Credit Card Question

[Cyclonefan710]

He mentions 8 different credit cards in the article - how many total accounts do you think he has open? Do you think those airline miles and points are helping him build wealth? Not for me.

Unfortunately wealth building isn't a priority for some people.

 

[NickTheGreat]

No one ever got "rich" with credit card rewards. But I've gotten more cash back than my debit card gives me: none.

Obviously this is all negated if you don't pay off in full each and every month.

I like my Cap One card, and it might be a decent card for a guy starting out if you can get it. With your high score you might be able to. It's just cash back, no games or BS. It's the same 2% (or 1.5%) whether it's gas, groceries, pornography or doggie boots. I loathe Alec Baldwin, but the rewards are very simple and straightforward to redeem as well.

 

[cy4life94]

A 790 based off one account for four years? Wow. I'm assuming your parents have had that card for a long time as that entire history is counting towards your utilization. You have student loans as well?

They have had it since 1989 and, knowing them, have never missed a payment. I was confused by it too because I thought only the 4 years my name was on it should count so I wasn't sure. And no, I don't have any student loans. I was very fortunate that my parents were able to help me make it through college when I couldn't afford everything.

yeah but on the flip side I get 15% more stuff

I would probably get two cards: one of the categorized cards that have been mentioned so far (amex, etc) for specific purchases, and a capitalone card like the quicksilver as a backup (and capitalone cards for the most part don't have international transaction fees, so if you think you may do some traveling in the future/buy things over the internet in other currencies it's nice to have).

I'm probably going to end up doing this.

 

[cyIclSoneU]

I'm probably going to end up doing this.

It's a good idea but for the general card I would skip the Quicksilver (1.5% back on everything) and go with the Citi Double Points (2% back on everything). For the categorized card there are lots of good options that depend on what you spend the most on so you'll need to figure it out yourself.