What’s In My Wallet, Huh? Cash, You Damned Vulture...

Gold cards are out and platinum cards are in. Credit card companies are already working on their next wave of smoke and mirrors to rope people into the “prestige” of high-end credit card patronage. Titanium cards allow you to carry a balance of $100,000, have no annual fee, and perks like free internet access and magazine subscriptions. The vultures are trying to market titanium cards to law and medical students who they are hoping will rack up large bills now, but have the earning power later to eventually pay them off. If that’s not enough, ultra-elite cards like diamond, quantum, infinite and black are also making their debuts with credit lines that start at six figures. American Express Black has benefits like roadside assistance and guaranteed airport parking, but carries an annual fee of $2500. My advice on credit cards? Whether your card is gold, platinum, titanium, or Ukrainian, don’t carry a credit card balance, and always try to get cards without an annual fee. If you’re looking for a status symbol, how about being able to say you have no credit card debt in a nation where the average household carries $35,000 in credit card debt? If you need to carry a balance, look for a low-rate card, which is not necessarily going to be a “metal” or “element” or “smoke & mirrors” card. Watch out for “rebate” cards. Sure, you might get a free tank of gas every month, but are you paying $300 in finance charges instead of just spending your own $30 on gas? Always pay your minimum due and pay it on time...if you don’t there are clauses in the credit card application you signed that are there just to stick it you. Always be firm, almost a problem customer to your credit card companies. Be courteous, of course, but also demanding, and always threaten to take your business elsewhere Call your credit card companies and tell them you are going to transfer balances away from them if they don’t lower your rate. You’d be surprised at how quickly they may lower your rates if you scare ‘em.