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[Downhome]

I am starting this thread as something of a continuation of the following thread...

Why would you use a debit card instead of a credit card?

There were many reasons given, most of which had to do with building credit, security issues and of course the various rewards you can get by using credit cards. Also, when we're talking rewards we are more often than not talking about North America exclusively. From reading that thread it seems that rewards and that sort of thing are not as common in other parts of the world. If you want to follow along refer back to that other thread. This one isn't meant to continue answering that question, but is instead meant to be a place where those of us that do use credit cards can continue to discuss all that comes with it which is what the other thread evolved to, with the random person walking in saying we were all crazy.

I'm going to start this with a couple of my posts from the other thread. If any of you want to put together something more formal for the OP, a new title since this one is just a placeholder, images, or just want to contribute some must have information here at the start let me know and I'll add whatever is needed. I just wanted to get the ball rolling. I've hated not having the other thread going for the past few days after it was closed.

Alright, I think I have my entire credit card setup finalized. If I'm missing something just let me know...

Earlier today I found an old post of mine I posted on a different message board back in February 2009. Back then, almost five years ago, my credit score was an abysmal 595. I was asking how to get on the right track and fix things for my future. It was just over a month after I had met my future wife and was ready to really get serious about things. Anyway, since then I have worked on my credit rating, I got approved for a horrible Best Buy Rewards Zone card with an annual fee (I have since canceled it, but it helped me start the process), I got approved for a few more cards, ended up being able to get approved for an apartment, and as of September I am now a homeowner. At the time we purchased our house we also paid off all of our credit card debt. In the end, after all of that, my score is now 733. It was almost 750 but it got dinged from the home purchase and my applying for a few other cards to be able to take advantage of the rewards programs.


Alright, I think I have my entire credit card setup finalized. If I'm missing something just let me know...

-AMEX Blue Cash Everyday - 3% on groceries

-Chase Freedom & Discover It - I'll flip these back and forth on limited transactions depending on the 5% back categories at any given time (right now it's gas and movie theaters on the CF and restaurants on the Discover It)

-Capital One Quicksilver - 1.5% cash back on everything

I also applied for the US Bank Cash+ card over the phone (normally you must do it at a branch in NY only) and I was approved for the basic Cash card instead. Once I progress a bit more I'll call to have them upgrade me to the Cash+. Once that happens I'll use that one a lot since you get to pick your categories instead of them rotating like CF and It.

Also, here is one of the best sign up offers going right now. It's for the Discover It card and this is the biggest bonus they have ever offered on this card I do believe...

https://www.discovercard.com/cardmembersvcs/acqs/app/display?pageFileId=listingsite&sc=KCV6

No annual fee.
1% standard cash back.
Regular 5% cash back promos.
Higher percentages if you use Shop Discover (basically a Discover version of eBates).
FICO score on monthly statement.
$150 cash back when you make $750 in purchases during your 1st three months from account opening. Only valid for new applicants that use this offer link.

 

[RumblingRosco]

Protip: You can use ShopDiscover with any card, it doesn't have to be your Discover card.

 

[LordCanti]

There are $300 on $500 deals from Chase all the time (Visa/Master usually) so $150 on $750 isn't really anything to jump on unless you just really want a Discover card.

If you mean for this to be an OT, you should probably explain how CC's (rewards programs, APR, etc) work in the OP as well. Explaining what a credit score is an how it works would also be beneficial to a lot of people.

 

[Ovid]

So an OT was finally made.

Very nice.

 

[Hex]

I have had terrible credit all of my life due to a lawsuit due to some stupidity when I was 18, but in the past two years I have been able to turn it around.
Have had a checking account for a few years and finally found got a Capital One card with a small credit line ($500 I think it was)
Using that, and nailing payments and then picking up another card I have been able to make alot of progress (my current score is now a 682 which while not great , two years ago I would get laughed at if I applied for anything at all) and by being smart I should be able to continue building.

I am still not clear how canceling cards affects things, because there is an account I got at a brake shop when I needed some repair work that I would really like to cancel soon but I have heard that it is better to leave the cards hanging, but I have also heard that too many cards can be bad...

