I propose a state run Brewster's Millions. A years worth of inheritance from the state is split amongst 3 winners from a lottery. The contestants each have a month to spend all of their winnings. But just like Brewster's Millions. At the end of the month they can't own anything from the spending spree.
Here's some good information about a card I just got approved for: Capital One No Hassle Cash Rewards cards have no fees or charges at all for purchases overseas and in other countries. The interest rates are nothing special (12-20% depending on your credit), but there are no annual fees either. If you're looking to spend money overseas, like we are for our Ireland trip, this is a good way to go.
Here's some good information about a card I just got approved for: Capital One No Hassle Cash Rewards cards have no fees or charges at all for purchases overseas and in other countries. The interest rates are nothing special (12-20% depending on your credit), but there are no annual fees either. If you're looking to spend money overseas, like we are for our Ireland trip, this is a good way to go.
I second this! Since I just has trips to Japan and France I applied for a Capital One Venture card. No foreign transaction fee. Most cards charge 1-3%. Probably cancel now because I won't be international for as far as I can see, but maybe keep it in the safe just in case.
Here's some good information about a card I just got approved for: Capital One No Hassle Cash Rewards cards have no fees or charges at all for purchases overseas and in other countries. The interest rates are nothing special (12-20% depending on your credit), but there are no annual fees either. If you're looking to spend money overseas, like we are for our Ireland trip, this is a good way to go.
I'm going to be backpacking for two months next year. That might be my best bet.
CNN/Money had a post this morning about "Credit Card from Hell". I flipped through the first few. Pretty hilarious stuff. $500 credit limit with 29.99% APR and $180 annual fee!
It's not. Anyone who has credit so terribe that they get offered that card are never going to pay the fee, run up the max credit on the card, and the never pay a dime even after it goes to collections.
Nah I think you will be fine. For something that came up in discussion on here because Lifehacker ranked it their #1 rewards credit card, the only thing that might be bad about it is the rate (which we already covered is to be expected from a rewards card, but ultimately meaningless if you play your cards right, pun intended).
So I got the letter that I was denied. Basically it boils down to the fact I didn't have any existing credit as they cited a lack of long standing history with which to establish a credit line. It's about what I expected, really. My sister informs me that our credit union rece3ntly started a credit card with a reward program so I figure that is my next best option. I've been with them for over 12 years now so if anyone should give me credit, its them.
So, if you read the Booh Yah thread, you know that I'm planning a trip abroad for a year. That's going to require switching to a proper bank and getting a credit card.
So, if you read the Booh Yah thread, you know that I'm planning a trip abroad for a year. That's going to require switching to a proper bank and getting a credit card.
What do I need to know about this sorcery?
HSBC might be the bank you want, if you are heading to the UK. I remember it being convenient in the UK, plus, they have a decent online savings account. As for credit cards, it depends on what you need. Do you plan on carrying the debt from month to month or paying it off every month? Be aware that most cards have fees for purchases made outside of the US, so prepaid "global" cards may be the way to go, if you have the money for your trip up front.
So, if you read the Booh Yah thread, you know that I'm planning a trip abroad for a year. That's going to require switching to a proper bank and getting a credit card.
What do I need to know about this sorcery?
Considering where you're headed, I recommend Yorkshire Bank or Halifax, both of whom provide decent rates, and are plentiful around t'North. Also, You might want to look into getting a Travelex Cash passport for emergencies.
I'm not so sure about HSBC - I've not used them myself, but everyone I know who has, including my Ex Fiance, had endless trouble with them, trouble that usually results in fees.
I've heard similar about HSBC, but they have a Chicago branch office. I'll check with my relatives in finance. I was unaware of Travelex. That sounds like a pretty awesome thing to have around, in addition to the usual traveler's checks and such.
What do I need to know about this sorcery?
You go to the bank. You ask for an account. They give you one. It's really easy.
I meant credit card sorcery, Scott. I have a bank account and a debit card and all that. I have no idea what to look for in a credit card, though.
My parents suck in terms of fiscal responsibility so no such luck for me there...
In other news, I applied for a CC through my credit union. They claim a response to me via telephone by end of business tomorrow. Wish me luck, folks! One day the Amazon rewards card will be MINE!
