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Mom Confessions Mom Confessions

Credit Card Question... *Edit*

Posted by on Mar. 20, 2013 at 10:25 AM
  • 41 Replies
Ok so are those letters you get in the mail from credit card companies legit?


You know the one's that are like, "You have been pre-approved! Now give us your info like SSN and birth date!"


Its Discover if that matters..


We want to get a credit card with a low limit just to pay gas with and then pay the full amount each month.. Seems like a great way to build credit as long as your responsible with it...

Edit- Umm it says... 0% intro APR on purchases and balance transfers for 14 months... After that, your standard variable purchase APR applies currently 15.99%-18.99% (is that high?)... A 3% fee applies for each balance transferred... No annual fee.
Lol I have no idea what this all means...
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by on Mar. 20, 2013 at 10:25 AM
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Replies (1-10):
mtdew
by Silver Member on Mar. 20, 2013 at 10:26 AM
1 mom liked this

Probably is legit if it's Discover.  Call them and find out?

jillbailey26
by on Mar. 20, 2013 at 10:27 AM
1 mom liked this

Start with Visa or Mastercard.  Go to their website and make sure it's secure.  It'll say "https."


"Let us therefore make every effort to do what leads to peace and to mutual edification"  Romans 14:19

bear.katten
by on Mar. 20, 2013 at 10:27 AM
Oh and....

Not knowin' bout credit cards n shit!
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Anonymous
by Anonymous 1 on Mar. 20, 2013 at 10:29 AM

Google the card and who is issuing it. Those credit cards with low limits can be a trap. Meaning they will extend credit to you but add all types of fees initially. Here you are thinking you'll have $300 available but after all the fees you're left with only $75.

Get a card through your bank.

bear.katten
by on Mar. 20, 2013 at 10:29 AM
Why should we start with one of them? Are they better in some way? (serious question).. This one is 1% cash back with every purchase and 5% with purchases over a certain amount.. It says there is no late fee for the first time your late.. And no starting fee.. Seems good??



Quoting jillbailey26:

Start with Visa or Mastercard.  Go to their website and make sure it's secure.  It'll say "https."



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bear.katten
by on Mar. 20, 2013 at 10:32 AM
This one says we were approved for a $1,500 limit.. Thats pretty high for us but if we use it just for gas we shouldnt have any problems with a high limit.. Hmm.. Credit cards are confusing.. The bank said they have (shit I forget what they are called!!) idk thise one's that you pay like $300 and then you have a $300 limit, that seems silly...


Quoting Anonymous:

Google the card and who is issuing it. Those credit cards with low limits can be a trap. Meaning they will extend credit to you but add all types of fees initially. Here you are thinking you'll have $300 available but after all the fees you're left with only $75.

Get a card through your bank.


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jadedcynic
by Nerdalicious on Mar. 20, 2013 at 10:38 AM
1 mom liked this

A secured credit card is where you put down a deposit and your credit limit is the amount of the deposit. After you've had the card for a while and have proven your credit worthiness, they'll give you an unsecured card. There are two credit cards that offer credit to first time card holders, CapitalOne and First Premier. The First Premier isn't as nice and your payments don't load as fast, but it has a lower interest rate and higher credit limit than Capitol One. Capitol One has some great programs for cash back and travel.

Quoting bear.katten:

This one says we were approved for a $1,500 limit.. Thats pretty high for us but if we use it just for gas we shouldnt have any problems with a high limit.. Hmm.. Credit cards are confusing.. The bank said they have (shit I forget what they are called!!) idk thise one's that you pay like $300 and then you have a $300 limit, that seems silly...


Quoting Anonymous:

Google the card and who is issuing it. Those credit cards with low limits can be a trap. Meaning they will extend credit to you but add all types of fees initially. Here you are thinking you'll have $300 available but after all the fees you're left with only $75.

Get a card through your bank.



bear.katten
by on Mar. 20, 2013 at 10:38 AM
Lol should I call and be like, "Hey are you legit... Oh you are??.... Well I'm going to need some proof because bitches be crazy wit their scammin' n shit!" :-P


Quoting mtdew:

Probably is legit if it's Discover.  Call them and find out?


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Anonymous
by Anonymous 1 on Mar. 20, 2013 at 10:39 AM
1 mom liked this

$1500 is a good start. You're pre-approved so it could be more or less.

Surely there's a website address on the letter they sent. Check it out or go to BBB.org and research the company. It wouldn't hurt.

Credit cards are great if used sparingly and if you carry a low balance or pay it off every month.

As for your bank, they were more than likely talking about a secured card. Those are "safe" cards that you invest your own money into. In return you get a card with a logo on it and they report your spending and payment habits to the credit bureaus. They're good if you want to build or rebuild credit.

Sounds like you may have a legit offer there. But definitely check them out first.  ;-)



Quoting bear.katten:

This one says we were approved for a $1,500 limit.. Thats pretty high for us but if we use it just for gas we shouldnt have any problems with a high limit.. Hmm.. Credit cards are confusing.. The bank said they have (shit I forget what they are called!!) idk thise one's that you pay like $300 and then you have a $300 limit, that seems silly...


Quoting Anonymous:

Google the card and who is issuing it. Those credit cards with low limits can be a trap. Meaning they will extend credit to you but add all types of fees initially. Here you are thinking you'll have $300 available but after all the fees you're left with only $75.

Get a card through your bank.




kbutton24
by Mrs.Sima on Mar. 20, 2013 at 10:41 AM
1 mom liked this

Yes, BUT be careful. Most of them have incredibly high interest rates and a high annual fee. I would do some research to see which type of card fits your families needs best. 

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