 

[Downhome]

There are $300 on $500 deals from Chase all the time (Visa/Master usually) so $150 on $750 isn't really anything to jump on unless you just really want a Discover card.

Oh I know, but it's rare for the Discover It card, one of the most desirable rewards card on the market today. When I signed up for my Chase Freedom it was $200 on $500, it's only $100 right now I believe but yeah it has been higher in the past as well.

If you mean for this to be an OT, you should probably explain how CC's (rewards programs, APR, etc) work in the OP as well. Explaining what a credit score is an how it works would also be beneficial to a lot of people.

We'll get there. Like I said, I just wanted to finally have it back up and going once again. If anyone has anything to contribute, I'm sure many can explain a lot of this better than I can, PM me or post it as a reply and I'll add anything to the OP that may be helpful.

 

[Doominated]

I tried to request my credit score and they didn't tell me it

I'm 22 and got declined by my bank (TD) for their credit card. What's my best option to start with? Is a secured card going to be pretty much the only way I can go? I don't really shop any one place consistently enough to justify having a card there, but if it's a better option than a secured card I could just bite the bullet and have one somewhere that has enough electronic stuff to where I'd just go there for it, like a Best Buy or something.

I am enrolled at a community college now if that would help me get something.

 

[asdad123]

I tried to request my credit score and they didn't tell me it

I'm 22 and got declined by my bank (TD) for their credit card. What's my best option to start with? Is a secured card going to be pretty much the only way I can go? I don't really shop any one place consistently enough to justify having a card there, but if it's a better option than a secured card I could just bite the bullet and have one somewhere that has enough electronic stuff to where I'd just go there for it, like a Best Buy or something.

I am enrolled at a community college now if that would help me get something.

Try discover. They have a student credit card. That's what I started off with in college a couple years ago. Started off with a 500 limit and they bumped me up to 3500.

 

[negreenfield]

There's a good thread on Fatwallet that gets updated often about credit cards in their Finance forum. I recommend it if you're looking for rewards for any category.

 

[LordCanti]

I tried to request my credit score and they didn't tell me it

I'm 22 and got declined by my bank (TD) for their credit card. What's my best option to start with? Is a secured card going to be pretty much the only way I can go? I don't really shop any one place consistently enough to justify having a card there, but if it's a better option than a secured card I could just bite the bullet and have one somewhere that has enough electronic stuff to where I'd just go there for it, like a Best Buy or something.

I am enrolled at a community college now if that would help me get something.

You're entitled to a free credit report a couple times a year through Annual Credit Report. Beware similar sites that aren't free: http://en.wikipedia.org/wiki/AnnualCreditReport.com I use a service called Credit Karma to monitor my credit (for free) the rest of the year.

If you applied online there may be a number you can call to request that your bank reconsider. Knowing your score first should help you if it comes down to that. Step one is figuring out what is on your credit report. Step two is figuring out your score, which I don't think the report from ACR gives you for free. You can either pay them a small fee, or use a free service like Credit Karma to get that number (which I didn't have to give my social to sign up with when I signed up a couple years ago. Hopefully that is still the case).

I am still not clear how canceling cards affects things, because there is an account I got at a brake shop when I needed some repair work that I would really like to cancel soon but I have heard that it is better to leave the cards hanging, but I have also heard that too many cards can be bad...

What type of account is it at the brake shop?

It is generally better to leave credit cards open instead of closing them, due to a variety of factors (length of credit history, available credit, etc). That sounds like a special case though, so it depends on what type of account.

 

[Hex]

You're entitled to a free credit report a couple times a year through Annual Credit Report. Beware similar sites that aren't free: http://en.wikipedia.org/wiki/AnnualCreditReport.com I use a service called Credit Karma to monitor my credit (for free) the rest of the year.

If you applied online there may be a number you can call to request that your bank reconsider. Knowing your score first should help you if it comes down to that. Step one is figuring out what is on your credit report. Step two is figuring out your score, which I don't think the report from ACR gives you for free. You can either pay them a small fee, or use a free service like Credit Karma to get that number (which I didn't have to give my social to sign up with when I signed up a couple years ago. Hopefully that is still the case).