Can someone (who is obviously not giving legal advice) explain this to me? Looking at getting my first credit card since apparently I'm an adult now. Does the minimum payment mean I have to pay at least $10/month while I have the card? What do the other things mean?
Edit: Just thought of another question. Say I buy $2000 worth of gold on the credit card, and then sell the gold to pay the bill and pocket $20 amazon credit. Do they/how do they prevent this?
You clearly have no idea how a credit card works, do you?
If you do not use the card, you pay nothing. There is no annual fee. Cards with an annual fee are the only kind where you owe them money even if you didn't use the card.
So you use the card to buy $1000 of stuff. At the end of the month, you must pay them at least the minimum payment, which is A or B. If you don't pay, there will be a late fee.
However, DO NOT DO THIS. If you only pay the minimum payment the money you did not pay back will accrue 19.99% interest. Even though you bought $1000 of stuff, you will end up actually owing them $1200.
Every single month, you should pay back the entire balance. If you spent $500 on the card, pay them $500. Do not buy things you can not afford unless it's a dire emergency.
As for your gold scam, yes. If you buy $2000 of gold, sell the gold, pay the card back in full, you will get the Amazon credit. They don't care. They get the merchant's fees when you bought the gold, which is a lot more than $20. But if you spend $2000 on your card, you will probably be close to your limit and unable to use the card for anything else for the rest of the month. For all the hassle of doing such a scam, you can easily just work a job and earn $20.
Also, your gold scam won't work because you won't be able to sell the gold you bought for more than you paid for it. It's the same reason you can't buy a $50 game from Gamestop and immediately sell it to Gamestop, or Amazon, or eBay, for $50. Same with gold. You will not be able to find a buyer who will pay what you paid for that gold.
TL;DR:
1) Buy everything you would normally buy with the card. Use it instead of cash whenever possible. 2) DO NOT BUY ANYTHING YOU CAN NOT AFFORD 3) Pay back the entire balance in full every month unless it's an emergency. 4) Profit! (in Amazon points, literally)
Funny sidenote, when I started this thread to talk about American Express Blue Cash, I was surprised that it was not the #1 rated card. Turns out this is because they no longer offer it at the cash back rates I am grandfathered into. This card is a dream: 5% cash back at gas pumps, grocery stores, and drug stores. 1% on all other transaction. My life is on this card.
But every place does not take American Express, which creates the occasional time when I have to use a dumb Visa checking account card. This is only ~$200 per month, but I realized I should be getting rewards for this as well, so I signed up for a credit card with whatever airline I currently had the most frequent flier miles with. Got their sign-up promotion and walked away with enough miles to clear 2 free roundtrip tickets to PAX South.
Now that I'm in a very stable position in life, I'm not going to shy away from using my great credit to get credit card rewards. Once you have a mortgage on the house you never plan to move from, and two paid-off cars, what do you need credit for? Just start signing up for credit cards and getting the sign-on bonuses. Don't fuck it up, don't forget to pay the cards, and cancel them after a while once you've got your awesome reward. Move on to the next card.
However, DO NOT DO THIS. If you only pay the minimum payment the money you did not pay back will accrue 19.99% interest. Even though you bought $1000 of stuff, you will end up actually owing them $1200.
This is not right. The interest rate is annual. You will owe something close to 1.5 to 2% interest for a month.
3) Pay back the entire balance in full every month unless it's an emergency.
More specifically, you can make payments before they are due. I am not an actuary or whatever, but my understanding is you want your statements to reflect a 10% balance to game your credit rating. That means pay 90% of your bill before they would send you a bill for it. If it looks like you're maxing out your credit card then waiting till it's due and then paying the full balance, your credit card will look like it's always got a 100% balance or whatever. The only thing that gets remitted to the credit agencies every month is that statement. That way it looks like you have a lot of open lines of credit to fall back on if you have any trouble.
I'm not an accountant, just repeating what I've seen on the internet more or less.
That's the dumbest thing I've ever heard. My credit is incredible. I've paid back my credit card in full every month for a decade. Whenever you keep a balance, you lose actual money because of interest. Even if somehow it made your credit rating soar sky high, you just lost actual money!
