Current Events > C/D: There are some credit cards you consider "loser credit cards"

(+) Yeah! (+)

C

the ones for those with bad credit. y�all ain�t even getting close to the bougie cards like Chase or Wells Fargo credit cards

AzNDarkSamurai posted...

bougie cards like Chase or Wells Fargo

Lmao

So... secured cards?

Any card with an annual fee is a loser card.

I cant tell if i hate your topics or love them

I never thought about it this way tbh

Sexypwnstar posted...

So... secured cards?

yup or the loser ones like Credit One who take people with loser level credit

if your card has a credit limit, an annual fee, no rewards or all of the above, i got bad news...

tankboy posted...

Any card with an annual fee is a loser card.

dont think you a loser if you can get approved for a high end AMEX card with big rewards

tankboy posted...

Any card with an annual fee is a loser card.

Not if you make more in rewards than the annual fee costs.

lilORANG posted...

Not if you make more in rewards than the annual fee costs.

Then explain AmEx's business plan. It's not a new company.

tankboy posted...

Then explain AmEx's business plan. It's not a new company.

I don't even know what this is supposed to mean. I pay $100 annual fee for Capital One and get thousands in rewards points every year. I'll gladly make that tradeoff, as I haven't paid for my own travel in years.

lilORANG posted...

I don't even know what this is supposed to mean. I pay $100 annual fee for Capital One and get thousands in rewards points every year. I'll gladly make that tradeoff, as I haven't paid for my own travel in years.

I have the same card and its easily worth what you get in rewards if you pay it all off on time

C, all of them

When I was growing up it was always:

Visa or Mastercard: You're good to go.

American Express: Maybe? Roll the dice.

Discover: Get the fuck out of my store.

...but I don't know shit about credit cards these days.

bump

tankboy posted...

Any card with an annual fee is a loser card.

^This guy right here doesn't know anything about credit cards.

i'm working on fixing my credit so one day i can have a "good" credit card.

300$ limit, 79$ annual fee, but it's what i could get.

i slap my phone bill on it once a month and then pay it off

it is Capital One so maybe not a complete loser brand?

I know people, including my brother-in-law, who open new credit cards and "game the system" like hawks. It feels like they always have airline and hotel points available to make vacations a lot cheaper. So I'm sure there are ways to take huge advantage of cc perks if you're willing to put in the time and effort - I've just been too lazy to really look into it.

I got a chase sapphire reserve and while it has a $95 a year fee, they gave me a 1,000 dollar bonus when I signed up and spent 3,000 in 3 months(which I was able to do without spending extra on stupid stuff). That is also on top of the rewards it already gives you when you spend.

So yeah, cards with an annual fee you just need to figure out how to get your money's worth out of them. Another bonus on this card is a $50 a year hotel credit. So as long as you stay in a hotel one day a year, you get your annual fee essentially reduced to $45

I considered loser credit cards to be ones that lure people in with cash back but they have like high interest rates and an annual fee.

argonautweakend posted...

they gave me a 1,000 dollar bonus when I signed up and spent 3,000 in 3 months

My coworker recently got a card with something like and I just don't understand how I could spend that much money in three months...

To be fair my mom and I went in on it, and we went on a trip for free because of it.

But what you can do is put bills on it. rent, utilities, etc. There is usually a fee associated with paying these types of things with a credit card but I don' think it'll eclipse the bonus.

I really regret getting Alaska Airlines.. causes I'm paying annual $100 fees and I don't travel every year domestically with it. I wish I never got it. It's dumb.

argonautweakend posted...

To be fair my mom and I went in on it, and we went on a trip for free because of it.

But what you can do is put bills on it. rent, utilities, etc. There is usually a fee associated with paying these types of things with a credit card but I don' think it'll eclipse the bonus.

I guess I couldn't use my bills because I take out cash for rent and utilities and give it to my roommates to pay for my share... Which would just leave my car insurance, which wouldn't get me close...

random_man9119 posted...

My coworker recently got a card with something like and I just don't understand how I could spend that much money in three months...

Good for you I guess but I can't imagine not spending that much in 1 month lol.

Walmart because fuck you Walmart give me my Master Card

I want more free money

Arcanine2009 posted...

I really regret getting Alaska Airlines.. causes I'm paying annual $100 fees and I don't travel every year domestically with it. I wish I never got it. It's dumb.

Cancel the card.

Hospy posted...

Cancel the card.

Be careful about doing that because a closed account can affect your credit and lower your score

I cant even get a credit card issued in my country of residence as Im a foreigner. My debit card has a number of benefits though.

AzNDarkSamurai posted...

Be careful about doing that because a closed account can affect your credit and lower your score

Isn't this just a temporary hit, and probably not a huge hit in the first place?

Though I hear stories of somebody doing a mundane thing and their score dropping 100 points, I wouldn't be worried. If the card isn't benefitting you, don't use it.

argonautweakend posted...

Isn't this just a temporary hit, and probably not a huge hit in the first place?

Though I hear stories of somebody doing a mundane thing and their score dropping 100 points, I wouldn't be worried. If the card isn't benefitting you, don't use it.

it can potentially be a big hit

When I closed a card last year, my score dropped 50 points for a few months for some reason

The reason is because your credit limit across all cards decreased resulting in a lower credit utilization %

Unless you're in the market for a car or other large purchase in the near future, don't worry about your score. Good spending habits and credit utilization will recover any impact to it.

AzNDarkSamurai posted...

Be careful about doing that because a closed account can affect your credit and lower your score

If theyre not using it and paying an annual fee there is really no reason to keep it.

If you are worried about credit utilization apply for a card that doesnt have an annual fee and dont use it.

Hospy posted...

If theyre not using it and paying an annual fee there is really no reason to keep it.

If you are worried about credit utilization apply for a card that doesnt have an annual fee and dont use it.

yeah I used to do things like this at the time my score was low

lilORANG posted...

Not if you make more in rewards than the annual fee costs.

This, my primary card is a Chase Sapphire Preferred which I use like a debit card. Put literally everything I can on it (which is everything but the mortgage and car loan) and pay it in full each month. Not a penny in interest but I get tons of rewards points which cover most if not all of my travel costs each year. Only $95 a year, which is well worth it IMO