What type of account is it at the brake shop?

It is generally better to leave credit cards open instead of closing them, due to a variety of factors (length of credit history, available credit, etc). That sounds like a special case though, so it depends on what type of account.

It is not a visa or master card, it is a credit line through GE it was for like $1000 and can be used at car repair places like Meineke, Just Breaks, etc...apparently can be used at one of the main gas stations too. I just want to dump it. Have had it less than six months to be honest.

 

[Zoe]

There are $300 on $500 deals from Chase all the time (Visa/Master usually) so $150 on $750 isn't really anything to jump on unless you just really want a Discover card.

Speaking of Chase, apparently you get an extra cashback bonus if you have a checking account through them.

 

[Downhome]

You can get your actual credit score number on your monthly statement with certain cards. I know for sure the Walmart card and Discover It offer it since I have both. That alone makes it worth it to have one of those cards, especially Discover It.

 

[Marty Chinn]

Hah, I was in the process of putting a thread together but it looks like you beat me to it. Good job.

 

[Downhome]

Hah, I was in the process of putting a thread together but it looks like you beat me to it. Good job.

If you have anything I can add to the OP just shoot me a PM or post it here.

 

[faceless007]

Speaking of Chase, apparently you get an extra cashback bonus if you have a checking account through them.

It's an extra 10% of the rewards points you accumulated in a calendar year--note that it's of the rewards points, not of the actual money you spent, so it's effectively 1% * 10% = 1.1% cashback on all purchases or 5.5% back on rewards categories purchases. Also these bonus points are only given in January for the whole previous year, not each month.

Something but not great.

Edit: This is for the Chase Freedom card. Not sure what they do for others.

 

[Ovid]

Hah, I was in the process of putting a thread together but it looks like you beat me to it. Good job.

It's a good start.

It still needs more detail on credit and debit cards in general, different reward offers, credit scores and other stuff I can't think of right now.

 

[DoomGyver]

I applied for my first card a little over 6 months ago, Amazon Chase. I'm thinking about applying for a second card, any suggestions? Preferably one with no annual fee. Like everyone else I'm trying to build my credit, I pay my card off full every month. How many credit cards is too many? I really only need the one, but I'd feel better with a second. Is Discover the best deal?

 

[Marty Chinn]

I applied for my first card a little over 6 months ago, Amazon Chase. I'm thinking about applying for a second card, any suggestions? Preferably one with no annual fee. Like everyone else I'm trying to build my credit, I pay my card off full every month. How many credit cards is too many? I really only need the one, but I'd feel better with a second. Is Discover the best deal?

If you do any regular shopping at Target, I suggest getting a Target Red Card. It's 5% off all purchases at Target. Another to consider is the Amex Blue Cash Preferred card which gets you 3% off groceries, 2% off gas, and 1% off other purchases.

 

[Doominated]

Try discover. They have a student credit card. That's what I started off with in college a couple years ago. Started off with a 500 limit and they bumped me up to 3500.

I tried for that just now and got auto-declined

 

[Downhome]

I applied for my first card a little over 6 months ago, Amazon Chase. I'm thinking about applying for a second card, any suggestions? Preferably one with no annual fee. Like everyone else I'm trying to build my credit, I pay my card off full every month. How many credit cards is too many? I really only need the one, but I'd feel better with a second. Is Discover the best deal?

If you don't travel a lot then I recommend my lineup a great deal. Since you already have the Amazon Chase card then apply for the Chase Freedom. The sign up bonus is only $100 right now though so it's up to you to decide if you want to jump on that or wait for $200 or more. It comes around every now and then. I'd go for the Discover right now if I were you. It has the highest bonus it has ever offered right now and it's a great card. If you buy groceries then get the AMEX Blue Cash Everyday or Preferred card. See below...

If you do any regular shopping at Target, I suggest getting a Target Red Card. It's 5% off all purchases at Target. Another to consider is the Amex Blue Cash Preferred card which gets you 3% off groceries, 2% off gas, and 1% off other purchases.

Great tip on the Target card, that's a must have.

