How To Choose A Credit Card

First published in the Credit Card Collector newsletter, March 1992

Here are some tips on how to shop for a credit card (not for credit card collecting purposes!), based on comments by credit card analysts and those in the industry.

The big question is: How do you use your card?

  • If you carry a sizable monthly balance, you should focus on lower interest rates. The savings on the interest paid should make up for the annual fee often charged for the lowest rate cards.
  • If you pay off promptly, look for a card with no annual fee. Also, find a card with a one month grace period, or you’ll have to pay interest on all your charges.
  • Find out how large a credit line a card will offer .. Some of the lowest rate cards also set low loan limits.
  • Ask your bank if it can offer a better deal. If you have several accounts with the institution, it may give you a special rate on a credit card or waive the annual fee.
  • Call other financial institutions and ask about their credit card rates and annual fees. You don’t have to have a credit card from a local bank.
  • Don’t apply for a credit card based on the rate alone. Consider how convenient it will be. Ask if the card issuer offers an around-the-clock, toll-free customer service line. Will the issuer be able to quickly replace a lost card?
  • Does the card issuer charge for extra cards?
  • Consider whether you really need the perks offered by a card, such as purchase protection or extended warranty coverage. The programs can add to the cost of the card, be it in the form of higher interest rate or higher annual fee.
  • Don’t always go for the gold card. Usually a higher fee is charged for a card offering more perks and a higher credit line. But you may not need the perks. Good customers frequently can have their credit lines raised if they ask their banks.

Copyright Greg Tunks, 1992

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Frequently asked questions

You can find out the value of old credit cards by checking how much similar cards sell for. There are several ways to do this.

The simplest way to determine the value of old credit cards is to ask an experienced collector. If you submit an inquiry via our contact form, we can connect you with an expert who can assist you and point out if there is anything rare or unusual in your collection.

Alternatively, you can become a member of the American Credit Card Collectors Society. Membership in our credit card collecting club provides access to resources and knowledgeable members who can help. Benefits of membership include access to a gallery containing thousands of cards with historical pricing information, and access to our entire collection of newsletters, from 1994 through the present day.

You can look at recent sales on auction sites, however, there are some considerations to keep in mind when doing this. Firstly, it’s important to look at selling prices, rather than asking prices. Selling prices are the prices people actually paid, while asking prices can be very different. Secondly, historical sales on some sites are only saved for 3 months, so you may not find something that exactly matches what you have. Thirdly, it is sometimes possible to see rare or unusual cards sell for lower prices than they should have because people do not understand their worth, the ads don't do justice to the card, they're listed in the wrong category, or any combination thereof.

There are always people in our club who are actively buying cards. Collectors tend to focus on a niche, like gas cards or retail cards, or they might focus on a slightly broader area, like bank cards or travel and entertainment cards. Many of the rarest or most unusual cards will exchange hands in private sales. Please contact us if you are thinking of selling your collection.

You can also sell your old credit cards on online marketplaces. You will get the highest price if you sell each of your cards individually, although this approach requires the most effort. At the opposite end of the effort scale would be selling all cards as a job lot, an approach which typically results in the lowest price on a per-card basis. Halfway between these two approaches would be to group cards into different categories and to sell these individual groups, e.g., BankAmericard, Master Charge, oil and gas, retail, and so on.

To join the club, visit the membership section and complete the registration form. You can pay by check or PayPal. We offer annual or lifetime memberships. If you have any questions please contact us via the form on our website.

Credit cards are more worthwhile collecting if they are rare, in good condition, have historical significance, or are associated with famous personalities or events. Valuable modern cards might include those that are difficult to obtain, such as American Express Centurion (a.k.a. ‘black’) cards, while older credit cards might include early independent bank cards, American Express, Diners Club, or BankAmericard (Visa) cards from the 50s/early 60s, or Master Charge (MasterCard) cards from the late 60s. Rare or unusual cards can also be sought after, such as those issued in small numbers, like small independent department stores or gas stations, or cards with appealing aesthetics.

Consulting with other collectors or experts in the club can provide valuable insights. Contact us for more information via the form on our website.

We do not offer an appraisal service in a traditional sense (such services are normally a paid service) but we can connect you with an expert who should be able to assist for free and point out anything rare or unusual in your collection. The simplest way to do this is to submit an inquiry via our contact form.

The American Credit Card Collectors Society accepts donations and is most grateful for any we receive. When donations happen, we strive to find good homes for cards where they will be looked after, matching cards with collectors who will appreciate them. The club may charge members a nominal fee for donated cards, and the proceeds are offset against the running costs of our club. We are a non-profit organization. Running costs include expenses like our convention and website hosting. Donations are most popular for people getting out of the hobby, or when someone has inherited a collection and doesn’t know what to do with it.

If you wish to donate your collection, please contact us via the contact form above.

American Credit Card Collectors Society