balance every month, a credit card shouldn't cost you a dime. I put everything I can on it, and pay off the balance, and whore airmiles like a motherfucker. I'm thinking about switching to one of these though, a very helpful guide to Canadian credit cards.

<a class="postlink" href="http://www.redflagdeals.com/deals/main.php/holiday/credit2/">http://www.redflagdeals.com/deals/main. ... y/credit2/</a>

- NWOntario - 07-12-2006

Like aaronck said, make sure you pay it off every month. Don't--DON'T--carry a balance; the speed with which interest accumulates will dazzle your senses. I'm a credit card cautionary tale. In August 2004 I had a balance of zero dollars. Thirteen months later I had a balance of almost $6,000, and while much of it was school-related (books, etc) a lot of it was stuff I couldn't afford (e.g., a Pearl Jam tour). In the end, I took on a second job and put every single penny towards paying off my credit card; a few months ago I took out a line of credit and paid my credit card off entirely, and now I'm busy trying to pay off my line of credit. It's a vicious cycle, and if you don't get it under control RIGHT AWAY you're putting yourself at risk.

SO...if you're trying to be cautious, get a card with a low limit. Try getting a card that's affiliated with a bank. If they try and bump up your limit, call them and get them to lower it again; I didn't do this, and it cost me dearly. And always, always pay off your balance. It's nice putting concert tickets on a credit card, but if you can't pay them off it can become a real nuisance. Oh, and if you're buying for others, make them pay you back right away. Every day they don't, interest accumulates (I think...). Anyway--that's my story, and I'm sticking to it. Smile

Steve-o

- aaronck - 07-12-2006

NWOntario Wrote:Anyway--that's my story, and I'm sticking to it.

Steve-o

I'll believe you, I don't read much

- Lizard King - 07-12-2006

NWOntario Wrote:. Every day they don't, interest accumulates (I think...)

I think how it works is, if you spent 500 dollars on your cc, and the next month you get the statement and it says minimum payment due= $30 dollars, you have to pay that miminum or you start getting zinged with the interest...I think.

As for the cards Douglas try to find a card that at least rewards you for using it, like airmiles, cash back, travel points etc.. I think Capital One and American Express has some or just get a card through your bank. But like everyone says, keep the limit LOW.

- aaronck - 07-12-2006

And the really great thing is, if you owe 1000, and pay off 999 two days before your due date, you still pay the interest unless you pay off the entire amount. Bottom line being, only buy what you plan to pay off

- The Horrible Esthete - 07-12-2006

aaronck Wrote:As long as you pay off your balance every month, a credit card shouldn't cost you a dime.

As long as you get one with no annual fee.

This is all you really need to know.

1. No annual fee.
2. Pay your balance in full every month.

Do that, and you'll build a strong credit profile....which is better than not having a credit profile in the first place!

- The Horrible Esthete - 07-12-2006

LizardKing51 Wrote:I think how it works is, if you spent 500 dollars on your cc, and the next month you get the statement and it says minimum payment due= $30 dollars, you have to pay that miminum or you start getting zinged with the interest...I think.

No, that's not right. You'll pay daily interest (1/365 of your APR) on your unpaid balance.

You'll suffer an additional penalty (a fee, $30 or $35 American) if you don't pay the monthly minimum or pay it late, and another similar fee if you exceed your credit limit.....

- Gangrel - 07-12-2006

Yes, I won't bore you with details, but I'm also another tale of cautionary woe. Tip: Paying "just" the minimun on your cards still allows your balance to grow to epic proportions.

It's a gigantic snowball that rolls downhill and keeps getting bigger and bigger....... I'm currently trying my best to pay everything off, but I'm a long way off, and stupidly have car payments too. ;(

I keep praying for just a $10,000 lottery win as that would almost kill it, but no dice so far.

- Douglas - 07-12-2006

Thanks ya'll. Anyone have this Capital One Master Card? I see ads for it everywhere. Whats its deal?

- Lizard King - 07-12-2006

Douglas Wrote:Thanks ya'll. Anyone have this Capital One Master Card? I see ads for it everywhere. Whats its deal?

I belive you get 1% cash back on every purchase you make with it, its not much but at least its something.

<a class="postlink" href="http://www.capitalone.ca/canada/cards/comparecards.php?external_id=WWW_A2111_CG8_CAN-S1_GOOBR_HP_ZZ_T_SEM1">http://www.capitalone.ca/canada/cards/c ... _ZZ_T_SEM1</a>

If you collect air miles like me, these are good..

<a class="postlink" href="http://www.americanexpress.com/canada/en/benefits/choose_card_flash.shtml">http://www.americanexpress.com/canada/e ... lash.shtml</a>

- theAryanTwang - 07-12-2006

done and done - the more you spend the more crappy tire money you make WOOT

<a class="postlink" href="http://www.ctfs.ca/english/index.html">http://www.ctfs.ca/english/index.html</a>