Newegg Credit Card/ Credit cards in general

[Krynn72]

So I was looking around on newegg since I'm going to buy a monitor in the next day or two, and noticed they have a "Newegg Preferred Account" which is just a credit card apparently. Anyone have this? I'm thinking about getting it because I dont have a credit card, and it would be nice not to have to pay for the whole 600 dollar bill all at once.

I also dont have any other credit cards, and never have, so i'm not entirely sure how they work. If I dont get Newegg's card, I plan on getting one sometime soon anyways for emergency expenses and to start building my credit. If I get the newegg card, then can I use it elsewhere? It doesnt say its a mastercard or anything else, so I'm assuming not. If thats the case, then I wont bother. But lets talk about credit cards, and grow my brains.

 

[VirusType2]

Credit cards are ****ing evil and will ruin your life. The trick is to realize that the money you are borrowing from belongs to the credit card mafia, and they will raise your interest rate to highway robbery rates if you are late with one payment.

Even something as small as a $2000 debt can ruin your ass if you don't keep paying several times what you borrowed. So if your bill is $50 a month, $40 of that is interest. Meaning, you paid $50 but you still owe $1990. And there are other fine line tricks as well that they will use on newbies.

Bottom line, don't ever be late with a payment, and don't use them unless you absolutely must.


Better to go another route, like a pre-paid credit card I think, but I haven't tried one yet.

I might be interested in something like this to use for online shopping.

 

[The Monkey]

Debit cards > Credit cards

 

[Krynn72]

I already have a debit card. But debit cards dont build up credit. I have a friend who is getting royally ****ed because he never had a credit card, and his credit score is low because of it.

I have a good job, and I'm a weary spender. I will never (hopefully) put something on the credit card that I can't afford to pay back. I already have the money for this monitor for example, all of it. I will probably pay it back entirely in the first payment. I just want to build up my credit score really.

 

[VirusType2]

Debit cards > Credit cards

Yeah, I did great with my debit card for a while.

Be aware though. I've talked to Krynn about this before.

I thought when I ran out of money in the bank, it would decline the debit card charge. Nope. The stupid bank debit card let the charge go through, allowing me accrue something like 15 overdrafts with a $30 fee attached to each.

They didn't call, they sent me a letter in the mail which took a few days, by that time I was really screwed. Luckily the bank pays them though or I would have also had a 'bounced check' fee for each of those occurrences.

I already have the money for this monitor for example, all of it. I will probably pay it back entirely in the first payment. I just want to build up my credit score really.

my grandparents, who are in their 90's, said that the credit card company never made a dime off them. They pay it back immediately.

 

[Krynn72]

I check my accounts almost every day through my bank's website, so I have only ever had one overdraft, which I knew would happen when I made the purchase. I'm pretty diligent about this kind of stuff.

And yeah, I intend to pay everything I get with the card off within the month I bought it, because **** paying interest.

 

[Dalamari]

I check my accounts a couple times a day on my phone at work, so I usually don't have problems with overdrafts or any of that shit

 

[Asus]

When I got a credit card it was just a basic card. Visa card from Capitol One with like a 500$ limit. I used it for basic things I would buy instead of using my debit card/cash. Then when I got the bill I paid it off asap. After a year or so it got raised to $2000 limit. You can call and try to get the rate changed but I've never needed be concerned with the rate since I pay my stuff off.

Don't get a bunch of cards though. When you try to get approved from different places you take a credit score hit. So plan exactly which one you want and don't aim for one you may not get approved for. Then you don't end up getting a second one because it has rewards or something and the first one you signed up for didn't.

 

[Glirk Dient]

I thought when I ran out of money in the bank, it would decline the debit card charge. Nope. The stupid bank debit card let the charge go through, allowing me accrue something like 15 overdrafts with a $30 fee attached to each.

