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Credit Card Advice

FireFireCohen
FireFireCohen Member Posts: 74
edited May 2022 in Tug Tavern


Got my credit score up into the 600s, so I no longer need one of those securecards. Thinking about applying for this TJ max one. It says interest of APR 27.74% variable. That seems pretty high. Can I get a better deal? How do I close my old account? TYIA.
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Comments

  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,042 Standard Supporter
    edited March 2021
    This one only charges 24.99%, and you get additional perks!


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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,591 Standard Supporter
    I use whatever one Mrs. Throbber v2.0 lets me hold on to for the day.

    Then I have to give it right back.

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  • HuskyJW
    HuskyJW Member, Swaye's Wigwam Posts: 15,436 Founders Club
    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,042 Standard Supporter
    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    But Visa gave me a free UW branded frisbee when I signed up a card in college! 😅

    In all seriousness, how does one just starting out (college/post-graduation) build credit w/o a card of some kind? (I’m not saying young people should be forced to get one, but it does seem like a necessary evil.)
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,042 Standard Supporter
    edited March 2021
    Purple_Pills said:

    HuskyJW said:

    You should only have a credit card if you have $200K in the bank. Live like a pauper for 80% of your life so you can enjoy the last 20

    Disagree. You should only have a credit card if you will never miss a payment ever. Credit cards provide rewards, added security for certain transactions, and other perks. Unless you are getting a cash discount you are better off using a credit card for your purchases.

    Yup. I don’t think anyone would try to argue cash isn’t king, but despite what Dave Ramsey preaches I think paying for certain transactions with a credit card makes sense...even if you don’t have $200k in savings yet (as is the case with many people).
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  • haie
    haie Member, Swaye's Wigwam Posts: 24,492 Founders Club
    BennyBeaver said:

    Who pays interest on their credit card?

    Your best effort ever.
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  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    My credit card rate is 8% and does 1% cash back (2% on certain purchases like gas or whatever). Effectively, it has the same rate as my first mortgage in 2008. I use it for EVERYTHING. I'd like to say I keep it paid down. I'd like to say that...
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