Bank rate returns and best credit cards

[treehugger]

I am curious, I have been banking with Washington Mutual (now Chase) for years. I have the free platinum account. I used to get a return rate of nearly 4% (I think) I don’t know what the rate is now, but it shows up as less than a dollar on my statements, where is used to be several dollars….I have more money and yet get less return.

I don’t really understand this stuff (I am an environmental manager and numbers just confuse me), wondering where you folks bank and if there is anyplace (not an online bank) that is considered secure with better rates, that it might be worth my while to switch.

Also researching credit cards. I have excellent credit and use my credit card to pay for everything so I can get the points. I pay it off every month, so interest rate is not really a concern. I had a United Visa Signature, but did not want to pay the annual fee so I had it reduced to a gold card with no annual fee, yet still have perks. I have another signature card (Citi) card that I never use and has no annual fee. I was told for credit purposes I should not cancel my cards as the longer I have a card the better standing I am in.

[mwtosd]

Correct do not cancel your Citi card because if you do you will lower your credit score for two main reasons. First you will potentially hurt the length of your credit history – the longer you have a credit history the better it is, especially if that was the first credit card account you opened.

But since you have so few cards, closing that account will hurt your debt/credit ratio because you will no longer have that amount as available credit:

for example

say both cards have $5,000 credit limit, giving you a $10,000 total, closing one will give you available credit limit $5,000.

But if you charge say $1,000 and pay off each month totally, you still have used 20% of available credit at the time vs 10%.

If for some unfortunate reason you need the credit card for expenses because of a jobless or illness you can use it, if it is closed you do not have that option anymore – especially losing a job since you can not apply for a new card without a job.

[mwtosd]

Correct do not cancel your Citi card because if you do you will lower your credit score for two main reasons. First you will potentially hurt the length of your credit history – the longer you have a credit history the better it is, especially if that was the first credit card account you opened.

But since you have so few cards, closing that account will hurt your debt/credit ratio because you will no longer have that amount as available credit:

for example

say both cards have $5,000 credit limit, giving you a $10,000 total, closing one will give you available credit limit $5,000.

But if you charge say $1,000 and pay off each month totally, you still have used 20% of available credit at the time vs 10%.

If for some unfortunate reason you need the credit card for expenses because of a jobless or illness you can use it, if it is closed you do not have that option anymore – especially losing a job since you can not apply for a new card without a job.

[mwtosd]

Correct do not cancel your Citi card because if you do you will lower your credit score for two main reasons. First you will potentially hurt the length of your credit history – the longer you have a credit history the better it is, especially if that was the first credit card account you opened.

But since you have so few cards, closing that account will hurt your debt/credit ratio because you will no longer have that amount as available credit:

for example

say both cards have $5,000 credit limit, giving you a $10,000 total, closing one will give you available credit limit $5,000.

But if you charge say $1,000 and pay off each month totally, you still have used 20% of available credit at the time vs 10%.

If for some unfortunate reason you need the credit card for expenses because of a jobless or illness you can use it, if it is closed you do not have that option anymore – especially losing a job since you can not apply for a new card without a job.

[mwtosd]

Correct do not cancel your Citi card because if you do you will lower your credit score for two main reasons. First you will potentially hurt the length of your credit history – the longer you have a credit history the better it is, especially if that was the first credit card account you opened.

But since you have so few cards, closing that account will hurt your debt/credit ratio because you will no longer have that amount as available credit:

for example

say both cards have $5,000 credit limit, giving you a $10,000 total, closing one will give you available credit limit $5,000.

But if you charge say $1,000 and pay off each month totally, you still have used 20% of available credit at the time vs 10%.

If for some unfortunate reason you need the credit card for expenses because of a jobless or illness you can use it, if it is closed you do not have that option anymore – especially losing a job since you can not apply for a new card without a job.

[mwtosd]

Correct do not cancel your Citi card because if you do you will lower your credit score for two main reasons. First you will potentially hurt the length of your credit history – the longer you have a credit history the better it is, especially if that was the first credit card account you opened.

But since you have so few cards, closing that account will hurt your debt/credit ratio because you will no longer have that amount as available credit:

for example

say both cards have $5,000 credit limit, giving you a $10,000 total, closing one will give you available credit limit $5,000.