That's the dumbest thing I've ever heard. My credit is incredible. I've paid back my credit card in full every month for a decade. Whenever you keep a balance, you lose actual money because of interest. Even if somehow it made your credit rating soar sky high, you just lost actual money!
Buying a car and paying a lease probably help your credit rating a lot more than paying your credit card. I agree that carrying a balance is stupid. There's really only so much gaming you can do with a credit card so don't even try, carrying an kind of balance costs a lot of money these days. It doesn't really matter what you do, you're going to take it on the nose with your first car loan. Then you can refinance it in 6-12 months and be much better off. I've paid progressively less with each car loan I've gotten.
Comments
Needless to say, your ideas on inheritance laws are silly.
Capital One No Hassle Cash Rewards cards have no fees or charges at all for purchases overseas and in other countries. The interest rates are nothing special (12-20% depending on your credit), but there are no annual fees either. If you're looking to spend money overseas, like we are for our Ireland trip, this is a good way to go.
What do I need to know about this sorcery?
I'm not so sure about HSBC - I've not used them myself, but everyone I know who has, including my Ex Fiance, had endless trouble with them, trouble that usually results in fees.
In other news, I applied for a CC through my credit union. They claim a response to me via telephone by end of business tomorrow. Wish me luck, folks! One day the Amazon rewards card will be MINE!
Edit: Just thought of another question. Say I buy $2000 worth of gold on the credit card, and then sell the gold to pay the bill and pocket $20 amazon credit. Do they/how do they prevent this?
If you do not use the card, you pay nothing. There is no annual fee. Cards with an annual fee are the only kind where you owe them money even if you didn't use the card.
So you use the card to buy $1000 of stuff. At the end of the month, you must pay them at least the minimum payment, which is A or B. If you don't pay, there will be a late fee.
However, DO NOT DO THIS. If you only pay the minimum payment the money you did not pay back will accrue 19.99% interest. Even though you bought $1000 of stuff, you will end up actually owing them $1200.
Every single month, you should pay back the entire balance. If you spent $500 on the card, pay them $500. Do not buy things you can not afford unless it's a dire emergency.
As for your gold scam, yes. If you buy $2000 of gold, sell the gold, pay the card back in full, you will get the Amazon credit. They don't care. They get the merchant's fees when you bought the gold, which is a lot more than $20. But if you spend $2000 on your card, you will probably be close to your limit and unable to use the card for anything else for the rest of the month. For all the hassle of doing such a scam, you can easily just work a job and earn $20.
Also, your gold scam won't work because you won't be able to sell the gold you bought for more than you paid for it. It's the same reason you can't buy a $50 game from Gamestop and immediately sell it to Gamestop, or Amazon, or eBay, for $50. Same with gold. You will not be able to find a buyer who will pay what you paid for that gold.
TL;DR:
1) Buy everything you would normally buy with the card. Use it instead of cash whenever possible.
2) DO NOT BUY ANYTHING YOU CAN NOT AFFORD
3) Pay back the entire balance in full every month unless it's an emergency.
4) Profit! (in Amazon points, literally)
Funny sidenote, when I started this thread to talk about American Express Blue Cash, I was surprised that it was not the #1 rated card. Turns out this is because they no longer offer it at the cash back rates I am grandfathered into. This card is a dream: 5% cash back at gas pumps, grocery stores, and drug stores. 1% on all other transaction. My life is on this card.
But every place does not take American Express, which creates the occasional time when I have to use a dumb Visa checking account card. This is only ~$200 per month, but I realized I should be getting rewards for this as well, so I signed up for a credit card with whatever airline I currently had the most frequent flier miles with. Got their sign-up promotion and walked away with enough miles to clear 2 free roundtrip tickets to PAX South.
Now that I'm in a very stable position in life, I'm not going to shy away from using my great credit to get credit card rewards. Once you have a mortgage on the house you never plan to move from, and two paid-off cars, what do you need credit for? Just start signing up for credit cards and getting the sign-on bonuses. Don't fuck it up, don't forget to pay the cards, and cancel them after a while once you've got your awesome reward. Move on to the next card.
I'm not an accountant, just repeating what I've seen on the internet more or less.