My debit card does this as well. You have to be extra careful, even if you know how much is in your account and know that something like paying rent will make you go below zero. Sure it's pretty easy and logical not to spend after that, but some charges won't go through for weeks, so that dollar hamburger you got at mcdonalds now turns into a $31 dollar hamburger. F*CK you bank!

 

[Raziaar]

I'm never going to get a credit card, period. I will pay for a house and a car in cold hard cash, taken from the cold dead hands of some unsuspecting donor.

 

[Tyguy]

Just get it and pay it off as fast as you can. Avoid the minimum payments at all costs. A card with 0% interest can rise to 29.99% with 1 late payment.

 

[Krynn72]

I'm never going to get a credit card, period. I will pay for a house and a car in cold hard cash, taken from the cold dead hands of some unsuspecting donor.

It will be a cold day in hell when you find that much cold hard cash in the cold dead hands of anybody.

Also, this newegg card, should I just assume it cant be used anywhere else?

 

[Tyguy]

im not sure krynn. it might just be a visa or it might be just for their site. Should tell you the terms.

 

[DEATHMASTER]

Unless you were in dire need, I prefer just saving up the money and buying it when you can slap the whole thing down.

 

[Raziaar]

It will be a cold day in hell when you find that much cold hard cash in the cold dead hands of anybody.

I'll invade the next Republican National Convention.

 

[CrazyHarij]

I've worked with CC's for a bank, and my advice is, it's not for everyone, do your research on interest rates, percentages etc before you get one, and take it easy once you do get one.
Try to look for the ones with the most favorable discounts or rewards. forget about fancy schmancy point systems like travel bonuses that costs you money, they're worthless, it should say that in the fine print

good luck with your credit score

 

[kirovman]

Credit cards can be advantageous. If you buy a product from a company which then goes bust, with a credit card you are generally protected, whereas witha debit card you'd probably lose your cash. Credit cards are fine as long as you are responsible and always pay back the full outstanding balance every month.

 

[joule]

So I was looking around on newegg since I'm going to buy a monitor in the next day or two, and noticed they have a "Newegg Preferred Account" which is just a credit card apparently. Anyone have this? I'm thinking about getting it because I dont have a credit card, and it would be nice not to have to pay for the whole 600 dollar bill all at once.

I also dont have any other credit cards, and never have, so i'm not entirely sure how they work. If I dont get Newegg's card, I plan on getting one sometime soon anyways for emergency expenses and to start building my credit. If I get the newegg card, then can I use it elsewhere? It doesnt say its a mastercard or anything else, so I'm assuming not. If thats the case, then I wont bother. But lets talk about credit cards, and grow my brains.

All your questions can be answered under Payment in the Help section.

What is the Newegg.com Preferred Account?
The Newegg.com Preferred Account is offered through CIT Bank. It is a credit card account that gives you special savings, financing and other exclusive benefits to reward you for being a loyal Newegg.com customer. You'll also receive a dedicated credit line so you can buy the Newegg.com products you need.

Why should I use my Newegg.com Preferred Account?
With your Newegg.com Preferred Account you can get special financing throughout the year on hundreds of items at Newegg.com.

What will my credit limit be on my Preferred Account?
Your credit limit is based on the credit information provided to us at the time of your application. The credit we extend to you can also be affected by how you maintain the account with us.

Do I need to pay my balance in full every month on my Preferred Account?
No, you'll have the option of paying your balance in full or over time. Monthly payments must be greater of 3% of your total statement balance or $10.

How do I contact Customer Care regarding my Preferred Account?
We are dedicated to providing you with total ease and convenience when it comes to making purchases. If you have any questions or concerns, you can reach us by our toll free telephone number, e-mail, or letter. To get in touch with us, call us at 1-888-609-0794 for details.

How do I use my Newegg.com Preferred Account?
Simply select the Newegg.com Preferred Account as your payment option when you check out at Newegg.com. The Newegg.com secure check-out method will never require you to enter your account number.

Where can I review the complete terms and conditions for the Newegg.com Preferred Account?
You can click here or review them at check-out.

