Hi,
I've been interested in a very well established and supported credit
card offering establishment which would allow me to start with a
reasonable and humble setup in the beginning and then provide me with
credit limit increases based on how well our relationship works out
with time.
What are my options out there? Typically what would they need to see?
Passport? Statements from one of my active current accounts? Credit
Card Bills?
What I need is guidance on how I should be ideally selecting the
candidate service providers whom suite me and whom I as a middle level
fixed income and no assets to speak of client would be a good pick for
them.
So, what I need is a list of the companies and how to best compare their offerings.
I know that I should be looking at your recommendation as a fellow
consumer advising someone without responsibility, so don't worry about
being too unbiased. :-)
-Mao
Hi,
5%pa!? No way! Why didn't you ask about that?
Credit Card overdrafts are the high risk end of consumer lending.
There is no competition to make a card co. be that cheap, and it would be overrun.
Card co.s offer a convenient service that has its price: car rental,
hotels, etc., etc. Indeed, they advance credit free - if you pay
your bill immediately, but that costs something, and they take from
those who don't pay fast.
Hi Mao,
I remember now, you live somewhere in the Gulf region.
Did I use "overdraft" somewhere? No matter, I forgot cash advances
as another great convenience, also interest free if you cover the
amount when the next bill arrives.
Here is one list of rates:
http://www.moneyextra.com/compare/creditcards/Results.jsp;jsessionid=v7xpNjvks+zz0Ati+r5hiA**.mst2?page=1&rset=2&token=8a8daf80e4e953bd9f274c5f1016e36a
(you may have to use just the beginning of the link to access it.)
And here is another with more details:
http://www.cardratings.com/cardrepfr.html
Perhaps US based US$ cards are a good deal cheaper than yours.
General interest rates are very low these days.
Here is a third site that does show one digit interest rates, but
there has got to be something in the fine print:
http://www.abcguides.com/creditcards/
THE FAQs are very informative and extensive, however, and make the
point that (in the States, at least) it can be possible to ask for a
better rate (something mentioned concerning a couple of other
questions about credit card debt).
It also points out that there may be two rates effective for a card,
giving that the level you mention as that used when the debit balance
is above a certain amount.
And, it is usually quite difficult to get a credit card from a bank in
another country unless you let them have a good deposit (better to
spend the money reducing the balances on the cards).
So, good luck. Be seeing you around, no doubt :-)
I would apply for the card that your present bank offers, preferably
Mastercard, which is most generally recognized around the world (my
subjective impression), but VISA is just about as good.
My reasoning: You already have a credit record with your bank.
Another institution may(should) wonder that you as a new customer
apply for a credit card if you already have a bank account somewhere
else.
Do ask your bank then about how your credit limit is affected.
And you should know that some charge activities - car rental, hotel
reservations - may block the maximum amount the activity could incur,
which temporarily might cause refusal of acceptance of the card when
you want to make even a minor charge somewhere. That is, maybe pay
for a vacation stay or flights by another means, or tell your bank to
transfer in advance funds to your card account.
Other cards -Diner's, American Express, ... - may have some minor
advantages, but I don't know them, though I have one.
Clarification:
I'm not a US citizen nor do I have a social security number.
-Mao
Hello Myoarin,
What are the typical rates? Do you mean Cash Advance on the card by
stating Overdraft?
-Mao
Hi,
I do have a VISA and a MasterCard, my credit limit on them I have
developed through the years to come to rather a very reasonable
number. My issue is the %25 annual rate they charge me for the
outstanding credit extended to me.
I have the impression that I can find a card that charged roughly 5%
annually instead of 2% monthly. :-)
-Mao
 I could use some help again...
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