Finding A Good Credit Card
For the past 20 years, I have had a Discover Credit Card. When comparing this good credit card to other cards, such as Visa, MasterCard, American Express, the Discover Card experience is overall superior to the benefits offered by the other big three. Long before it was popular, Discover Card was the first to offer a cash back bonus.
As its popularity grew, its general acceptance by merchants has increased and continues to increase as of today. The only drawback to using a Discover Card is that some local businesses/merchants may not accept Discover Card. The reasoning is that the fees charged by Discover Card to the merchant are generally higher than other credit card companies.
American Express is a brand name which is a part of the American lexicon. Originally, American Express only offered one kind of repayment term; namely, the full balance would be due at the end of the month. It’s not one of the more popular first time credit cards.
After seeking its market share of credit card users slowly erode, American express introduced the Optima card which would allow you to make incremental payments over time. While the vast majority of merchants accept American Express, aggressive market tactics by Visa have on occasion frozen American Express out of certain markets.
The best example would be the advertisements for past Olympic Games which suggested you use the Visa credit card to purchase your tickets, because the ticket seller would not accept American Express. One additional problem with American Express which occurred was the increase in its fees charged to merchants when their customers would charge a purchase.
This did cause certain high end merchants, such as car dealers, to no longer accept deposits or charges on American Express. While American Express has improved its card benefits, it appears American Express is generally a half a step behind their competitors. Finally, you have Visa and MasterCard.
I am old enough to remember when these two credit card giants were not affiliated with any bank or other financial institutions and were simply Visa or MasterCard. Overall, a Visa or MasterCard is easier to use than American Express or Discover, inasmuch as the credit terms can be very competitive, and they generally have looser credit requirements for individuals who are trying to reestablish their credit.
Overall, which card you use is a personal choice. For me, it’s Discover Card. The idea that I always get money back, even if it is nickels and dimes, is better than airline mileage or points which only give you a source of products which Visa, MasterCard or American Express what you to buy.
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Good Credit Card: Orchard MasterCard
The good credit card services provided by Orchard Bank MasterCard are nothing short of top notch. Impressed with almost everything about this company, I especially enjoy the ease of their on-line services. I initially activated my Orchard Bank MasterCard for well over three years and have since transferred balances and used it consistently for charging purchases. It is, of course, being a MasterCard, accepted everywhere.
I have never had any reason to lodge any complaints – and, trust me, I will complain quickly and loudly whenever I feel it is justified. Everything with this company is just easy. The original application procedure was easy. The original balance transfer was easy. And, even though I do not remember the original percentage rate charged on the balance transfer, I do remember that I was very pleased with it.
Having used the card for more than three years, I have not only not experienced any difficulties, I have been pleasantly surprised with the company. I have been called on two occasions in the, past, and received emails more recently regarding suspicious charges on my account, even before I was aware of the charges by way of a monthly billing statement. The charges were immediately removed without question when I explained that, no, I had not made those charges.
Before traveling abroad, I contacted the company to ask about using the card as a resource for funds while traveling. Getting through the initial automated answering system was a pleasant surprise as it only took me two choices to get a live person. I did, in fact, use the card while abroad as a back-up resource for extra funds. The live person on the other end of the phone thanked me for notifying them in advance regarding this use, as they would otherwise have become suspicious and spent time and energy tracking me down to verify that the expenses were valid and being made by me.
I have switched to on-line paperless billing and, again, could not be more pleased. The emails come in a timely manner, leaving me plenty of time before the payment due date. The on-line payment process is as simple and easy to use as it could possibly be. The on-line pages are extremely easy to navigate. And all very safe as well, since I have never experienced any difficulty with privacy issues or information leaking out to unwanted others.
All in all, I would recommend Orchard Bank MasterCard services to anyone who asked me about it. And, obviously, even to those who do not ask.
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Finding A Good Credit Card
Not all credit cards offer the best features and rates. One must look at the terms and conditions carefully when selecting a credit card. The following characteristics comprise a good credit card.
No Annual Fees
Most credit cards do not require annual fees. That is because the credit card companies make a significant amount of their money off of credit card balances. Make certain that you choose a credit card with no annual fees.
Grace Period
Make certain your credit card has a reasonable grace period between payments. The shorter the time period, the more likely you’ll have interest rate payments (unless you pay off your balance monthly). Regardless, if the grace period is shorter, you have less access to cash flow for other purposes.
APR
The Annual Percentage rate should be as low as possibly offered. This is the interest rate you’ll be charged on any balances that you carry. An important thing to note is that the APR will be different for purchases, cash advances, and balance transfers. Cash advances typically have the highest rate, so if you use your credit card frequently for this purpose, you may want to review the terms and conditions closely for this feature. As it pertains to balance transfers, many credit cards offer introductory low APR transfers within the first few months of obtaining the credit card. If you can pay off this balance within the introductory period, than transferring balances may be appropriate for you. But be careful, because after the introductory rate, you may be charged a higher fee than what you’re paying today. Once again, please review the terms and conditions of the credit card. In addition, there are fixed APR rates and variable APR rates. In a rising interest rate environment, which we may be in the future, then one’s carrying balance will incur more interest charges. With fixed APR charges, you’ll be charged the same rate on your balances.
Incentives
This is a truly valuable feature credit card company’s offer. One can get brand specific credit cards and earn points on future purchases, such as Ford and Disney. By using a Disney credit card, one can accumulate points to be used at Disneyland or Disneyworld for vacations. There are many variety of incentives, which include cash back on purchases, educational donations (through Fidelity 529 plans), or earning miles to travel. These incentives are nice features which give you an extra incentive to utilize the credit card.
In summary, all of the above features should be examined carefully when selecting a credit card.
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