Credit cards are a great method of payment to help build credit. Not the best, but very accessible. Nevermind what some people often say. Just be responsible and wise about what you buy and how much you are willing to pay off. The goal I strive for is to keep the amount I have charged under 30% of my available credit. They say staying below 50% is wise, but 30% is best.

 

[Baal]

I'm never going to get a credit card, period. I will pay for a house and a car in cold hard cash, taken from the cold dead hands of some unsuspecting donor.

LEAVE MY KIDNEYS ALONE.

You're a cow, they won't even fit.

 

[Krynn72]

I just got denied for the newegg credit line. Probably because I have zero credit history.

Do they tell you how much credit will be made available to you before you actually get the card? How much do you think mine would be if its my first credit card?

 

[Kula Meenur]

They're good as long as they're used properly; spending money that you have, not what you want.

 

[joule]

I just got denied for the newegg credit line. Probably because I have zero credit history.

Do they tell you how much credit will be made available to you before you actually get the card? How much do you think mine would be if its my first credit card?

Depends on the institution, foremost, but also your age, employment history, credit history(in your case none), etc. When I first applied for a credit card I received a $1,000 credit limit. From what I've seen, it's usually between $500-$1,000.

May I ask why you are applying for a NewEgg credit card, instead of a department store or gas credit card? They are usually easier to obtain than a bank-issued card with a Visa or MasterCard logo.

 

[Krynn72]

Because then I wouldnt have to pay any interest, or even make any payments for a year. And I plan on making a rather large purchase from them. But since I got denied, screw them!

The thing is my newegg stuff will be over a thousand dollars. So it will kinda suck if I get like $500. Although I guess I could buy my stuff in multiple purchase, but thats annoying, and will take foreeeeever.

So are the cards on Mastercard's website ones that are bank issued? If I got like, a Sears Mastercard, that would be easier to get?

 

[joule]

Because then I wouldnt have to pay any interest, or even make any payments for a year. And I plan on making a rather large purchase from them. But since I got denied, screw them!

The thing is my newegg stuff will be over a thousand dollars. So it will kinda suck if I get like $500. Although I guess I could buy my stuff in multiple purchase, but thats annoying, and will take foreeeeever.

So are the cards on Mastercard's website ones that are bank issued? If I got like, a Sears Mastercard, that would be easier to get?

It would be a good thing to find out exactly why you were denied first. Find out why before you apply for credit with another organization. You see, credit inquiries stay on your credit report for two years but only factor into your credit score for the first year. The more times you're denied credit, the harder it is for the next lender to decide to approve your application for credit. Don't flail about searching for someone to approve you because it just reduces your odds of getting approved by anyone.

Normally, to qualify for a Visa or MasterCard, one must usually have at least an annual income of $12,000 or $14,000.

If you're in need to build credit or simply want to make a big purchase to do so, have you asked a relative, typically parents, to list you as an authorized user on their credit card?

As a student you could qualify for a student card. More info here.

To answer your question regarding a department store credit card, yes. It is much easier to get a department store card like Sears, JC Penney, etc., than it is to get a Visa or Mastercard. On the downside, they have high interest rates that make it expensive to carry a balance from one month to the next.

As yet another option, have you considered taking out a personal loan from your bank and setting up a monthly automatic payment to slowly pay it all back? It's one of the best ways to initialize a good line of credit.

 

[Asuka]

Credit cards are ****ing evil and will ruin your life. The trick is to realize that the money you are borrowing from belongs to the credit card mafia, and they will raise your interest rate to highway robbery rates if you are late with one payment.

Even something as small as a $2000 debt can ruin your ass if you don't keep paying several times what you borrowed. So if your bill is $50 a month, $40 of that is interest. Meaning, you paid $50 but you still owe $1990. And there are other fine line tricks as well that they will use on newbies.

Bottom line, don't ever be late with a payment, and don't use them unless you absolutely must.


