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View Diary: Least Worst Credit Card Company? (19 comments)

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  •  Your local bank or Credit Union (4.00)
    Particularly Credit Unions, issue their own cards- often at very fair rates and with your line of credit linked to overdraft protection in your checking account.
    You will still need to check to see if the local Bank or Credit Union issues through one of the big evil usurious corporations.
    G'luck, and BTW- credit card use isn't the best way to build credit for a future mortgage.  You have to spend your money to "get" the credit.  Instead, take a cash secured personal loan (i.e. the Bank holds a $5,000 CD to loan you $4,800).  You will get a fabulously low interest rate on the loan (duh! they've got your money already).  Put the loan proceedes into a very conservative invesment vehicle and forget about them.  Make your monthly payments on time and after a couple of years you have:
    Your $5,000 CD back.
    The $4,800 you invested plus whatever income you have on it.
    A tax deduction for the interest you paid to offset the invesment income.
    A history of on time payment of a secured bank loan, something a bit more congruous to a mortgage.
    What you don't have:  Money wasted on CC interest, a whole bunch of broken or worn out crap, the begginings of a CC habit that will lead to mideaval serfdom.

    Might and Right are always fighting In our youth it seems exciting. Right is always nearly winning. Might can hardly keep from grinning. -Clarence D

    by Myrkury on Fri Mar 04, 2005 at 03:49:05 PM PST

    •  I concur (none)
      I approached my local credit union a few months ago after MBNA changed the terms of my account.  I asked who issues their credit card and was told they do it independently within the credit union.

      I just paid off the MBNA and will be closing it soon.

      Credit unions also offer lower rates.

      I'm a blue drop in a red bucket.

      by blue drop on Fri Mar 04, 2005 at 05:17:19 PM PST

      [ Parent ]

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