I hate Chevy Chase bank. Other suggestions

[isle-hawg]

I understand about using it like a debit card.

But, you charge 700.00 for the month.

Get the bill at the end of the month.

It is not just 700.00. It is 700.00 + the interest charged to let you use the money for the month.

Like 710.00 or whatever.

They have to make money for giving you the card.

VISA and MC get around 2-3% cut on all purchaces made (paid by merchant not us). AMEX gets 5% which is why it is not as widely accepted. Not sure about Discover but it is lower than AMEX. They make theire $$$ regardless so long as you use it. But they make a killing when there is a balance carried over each month.

If you carry a balance (what the credit card companies want you to do) they charge interest immediately. If you pay the credit card balance off each month no interest at all. If at the beginning of the billing cycle there is a 0 balance, using the example you gave at the end of the month the bill for $700 will be $700 not +interest.

There is no reason you cannot keep your current credit card and use it as you do now for emergencies only you cannot pay off the end of the month -- AND -- trade in your debit card for a high payback rewards or cashback credit card and use it as you do your debit card.:2cents:

[Kosher Ham]

They make $ each time the card is used. It can be 1-2% for visa/MC or 3-5% for Amex.

Thus part of the reason for having the 0% intro rates and such. They expect impulse spending or balance transfers.

No not at all, I was in the Navy for 24 years and now a defense contractor for the last 4. I learned the hard way Cash is NOT King. When I was younger (teens/early 20's) I prided myself on paying for everything with cash and saving money.

But once I went for my first loan (new truck) age 24 to start my credit I learned the hard way that no credit history equals horrible credit which rates for the highest interest rate.

I am just passing on to you and other good folks at ES how the game works, so you do not repeat my mistakes.

Again though the key is pay it off every month, do not give the credit card companies a penny in interest. I recommend avoiding any card that has an annual fee as there are many that do not offer fees.

But you did not need a credit card to make your credit better. You needed to have shown some responsibility when given 'credit/charging' abilities.

An Amex that you have to pay off every month does the same thing. I remember going to school and getting credit offers from every possible bank (or so it seemed at the time). Once I bought my first car...even more...first house...Geez banks, I don't want or need your credit, I have money and can pay for it, in cash if need be...do you take checkcards since you don't want to pay for Amex?

[WVUforREDSKINS]

No not at all, I was in the Navy for 24 years and now a defense contractor for the last 4. I learned the hard way Cash is NOT King. When I was younger (teens/early 20's) I prided myself on paying for everything with cash and saving money.

But once I went for my first loan (new truck) age 24 to start my credit I learned the hard way that no credit history equals horrible credit which rates for the highest interest rate.

I am just passing on to you and other good folks at ES how the game works, so you do not repeat my mistakes.

Again though the key is pay it off every month, do not give the credit card companies a penny in interest. I recommend avoiding any card that has an annual fee as there are many that do not offer fees.

Ok so is this a wise plan, because building credit is something that I really need to start doing. I think I have some because bills were all in my name at college and paid on time.

Have a check in banking account and never touch it. Pay with credit card and then pay off the bill by writing checks linked to the checking account.

I have a $400+ check directly deposited in my account each week.

[Kosher Ham]

I get a nice size check every week though.

Its not like I have money problems:paranoid:

I have a $400+ check directly deposited in my account each week.

:laugh: :laugh: :laugh:

Hmm...

Not to mention you overextended yourself for no reason.

EDIT: Even if 400 bucks a week is good money (which it really is not). What are you blowing it on ? Hookers, drugs, alcohol ?

Cheers.

[da#1skinsfan]

pnc is the way to go. zero atm fees and terrific svc. nuff said.

[WVUforREDSKINS]

:laugh: :laugh: :laugh:

Hmm...

Not to mention you overextended yourself for no reason.

EDIT: Even if 400 bucks a week is good money (which it really is not). What are you blowing it on ? Hookers, drugs, alcohol ?

Cheers.

Well its my first job out of college. I live at home and spend my money on porn, blow, gas, and I gamble the rest away.

In all seriousness though, I am a temp and will be brought on and soon making 50k. So Im starting to look at building credit

[Mark The Homer]

its bank of america, and i have sat in that suite. It was awesome. Coaches of both teams sit on the left and right sides

Hmm ok. Either two banks have suites on the 50, or I'm mistaken.

I mentioned this in other threads. Dump ALL POS Debit cards and replace it /them with a Credit Card. But here is the important part. Use the Credit Card as you would a Debit Card.

Advantages:

-You have more protection in the case of fraud.

-Although you can pay your Credit Card online it does not take money out of your bank accounts automatically (unless you set it up that way, which I do not recommend).

-You can challenge a charge and while it is being investigated do not have to pay. The debit card already withdrew the money from your account.

-You can get a rewards credit card that pays you back for using it AND it costs you nothing.

Disadvantages:

-None that I can think of

One advantage of a debit card is you can get 1.5% cash back on purchases like, say, Redskins season tickets...

[Slacky McSlackAss]

Hmm ok. Either two banks have suites on the 50, or I'm mistaken.

Also helps they are the official bank of the Redskins and a team sponsor aswell.

[Mark The Homer]

Good point.

[RememberOsaka]

Agree with the previous posters that credit unions are the way to go. I have a Platinum Visa from Pentagon Federal Credit Union that rebates 5% on every gas purchase (that's about 20 cents per gallon for the mathematically challenged

) and 2% back for all grocery purchases. These rebates appear on each monthly statement as a credit and there is no annual fee.

[Skinsfan1311]

Not if you need to use an ATM.

Which is why I am primarily with BOA. Anywhere I am in the country will have a BOA Atm somewhere nearby.

It depends on the credit union.

Our credit union has an agreement with 7-11 stores to use their ATM's with no fee.

I'd venture to say there are far more 7-11 ATM locations, than BOA.

[Kosher Ham]

It depends on the credit union.

Our credit union has an agreement with 7-11 stores to use their ATM's with no fee.

I'd venture to say there are far more 7-11 ATM locations, than BOA.

Not really. I don't know if I have ever seen a 7-11 in my 4 years down here. And only recall 2 in Boston.

[isle-hawg]

One advantage of a debit card is you can get 1.5% cash back on purchases like, say, Redskins season tickets...

You can do the same thing with a cashback credit card.

I use a Discover card to pay for gas because it gives 5% cash back for gas purchases. Otherwise I prefer to use a AMEX that gives me HHonors points or a MC that gives me American Airlines miles when I use them.

The Seattle Playoff game cost me nothing for airfare or hotel room as I cashed in some points & miles for it this past Jan. I'll also cashed in some points to stay for free at the Canton Hilton Garden Inn this upcoming August.

[Shilsu]

I don't know if this is new or now standard, but I was pleasantly surprised to find that I could dispute charges on my Bank of America check card. They credited my account while they do the investigation (which may be a sneaky way to make me overdraft if they don't rule in my favor), but it is something that wasn't available a few years ago.