Better to go another route, like a pre-paid credit card I think, but I haven't tried one yet.

I might be interested in something like this to use for online shopping.

This is only true for people who don't know how to use money. In other words are ****ing dumb.

I have never payed any interest and i still owe over a grand on my card. Which i purposely don't pay off in one shot to build credit and trust me i have INSANE credit especially for a 21 year old.

 

[Kyorisu]

Credit cards can be advantageous. If you buy a product from a company which then goes bust, with a credit card you are generally protected, whereas witha debit card you'd probably lose your cash. Credit cards are fine as long as you are responsible and always pay back the full outstanding balance every month.

I have an ANZ Visa Debit card, such a thing cannot happen to me. For all intensive purposes it is a credit card just without the borrowing aspect.

 

[VirusType2]

This is only true for people who don't know how to use money. In other words are ****ing dumb.

Anyone could make a late payment.

And you aren't really one to be calling anybody dumb.


Krynn, my first credit card about 10 years ago had a $2,000 limit FYI. I can't remember if it was MC or Visa, but they sent me an offer in the mail and I signed up for it.

 

[Kyorisu]

It's been mentioned already but if your bank offers a student card or low fee card grab one. Anything low or no annual fee with at least two months interest free. Plan purchases carefully and make sure to pay off all outstanding owing monies on the card before making additional purchases.

 

[Asuka]

Anyone could make a late payment.

And you aren't really one to be calling anybody dumb.


Krynn, my first credit card about 10 years ago had a $2,000 limit FYI. I can't remember if it was MC or Visa, but they sent me an offer in the mail and I signed up for it.

Hah, and you know what about me again? I wasn't specifically talking about late payments i was responding to the entire idiocy of what you said.

Credit cards are ****ing evil and will ruin your life.

If you are stupid with your money and buy stuff you cant afford EVER.

The trick is to realize that the money you are borrowing from belongs to the credit card mafia, and they will raise your interest rate to highway robbery rates if you are late with one payment.

Not true for decent cards and it should be impossible to make a late payment.

Even something as small as a $2000 debt can ruin your ass if you don't keep paying several times what you borrowed.

WTF? Seriously? Stop filling the kids head with garbage. Thats what i thought when i read that.

So if your bill is $50 a month, $40 of that is interest. Meaning, you paid $50 but you still owe $1990. And there are other fine line tricks as well that they will use on newbies.

What kind of special ed card do you have? I have never heard of a credit card with over 80% interest.

You ABSOLUTELY need to build credit in the world we live in. Even if you HAVE the money you still need a good credit. There are many things in life that require it. I started building my credit at 20ish, i regret not starting a lot earlier.

 

[VirusType2]

Hah, and you know what about me again?

11,000 posts of facepalm. Yeah, I know you.

I'm not even going to bother discussing wise financial decisions with someone who - without even having a driver's license, goes shopping for an $80,000 dollar first car that he won't really be driving.

 

[Zeus]

Yes debit cards are better to use then credit cards..but you need to build good credit to get loans to get a car and house in the future. Just pay your bills on time, and you'll be fine. They're not as bad as everyone's saying

 

[Cormeh]

Credit cards aren't the evil debt creators I once thought them to be, although that all depends on why you take one out in the first place.

If you know three simple things then a credit card is a good option:

1) How much you intend to spend
2) The minimum you can pay back each month on top of the default payment
3) The interest on your payments

For example - Last year I was looking to buy a new PC and also get hold of a laptop for someone as a gift. After deciding what to get, the total of both was ?1300. I applied for a credit card which had a ?2000 limit with 9 months 0% interest free payments, with a default minimum charge of ?12 a month. After that it was a simple case of setting aside between ?150 and ?200 a month to keep within the interest free period and pay it off gradually. Piece of piss.

Definitely get a credit card if you know your finances inside out. Keep on top of it, record every statement, transaction, payment and receipt and it's a doddle.

 

[Asuka]

11,000 posts of facepalm. Yeah, I know you.

