SubwayGuy Posted July 22, 2011 Share #51 Posted July 22, 2011 You are clearly misinformed. A charge card and a credit card are two different things and your credit score is NOT measured the same with a credit card and a charge card. In any event, I am happy w/my card which is what matters. I am not misinformed at all. I know what a charge card is. It's actually more limited than a credit card. You have to pay your balance in full each month. If you get a credit card with rewards and no annual fee...you can do the same exact thing. With no fee. As a matter of fact that's exactly what I do by paying my balance off in full every month. So unless you have a credit score that prevents you from qualifying for a credit card with a suitable limit, you are throwing your money away by getting a charge card. By the way, if you pay your balance off in full every month on a credit card for as little as 6-8 months they will gladly raise your limit significantly which reduces your debt/credit ratio and increases your credit score further. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted July 22, 2011 Share #52 Posted July 22, 2011 I am not misinformed at all. I know what a charge card is. It's actually more limited than a credit card. You have to pay your balance in full each month. If you get a credit card with rewards and no annual fee...you can do the same exact thing. With no fee. As a matter of fact that's exactly what I do by paying my balance off in full every month. So unless you have a credit score that prevents you from qualifying for a credit card with a suitable limit, you are throwing your money away by getting a charge card. By the way, if you pay your balance off in full every month on a credit card for as little as 6-8 months they will gladly raise your limit significantly which reduces your debt/credit ratio and increases your credit score further. Yeah well with my charge card I don't have a "limit". Sure I have an artificial one, but basically I asked for 2 - 3k a month of charging ability and was given that. In addition to that since a charge card doesn't have a real limit, your debt to credit ratio isn't factored in the way it is with a credit card, but with what I spend and pay off in full each month, it certainly has helped my credit score grow nicely and remain strong since I've had it. I can also get cash advances on my charge card way cheaper than on a credit card. Truth be told at first I wasn't wild about the card, but now I love it. Amex is known for having some of the best financial tools out of all of the card companies and this is certainly true. They also have perhaps the best protection in terms of getting your money back for things that you either don't want or are defective and the warranty has expired. They've consistently scored as being the best in terms of customer service and any time I have a problem they take care of it immediately. They have even given money back to me for things that I've disputed months after the window to dispute them has passed, so I really have nothing to complain about and I am not easy to please either. I also am not going to lie. I enjoy the prestige that Amex has esp. a Gold card and having an Amex certainly helps boost your credit score because Amex doesn't just give cards to any Joe Schmoe. Funny thing was when I was in my earlier 20s they pre-approved me for the Green card and denied me, which pissed, but a year or two later they gave me the Gold card, which is even better than a Green card, so it worked out nicely. I have two other credit cards just for the hell of it, but quite frankly the only other card I would go for is an Amex credit card or perhaps a very high end credit card. If I can get my score into the 800s then I would look around a bit to see what else I was elegible for, but I'm quite happy with my score in the 700s for now. Link to comment Share on other sites More sharing options...
SubwayGuy Posted July 22, 2011 Share #53 Posted July 22, 2011 I've had the Mastercard which is revolving credit, does not charge me a fee, and does everything you just said. I can easily run up 2-3k of charging ability if I like. They've preapproved me for levels of credit I don't even want yet. If there's something on there I dispute, no questions, they go to the vendor and argue it, and if the vendor says no, they ask me to contact the vendor once. If I say the vendor did not resolve it, they don't ask any questions and strike the item from my balance. Mastercard is accepted almost everywhere that takes credit. Prestige doesn't mean a thing...not wise to pay more for a "brand name". The only difference is it is revolving credit so you must be disciplined and pay the full balance each month to avoid interest charges. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted July 22, 2011 Share #54 Posted July 22, 2011 I've had the Mastercard which is revolving credit, does not charge me a fee, and does everything you just said. I can easily run up 2-3k of charging ability if I like. They've preapproved me for levels of credit I don't even want yet. If there's something on there I dispute, no questions, they go to the vendor and argue it, and if the vendor says no, they ask me to contact the vendor once. If I say the vendor did not resolve it, they don't ask any questions and strike the item from my balance. Mastercard is accepted almost everywhere that takes credit. Prestige doesn't mean a thing...not wise to pay more for a "brand name". The only difference is it is revolving credit so you must be disciplined and pay the full balance each month to avoid interest charges. I have two Mastercards, but I'm not all that wild about them. I get way more perks with the Amex. Amex is sponsoring Restaurant Week in which I get a credit on my account for eating at three of more restaurants during the two weeks. :cool: Oh and with Amex I don't have to go back and forth with the merchant. They take care of it instead of me getting involved. Whose got time for the back and forth?? Link to comment Share on other sites More sharing options...
SubwayGuy Posted July 23, 2011 Share #55 Posted July 23, 2011 I have two Mastercards, but I'm not all that wild about them. I get way more perks with the Amex. Amex is sponsoring Restaurant Week in which I get a credit on my account for eating at three of more restaurants during the two weeks. :cool: Oh and with Amex I don't have to go back and forth with the merchant. They take care of it instead of me getting involved. Whose got time for the back and forth?? It took me 5 mins... I get 5% cash back on rotating categories that change every 3 months...1% on everything else, so I can't complain. And best of all NO FEES. Link to comment Share on other sites More sharing options...
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