Jimellow

Providing the benefits and interest rates of a given card are the same across companies, which of the "Big Three" credit card providers do you recommend, and why?

I assume acceptance is one of the biggest factors, but being unfamiliar with which of the Big Three are accepted at the most places, I'd really appreciate advice/feedback on this issue.

__________________
Desperation is no excuse for lowering one's standards.

Bossnass

I could just be the ones that I've applied for a gotten, but from my experince:

Mastercard is my preference. For me they have given the best no-fee cards with rewards and higher than expected limits. I have three. A Canadian Tire Mastercard (bonus canadian tire money on any purchase), a "Community Savings" (the bank that holds my mortgage and give me a % against said mortgage, and Capital One that has no rewards but was the first company that would give me a no-fee platinum.

Visa apparently is accepted more places than any other card, but when I was a small business owner (In Alberta, Canada), it was way easier to get a mastercard merchant account than a visa one. Although visa was easier and more reasonable than american express. I think that Visa is the default card for most people. I have one, but I only use it for small purchases every few months and save it for emergencies.

AMEX are, at least for me, tougher to get and almost always have a fee. Maybe there is some prestige to them (I'm amused everytime my wife's grandpa, in beat up jeans and a sweatshirt, throws down his AMEX "Black"). So I don't have one. When I ran that little business, I used my corporate AMEX for almost all my purchases, but I didn't become a merchant that would accept them.

In many cases, I don't think it matters. My father is an oil man who has extensivly travelled the world and swears by his Amex. I like the companies and the rewards I get with my mastercards. My wife likes her visa, and she earns a cash dividend return on it.

The_Jazz

I have all 3, and I have to say that the Amex gets the most use by far. It's accepted in almost all of the places that the other two are, and the benefits are just better. Obviously your statement that rates and benefits are equal across the board negates that in theory, but in practice I've found that Amex has much better benefits. I have a personal and a corporate card, and I'll be getting myself a new set of golf clubs this summer, which is nice since my wedge is currently at the bottom of the Pacific about 75 yards from the edge of the 10th green at Pebble Beach.

Back on topic, Visa and Mastercard are pretty much interchangable acceptance-wise. I don't think that I've ever seen a store that accepts one but not the other. Amex is less likely to be accepted by small retailers since they are charged a fee by Amex. If acceptance is the only thing that you're worried about, just pick one of the other ones. Other than that, I don't see any difference assuming rates and benefits are consistent across all three.

__________________
"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin
"There ought to be limits to freedom." - George W. Bush
"We have met the enemy and he is us." - Pogo

snowy

While I don't believe in credit cards (and I've gone six years without one, thank you), my dad has had all three major cards. Each of them have their problems and their benefits. From personal observation of his use of credit cards--all of them get used equally for the most part. He has an AARP Visa, a MilesOne Mastercard, and a Costco Amex. If I were going to choose any of the three to go with, I'd probably choose the Costco Amex, just because I like the benefits it comes with--no annual fee if you're a Costco member, and a cash rebate that's redeemable at Costco (for cash or goods). It also has all the perks of being an Amex--which, if you travel considerably, can be quite helpful.

__________________
If I am not better, at least I am different. --Jean-Jacques Rousseau

soma

My first and only card is a Visa I got through my bank. I've had it for almost a year now and I don't have any complaints thus far.

__________________
Having Girl Problems?

Jimellow

Thanks for the replies.

It seems Mastercard and Visa are the most widely accepted, and after further investigation it seems my decision was limited to Mastercard or AMeX. Seeing that rewards, rates, etc are identical, I opted to go with Mastercard.

I only have and use one credit card, and when I use it, I want it to be accepted in as many places as possible. It seems that might be an issue with American Express, and thus Mastercard seemed ideal for me.

__________________
Desperation is no excuse for lowering one's standards.

Anexkahn

unless it has changed recently, amex has a different policy on chargebacks than visa/mastercard. Basically, any chargeback is honored and there is no recourse for the business owner to prove the transaction may have been legit and the chargeback was simply a customer looking for a free gift.

