And my story is pretty current too. I stopped working at Macy's in 2001. However, if you apply online or take a paper app and send it it, you don't need a major credit card number. We only took it at the register for "Instant Credit Approval."

Actually, closing accounts only give you negative points if you do this before making a HUGE purchase like a house or a car...I don't know why, but they look for something that could be construed as red flags and they think this is one. What I've learned is that if you don't use the card for a LONG period of time, then the company will close the account anyway...I have had SO many cards cancelled on me because I only use my debit card and 1 specific Visa card...the cancels don't cound against you, from what I understand...

Credit cards are a major reason for the stress in my life right now. I hate them, wish I had never gotten any of them or at least wish someone had told me the correct way to use them, like paying them off asap. I know now that my parents have poor money & credit habits and sadly I have started down the same road. :(

Really?! Well, I never apply when they ask me if I want the 10% off so I'm clusless to the "new" ways, I guess. :D Though I did get a new Pier 1 card about a year ago and they just asked for social and ID.

Personally, I'd still refuse to give it to them. If they refused to do my app without it, I guess they'd lose a customer...

For many mall stores anymore there's no use in getting one of their store cards. You may get an initial discount, but for many of the stores you don't really get anything after that. VS is an exception. Express you don't get ANYTHING anymore, so I did close that account. Department store cards though will generally be good about coupons and stuff-Macy's is excellent for that.

Plus mall stores have REALLY high interest rates

Seriously, guys, this is so true. Macy's is really good about sending coupons and stuff to their cardholders, but I just quit working there several days ago and if I hadn't had to get an account just to use my employee discount, I wouldn't have. The interest rates on those cards is sky-high, and there are a lot of problems with the credit department...not one day would go by when I wouldn't get a customer who had a complaint about their bill, customer service, whatever, and I always hated calling the credit center because the operators were morons. Plus, I got so sick of having my job depend on pushing those damn credit cards that now, if I ever do go in there to shop, I will most definitely be using my debit card because it costs them more to process it. :p

Maybe, but I do know this. Barneys and Bloomingdales have a profile on you and send you info on special events, sales, etc. and have programs for their card holders.

I'm going to cancel some of my old cards but only because I don't use them and they don't have a lengthy credit history.

-Rudey

The Federated company in general is very good to their card holders. I always get coupons, special gift cards, catalogues, special event information, card holder discount days, etc. from Macy's and Bloomingdale's. Those are the only store credit cards I have.
When I worked at Bloomie's, the card holders that spent a lot of money at the store would have a day where the store would be open just for them, they'd have their own personal shoppers and they'd get a glass of champagne when they walked in the doors. Very nice.
The rest of the stores give you 10% off your initial purchase and then that's it. Everytime you use a credit card (Visa, Mastercard, Amex, Discover), the store has to pay the credit card company a certain percentage of your purchase which is why many stores won't let you purchase something under $5 on a credit card. That's why companies basically harrass you into applying for their credit cards (coughLimitedCorpcough); you purchase on their credit card and then they don't owe any percentage to the creditors! Why should I help them out unless they're giving me stuff for being a frequent customer? This is the main reason why my only store credit cards are with Federated.

The other cool thing about having a Macys card is that if you forget your coupons at home when they are having one of their massive sales, they give you the discount anyway because since you have a card, they know you have the coupon laying around somewhere. So that's a perk.

But there were a TON of employees that I worked with there who were in debt to Macy's themselves. Their paychecks would go to paying off their bills. It was terrible.

Though I did keep my Macy's card open all through college because I needed some sort of credit to get my cell phone. My brother tried to get one on his own, but didn't have any CCs at all and my mom had to co-sign with him. And he was over 18.

I'd just like to say that I don't think that's real champagne. I think it's the same awful stuff they give you in the "champagne room" of strip clubs that aren't allowed to serve alcohol.

-Rudey

Well, I doubt it was Dom Perignon but it's the thought that counts! Plus, it's free alcohol and since I was an employee, I got to have the leftovers. I definitely wasn't complaining. ;)

That all depends on the cell phone provider... And that's a whole different thread. :D

Capital One- SUX, no one I know has liked them. One time I had a credit and they charged me fees! :mad: Then when I called to tell them to take the fees off, they asked if i wanted my credit limited upped. HELLOOOOO, this was a college student card at the time, so I had like no income.

AMEX-LOVE THEM! I have the blue cash back. Best thing ever, course I pretty much pay it off each month, can't afford to rack up huge bills.

