American Morning

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December 28th, 2009
11:00 AM ET

How to score a better credit card

Tired of getting squeezed by your credit card company? In the first part of our American Morning original series, "New Year Financial Resolutions," our Gerri Willis tells you how to find the best deals, on your terms.

soundoff (8 Responses)
  1. John

    Ephraim, you may want to check your numbers on the salary for the AmEx CEO. His base salary isn't 125MM, it is 1.25 million, and any additional stock compensation is based entirely on how the company does year over year. In fact, his compensation package has been lauded in the industry as one that counteracts those packages given to CEOs of other companies in which they left the company in financial ruins and still took home a pakage in the hundreds of millions of dollars. Check your facts before you go out and lambast the CEO of a company that is clearly at the head of its class in the financial sector and is one of the best NASDAQ performers in a year of economic turmoil. Namely because of the leadership shown by him and his leadership team.

    December 30, 2009 at 3:36 pm |
  2. John

    Here's my answer to credit cards: never, ever get a credit card, use a debit card, instead.

    Saves your credit, gives you peace of mind, and it can be used in the same way as a credit card when necessary, without interest payments or usury being immorally used against you.

    We have to learn to live within our means, or the future of our children will continue to grow dimmer and dimmer.

    We owe it to them, and we deserve to begin again.

    December 30, 2009 at 10:56 am |
  3. Dan

    If people handled their finances and credit cards responsibly, they wouldn't need to be looking for low rates, etc. If you don't have the money to buy something, then you shouldn't buy it. Simple as that.

    The cards I use earn rewards when I use them. So instead of me paying the credit card companies hundreds of dollars in interest, they pay me to use their card.

    December 29, 2009 at 6:20 pm |
  4. Bonnie

    My father told me that I should never climb a ladder any higher than I cared to fall. I really did not understand what he meant until I grew older. That advice certainly applies to today's world with the high price of finance and the greed factor. I have several credit cards but use them seldom. At the end of the month, I always pay them off – it's the only way to win.

    December 29, 2009 at 12:01 pm |
  5. MarkCM

    One of my pet peaves with card companies is the charge for using thier electronic payment system. Some were charging $15 for the electronic transaction. It fries me that it costs more for a person to handle a mailed-in check and only pennies to use an automated system. In my opinion, banking in general has become corrupt in the respect that these institutions look for any way to bleed the consumer. Bogus monthly charges, boosting credit rates for some minor infraction and sending blank checks through the mail just before the holidays to entice the card holder to take the maximum cash advance. They don't mention how much they will bump the interest rate on that cash. If these institutions borrow money from the government and/or investors, they should not be able to charge but a few percentage points above what that money costs them. This greed is another reason why we are in trouble in this country. Keep the interest down, let people pay off the debt and it will help the wheels start turning again............................

    December 29, 2009 at 10:38 am |
  6. seiscat

    One has to use them and not let them use you. It's become almost impossible to do business of some kinds without them, so user beware.

    December 29, 2009 at 10:34 am |
  7. Ephraim

    Hi, never mind the rates on the cards, the CEO of american express is still making a salary of 125 million and co bonus of about 30 million, What makes him so privilaged to take that kind of salary in this economy,is not this stealing, why is our government not doing somthing about this, and this is just one company, they need to go after rich CEOs and then we can lower the interest rates on credit cards. thanks Ephraim

    December 29, 2009 at 7:25 am |
  8. Bear

    I guess that next to pawn shops, payday loans, etc, credit cards
    are some of the worst legal loan sharks out there,

    Besides the outrageous interest rates, I have even come across a card that limited how far ahead you could pay off your balance.
    They were forcing you to stay stuck when you were ready to move ahead.

    Since the only way to escape their clutches was to pay off the full balance, I took out a loan from my parents which I quickly repaid.

    I couldn't dump that credit card company fast enough!

    All I can say is get a big magnifying glass and study all that fine print.
    Also take the time to research sites that discuss credit cards.

    In the best case scenario, be a "deadbeat", an industry term for those who pay their cards off in full every month!

    December 28, 2009 at 6:24 pm |