That can be good and bad i guess... as a customer, the chargeback process would be alot easier through amex, but just one more reason for small business owners to not accept it on top of the additional processing fees they charge on their merchant acounts.

catback

visa and mastercard will do it for me, mainly due to the wide acceptance

absolutsubzero

Despite interest rates being half of Master and Visa, Amex is bad for convenience factor. My mother had Amex Gold and it was only serving to decorate her wallet and pay annual fees. She cut off Amex relations after we bought travel checks and hard time to trade them in Buenos Aires.
I had a relation in and off with Amex and now I am definitely off, because I am happy with my Visa and Master, that are part of airplane mileage package deal.

Lindy

I have Visa and an AmEx Gold that is a charge card, not a credit card. That means I have to pay the balance in full every month. Keeps me out of trouble. I got into a credit card hole (thanks to my ex husband) a several years ago and it was hell digging my way out.
AmEx is also great for traveling. I lost my wallet in Sofia, Bulgaria. Had a replacement AmEx card the next day. Took almost two weeks to get my Visa replaced. I have, once in a great while, found a place that wouldn't take American Express, but I can't even remember where or when, so it must not have been too important.
I'm not one of those people that uses plastic for every little thing. Cash is just so much FASTER! If you are one of those people that likes to put every latte and bagel on plastic, maybe a Visa or Mastercard would be better.
Lindy

Lady Sage

I prefer Discover, I get my use out of that cash back thing, pay all my bills with it and only hvae one check to write at the end of the month. Second choice is visa, then mastercard. I personally would never own an Amex card. But that is just me, I have my reasons and would rather not cloud anyone elses judgement.

Willravel

The credit system is crap and has ruined hundreds of thousands to millions of lives in it's history. We get sucked into believing that it's normal to pay $750,000 for a house when the average income in the area is around $63k a year. We sign happily on the line to buy that $30,000 car when you only have a $20,000 a year job...on top of the $6,000 you already owe on your Sears Mastercard. The very SECOND I paid off my college loans, I cut up all 4 of my credit cards. Just so we're clear, I think that spending money that you don't have is a form of massive insanity, and we're all stuck in the middle of it. If I found a magic lamp today, my second wish would be the destruction of the credit system and the reintruduction of bartering.

That being said, Mastercard works okay. The idea is to find out the APR and incentives (flier miles, points, etc.) to match up with your credit and situation. I don't particularly care for citicard for political reasons, but do what fits with you.


BTW my first wish would be to have a car with 450 hp that runs on my winning smile and that has an exhaust that smells like fresh ripe strawberries.

spindles

I have two cards: Amex Charge card (where you have to pay the balance at the end of the month) and a Visa debit card (attached to my bank account). In both cases, I am spending my money, not someone elses credit. I have rarely run into places that wouldn't take the amex. In Oz, though, merchants are allowed to add a surcharge based on the type of credit card. This is knocking the Amex around a bit as a lot of smaller merchants are passing on the cost...

My brother (years ago) said he had a lot of trouble with Visa in south america, but Mastercard was well accepted. Maybe it depends where you are travelling/using it...

__________________
who hid my keyboard's PANIC button?

ryfo

Spindles is right. In Australia everycard you mentioned except Visa, have an added surcharge that most merchants pass on to you the consumer. Visa is well accepted in Oz and for that reason I use Visa. But of course it may be different on your side of the world.

genuinegirly

What about Discover? I suppose not that many folks use it.
I'm a fan of my Visa card. It worked as well for me in Europe as it does in the United States.

__________________
"Sometimes I have to remember that things are brought to me for a reason, either for my own lessons or for the benefit of others." Cynthetiq

"violence is no more or less real than non-violence." roachboy

VirFighter

Amex is my default card of choice, I use for everything except a couple of things:

1. I have a mastercard that gives me cash back on gas, groceries, etc

2. If Amex is not accepted.

The customer service and my Dad's years of experience with them brought me to this conclusion.

Willtravel: I hear you on that. People living above their means drives me absolutely crazy!

Onesnowyowl: Congrats on living without a credit card, but I'm curious do you just pay cash/write checks for everything or do you have a debit card? I personally don't like the idea of caring large amounts of cash on me (over $100).

__________________
"The South is gonna boogie again"
- Disco Stu

snowy

I have a Gold Debit Mastercard. Used to be a Visa. I rarely, if ever, carry cash. Personally, I do not use credit. My boyfriend, however, does have a line of credit with his bank that is for emergencies only. Otherwise, we live within our means and try to put some into savings every month--which is how it should be.

