thoseAREmySHOES
Member
The money values in that video simply aren't totally correct. But still, make more than your minimum.
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Credit Cards & Finances |OT| Rewards, Cash Back, APR, & More!
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The money values in that video simply aren't totally correct. But still, make more than your minimum.
The Sony Card is very limited in terms of rewards. If you feel you'd ACTUALLY use the rewards on PSN or Playstation purchases over the long term I'd say go for it. If not, go with the Citi card (or equivalent).
I've had the Sony Card for many years and my intent was to use the rewards for Playstation purchases. As I got older I didn't care for much games and preferred cash back or gift cards. Now, I just use the rewards for Regal or AMC movie tickets.
Sorry, I was thinking of the real Black Card, the Centurion, which is $4000/year.
The Visa one is $490.
Do any of you guys have the Huntington Voice card? I wish I could sign up for that one pretty bad but we have no Huntington banks here in SC, ugh.
https://www.myhnbrewards.com/learnmore.aspx?source=ccrwdlm
https://www.myhnbrewards.com/learnmore.aspx?source=ccrwdlm
hipbabboom
Huh? What did I say? Did I screw up again? :(
My blue card gives me back 6% on groceries and 3% on gas. I do have to pay annual fees but it pretty much pays for itself and then some with the savings.
Yeah, you have the preferred card then. If you spend enough with it then it is well worth it.
Yep.
Okay so say I qualify for the secured card and put $300 in it. If I do absolutely nothing with it, would that start my credit? At the very least, I would only use it for very small items (dollar store stuff basically).
Yeah, get it and just use it for a few small things a month or so. You need to start building a history and proving that you are trustworthy when it comes to credit.
I'm not sure how things have changed but on my 18th birthday in 1998 I got a phone call that very MORNING offering me my first credit card and I got it with a $1,000 limit or so. Does that never happen anymore?
Ugh okay I was on the application for it and under annual income..I can't put 0.00. Has to be higher than that...not going to work.
Go into your bank and talk to them in person. They'll work you through it.
faceless007
Member
Does getting your credit report do a hard pull and ding your score? Bout time for me to check mine, but I just opened the Target card which probably dinged me and I don't want to lower it any more.
Nope.
Opening new accounts and credit inquiries (for new credit) will adversely affect your score though.
Alright I will do that thanks!
Doominated
Member
Are all secured cards pretty much the same assuming you pay off your balance at the end of each month/period?
I think this is the way I'm going to have to go, but I don't think my bank offers a secured card.
Jazzy Network
Member
Checking accounts doesn't hurt your score. Of course if you open like 50 accounts in like a 3 month period, something might happen, but in general, it doesn't.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
It's honestly pennies to me..I pay more a year for any other random service lol. The majority of trips will be business and it's more than just lounges heh. Just a gangsta card in general.
Jazzy Network
Member
Pretty much. I mean there are small nuances for each bank. I know Wells Fargo offers cell phone insurance on their secured cards, but generally they are all about the same.
You can just go to a Wells Fargo or Capital One and open one. You don't have to get one with your bank. I know other banks offer it, but C1 and WF are the ones I see the most.
AyaisMUsikWhore
Member
Thanks for this thread OP. Definitely Subbed for future reference. I've been trying my hardest to build up my credit. I only have 1 credit card through capital one. From what I understand, having revolving accounts mean that your credit history is a little bit better than someone with none. What I'm trying to achieve is looking out for the best credit cards with a lot of benefits. Any suggestions?
Just to add more depth...
High APRs are a big no no
Annual fees are a no no
Introduction fees are a no no
Just to add more depth...
High APRs are a big no no
Annual fees are a no no
Introduction fees are a no no
I can't put rent on a credit card. Utility company also charges an insane fee to pay with a credit card. I don't have a car payment.
Something about this line of thinking just reminds me of all thes ridiculous money saving tips your dad gives you -- "Take all your showers at the gym so you save money on your water bills and your gas bill!" He's undeniably right most of the time, but the savings are minimal and the effort is significant.
Maybe I'm just skeptical since I've had an AMEX Blue Sky Miles card for years and years and still don't have enough points to redeem anything.
What is your history? How long have you had your Capital One card (and which one do you have)? What do you want to get out of a card?
There is literally no extra effort required at all to get money for nothing.
AyaisMUsikWhore
Member
I've had it for almost 2 years now. I got it when I was 19. My APR kicked in and I still have $400 I owe just to pay it off. However the card gives me no benefits. I just get points for purchases on just Sony products which sucks.
