I just got my credit card today from Bank of America.
The only reason that I apply is that I want to build up my credit record. Living in US, a good credit record will make things much easier. Especially in the future when I start my own business or deal more frequently with banks and financial institutions.
I've learned something interesting. There are three agencies evaluating my spending habit and so on to decide my credit. All banks will report my information to these three agencies, and according to a highly confidential formula, the agencies will give me a score. If I have a score above 700, then I will be fine everywhere.
This credit information is linked to my Social Security. It is very convenient, but also a bit scary. I have to be very careful, otherwise the bad record is going to accompany me for the rest of my life. Feels like the big brother is watching me.
Another thing is that I can get a better credit record if I have two credit card from two different banks, and keep paying my bills on time.
It is funny that the only way for me to prove that I am responsible and credible is to borrow money from banks. This system is encouraging living on debts, which is definitely not my favorite culture.
As a customer, I have to say Bank of America is a good bank. People working there are kind and professional. But as an individual, it is too hard to deal with banks. They are too good at calculation. I can't understand most of the words on the contract. I have to be extremely vigilant and ask them several times to find out if a service is really free, or it's just free for a week.
Well, let's create some alternatives =)