I have two credit Cards. I ask solo questions yesterday on the two companies, I have a Capital One Platinum Card, and 1st Finical Bank Master Card. and I'm think on whether to get rid of one.
My Capital one is Platinum, which offers added protection, but the interest in 20.30, which is pretty high. They also gave me a $2000 credit limit.
My 1st Financial Bank card has a interest of 16.50% and 0% on purchase under $250 dollars. But the credit limit I have with them in only $1000.
If you have any idea on which to keep let me know. If you have any experience with either company can you please give me your opinion on them and any other information yo think would be useful
2006-08-21 11:57:44 · 0 answers · asked by ArchAngel Raziel 3 in Business & Finance ➔ Credit
If I remember correctly, you are a student, so it's unlikely that you will pay the balance in full if you max out the card every month. This is easy to do when you need books and have to pay student fees. Credit cards are not free money. The minimum payment looks attractive now, but it will pull you into hell later.
While I'm not familiar with Financial Bank and their programs, their offer looks much better than Capitol One. Your limit with Financial Bank will increase over time.
If you are concerned about the warranty protections, check and see if your debit card offers warranty services on purchases. I found out that my Washington Mutual card does when I was bored one night and I read the fine print disclosures. Banks have a way of disclosing information they don't want to tell you in the disclosures, hoping that no one reads them. But I digress.
Thank you for asking such a responsible question!
2006-08-21 14:06:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What ever you do, do not close any of your cards! If you need to use one, just use the one with better interest. Part of having good credit is having established credit. Keeping both of them open with help you build established credit history.
2006-08-21 15:04:29 · answer #2 · answered by bella_4624_19 4 · 0⤊ 0⤋
Keep them both and never pay less than the full amount owed, that is it, move on with your studies and concentrate on your future money making abilities rather that playing banks games.
RE:
2 Credit Cards Question?
2014-11-06 23:06:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The earlier answer that suggested barganing seems pretty good! I'd try it. Barring that, however, I would keep the one with the lower interest rate. If you use the card and pay it off in good time, they will gradually raise the limit on your card. 20% is too much, really.
Of course, you also have the option of shopping around online for a card with the best incentives and lowest interests. I can't speak for the American companies, unfortunately, and can't tell you what their customer service is like.
2006-08-21 12:30:56 · answer #4 · answered by verbosegirl 2 · 0⤊ 0⤋
The interest rate should not matter. If you do not pay your credit cards in full each month, they are eating your lunch. I would keep and use both -- will help build your credit record.
2006-08-21 12:06:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
keep them both, but use only the 1st Financial Bank card. Use the Capital One only if you must. That way if there is an emergency when you need the extra credit you have it. Such emergency might be the need to repair your car for example.
If you have had the 1st for some time and used it frequently, you might call them and ask them to raise the credit limit. I would be willing to bet that they would.
2006-08-21 12:08:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Dude, do this..Call each company say "I have another card with a little higher credit limit and a smaller interest rate" (dont tell them the name of the company), I'm going to get rid of either your card or maybe the other one"...
See if they'll give you a higher limit AND a lower percentage rate.
I bargain with MY card issuers ALL THE TIME!
2006-08-21 12:04:15 · answer #7 · answered by Munya Says: DUH! 7 · 1⤊ 0⤋
Just keep them both doesn't mean you have to use them just better for your credit not to cancel a card.
Also, if you do what u are suppose to be meaning pay them off every month that interest rate should not matter.
:)
2006-08-21 12:05:25 · answer #8 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
Keep them both open, but use only one and pay the balance in full every month. Closing an account usually actually lowers your credit score, so it's really self defeating.
2006-08-21 17:58:02 · answer #9 · answered by mrs.goggintobe 1 · 0⤊ 0⤋
Keep the lower interest rate one, and ask for an increase in your line of credit if you need it. But, if you miss a payment, your interest rate will jump.
2006-08-21 12:04:29 · answer #10 · answered by puppyfred 4 · 0⤊ 0⤋