__________________
If I am not better, at least I am different. --Jean-Jacques Rousseau

MiSo

my freshman year of college, i got about 6 different credit cards.
(discover, amex, visa's, mc's)

spent alot of money i didn't have and learned my lesson.
after paying it off, i only kept one MC.
been using it for 6 years now and use it mainly for online purchases because i can always dispute it easily.

Willravel

Agreed, debit is all you really need. For those curious about how to do internet shopping without credit, well debit works for paypal (and thus ebay), amazon, and a dozen other major places.

VirFighter

Using your debit card online is generally not a good practice. In fact, you really shouldn't use your debit card at any establishment where it leaves your line of site. My "debit card" never leaves my wallet except when its being inserted into an ATM. Most people's debit cards are tied directly to their checking accounts. If someone gets their hands on your information, they can clean out your account. Yes, odds are you will get your money back from the bank, but you are without your money for X period of time.

If someone gets your credit card information then yes it sucks, but they aren't taking your money, they are taking the credit company's money.

__________________
"The South is gonna boogie again"
- Disco Stu

Ample

Very well said, Will.

I once had a Visa when I was first stating out with a limit of only $750 (its been paid off for 5 years now). I maxed it out, made late payments, went over the limit. I think in a seven year period that card must have cost me at least 3k maybe 4k.

Im counting down the days till the only thing I will owe on credit in my car.

__________________

Her juju beads are so nice
She kissed my third cousin twice
Im the king of pomona

snowy

Most debit cards come with the same security protections as a credit card. The debit card I carry is guaranteed by MasterCard--if a purchase shows up that I didn't make, I call MC and they take it off.

In the past when transactions have seemed "out of the ordinary" on my debit card, the card has been shut down. For instance, I once traveled to Canada for a couple of days. On my way back to the US, my debit card would not work anywhere. I called the card company and they said that they had shut it down thinking it wasn't me in Canada. If I suddenly started making large purchases, I have no doubt that they would know it wasn't me. I'm a nickel and dime kind of girl.

They would also have to get their hands on my PIN in order to get any information about my checking account, or to access an ATM.

So no, I don't worry about the security of my debit card. I've been using one for over six years now and haven't had any problems yet, and the card companies seem to be on the ball about watching my transactions.

__________________
If I am not better, at least I am different. --Jean-Jacques Rousseau

VirFighter

Your debit card still pulls money directly from your checking account though right? When you use a credit card, the credit company pays for the item and then you reimburse them at the end of the month. Visa/MC/Amex all do a wonderful job with security and protecting their customers against fraud, but when they steal a credit card they are stealing the credit company's money, when they steal a debit card, they have direct access to your money.

This is really just a better safe than sorry point of view. I used a debit card only my first two years of college with no adverse effects and I have plenty of friends that use them primarily as well. I just feel better using my credit card, especially online or in restaurants (where the waiter disappears with your card for X amount of time).

__________________
"The South is gonna boogie again"
- Disco Stu

Willravel

The point is that whether you have your credit card or debit card stolen, at the end of the day you and you're money are secure. UIf my debit card is stolen, then I am repaid for what is spent on it. I don't see that as being any different than a credit card.

snowy

Exactly. Besides, I watch my own transactions closely via online banking. I know a lot sooner than the end of the month if there's something wrong.

__________________
If I am not better, at least I am different. --Jean-Jacques Rousseau

Cynthetiq

I have no loyalty to any brand. Whichever gives me the best perks for the least amount of green, I use.

Delta Amex, got me a trip business class from NYC to Manila Philippines to Dehli India to London (India to London I had to pay $600 because there we no more mileage awards seats but was upgraded from coach to extended coach) to NYC. All via miles by charging them on my Amex.

I changed to American Airlines MC recently, and already have enough mileage to go to Australia business class.

__________________
I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not.

Paq

i'm wtih cyn, i carry 3, carry no balance and refuse any card with a fee associated. my most used is my amex blue bc it has rewards points and flyer miles. my visa is used when i'm buying from a small business bc amex's business fees are generally much higher.

i generally like the amex bc of the service. I call if i have a problem and i speak to a real person within a minute or so. With the visa and mc, i have to wade through 15 minutes of automated machines...i hate those.

I also like amex bc i get very easy access to end of the year spending reports showing exactly what was bought throughout the year, etc. just helps a bit when figuring out everything.

that said, my first was a visa with an ultra high limit that i still carry. I generally like Visa bc it's accepted nearly everywhere.

