(Closed) Let us talk credit cards…

posted 8 years ago in Money
Post # 3
Member
4137 posts
Honey bee
  • Wedding: May 2011

i’ve used cardratings.com to search for a card. you can also try your bank, but be sure to compare the rates and rewards with others.  they have all kinds of rewards, from plane tickets to cash back and lots of others, so it depends what you want.

the fed also has some helpful info: federalreserve.gov/creditcard

Post # 4
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

Do you both know what your credit score is? Different cards and programs are available to different credit tiers, so that might be a place to start.

Some of the cash-back cards have an annual fee for the cash-back program, so you really have to sit down and figure out if you would spend enough on the card per year to cancel out the fee.

With other rewards like airline miles, I would figure out, again, if you would spend enough to rack up miles, and find out if they roll the miles over the end of the year, or if you have to use them up within a specific amount of time.

There are a couple of websites that rank credit cards in terms of what you can get with your credit score and rank the rewards programs.

Post # 5
Member
6998 posts
Busy Beekeeper
  • Wedding: February 2011

i hate credit cards, i try not use them unless its absolutely nescessary. my father always tought me if you have the cash use it. that being said, i have an amex card…i figured this is the best one for me because you have to pay it off every month, so i dont have the option of say ah well ill pay this much more next month. im terrified of getting into major credit card debt.

Post # 6
Member
3374 posts
Sugar bee
  • Wedding: October 2011

I absolutely love credit cards. I have always used them only when necesary (I don’t overspend just because it’s credit) and have paid them off in full. The perks are amazing!!! I try to throw anything I can on my credit card just for the cash back. I travel a great  deal for work and my SO travels even more so we put all of our hotel stays, rental cars and airfare on the credit card (work reimburses us later). It’s perfect!

I just have 3 visas through Chase and Capital One and have applied for all online.

Post # 7
Member
3374 posts
Sugar bee
  • Wedding: October 2011

btw the best perk of credit cards is being able to accurately track your spending. If I take out cash out of the atm, I have no idea where it goes!!! Whereas the credit card will tell me I spent it on gas and groceries.

Post # 8
Member
1963 posts
Buzzing bee

I have 1 of everything and 2 of some.  I use credit wisely to earn rewards, cash back and more.  It really is a wonderful way to build credit.  Pay your stuff off every month in full and don’t buy anything you can’t afford.  If you have to have to, try to get a intro rate 0% interest card.  Also, I call my credit card companies every 6 months to negotiate a lower rate.

Post # 9
Member
3374 posts
Sugar bee
  • Wedding: October 2011

Yes! It helps to build credit. Every 6 months you can call and have your credit limit raised!

Post # 10
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

I have one of each (amex, visa, mc). I put everything I can on my amex and pay it off monthly to rack up rewards. I use the visa and mc enough to keep them open. I also regularly try to increase my credit limits to help my debt to credit ratio. 

Post # 11
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

I hate credit cards, too, but they are a necessary evil in building credit histories. I would recommend using one more regularly so that you build up credit.

We have a couple – one gives us 2% cash back (mastercard) and the other is an AAdvantage card that is also a Mastercard. We pay each off every month, no exceptions. We have never paid interest on them. We use them for almost all our purchases, and will be flying to China next year in business class for free because on our AAdvantage miles. Yay!

Post # 12
Member
4480 posts
Honey bee
  • Wedding: March 2010 - Calamigos Ranch

We have a joint Visa, he has his own business AmEx, and I have my own personal (World Points) Mastercard. I don’t track his business expenses or anything related, so I can’t answer anything about that one. The Visa I signed up for by mail years and years ago; I only added him as an authorized user after we got married (so it’s not technically joint). I signed up because the interest rates were very low (0% for 1 year when I signed up) and the rewards were “cash”–a 1% credit back to my bill every statement. We use it for all of our spending except rent (since we have to write a check for that one) so that we can automate most of our payments, accurately track our spending, protect ourselves from fraud (having your credit card # stolen is much less of a hassle than your debit card or checking information), and get the cash back.

I almost never use my personal card because the cash back percentage is much smaller (0.5%-1%, and I never spend enough to get 1%), and I have to wait weeks for a check rather than an automatic credit.

Post # 13
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

My favorite card is an Amex Blue Cash.  We put basically everything on it.  I get up to 5% cash back on it once a year (on gas, groceries, and drugstores) and 1% on everything else if we spend over $6,500 on it a year and we do since everything goes on it.  Really, a credit card is only a good idea if you pay off the balance every month.  I went to the Amex site to sign up for it.  I woudn’t go about increasing your credit too much, I would just try to keep the amount that you charge on the credit card to less than 20% of the balance.  I would make sure to have a seperate card from your SO, since you need to have your own credit profile in case something were to happen in the future.

Post # 15
Member
1963 posts
Buzzing bee

@PinkMagnolia: Why would you want your limit raised every 6 months.  Requesting a credit limit increase (as opposed to being awarded one) temporarily depresses your credit score.

OP: Go to bankrate.com for really good info on comparing cards.

Post # 16
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

@MsBrooklynA: Yes you can pull cash off a credit card but unlike with regular purchases, interest begins accruing the moment you take cash off the account.  Plus the interest rate is usually double your purchase APR.  The APR depends on your credit score.  I would really try to pay it off every month so you don’t have to worry about interest ever.

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