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    Which credit card is best?

    I'm 26 and have yet to ever get a credit card. Besides my house I have never bought anything that I couldn't pay for immediately and it has helped me stay out of a lot of trouble I think. I now think it's time to maybe get one, use it for gas and just pay it immediately on receiving my bill. I have a great credit score, but it sometimes comes up with "not enough blah blah blah". Hopefully using a credit card can help me in that regard.

    ANYWAY... Which card is best (obviously one with a low rate), but what else do some cards offer. I'm completely in the dark here.


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    Re: Which credit card is best?

    Dave Ramsey would say NONE!



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    Re: Which credit card is best?

    We just got a Visa card through Charles Schwab. We are using it for pretty much every purchase we make. We get home from the store, transfer money from our checking account to a savings account. We accrue extra interest throughout the month, when the Schwab statement comes we know we have the cash to pay it off plus we get 2% of our monthly purchases on the Visa card deposited into my Schwab brokerage account in cash. I can use it to help with a stock purchase or transfer to another account. This is cash in our pocket for stuff we would buy anyways.

    Discipline is key though if you try and do something like this. You have to make sure you can pay off the card each month or the 2% is pretty much worthless as you will pay more in interest.



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    Re: Which credit card is best?

    I have a cash back card from US Bank that I use for all my purchases. I pay the bill in full each month like you mentioned. Maybe just get a card through whatever bank you use for checking/savings.



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    Re: Which credit card is best?

    It depends on what you're interested in. If you will continually use it and immediately pay off the balance, the APR isn't a big issue...so cards with high rates like mileage cards (if you like to fly) would be okay. You just have to watch the ones with monthly/annual fees attached, which is becoming more prominent now with the new credit card legislation. Cash back, mileage, GM points, there's tons of stuff out there. Websites like cardratings.com can help you choose



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    Re: Which credit card is best?

    Look at a credit union, generally decent rates.



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    Re: Which credit card is best?

    My wife and I both have Choice Privileges cards (Comfort Inn). We earn points for everything that we buy and then can use the points towards a free stay. Comes in handy for us since we are always traveling (Iowa State games, vacation, home, etc.). I think Holiday Inn has a card too. I have never liked earning miles, since I don't fly enough to use it and I hate the airlines anyway. If I were you, I would see if there is a card that you can earn points toward something that you would use regularly.



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    Re: Which credit card is best?

    Mom & Dad's


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    Re: Which credit card is best?

    Quote Originally Posted by cyfan964 View Post
    I'm 26 and have yet to ever get a credit card. Besides my house I have never bought anything that I couldn't pay for immediately and it has helped me stay out of a lot of trouble I think. I now think it's time to maybe get one, use it for gas and just pay it immediately on receiving my bill. I have a great credit score, but it sometimes comes up with "not enough blah blah blah". Hopefully using a credit card can help me in that regard.

    ANYWAY... Which card is best (obviously one with a low rate), but what else do some cards offer. I'm completely in the dark here.
    i have an AMEX card with my Costco membership - no annual fee with membership. My AMEX card is a business card. The % cashback for using it is really good. For example, my card has 5% cash back for gas. It tiers down to 1% for 'everything else'.

    I pay in full every month. I use if for everything I can and when it comes to getting my check, for my spending, it will be several hundred dollars. have to use it at costco, but not a problem as i shop there often anyway.

    the credit card will help you build your credit profile as well.


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    Re: Which credit card is best?

    I appreciate all the info!

    I'm looking at the Discover More card. It includes 5% cash back when used on home remodel stores and gas/restaurants however it looks like they break down the 5% back categories down to certain months of the year. Anyone have this card?


    Last edited by cyfan964; 02-27-2010 at 04:53 PM.
    Now that MBB is back, do we still have to pretend that WBB matters?

    -acgclone

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    Re: Which credit card is best?

    If all you're planning to do is pay it off or carry a small balance just pick one from your junk mail.

    Just make sure there are no annual fees or usage minimums. After that see if you can get a fixed APR < 10% and go to town.

    If you're looking to get more "available credit" on your report be sure to call the credit card every 6 mos or so and ask for a credit line increase ... usually they do $500 - $1500 per request.

    You might actually have to use it for a few big purchases a couple times before they let you get a lot. And if you forget to use it for 6 months they'll probably knock you back down on the credit line.



  12. #12
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    Re: Which credit card is best?

    Quote Originally Posted by cyfan964 View Post
    I appreciate all the info!

    I'm looking at the Discover More card. It includes 5% cash back when used on home remodel stores and gas/restaurants however it looks like they break down the 5% back categories down to certain months of the year. Anyone have this card?
    Not many places accept Discover cards anymore I don't think. I would go with a Visa or Mastercard. Get one that offers bonuses for paying in full each month.



  13. #13
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    Re: Which credit card is best?

    I've had a Discover that I've used a lot over the years and can't complain about it. Good thing that I never realized about them was when I went to the Bahamas last year I called Discover to find out how much their international usage fee is (A lot of companies charge a few percent) and Discover told me it was zero fee. It was very nice not to carry around a lot of cash and be able to use a card that didn't stick it to you by using it in another country.



  14. #14
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    Re: Which credit card is best?

    We have a Mastercard/Debit with West Bank in Des Moines. We are required to use it as a credit card 12 times a month and have one monthly auto withdraw. In exchange we get 4% interest and ATM fees refunded up to $25 a month. I use it to rent videos from Redbox and have my electric bill autowithdrawn. Always make much more interest that withdrawals.



  15. #15
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    Re: Which credit card is best?

    Quote Originally Posted by cyfan964 View Post
    I appreciate all the info!

    I'm looking at the Discover More card. It includes 5% cash back when used on home remodel stores and gas/restaurants however it looks like they break down the 5% back categories down to certain months of the year. Anyone have this card?
    I've been using this card for a few years now. I like it. I used to book work travel on my credit card, so it was always nice when the 5% on travel came around.
    I haven't found any places that won't take discover card.



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