I'm looking for something that gives me something back for purchases on music. Something with electronics as well because I buy them a lot. I'm definitely looking for something that I can use for gas and other payments such as my cellphone bill. I've heard the term cash back for a while but never had a clue on what benefits it gives to you. So I kind of want that but I don't know the benefits to it.
Edit: Also, how many credit cards would you say is good to have to grow your credit?
Jazzy Network
Member
Cash back is just another term for rewards points. Instead of rewards, you get dollars accumulated and when you hit a certain threshold you can redeem it as cash or have it deposited into an account. Same goes for miles. It's used for travel.
You have to track which cards offer which bonuses. And more irritatingly you'll have to read pages of fine print every time the terms and conditions on your card changes(which happens like every couple months for me these days). if you aren't diligent and they manage to hit you with some weird fee then the cash back on thousands of dollars worth of spending get wiped out on a $30-50 fee.
What is your credit limit on your current card? If it is a balance you have had for a while I'd make sure to pay that one completely off finally as soon as you can.
Again, I fall back on requesting the Chase Freedom and Discover It. Not sure what kind of chances you have to get it though. With two years, no missed payments or anything, it's possible. I'd focus on the Chase Freedom first just because it's going to be more widely accepted and you need that right now.
Speedy Blue Dude
Banned
How easy is it for a 17 year old to get a credit card? I have no bills, other than my Cell Phone, that I am obligated to pay, so the $2,000 I make or so a month from my part time job, $1,900 of that is free income.
I want to start building my credit, and my parents helped me by putting me on their credit-account a year back on a Capital One I think? For the past few months I'm getting pre-approved letters from credit companies, but I ignore them because everytime I read them, the disclaimer says I need to be 18, so they probably made a mistake.
Is it possible for me to get a credit card at my age?
I want to start building my credit, and my parents helped me by putting me on their credit-account a year back on a Capital One I think? For the past few months I'm getting pre-approved letters from credit companies, but I ignore them because everytime I read them, the disclaimer says I need to be 18, so they probably made a mistake.
Is it possible for me to get a credit card at my age?
Speaking of credit cards, maybe we in the USA are going to finally get more secure cards?
http://money.cnn.com/2014/02/04/technology/security/target-senate/
I was in Europe like 4 years ago and it was a bit embarrassing even then to hand over my magnetic-strip-only card. I did like that they would always swipe it at the table instead of taking it away like they do here. Seems weird how trusting we are with that.
http://money.cnn.com/2014/02/04/technology/security/target-senate/
I was in Europe like 4 years ago and it was a bit embarrassing even then to hand over my magnetic-strip-only card. I did like that they would always swipe it at the table instead of taking it away like they do here. Seems weird how trusting we are with that.
Marty Chinn
Member
The idea is not to get a billion cards though. You get like 1 or 2 that do different things. I use my Target card for all Target purchases for 5%, I use my main card for most purchases and I use the Amex for groceries and gas. It's not hard to keep track of at all. It's not rocket science.
Also your fear of these hidden gotchas are unwarranted. People keep thinking there's going to be this fine print that's going to get them. It's just plain untrue.
Just simply use the cards the same way you would a debit and it'll be exactly the same except you get money back and other perks like extended warranties, price protection and so forth.
Jazzy Network
Member
Technically you have to be 18.....so yea.
AyaisMUsikWhore
Member
Oh okay, so that mean's its a good thing. I feared it because I thought it was some scam word for like a rebate where you have to spend a certain amount and report what you spent just to get actual cash back. Hmm, this is not really bad.
I seen someone recommend Credit Karma, which is amazing, and I checked out my credit history there. In my entire 2 years, I've only missed 1 payment but was never charged a late fee. I do spend a lot on my card but I haven't done so In a long time.The last time I used my credit card (seriously) was about 7 months ago. Now it's just my auto pay card for netflix and spotify. The interest rate is killing me because every time I pay, I get hit with another huge interest rate and I want to completely leave this card for something that gives me back maximum benefits while also bringing up my score. My credit limit was $500 when I first got the card but now its $900 apparently. I see there is a such thing as a balance transfer. Is that like transferring a balance from one credit card to the other?
This is essentially what I want. I find credit cards to be more organized in a way that every different bill or payment has one central card it comes from so I don't have to worry about looking at my debit card for certain funds. I want to be able to have a card that gives me back money for gas, entertainment , and necessities; then autopay them straight from my checkings account so I never have to really use my debit card but only for miscellaneous purchases. Its just finding the right card to do this with.
