topic Re: difference in credit cards in Credit Cards

difference in credit cards

Anonymous — Tue, 20 Mar 2018 00:00:32 GMT

I read many posts about the community looking to obtain Chase cards and
Amex cards more often than not. Do cards from other banks such as Wells Fargo, Citi, and Bank America to just name a few are not as desirable or are harder to get for people rebuilding their credit? Thanks for any information that is provided.

Re: difference in credit cards

MrDisco99 — Tue, 20 Mar 2018 00:13:57 GMT

Chase and Amex have some very good high end products with high value rewards which are seen as goal cards by many. This is why you probably see more about them than other issuers.

This is very different from what cards are good to get for a rebuild. BoA and Wells Fargo cards don't have rewards as good as Amex and Chase, but they have some products worth getting, and they have products that can be a great place to start building your credit (like secured cards and no fee rewards cards), especially if you already bank with them. Citi is kinda somewhere in between, with good rebuilder cards AND rewards cards.

It's generally a good idea to diversify what banks you get cards from and try different rewards programs to see what combination will maximize your earnings. This is also good so that if one bank decides to put you on their naughty list (which could happen through no fault of your own!), you'll have other options.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 12:34:00 GMT

I have been banking with wells fargo and have a good reputation with them. For someone with a fico of 678, according to wells, would they be a good option to try for an additional card. I am currently at 2, with a car loan , all being paid on time and utilized properly. Thanks for the great information.

Re: difference in credit cards

AverageJoesCredit — Tue, 20 Mar 2018 13:12:56 GMT

The only real difference is in what each lender offers and since we all have different needs and wants, our quest for different lenders can be diverse. Being huge names, Amex and Chase are obvioudly going to get more attention and more so that people can obtain big credit lines and or rewards from them .

As funny as it may sound, for someone like myself who has a low income low spend, Amex and Chase dont do too much for me. Find a lender that works for your spend and lifestyle and youll be ok.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 13:29:28 GMT

thanks average joes credit

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 14:26:44 GMT

There are terms like 'building a relationship' thrown around here but basically to me, a credit card is a credit card. Makes absolutely no difference to me what bank it's from, doesn't mean anything. As long as the rewards and/ or credit line are what you want, who cares right?

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 14:29:14 GMT

makes sense. Get the best rate you can with an acceptable credit line and that should be the defining factors, you are definitely correct.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 14:32:59 GMT

I confess to sometimes feeling like I'm on the outside looking in when people talk about AMEX, Chase and Citi cards because of the piddling little matter of my 2014 BK. I burned Chase directly on a Visa in that filing, and a co-branded Citi card (Best Buy, which had been transferred from Cap One to Citi just a few months previously!) was included in the filing too, so I don't think I have any really good prospects of getting a card from either until the BK finally drops off my report some 6 1/2 years from now. I include co-branded cards such as Chase's Amazon and Citi's Costco; I'm told these, not being under the issuer's brand but under the brand of the shopping partner, are easier to get than cards that you apply directly to the issuer for (if that makes sense), but I'm also told that Chase and Citi, respectively, are just about as skittish about post-BK users applying for those cards as for their own. As for AMEX, I've never had a card with them, but they have an internal policy requiring a waiting period of 5 years plus 1 month following BK filing, so I'll have to wait until next fall to be seriously considered.

All that said, I've turned my attention to more BK-forgiving issuers like Cap One, Discover and credit unions, and am beginning to get some good cards from them as my history lengthens without issues and my scores inch into 700 territory.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 22:41:23 GMT

I have no interest in travel rewards so I stick with my Discover It for most things.

I would consider an Amex charge card if they had no annual fee and better non travel rewards.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 22:52:05 GMT

@Anonymouswrote:
There are terms like 'building a relationship' thrown around here but basically to me, a credit card is a credit card. Makes absolutely no difference to me what bank it's from, doesn't mean anything. As long as the rewards and/ or credit line are what you want, who cares right?

This. And in general (= I have no data to back this up!) having a checking account etc doesn't seem to make a whole lot of difference about whether the average user will get a cc from that bank or not. (We have a lot of people saying "with my low score I wouldn't have got X without a relationship" but then you can find similar profile people getting the same card without).

So, at least initially, go for the card that matches your goals, your spend type and your spending level, and don't worry about the issuer. Later on you might get into an eco-system such as Amex MR/Chase UR/Citi TYP, and then you may want a card from that system and thus issuer. But again that's because it meets your goals rather than because it is an Amex/Chase/Citi.

And (IMO) the worst kind of relationship talk is when people get a card that they don't really want to "get in with X" This makes little sense as we lack evidence it really helps. Wait until your scores are good enough for the card you want.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 22:53:20 GMT

Do you have to add money into a charge card cause I did not know what a charge card was until you posted it here? Does that mean it is basically a debit card that u can pay over time? Do charge cards help your fico score? Basically charge cards have cl that u put in with your own money sort of like a secured card. I am ignorant to all these factors so any help clearing up my questions would be greatly appreciated.