My Dad just switched from the USAir BofA to the Citibank Thank You. Course, this is the card, I get to use for "um necessities" :D My dad only uses the cards for the points/miles. So he charges eveything (even my tuition and stuff) then pays it off each month, but gets all the points. Yeah, my dad is the one charging blockbuster even.

I'm probably going to get one that has points too, I mean, at this point, i might as well get something back from the company.

For Capitol One haters: what fees are you referring to? I have one and I'm not being charged... yet. :confused:

I mean there were all the things they TRIED to get me to sign up for... theft protection, insurance etc that all had a fee. I said no to them all.

But the promo I got was no annual fee. I just curious if there was another promo or something.

There is no problem with Credit Cards as long as You Pay them off Monthly, full bill.

Debit Cards, well to easy to just go to ATM and forget about deducting from You Check book.:(

Cash isnt bad, it is the coin of the raelm dont Ya Know!:D

I worked for RH Macy and JC Penney so do have a bit on knowledge.

Coupons are rampant everywhere.:)

So, the basic premis, cant afford it, dont buy it!;)

Oh, some CC will charge a fee if your purchases are not enough, CITI BANK! for one!:mad:

They charged me finance charges. Just like if I had a balance.

Oh, some CC will charge a fee if your purchases are not enough, CITI BANK! for one!

Tom, is this with all citibank cards?? And what's the min usage?

I got a Discover Card over the summer. Granted, my parents pay it off (that's what is great about being a sophomore in college without a job..lol). I use it mainly for books or for emergencies, but its good. I haven' had any problems with Discover yet...the only "problem" i've encountered is that some places won't accept Discover cards (dont know why)...but i'm happy with them.

I like my capital one card-I do have th theft protection and this is the only card I will use to purchase things over the net.

I love my lowes and home depot card -0% interest and no payments for 1 year :)

If you have no credit, the best thing to do is this:

Go to the bank you bank with or your parents bank and get a simple loan. Your parents will probably have to co-sign. Then open a student checking account at the same bank or where ever offers a free student checking. Deposit the loan money into there. Then call the bank from which you have your loan through and have them automatically debit THAT account for your monthly payment each month for AT LEAST 7 months. Most of the time, the automatic draft is a free service. This way, your building good credit and not having to worry about making your payments on time.

I should have taken my own advice, but about 9 Credit Cards later, i have finally learned my lesson. Thank god, ive had parents help me when ive been stuck. But I have them all paid off except for 3, which add up to about 7,000.

I will once again reiterate that I hate credit cards. My mom though has been kind enough to lend me $15K, interest free to pay off my CC which currently charges me about 20% interest....so now instead of paying the CC company, I will just give the money to her which works out fine because at least no more interest. I will finish paying her off in 2 years....sigh....damn the CCs.

I read that experian article that someone linked to earlier. I still kind of got a little confused (it happens every once in a while). I used to have 10 credit cards. :eek: I am now down to 8. I don't use half of them. EVER. I have read where, if you don't ever use some of your cards, TO cancel them. I cancelled two of them simply because they don't have those stores near where I live now. How would I use them? I would like to reduce my credit cards down to maybe 2 or 3. I don't know my Credit Score so will cancelling them be a negative? I mean half of them I don't even use anymore.

I assume my score is pretty good. My parents bought me a car but put it in my name to make it look like I bought it. My car insurance is in my name, and it's paid on time, every time. Every credit card bill is paid in full, on time, every time. Should I just go ahead and do a mass cancellation of the cards I don't want or just do it one at a time over a period of time?

Never assume your credit score is good. That's what identity thieves what you to think.

Surf on to equifax and other sites like that and get a $15 credit report. Especially with lots of cards in your wallet.

I just got out of credit card debt. I have about 8K on one card and i paid if off finally last wednesday after about 3 years.

I do have to say that i like the credit cards cause it is the only way that i could have survived and remained in my apartment and afforded food. I know it was a bad thing to do and i wish that i did not have to do the cash advance checks that they send, but i only used it cause i was unemployed and was not about to find work, or get unemployment for about 9 months.

Credit cards are usefull in emergencies. I know 8K is an emergency? but when you are unemployed it is. Anyway, people should get a credit card through your bank that just withdraws the funds from your checking account, but at the same time it is a good idea to have something for emergencies. I have had many times were i was going to school (as on my way to school) that i had a tire blow out, or my breaks went out and i could not have gotten the needed cash so it was a good thing that i had a credit card so that i could charge those things in the emergency situation.

Credit cards are not evil and can be helpful is used properly.

And Yeah for my finnaly being out for debt!!!!!!

Does anyone have good advice about American Express charge cards?

