After reading Peter's thread about his 10yo daugher getting a CC it reminded me about posting a seperate question here. I avoided getting a CC while in college because I knew that I didn't want to run up any debt while in college. So now that I am out of college I am all ready to run up said debt, j/k I need a CC to help establish some credit yet I am not really sure which company to go with. My limit does not need to be more than a few thousand dollars to begin with, so please lend me some advice about which card to get!
JOHN....MY ADVISE TO YOU.. GET A M/C OR VISA LINKED TO YOUR CHECKING ACCOUNT... ANOTHER WORDS..GET A MAC CARD FROM YOUR BANK LINKING TO ONLY YOUR CHECKING ACCOUNT BALANCE.. IF THE MONEY ISNT THERE, THEN YOU CANT GET INTO DEBT... TRY IT IN THE BEGINNING.. HOW I GOT CREDIT WAY BACK, IS I APPLIED FOR A $2000.OO......LOAN FROM MY BANK, THEY GAVE IT TO ME, I PUT ALL THE MONEY IN MY SAVINGS BOOK ( BACK THEN THEY PAID 6 O7 % )....AND PAID THE MONTHLY AMOUNT OUT OF THE 2000.00 LOAN...I PAID IT FULLY, AND ON TIME, HENCE THEN I SECURED CREDIT!! GOOD LUCK, BRUCE
Eventually I'd get something that you can accumulate frequent flyer miles with. I try to use mine as much as possible and pay it off every month all the while collecting miles for my next trip.
The common myth today is that credit cards can "help" your credit... While this is somewhat true - if you pay it off - the problem happens where most people in the US carry 7K in debt (mostly in the form of Credit Cards). After Graduation from undergrad - I got a Visa and Amex... Amex is the best card you will ever have - and once you get enough usage behind you - you can go to gold, Platnium and then Black. I travel a ton and my Amex gets me many perks - (I have the Platnium) - Free entry into All Crown Rooms (or whatever the waiting area is) - free tickets for companion travel, and the list goes on. The best part of Amex - YOU HAVE TO PAY IT OFF EACH MONTH... Which I think helps keep your mind on not spending more than you can pay off - and when you are younger - I think this can be a good thing. The year end summary for me is also nice for tax usage - I use my card for my business as well. Look into a Amex - The only bad thing about Amex - I will occasionally will find a smaller store or restaurant that will only Take Visa/MC - but I have only seen this a few times per year....
Richard I will look into an Amex card. I certainly like that it is paid off every month. Also, my only income comes from trading currency so I would put all of my business expeneses such as computers or home office equipment on the card. Bruce, Would you think it wise for me to apply for a loan of say $10,000 or so and work it like you did? A very good idea.
Best Credit Card I have found is Peoples Bank card who are now owned by Citizens bank. I do not fly so did not want a miles one. They give you 1% back in cash every month. My wife and I use it for everything even things like college tuition and the maximum amount that a car dealership will let you put on a card. Have gotten back checks for up to $150 for one month. Makes for a fun time once a month when I get a three page bill and takes about an hour to match up all slips. Keep thinking they will drop me as I pay off every month. Best thing for you to do would be to check out this site as depending if you plan to carry a balance or not some cards are better than others. http://www.bankrate.com/brm/rate/cc_home.asp
No way. You should never have to pay to have a card. I use to use AMEX Platinum for my business but found paying $395 a year plus $175 for every additional card is a rip off. Now use a Capitol One card that offers all the same benefits and is free
Well not really close to the same benefits... just another mass market card really. With no other benefits than other larger bank CC's... The reason Amex charges for the card (or one reason) - is that you do not carry a balance - therefore they do not earn intrest on you... However if you carry a balance on any normal card - I will promise that you will pay much more than 395 if you do not pay it off each month... The list of perks like Free Travel Agency with Amex Travel - free entry to crown rooms at the airport, compainion tickets, ability to get tickets to any event at short notice, etc. If you do not travel extensively - the value of Amex drops in my opinion - however I travel about 200,000 miles per year - so my perspective may be different
And I always pay off balance, So my perspective is different. Like I said in an early post, You need to look at issues like balances and benefits to pick the right card for you.
Balances will be paid off by month's end and I do not plan on flying much on my dime in the near future.