Re: difference in credit cards

LionLaw — Tue, 20 Mar 2018 23:08:23 GMT

@Anonymouswrote:
I read many posts about the community looking to obtain Chase cards and
Amex cards more often than not. Do cards from other banks such as Wells Fargo, Citi, and Bank America to just name a few are not as desirable or are harder to get for people rebuilding their credit? Thanks for any information that is provided.

I have, or have had, cards from all these banks over the years. They all have something to offer. Chase and Amex have the best rewards programs and other benefits, which contributes to their popularity. Citi has plenty of great cards too; if cash back is what you’re after, it’s tough to beat their Double Cash card with unlimited 2% back, and the Prestige’s 4th night free benefit when booking hotels could be enough on its own to justify its annual fee.

BoA and Wells Fargo have lagged behind on the benefits front. The big upside I found with Wells Fargo was that during my rebuild, they approved me for a better card with a bigger limit than anyone else, thanks to my longstanding relationship with them. So, it might be worth looking into what they have to offer if you already have some history with them.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 23:08:26 GMT

I am also interested in the amzon visa signature card. From experience does that require a high fico score from users with experience. another store card I have interest in is the Target red card because I do a ton of shopping for the family at target, my preferred large general retailer. Any experience with obtaining these cards would be much appreciated and what type of fico scores would be needed. thanks everyone for the enlightening information.

Re: difference in credit cards

expatCanuck — Tue, 20 Mar 2018 23:33:39 GMT

@Anonymouswrote:
I have no interest in travel rewards so I stick with my Discover It for most things.

I would consider an Amex charge card if they had no annual fee and better non travel rewards.

Amex Blue Cash Everyday?

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 23:37:14 GMT

Equifax is my low end score for no reason everything is the same on all 3 cr. I know they use different algorithms to score. Dam experian, get their act straight. lol.

Re: difference in credit cards

expatCanuck — Tue, 20 Mar 2018 23:48:20 GMT

@Anonymouswrote:
@Anonymous...
... And in general (= I have no data to back this up!) having a checking account etc doesn't seem to make a whole lot of difference about whether the average user will get a cc from that bank or not. (We have a lot of people saying "with my low score I wouldn't have got X without a relationship" but then you can find similar profile people getting the same card without). ...

Sometimes, perhaps. But having a relationship with a bank can certainly make a difference in getting (for example) a loan -- with preferable terms. When a bank knows your income, it will take the opportunity to keep more of it. I've received mail with loan offers and card offers from my bank that wouldn't have been sent but for the fact that the bank knows my net income. It can see how much I spend to pay other card issuers and 'thinks', "I want more of that."

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 23:46:26 GMT

Great point. I don't keep much of my balance with this bank. I keep most of my income with a brokerage account and wire in money when I need to pay bills. As a result, my daily balnce is not consistent. I may want to keep some cash with them for the very point you mentioned.

Re: difference in credit cards

expatCanuck — Tue, 20 Mar 2018 23:54:55 GMT

@Anonymouswrote:
Great point. I don't keep much of my balance with this bank. I keep most of my income with a brokerage account and wire in money when I need to pay bills. As a result, my daily balnce is not consistent. I may want to keep some cash with them for the very point you mentioned.

It's not that I keep much money in the bank -- it's that the bank has perhaps the most complete picture of my month-to-month finances possible -- it knows the value of my paycheck , my credit card spend with other issuers, and my mortgage. Since I took out a home equity loan, it has a record of the value of my home. About the only thing my bank can't see is the value of my retirement funds.

Re: difference in credit cards

Anonymous — Tue, 20 Mar 2018 23:54:53 GMT

Another good tidbit thanks for the education. If they can see the size of my wires flowing into the bank then that good be a plus cause they have an idea of money coming in and out.

Re: difference in credit cards

Anonymous — Wed, 21 Mar 2018 00:17:52 GMT

@expatCanuckwrote:
@Anonymouswrote:
@Anonymous...
... And in general (= I have no data to back this up!) having a checking account etc doesn't seem to make a whole lot of difference about whether the average user will get a cc from that bank or not. (We have a lot of people saying "with my low score I wouldn't have got X without a relationship" but then you can find similar profile people getting the same card without). ...
Sometimes, perhaps. But having a relationship with a bank can certainly make a difference in getting (for example) a loan -- with preferable terms. When a bank knows your income, it will take the opportunity to keep more of it. I've received mail with loan offers and card offers from my bank that wouldn't have been sent but for the fact that the bank knows my net income. It can see how much I spend to pay other card issuers and 'thinks', "I want more of that."

But how do you know? I receive lots of credit card and loan offers from banks I have no relationship with (and others where I just have a CC).