Jazzy Network
Member
Balance transfers can be iffy. There is usually a fee for it. I know some are like 3% to maybe 5%. I wouldn't do it unless you transfer it to a card with significantly less APR or you are on your 0 APR period.
You can find some cards that don't charge any fee at all for a balance transfer then with a 0% APR for a certain period of time. That's what you want. But if you only own like $400 on it then I'd do all that I could to eliminate it once and for all. Most people don't realize how damaging interest can be.
Even if they charge you a fee to transfer it is a lot of the times worth to finally eliminate the interest as long as you'll be able to get it all paid off soon.
http://www.wisebread.com/the-best-0-balance-transfer-credit-cards
The Chase Slate card is a good one...
https://creditcards.chase.com/credit-cards/slate.aspx
Even if they charge you a fee to transfer it is a lot of the times worth to finally eliminate the interest as long as you'll be able to get it all paid off soon.
http://www.wisebread.com/the-best-0-balance-transfer-credit-cards
The Chase Slate card is a good one...
https://creditcards.chase.com/credit-cards/slate.aspx
It's not possible that a "No Annual Fee" card might get taken over by a different bank and suddenly start charging an annual fee?
I don't think it's incredibly cynical to expect that a credit card company is going to fuck you over. The entire industry seems very focused around tempting customers with a sweet deal, then quietly changing the terms of deal once a trial period expires.
But then again I guess the banking sector is not that different, so you carry the same risks with debit cards.
Marty Chinn
Member
Yes, it is possible that they can change your no annual fee card to have an annual fee, but they give you a heads up notice about this change and explicitly tell you. They don't hide this from you. If that happens, you cancel the card. I've had my main card for 19 years and it's never had an annual fee added. My wife has had her rewards credit card change banks but has never been added a fee. Cards like Target and Amex won't add fees like that on you.
Credit cards are not some scary hard to understand things. They're pretty straight forward and as long as you use them like you would a debit card, then there's no reason to not use it and reap the rewards gained. It's leaving money on the table for not having to do anything really different if you set the card to auto pay. A 6% return on groceries is anywhere from $150 to $300 a year if you spend $50 to $100 a week on food.
RukusProvider
Banned
If you're not just wasting time/trolling, take a look at these two cards:
http://creditcardforum.com/content/best-travel-rewards-credit-cards-15/
Chase Sapphire Card + British Airways Visa Signature
Put 30k on the BA card to get the free companion ticket so you can do a personal holiday.
The put the rest on the Sapphire so you can then flip those to BA Avios points at a 1:1 ratio and upgrade your long flights for free.
Any flight you upgrade, the free companion voucher automatically gets upgraded.
I assume you're well past 100k of CC usage per year so maximizing these shouldn't be an issue.
The Visa Black card was pretty damn pointless for my needs when I looked at it.
I've had my Chase for a while (before it changed to Freedom). That used to be my main card.
Amazon Chase card for Amazon purchases and food (and gas if Chase isn't offering it in their 5% categories).
Last month I got the Amex Blue Cash Preferred. This might seem kinda convoluted, but it's incredibly easy to hit the $6,000/year limit for 6% back on groceries (I buy groceries at Costco or Walmart normally, so my normal food purchases won't fit in this category). I buy $500 Visa gift cards (or Amex gift cards, for Costco) and use those on anything that would normally only get me 1% back. Cell phone bill, food at work, utilities, etc.
The fee for the cards is $5.95, so you lose 1.2% of rewards off the bat, but that means you're still getting 4.8% for purchases where you would normally only get 1% with a normal credit card.
It's somewhat of a pain in the butt, but I figure I'll be through the $6,000 well before a year is over and then I can transition back to normal paying habits. I also use the Amex directly for electronic purchases since they have the extended warranty.
The 3% department store points on it seems to cover Amazon as well, so now I'm not sure what exactly I'll use my Chase Amazon card for except food.
Seems somewhat complicated, but it's really not...I feel like a credit ninja.
Amazon Chase card for Amazon purchases and food (and gas if Chase isn't offering it in their 5% categories).
Last month I got the Amex Blue Cash Preferred. This might seem kinda convoluted, but it's incredibly easy to hit the $6,000/year limit for 6% back on groceries (I buy groceries at Costco or Walmart normally, so my normal food purchases won't fit in this category). I buy $500 Visa gift cards (or Amex gift cards, for Costco) and use those on anything that would normally only get me 1% back. Cell phone bill, food at work, utilities, etc.
