topic Re: credit or charge card??? in Credit Cards

credit or charge card???

BungalowMo — Fri, 17 Jul 2009 22:04:38 GMT

Would a Chase BP Visa be considered a charge or credit card??

Still trying to diferentiate the two....

Re: credit or charge card???

Anonymous — Fri, 17 Jul 2009 22:28:24 GMT

@BungalowMo wrote:
Would a Chase BP Visa be considered a charge or credit card??

Still trying to diferentiate the two....

I would guess the simplistic answer is a "CREDIT CARD" extends you credit and allows you to pay it off over time, while a "CHARGE CARD" allows you to charge things and you pay for it within a set time frame (usually 1 billing cycle.)

This is also why "CHARGE CARDS" have annual fees, as a means to making money they dont make from Interest charges.

This is as is say simplistic, but I think it covers the difference.

Re: credit or charge card???

Anonymous — Fri, 17 Jul 2009 23:56:32 GMT

@BungalowMo wrote:
Would a Chase BP Visa be considered a charge or credit card??

Still trying to diferentiate the two....

Chase BP Visa is a credit card. Chase BP (w/o Visa) is a gas/store card (but still a credit card).

AMEX is a charge card.

The difference is whether you are supposed to PIF your charges every month or can revolve them. The "fee" part is not a factor.

Re: credit or charge card???

haulingthescoreup — Fri, 17 Jul 2009 23:59:03 GMT

BungalowMo wrote:

Would a Chase BP Visa be considered a charge or credit card??

Still trying to diferentiate the two....

For credit mix for FICO scoring purposes, this is a credit or bank card.

The reason: Chase BP Visa card. If a card has a Visa, Mastercard, Discover, or AmEx logo on it, it's a credit or bank card.

A retail card doesn't have this logo, so it can only be used at that store or oil company, or maybe related stores in that chain. (For instance, Old Navy/ Gap/ Banana Republic.)

I can use my Chase Borders Visa at Barnes and Noble, and I have. But I can't use my Home Depot Consumer Store Card at Lowe's, as much as I might enjoy this. As you can see, it doesn't have a Visa/ MC/ Discover/ AmEx logo.

This is wonderfully confusing when you consider American Express charge cards (Green, Gold, Plat, etc.) These are classic charge cards, in that they are meant to be PIF'd each month. And that's how retail cards used to be, before they became revolving. But for scoring mix purposes, AmEx charge cards are bank cards, and retail revolving credit cards are charge cards.

Re: credit or charge card???

Anonymous — Sat, 18 Jul 2009 00:14:54 GMT

I like HTSU's explanation better than mine.

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 00:24:37 GMT

Ok...gotcha. Since FICO likes a mix, would a Lowes be a good idea? I could certainly use it for home projects....and of course, PIF!

*OR....just get it for the util% mix!!!!

Re: credit or charge card???

haulingthescoreup — Sat, 18 Jul 2009 00:30:18 GMT

Sure! For credit mix purposes, though, all it takes is one retail card, whether from a store or a gas/oil company.

So if you're shopping for a retail card mostly for mix purposes, do your research and pick the one that works best for you. You don't need a fistful.

I went with HD instead of Lowe's because I prefer Citi to GEMB. I put a lot of weight on the bank behind the card. But we've had lots of members who are perfectly happy with their Lowe's card.

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 00:35:20 GMT

My GEMB gives me sweet CLI's...CITI last time gave me a denial

I also have a Lowes close by...no HD for 30 mi.

Re: credit or charge card???

Anonymous — Sat, 18 Jul 2009 00:47:00 GMT

Probably the two best store cards out there are HD and Macy's. I don't like driving within five miles of HD so I have Macy's!

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 00:58:57 GMT

@Anonymous wrote:
Probably the two best store cards out there are HD and Macy's. I don't like driving within five miles of HD so I have Macy's!

Just curious...why are those 2 so good?

I'm no where near either...not at work or home

Re: credit or charge card???

haulingthescoreup — Sat, 18 Jul 2009 01:12:45 GMT

When it comes to retail cards, it can be tough to get high-ish CL's. So generally, the better CL's come with big box stores like Best Buy and Lowe's and Home Depot. The more expensive the toys, the more likely to get a generous CL.

We don't have a Macy's in our town , so I went with HD. Not much difference in access --Lowe's is 4 minutes away, and HD is 5. In the case of my local stores, the customer service in HD is far superior to that in Lowe's, probably because Lowe's is easier access, and they don't have to work as hard. Our HD people pounce on you the moment you cross the threshold.

But I mainly picked HD because after researching here on the forums, it appeared that their initial CL's were more generous than with Lowe's (HD gave me $4K), and I had heard stories from contractors working on our house about their difficulties with their Lowe's cards --getting payments credited in a timely manner, CS issues, and so forth. And my Sears MC is issued by Citi, and as crazy as the card makes me, I have had great CC CS from Citi.

But it seems like GEMB might be getting better with some of their cards, so the race might be getting more even.

And back when Tony Stewart drove for HD, I preferred him to Jimmie Johnson. Now that Tony has left to form his own team, Joey Logano is HD, and he's nice, but young, so maybe Jimmie is now the man.

How's that for a ridiculous reason to pick one card over another?

Re: credit or charge card???

Anonymous — Sat, 18 Jul 2009 01:13:15 GMT

Speaking particularly of Macy's: Not too hard to get, doesn't require too much use to retain and the CL will grow with you if you tend it. I think HD is much the same. Many store or gas cards are going to open at $300 and sit there like a rock forever. I don't need that. It does nothing for me.