I'm not even going to bother discussing wise financial decisions with someone who - without even having a driver's license, goes shopping for an $80,000 dollar first car that he won't really be driving.

Yup, yet i work at retail and pretty much buy whatever i want. You know absolutely everything about me. When it comes to managing money im pretty ****ing good. The "advice" you gave was just stupid and i couldn't help but point it out. Just to open your eyes up a little, the car i was planning on buying is 1 year from getting released. I'm getting my license in 10 days. I have 1 year to "learn" how to drive. Its called planning. My posts here are a persona. I come here to pass time. Not to make friends or converse. I got real life for that.

Credit cards aren't the evil debt creators I once thought them to be, although that all depends on why you take one out in the first place.

If you know three simple things then a credit card is a good option:

1) How much you intend to spend
2) The minimum you can pay back each month on top of the default payment
3) The interest on your payments

For example - Last year I was looking to buy a new PC and also get hold of a laptop for someone as a gift. After deciding what to get, the total of both was ?1300. I applied for a credit card which had a ?2000 limit with 9 months 0% interest free payments, with a default minimum charge of ?12 a month. After that it was a simple case of setting aside between ?150 and ?200 a month to keep within the interest free period and pay it off gradually. Piece of piss.

Definitely get a credit card if you know your finances inside out. Keep on top of it, record every statement, transaction, payment and receipt and it's a doddle.

Real advice that the poster should pay attention to.

 

[VirusType2]

Well, enjoy buying whatever you want.

It's going to be hard to live that great life when you are paying rent, $80,000 car payments, very high mandatory full coverage car insurance, gas, utilities and food, in one of the most expensive areas to live in the world making about $10 an hour.

Because you have your fisher-price credit card and don't have any expenses, I guess you can buy whatever you want. So that doesn't really make you an expert then does it? If you've never had to struggle to make ends meet, I guess you can't expect to understand how much of a problem credit debt can be.

Why don't you have a talk with about 75% of Americans who are living beyond their means and hopelessly in debt, and you can teach them how to manage their finances correctly. We can all get a job at Best Buy and purchase $4000 TV stands.

 

[Krynn72]

Credit cards aren't the evil debt creators I once thought them to be, although that all depends on why you take one out in the first place.

If you know three simple things then a credit card is a good option:

1) How much you intend to spend
2) The minimum you can pay back each month on top of the default payment
3) The interest on your payments

For example - Last year I was looking to buy a new PC and also get hold of a laptop for someone as a gift. After deciding what to get, the total of both was ?1300. I applied for a credit card which had a ?2000 limit with 9 months 0% interest free payments, with a default minimum charge of ?12 a month. After that it was a simple case of setting aside between ?150 and ?200 a month to keep within the interest free period and pay it off gradually. Piece of piss.

Definitely get a credit card if you know your finances inside out. Keep on top of it, record every statement, transaction, payment and receipt and it's a doddle.

Thanks for that post. Yeah, I never really had an inclination to get a credit card before, because I was never sure if I would be able to afford payments, since all my past jobs have been part time with the hours fluctuating from week to week. Now I'm salaried, and I know that I can afford the payments. I just want to be sure I dont get a credit card with such a low limit that I cant buy what I want. Then I would have to make smaller charges with it over several months to get it up. And I dont want to wait like 6 more months to get this thing.

Although I suppose I could just buy it in parts, and pay it off quickly so I can charge the next bit. What builds more credit? Paying it off quickly at more than what they bill you, or paying the minimum amount over a longer period?

 

[Asuka]

Well, enjoy buying whatever you want.

It's going to be hard to live that great life when you are paying rent, $80,000 car payments, very high mandatory full coverage car insurance, gas, utilities and food, in one of the most expensive areas to live in the world making about $10 an hour.

Because you have your fisher-price credit card and don't have any expenses, I guess you can buy whatever you want. So that doesn't really make you an expert then does it? If you've never had to struggle to make ends meet, I guess you can't expect to understand how much of a problem credit debt can be.

