Credit Cards

[yuehan123]

Yeah, and try to get a rental car without a cc!

[Joanne]

Most of us Chinese know the difference between a debit card and a credit card. However, when come to using them, they are not much different to us. They are just tools for payment (except that a lot of rental car companies only accept credit cards not debit cards). A credit card is not considered as a mean to borrow. We may not paying much attention to the credit rating associated with using them either.

 

It is possibly because in China the bank don't manage the credit limit in a dynamic way. For example, I have a Greatwall card. My credit limit for that card was set at RMB3000, which was fairly standand 8 years ago. The credit limit for that card remained the same throughout those years. When I asked the bank to raise my limit, they required that I visit their credit card center to apply in person, which I didn't bother to do. So you see, even though there are credit cards in China, there is not much credit rating in practice.

[tywy_99]

My wife just received an unsolicited 'you're already approved' credit card application from our frequent flyer program. She doesn't work. How they approved her, who knows? We sent it in feeling 'what the heck,' let's try it.

Read the "fine print" on the back of those flyers.

They start out pre-approving with a great deal which is what they're advertising with flashy lines and the great big goose egg: 0%.

But on the back, they say, if you're not accepted for this deal, we'll move you down to the next lower deal. And if we don't approve you here, down to the next lower deal you go. And so it goes.........just a damn trap!

 

Credit Cards: "use them wisely!

[yuehan123]

Thanks for heads up. We only wanted to establish the initial credit, not really use it.

[sweattrl1]

My wife doesn't have a credit card. I just opened a checking account. I will send her the debit card when I get it. I want to be able to send her money without problems. I haven't been able to do much for her yet, I hope for her to buy her somethings soon.

 

I will wait until she is here to start to build her credit. No rush for that

some good advise do not have either card ativated untill she have it in her hand, that will asure you if it get lost you will have nothing to worry about

[SheLikesME?]

o% is good if you pay on time. Pay one day late and it goes to 23+%. But you can call and get it restored to 0% once and maybe twice.

 

My wife hates credit so bad I cannot get her to use the cards I left, and also she will not write out any checks I left for deposite.

 

I guess I will never buy anything when she arrives, other than vegies.

[tonado]

My wife has 4 credit cards (mostly from department stores). Now she gets all these junk mails daily from banks to get more cards.

[kenshin77]

Too many credit cards = Traps. I learned my lesson when I was in N.A. and Now, 1 is enough. Offers from the bank? No, Thanks!

 

 

Yuki~

[Dan R]

My suggestion is to take the offer for two cards. Request a low credit limit. Then use them monthly paying it off each month. This will establish credit. It also helps as an ID. It is money so keep it controlled. There are times when it is very handy and even necessary in America.

[Joanne]

We have only one joint (US) credit card account associated with our regular bank account, along with a debit card. Transfering money between checking and savings accounts and pay credit card account can be done online easily. We have had that account for more than 10 years by now, and maintained our credit rating even when we lived in China.

 

We use that credit card to pay everything possible, so that we don't have to withdraw much cash. Also I can download the credit card statement monthly and run a simple analysis to see how much we spend in each catagory, so to keep track of our spendings against budget. The draw back is that occasionally, particularly since I moved from place to place too much, I may miss a payment deadline and have to pay late payment penalty and interest.

[AmericanRooster]

Yeah, and try to get a rental car without a cc!

I know this is an old comment, but I'll add something here...

 

I normally use a Visa debit / check card exclusively for the same reasons Joanne mentioned. I have been refused rental cars in the past because I didn't have a credit card with me... so I wound up getting one for that purpose. I recently forgot to bring my credit card on a trip and discovered that this rule is not as inflexible as I once thought...

 

I pleaded with the rental agent to rent the car against my debit card... The agent said that normally they must rent cars on a credit card unless you can prove that you really are scheduled to fly back on the rental return date. I showed him my airline itinerary from travelocity and that did it... I walked out with keys in my hand!

[izus]

we run with our joint bank account now.

 

its rare either one of us has cash on us.

 

everything is paid with plastic