The fee for the cards is $5.95, so you lose 1.2% of rewards off the bat, but that means you're still getting 4.8% for purchases where you would normally only get 1% with a normal credit card.
It's somewhat of a pain in the butt, but I figure I'll be through the $6,000 well before a year is over and then I can transition back to normal paying habits. I also use the Amex directly for electronic purchases since they have the extended warranty.
The 3% department store points on it seems to cover Amazon as well, so now I'm not sure what exactly I'll use my Chase Amazon card for except food.
Seems somewhat complicated, but it's really not...I feel like a credit ninja.
I hate all my cards.
The Citi rewards card sucks because the 5% bonuses are useless. Chase Freedom seems to be the best.
Have a lame regular Us bank card. Need to switch that one soon.
Target one is my favorites because of the discounts.
Amazon card used yo be great but I never shop there anymore. I wonder if Chase would switch it to the Freedom?
I tried to get the blue amex a few years ago but got rejected. The 3% cash back on supermarkets sounds great. Although I get a lot of filers for amex cc I'm still afraid I will be rejected. Don't want to hurt my credit.
I pay them in full every month so interest and debt are not a problem. Only use them instead of cash and for the tiny rewards.
The Citi rewards card sucks because the 5% bonuses are useless. Chase Freedom seems to be the best.
Have a lame regular Us bank card. Need to switch that one soon.
Target one is my favorites because of the discounts.
Amazon card used yo be great but I never shop there anymore. I wonder if Chase would switch it to the Freedom?
I tried to get the blue amex a few years ago but got rejected. The 3% cash back on supermarkets sounds great. Although I get a lot of filers for amex cc I'm still afraid I will be rejected. Don't want to hurt my credit.
I pay them in full every month so interest and debt are not a problem. Only use them instead of cash and for the tiny rewards.
Question... the Amex Blue Card which I recently got has 0% APR for 15 months. Does that literally mean no interest for 15 months? I plan to build a computer with it and paying off about $200 a month but there might be a month where I don't pay anything. During the months where I might pay nothing, I don't have to pay a minimum payment or anything correct?
Zoe
Member
You can't pay nothing. You have to make the minimum payment.
Just when I thought I was done it pulls me back in.
I just added yet another card to my lineup.
I just applied for, and got instantly approved for with a $3,800 credit limit, the Sallie Mae MasterCard.
This one is a great rewards card - 5% year round back on groceries (including Target & Walmart), gas, and bookstores (includes Amazon and everything shipped and sold by them). There is a monthly cap set at $250 per month for groceries, 250 per month for gas plus up to $750 for bookstores (again, including Amazon).
This one could potentially eliminate my AMEX Blue Cash Everyday (3% on groceries and my Amazon Chase card (3%).
I just added yet another card to my lineup.
I just applied for, and got instantly approved for with a $3,800 credit limit, the Sallie Mae MasterCard.
This one is a great rewards card - 5% year round back on groceries (including Target & Walmart), gas, and bookstores (includes Amazon and everything shipped and sold by them). There is a monthly cap set at $250 per month for groceries, 250 per month for gas plus up to $750 for bookstores (again, including Amazon).
This one could potentially eliminate my AMEX Blue Cash Everyday (3% on groceries and my Amazon Chase card (3%).
that's similar to bestbuy's card. 18months no interest, but the minute it goes past 18 months, you're hit with FULL interest.
gas, starbucks, and movie theaters. so good.
disillusion386
Member
Does that Sallie Mae card have an annual fee and did it have a sign-up bonus?
I'm a two Chase card guy (Freedom and Sapphire Preferred), but I've been thinking about getting another card. Just waiting on the perfect sign-up bonus so that I can get some of my upcoming travel for free.
I'll have to go over them all. Counting store cards, eh, maybe 10?
No annual fee and not really any sort of bonus, just $25 after your first purchase using the card. I signed up for this one exclusively for the rewards program though, that's all.
Not true (assuming you mean you'd owe interest on the balance since purchase).
The Amex card promo is a true 0% interest. The only interest you will pay is if you are still carrying a balance when the promo expires—and you'll only pay it on that remaining balance.
I believe most credit card initial Promo APRs are the same.
Store cards, like the Best Buy one, offer deferred interest, meaning the interest you would have paid if it weren't 0% is kept track of.