__________________
Live.

Chris

thingstodo

First, a credit card is for conveience, not to borrow money. That's what banks are for and you should always be able to work something out with them. And if yo own a home, use an equity line - just be resonsible, because if you don't pay that bill, you lose your home!!

Credit cards: VISA and MC are accepted in far more places than Discover or AMEX. Plus, if you aren't interested in points for something, there is nor charge.

I personally like the Marriott points as there is rarely a blackout like most airlines and I've almost always been able to use those points. It costs $30/year but I get much more value than $30 for all I do traveling, etc. At this point, three nights in a NY Marriot hotel get's me enough points for three free nights at most Courtyards.

__________________
If you're wringing your hands you can't roll up your shirt sleeves.

Stangers have the best candy.

Lindy

The AMEX Rewards Program is much more flexible than any of the others that I have looked at. I have used AMEX points at Fairmont, Holiday Inn, Marriott, Hampton Inn and Hyatt hotels. They work with several airlines, not just one. Plus Amtrak too. Also Crate & Barrel, Sharper Image, and other catalogs and retailers.
It is an advantage with a lost card if the money being stolen is the card company's, not mine. If a thief drains a checking acount with a debit card, there can be problems with overdrafts for auto checks like utilities or mortgage payments. Sure, you might get that money back, but what a hassel in the mean time.
I agree that Visa and MC are more widely accepted, but I don't expect to use plastic at every Mom&Pop's Espresso Hut or Aunt Tilley's Vegetable Stand. I have cash budgeted every month for those kind of expenditures, and if I run out of cash, well, I can live without mochas for a few days.
Also, AMEX has always catered to travellers. I lost my wallet a few years ago in Bulgaria, and had my AMEX replaced THE VERY NEXT DAY. Try that with a debit card from your local bank.
Lindy

Helpher811

There are serious differences, however I have not found any one single reason that bests them all....yet...

Visa, I found in my travels through Europe, is very popular in the western european countries, and a good number of the eastern ( same retailers probably had a hand in that )...

And the AMEX is nice for big transactions, as they were the only ones which actually tried to reach me when there were some large purchases out of the blue, mainly due to the gf wanting a big rock on her finger....But that yearly fee does bug the hell outta me..

And the mastercard is the only one which I have had any luck negotiating. I'm sure the other card companies do this, but when I call up that bank which I have the mastercard with and complain a bit about the interest rate, they usually drop it 0.5% and increase the credit another $100, just cause I'm complaining.

It is a competitive business, though... I'm sure some banks are getting hammered by the constant barrage of offers to people, and those same people calling up and cancelling....

And the travellers checks I got from AMEX worked great, until the red light district visits......

Hardknock

My recommendation:

None of the above. Simply put, credit cards are a financial death trap. If you don't know how to manage them. If you can honestly say that you can manage them and not have them manage you, then you will do fine no matter what card you choose.

passthru

It's my understanding that the main reason AMEX is accepted in fewer places than MC and Visa is the fee associated with transactions. Last I heard, it was 50 cents for MC and Visa but 1 dollar for AMEX. Small businesses especially don't like this, so they just don't accept it. Knowing they have a higher fee annoys me too.
The only one I've ever had is Visa, which I'm happy with. Also, I can't think of any place I've been that accepts my Visa but not MC.

Lindy

It is not that big a difference usually. My family has a small business that accepts credit cards. Through a trade association, all of our plastic transactions are handled by a bank hundreds of miles away. The basic rate is 2.92% plus 19 cents per transaction. Discover and AmEx are 3.25%, so a $100 transaction costs about 33 cents more on Disco or AmEx. But not all processors handle Disco and AmEx--then you have to set up another whole business relationship directly with those cards. AmEx also has a reputation for always siding with their cardholder in any dispute--even when the cardholder is clearly abusing the system. The processors also like to "nickel and dime" the merchants--especially small businesses. For example, phone and mail orders are at a higher rate because the card is not present. If the scanner can't read your card and the number must be entered manually--that is at a higher rate too. Want a paper instead of email statement--another five dollars. Some processors--especially small local banks--charge based on average ticket size. So if you have a lot of small transactions, you pay a higher rate. But you pay it not only on the small ones, but the large tickets as well. That's why small businesses hate to see the plastic come out of your wallet for a $3.00 sale.
Lindy