Why don't you have a talk with about 75% of Americans who are living beyond their means and hopelessly in debt, and you can teach them how to manage their finances correctly. We can all get a job at Best Buy and purchase $4000 TV stands.

Why are you defending the 75% of "Americans" Seriously? 90% of the world is a joke. Just because you don't know how to use a card doesn't make it bad. I don't understand why your bringing my lifestyle into this when it has nothing to do with the topic. You said stuff about credit cards that is simply NOT true. You would have to be a total ****ing moron to have a interest level of 80%. Credit cards ARE NECESSARY to build CREDIT which is NECESSARY in LIFE. What i spend my money on, how much i make, or how i TYPE most of the time on a internet forum should have nothing to do with this.

 

[Krynn72]

Hey guys, gtfo of my thread if you're going to bicker over this stupid argument. Take it to PM if you must.

 

[VirusType2]

You said stuff about credit cards that is simply NOT true. You would have to be a total ****ing moron to have a interest level of 80%. Credit cards ARE NECESSARY to build CREDIT which is NECESSARY in LIFE. What i spend my money on, how much i make, or how i TYPE most of the time on a internet forum should have nothing to do with this.

Credit card companies are loan sharks.

I just wanted to warn Krynn that these credit card offers you get in the mail are a trap. The fine print. A lot of college kids kill themselves over credit debt.

I warned Krynn in the past about overdrafts for debit cards and checks, and he still got in a little trouble over that before.


My credit started at 9%. I missed a payment and it went to 29.9%. the maximum allowable by law AFAIK. Not only that, but they charge interest on the interest. Couple that with late fees, and you get hit 3 ways.

I could barely afford a car, a home, insurance, and then I lost my job, and when I couldn't find another job right away, I couldn't make the minimum payment.


I'm a **** up, make no mistake, but I'm not ****ing dumb.


Credit cards are not necessary. They can be helpful to get loans if used correctly, but regardless, you can do without them. You don't need a car and house loan to get a house and a car. I can't say I really recommend renting, but there are other alternatives. My biggest suggestion is to live within your means.

If you do want that car that you can't afford yet, then you will need a loan.


Krynn, the information is out there, this isn't really the best forum for this sort of thing as most of us have little experience with credit, seeing as the general age of the forum is about 21.

Check this out:

http://genxfinance.com/2008/02/05/1...d-improve-your-credit-history-and-fico-score/

 

[Asuka]

Credit card companies are loan sharks.

I just wanted to warn Krynn that these credit card offers you get in the mail are a trap. The fine print. A lot of college kids kill themselves over credit debt.

I warned Krynn in the past about overdrafts for debit cards and checks, and he still got in a little trouble over that before.


My credit started at 9%. I missed a payment and it went to 29.9%. the maximum allowable by law AFAIK. Not only that, but they charge interest on the interest. Couple that with late fees, and you get hit 3 ways.

I could barely afford a car, a home, insurance, and then I lost my job, and when I couldn't find another job right away, I couldn't make the minimum payment.


I'm a **** up, make no mistake, but I'm not ****ing dumb.


Credit cards are not necessary. They can be helpful to get loans if used correctly, but regardless, you can do without them. You don't need a car and house loan to get a house and a car. I can't say I really recommend renting, but there are other alternatives. My biggest suggestion is to live within your means.

If you do want that car that you can't afford yet, then you will need a loan.


Krynn, the information is out there, this isn't really the best forum for this sort of thing as most of us have little experience with credit, seeing as the general age of the forum is about 21.

Check this out:

http://genxfinance.com/2008/02/05/1...d-improve-your-credit-history-and-fico-score/

So this is a reply i can respect, meaning and no bullshit. Why couldn't you have posted like this in the 1st place.

 

[Krynn72]

Bumpalump.


Where can I find my credit score? I got my credit report for free, but I want to see what my score is.