I have Blue, which was great as a student and to help me build up my credit, but I want a charge card (either Green, Gold, or Platinum). I travel and go to enough entertainment events to justify the fees, so that's not an issue.

For those of you who have one--which one did you get, and why? It will be my only card, paying the balance is required, and I have great credit, so I won't need a "credit cards are e-villl!" lecture. :)

My husband & I have an American Express card now with no annual fee plus we get cash back rebates on our purchases. The rebate varies depending on what you purchase, but we charge everything we can on the card and get a nice check once a year! It's like free money!

I believe there are a lot of Amex options so I would suggest calling them and see what kind of promotions they have right now.

i've had a visa since college and a couple of gas cards. i added a discovery card recently because i had to get some doctor stuff done.
kind of boring. but if there's cash back so be it.

Credit cards are a necessary evil in today's day and age. If you're renting a car, getting a hotel room or shopping online, you'll probably need a CC. But as many have said, it's all a matter of restraint and understanding how they work.

Personally, I think all CC companies should be banned from recruiting college students as customers. I've seen too many rack up major debts by the time they graduate. They get suckered in by the super low intro rates, the fact that there's only a $20 minimum monthly payment and the silliest thing of all is getting some silly knick-knack as a bonus for signing up. At first the students are usually pretty good their spending, but then that fades. It's too easy to get spending cash, buy clothes, entertainment equipment, go on a big spring break, etc. Next thing they know their balance is huge and that 1.99% intro rate expires becoming like 17.99%. They're fouled and it will take years to get back on track.

But for my Hubby and me, they work great. We've got 2 we primarily use, pay for everything that we used to pay for with check/cash and pay off the balances every month. One is Citibank Upromise card (see link to my "Cool Sites" explanation of Upromise http://greekchat.com/gcforums/showth...threadid=67456 ) and the other Capital One College One. We've never had a problem with either unlike some folks here. Both are rewards cards that deposit the cash into our son's 529 account. No annual fee and if for some crazy reason we weren't able to pay in full one month, the interest rate is 7.9%.

I've got the Capital One set up specifically for online purchases. Hubby restores old cars and buys a great deal of parts on Ebay, so I've set up one on Paypal. I've also got the majority of our monthly utility bills on automatic billing to that card. We're never late remitting a bill and the last time I bought stamps was for Christmas Cards.

The Citibank gets used for daily stuff, including groceries and gas, for the extra Upromise contributions from contributing companies, up to 10%. But the cool thing is that they also offer Virtual Credit Card numbers. This generates a one time use number that has a one year expiration date. It's great if you ever want to buy something online from a company/site you are unfamiliar with. You can feel good that your credit card info won't be highjacked because it's not the real thing.

I've also got a local department store card, but normally I don't advise these. Most of them usually charge 21% or higher. But again, if you pay it off each month you won't incur interest. My reason though is that they've got a cash back program as well in addition to the coupons many have talked about. Every purchase earns points and once you reach a given point level, you'll recieve a coupon good for $X anywhere in the store. Plus, about every month or two they have double or even triple point days. They also have frequent 90 no interest events. (Be careful with these sorts of promos though regardless of the company. Often if you don't pay the balance in full by the end date you'll end up paying back interest from the date of the original purchase.)

It's all a matter of being a responsible consumer. Know what you can afford and what you can't. Pay all your bills on time. Read that annoying fine print so that you understand exactly what you are getting into. If you don't understand it ask questions. If you get the run around, ask to speak to someone else because you should never commit to something you don't fully comprehend.

i have two credit cards, a citi card and one from compass bank. if i need to charge, i do that on my compass back card and then tranfer it to the citi card. i get 1.99% on all transfers until its paid in full. i have been good at not charging for 2 years now. by april i will be debt free. i cannot wait until the day i cut both cards to pieces.

New Credit Card question
 

I have a pretty decent credit rating and 2 credit cards. One is completely paid off (Cap 1) and the other has a balance on it but it's new and I haven't gotten the bill yet (Credit Union.) I have heard all sorts of horror stories about Cap 1 so I wasn't going to use it anymore.

I got a letter in the mail from Cap 1 saying that my default APR is going to be raised to 19.9% unless I opt out. Now, it doesn't really apply to me because there is no balance on the card and I paid it off every time. BUT they are giving me the option to cancel it. I can just say, oh, I don't want the card any more because I don't agree with the APR even though I don't intend on using it again.

My question is, if the card has a zero balance and they are giving you the option to cancel it because you don't agree with the change, how much will it affect my credit score? Or does it matter? (A cancellation is a cancellation type of thing.)

I just don't want them to randomly charge me for NOT carrying a balance and this could be my way out.