BTW - You can order just about anything Macy's has, including the sale items, through the internet. I have never done it because I am walking distance from a Macy's store, but I do use the website for reference.

Re: credit or charge card???

Anonymous — Sat, 18 Jul 2009 01:18:42 GMT

@haulingthescoreup wrote:
When it comes to retail cards, it can be tough to get high-ish CL's. So generally, the better CL's come with big box stores like Best Buy and Lowe's and Home Depot. The more expensive the toys, the more likely to get a generous CL.

We don't have a Macy's in our town , so I went with HD. Not much difference in access --Lowe's is 4 minutes away, and HD is 5. In the case of my local stores, the customer service in HD is far superior to that in Lowe's, probably because Lowe's is easier access, and they don't have to work as hard. Our HD people pounce on you the moment you cross the threshold.

But I mainly picked HD because after researching here on the forums, it appeared that their initial CL's were more generous than with Lowe's (HD gave me $4K), and I had heard stories from contractors working on our house about their difficulties with their Lowe's cards --getting payments credited in a timely manner, CS issues, and so forth. And my Sears MC is issued by Citi, and as crazy as the card makes me, I have had great CC CS from Citi.

But it seems like GEMB might be getting better with some of their cards, so the race might be getting more even.

And back when Tony Stewart drove for HD, I preferred him to Jimmie Johnson. Now that Tony has left to form his own team, Joey Logano is HD, and he's nice, but young, so maybe Jimmie is now the man.

How's that for a ridiculous reason to pick one card over another?

Would you prefer I laugh myself silly in the open forum or in private?

ROTFLMAO!!!

Re: credit or charge card???

haulingthescoreup — Sat, 18 Jul 2009 01:24:10 GMT

Hey, whatever! I'm married to a Jersey boy who moved south and went Native, and I am now inflicted with Speed Channel and its spin-offs 24/7.

I used to follow NASCAR until all my guys kept dying or getting close to it (Alan Kulwicki, Davey Allison, Adam Petty, Ernie Irvan.) I decided at that point that I was a jinx and let it go.

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 01:30:38 GMT

@Anonymous wrote:
@haulingthescoreup wrote:

And back when Tony Stewart drove for HD, I preferred him to Jimmie Johnson. Now that Tony has left to form his own team, Joey Logano is HD, and he's nice, but young, so maybe Jimmie is now the man.

How's that for a ridiculous reason to pick one card over another?
Would you prefer I laugh myself silly in the open forum or in private?

ROTFLMAO!!!

I wouldn't know anything about that theory....It's not like I bought Castrol oil when I liked John Force, but then I started rooting for the Pedregon boys & bought my Quaker State synth. oil at the Advance Auto Parts. I wouldn't know anything about that!

Re: credit or charge card???

haulingthescoreup — Sat, 18 Jul 2009 01:37:21 GMT

BungalowMo wrote:

I wouldn't know anything about that theory....It's not like I bought Castrol oil when I liked John Force, but then I started rooting for the Pedregon boys & bought my Quaker State synth. oil at the Advance Auto Parts. I wouldn't know anything about that!

Oooo! That's hard-core! My respects.

eta: back when I had a 1971 BMW 2002 (the world's most high-maintenance cheap pocket rocket) I used Castrol. Partly because I was told to, but mainly because I liked the smell.

Message Edited by haulingthescoreup on 07-17-2009 06:37 PM

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 01:37:08 GMT

@haulingthescoreup wrote:
@BungalowMo wrote:

I wouldn't know anything about that theory....It's not like I bought Castrol oil when I liked John Force, but then I started rooting for the Pedregon boys & bought my Quaker State synth. oil at the Advance Auto Parts. I wouldn't know anything about that!

Oooo! That's hard-core! My respects.

I'm not into the races like I used to be, but it's still a blast to go & see up close. Nothing else like it.

***aaahhhh.....I love the smell of nitro in the morning! hehe

Re: credit or charge card???

haulingthescoreup — Sat, 18 Jul 2009 01:41:00 GMT

I think I like road racing best. I think it's mostly gone now, but we used to go to Road Atlanta, complete with picnic basket, blankets, and baby. Find a good spot on a hill, read a book, and wait for the distant rumble. An amazing crack of a thunderclap of air when the field came over the hill, engines scream-scream-scream-scream as they go by, and then silence. Calm down the baby, back to the book, and wait for the field to come by again.

Lime Rock (Connecticut) was similar, but we were in the grandstands, so it wasn't as much fun.

Re: credit or charge card???

Anonymous — Sat, 18 Jul 2009 01:58:41 GMT

I used to like Lou Albano, but I never rode in one of his taxis.

(The family owned a taxi company in Mt. Vernon, NY.)

http://en.wikipedia.org/wiki/Lou_Albano

Re: credit or charge card???

BungalowMo — Sat, 18 Jul 2009 02:00:40 GMT

Afew years ago a guy my brother knows (both competetive track cyclists) was here with his wife from Italy to race, so we took them to the Drag Races. They knew "some" english...but I was trying to somewhat explain the races. The best I could come up with was....."Formula 1 = Fine Champagne,,,,Drag Races = Cold Beer" She laughed... especially when she saw the crowd. Somewhat redneck-ish.

He was the european champ (clout)...they weren't laughing when we got them on the starting line during the top fuel runs. They didn't want to leave!