But if you charge say $1,000 and pay off each month totally, you still have used 20% of available credit at the time vs 10%.

If for some unfortunate reason you need the credit card for expenses because of a jobless or illness you can use it, if it is closed you do not have that option anymore – especially losing a job since you can not apply for a new card without a job.

[Coronita]

Bank accounts? Why not online banks?

As far as credit cards. The three cards that I carry are AmericanExpress/Costco card, the Citibank Dividend card, and the Citibank Shell Mastercard.

I use the Costco amex card as much as I can, use the shell mastercard only for gas (when I can’t get gas at costco), and the dividend card for everything else.

If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).

All the cards mentioned above don’t have fees (the shell card fee is waved if you purchase 1 tank a gas per year from shell).

[Coronita]

Bank accounts? Why not online banks?

As far as credit cards. The three cards that I carry are AmericanExpress/Costco card, the Citibank Dividend card, and the Citibank Shell Mastercard.

I use the Costco amex card as much as I can, use the shell mastercard only for gas (when I can’t get gas at costco), and the dividend card for everything else.

If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).

All the cards mentioned above don’t have fees (the shell card fee is waved if you purchase 1 tank a gas per year from shell).

[Coronita]

Bank accounts? Why not online banks?

As far as credit cards. The three cards that I carry are AmericanExpress/Costco card, the Citibank Dividend card, and the Citibank Shell Mastercard.

I use the Costco amex card as much as I can, use the shell mastercard only for gas (when I can’t get gas at costco), and the dividend card for everything else.

If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).

All the cards mentioned above don’t have fees (the shell card fee is waved if you purchase 1 tank a gas per year from shell).

[Coronita]

Bank accounts? Why not online banks?

As far as credit cards. The three cards that I carry are AmericanExpress/Costco card, the Citibank Dividend card, and the Citibank Shell Mastercard.

I use the Costco amex card as much as I can, use the shell mastercard only for gas (when I can’t get gas at costco), and the dividend card for everything else.

If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).

All the cards mentioned above don’t have fees (the shell card fee is waved if you purchase 1 tank a gas per year from shell).

[Coronita]

Bank accounts? Why not online banks?

As far as credit cards. The three cards that I carry are AmericanExpress/Costco card, the Citibank Dividend card, and the Citibank Shell Mastercard.

I use the Costco amex card as much as I can, use the shell mastercard only for gas (when I can’t get gas at costco), and the dividend card for everything else.

If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).

All the cards mentioned above don’t have fees (the shell card fee is waved if you purchase 1 tank a gas per year from shell).

[UCGal]

[quote=flu]Bank accounts? Why not online banks?
If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).
[/quote]

Capital One doesn’t charge for foreign currency exchange. I’m not sure about Chase. I got a C1 card specifically for a trip to Italy – I can verify that they gave me straight bank-rate exchange without any extra percent for Euro purchases. I haven’t used the card since that trip.

[UCGal]

[quote=flu]Bank accounts? Why not online banks?
If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).
[/quote]

Capital One doesn’t charge for foreign currency exchange. I’m not sure about Chase. I got a C1 card specifically for a trip to Italy – I can verify that they gave me straight bank-rate exchange without any extra percent for Euro purchases. I haven’t used the card since that trip.

[UCGal]

[quote=flu]Bank accounts? Why not online banks?
If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).
[/quote]

Capital One doesn’t charge for foreign currency exchange. I’m not sure about Chase. I got a C1 card specifically for a trip to Italy – I can verify that they gave me straight bank-rate exchange without any extra percent for Euro purchases. I haven’t used the card since that trip.

[UCGal]

[quote=flu]Bank accounts? Why not online banks?
If you do a lot of international travel, the only card company that I doesn’t charge exchange fees is from Chase (so some have posted).
[/quote]

Capital One doesn’t charge for foreign currency exchange. I’m not sure about Chase. I got a C1 card specifically for a trip to Italy – I can verify that they gave me straight bank-rate exchange without any extra percent for Euro purchases. I haven’t used the card since that trip.

[Author]

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