Credit Card Discussion

What is ususry and Is it immoral or illegal?

I have no credit and want to apply for credit card with low interest so anybody knows where I apply for a good prepaid credit card with bad credit.

I found a really neat credit card list with review buttons to find out all the information about the credit card, even a benefit and overall rating of the card… I also found a credit card search button on their main page which I thought was really cool - http://www.affiliatetier.com/credit_repair/
The card list is at http://www.affiliatetier.com/credit_repair/credit_cards.php - forgot to add this part

i currently have no credit so everytime i apply for a card i get denied. Besides Capital One what are some other good credit card companies i can apply at to start off my credit?
lookin for a card i will most likely be approved for.

thx!

You may have heard other people say “I really got a good credit card deal”. If you happen to be seeking a credit card at that time, do you select the same credit card you were told is a good credit card deal?

Let us see what can be considered a good credit card deal. A credit card deal is good if it maximizes on benefits for you. So, if a credit card fits your lifestyle in such a way as to rake in maximum personal benefits, then you have found a good credit card deal. What is important here is that you have found a good credit card deal for the person who is going to use the credit card and not someone else. Lifestyle and credit needs differ from person to person, that is one of the reasons why credit card companies offer so many different types of credit cards. It may be true in some instances where the lifestyle of two individuals is similar that a credit card deal which is good for one is good for the other. However, most often a credit card that is good for one individual will not be a good credit card deal for both.

You may want check with other individuals who have recently procured a credit card to decrease the time needed for researching a good credit card deal. Still, it is a matter of deciding your own needs. For instance, if you travel often and to far distant places by air, you would probably choose a credit card that offers you good travel benefits, rewards and rebates. You may decide to get your credit card from a credit card company or the airlines themselves to get the best travel benefits. For shoppers, a good credit card deal might be a card that offers discounts, rebates and rewards on shopping. The retail stores may have credit cards to offer you that are of value to you, so you may decide to get your credit card directly from the retail store instead of a general credit card issuing company. Also, there are credit card deals from gasoline stores, big grocery chains and other establishments. If your credit card needs are not specific, you might use a general purpose credit card. Many of these credit cards give reward points on every purchase you make using the card, and the points can then be redeemed for cash or other rewards which you may find useful.

In summary, a good credit card is only good if you find the card is going to serve your purposes and there is no single credit card deal which is equally good for everyone.

I’m soon to be 18 and am looking to get a credit card to help build credit. My dad said the best thing to do is to just use it to buy gas, but I’m not really all that up to date on how credit cards work and which ones are the best. Does anyone have any wise credit card wisdom to pass on to me?

It is estimated that more than 40% of Americans carry a revolving balance on at least one credit card. This is an enormous number, and it is caused primarily by the security people feel in making minimum monthly payments. When you charge money to your credit card, you are only required to make a small monthly payment to keep the debt from entering into collections, which means that a purchase made in 1995 might still be carried on a credit card in 2006.

Under pressure from the U.S. government, banks are increasing the minimum monthly payments. This can mean both good news and bad news for consumers, though it is supposed to be designed to assist cardholders with paying off debt.

In the recent past, minimum monthly payments have been between 2% and 3% of the total balance owed on the card. This means that 97-98% does not immediately have to be paid, and the balance continues to accrue interest as time goes on. Since some credit card APR’s number between 12% and 20%, consumers are paying off debt over several years.

Federal regulators say that by increasing minimum monthly payments, consumers will pay off their debts faster and spend far less in interest payments. In addition to the rise in monthly minimum payments, credit card companies will also have to include a Public Service warning on all bills stating that paying off debt faster will result in lower interest payments.

For consumers that count on low minimum payments this change might be devastating. It will make it more difficult (rather than less) to get out of debt, and many accounts may be entered into collections. For consumers who can afford the increase, however, they will find that they pay less in interest rates and get out of debt much faster.

This might also help consumers with their purchases. If you frugally determine your spending practices based on your budget, you’ll be less likely to purchase things for which you cannot afford the higher monthly payment. This will result in better spending practices and less debt.

To deal with this new increase, most financial institutions are allocating money that will help to cover defaulting cardholders. They are also cognizant of the fact that they might have to negotiate with cardholders to lower interest rates so that they can afford to pay off their debts. If you are concerned about affording the minimum payment, you are encouraged to call the financial institution to discuss your options.

How to Handle the Increase

Examine Your Budget. Take a careful look at what you can pay each month, and work around it. Spend less on eating out or entertainment until you can significantly lower the balance on your credit card(s).

Talk to a Credit Counselor. Credit counseling can help you learn how to manage your debt and can increase your awareness of spending with credit cards. You might also receive valuable advice for dealing with creditors.

Set Personal Limits. Consumers who are used to spending with credit cards may find it difficult to stop. Put your credit cards where they are not readily accessible, and determine for yourself what qualifies as a credit card need. Perhaps you’ll only use credit cards for bills or for emergencies. Set those limits for yourself.

Not only raise but take a fixed card for below 10% APR and increase to variable above 20%. I mean for no reason, and if they have answer the following; 1, Is you credit report what you consider “good”? 2 Confirm you have never had any late payments, bankrupcties or defaults. Not only to National City but any other creditor? 3, Is your FICO score above 700? 4, Did they raise it after you had a balance? I am willing to bet they did not want to raise it when balance was zero? Despite what is buried in card agreements would you agree this borderlines on either fraud or predatory lending?
What a bunch of loan sharks they are.

I am very responsible with how I spend money, so please don’t lecture me on how credit cards are so dangerous. I’ve waited til I felt financially secure enough to get one.

I just want one so I can work on establishing credit. I want to make one or two monthly purchases and pay them off so I can have some credit. I just want to know what kind of card should I look into getting.

I know I want a card with low-intrest rates(who doesn’t) and no annual fees. I am also a college student. If you can give me any information on a card you think I should look into, please let me know. thanks a bunch.

I’m looking to transfer some of my balance from and existing credit card to a new low-interest card. Can anyone recommend one for me?