The AMEX BCP card is actually 6% on groceries, the BCE card is the 3% one. Now the BCP card has the annual fee so unless you would use it a great deal it's still best to get the BCE card. I forget the formula, but you have to spend so much using the BCP card before it makes the annual fee worth it.

 

[Marty Chinn]

The AMEX BCP card is actually 6% on groceries, the BCE card is the 3% one. Now the BCP card has the annual fee so unless you would use it a great deal it's still best to get the BCE card. I forget the formula, but you have to spend so much using the BCP card before it makes the annual fee worth it.

Oops, I got the names mixed up. But ya, that's the one I was thinking of since he wanted a no annual fee card. I did the math/logic out in the previous thread so I'll just post it here:

You would have to spend $2500 a year in groceries to break even, and if you spend more than that, you begin to benefit off the card with the annual fee. That's assuming that 3% savings is a wash on both cards, and you have to use the remaining 3% to make up the $75 annual fee before you start seeing a gain over the free card.

 

[Downhome]

I tried for that just now and got auto-declined

What is your history exactly? Any baddies on your history at all or is it just that you have so little credit at this point? Do you owe a lot for something that may be sitting on your history already? We need to know more about what's going on.

You mentioned the Best Buy card - the store card was the first card I was finally able to get approved for after years of baddies on my history. That card helped me a TON in starting my turnaround. It does have an annual fee though, but it could help you as well.

 

[I'm an expert]

Oh fuck, you actually made the thread. I actually applied for the Visa Black today out of boredom (for the VIP since I'll be doing a lot of flying).

 

[Eiolon]

I use Chase Freedom for everything. The main draw was I could cash out within the month, for cash or whatever I wanted. Many of the other cash back cards require you to put it towards your balance or if you wanted to get cash, you had to wait til the end of the calendar year.

So far I get about $25 a month back. $300 a year is a nice chunk of change to just use the card for my every day needs. I get back more if I actually go on a spending spree.

 

[border]

Seems like a lot of hassle just to get like 1-2% off certain purchases.

If you miss a payment or retain a balance wouldn't that essentially ruin the bonus you got on thousands of dollars worth of spending?

 

[Smushroomed]

i have an amex blue

whats the math to make it worth it to upgrade to preferred?

 

[Marty Chinn]

Seems like a lot of hassle just to get like 1-2% off certain purchases.

If you miss a payment or retain a balance wouldn't that essentially ruin the bonus you got on thousands of dollars worth of spending?

It's 1% for all purchases and more for specific categories. Why would you carry a balance? Pay it off every month. If you can't remember, set it on auto pay.

 

[Downhome]

Seems like a lot of hassle just to get like 1-2% off certain purchases.

If you miss a payment or retain a balance wouldn't that essentially ruin the bonus you got on thousands of dollars worth of spending?

Then put the card on auto pay from your checking account and don't worry about missing a payment or retaining a balance. Bam, you have hundreds of dollars a year you wouldn't have otherwise. No effort or hassle at all, period.

i have an amex blue

whats the math to make it worth it to upgrade to preferred?

If you have the Blue card and not even the AMEX Blue Cash Everyday then the first thing you should at least do is get them to convert your Blue to BCE. That is what I had the do for me. There is also the preferred but that one has the annual fee. See the above posts on that.

This this out...

http://www304.americanexpress.com/getthecard/compare-cards?p=ctray&pmccodes=796,795,81

 

[Eiolon]

Seems like a lot of hassle just to get like 1-2% off certain purchases.

If you miss a payment or retain a balance wouldn't that essentially ruin the bonus you got on thousands of dollars worth of spending?

You are using credit wrong if you miss a payment or cannot pay the card off in it's entirety by the statement closing date. Only charge what you can pay in cash. As part of your monthly expenses, you will most likely be paying for:

1. Rent
2. Groceries
3. Gas
4. Phone bill
5. Utilities
6. Insurance

All the above you should have enough cash flow each month to pay for those things. Simply charge what you can to the card, then use the cash to pay off the card just before the statement closing date.

 

[demon]

Funny, I was thinking about making a credit card thread today (or at least bumping at old one) because I'm considering getting another credit card to use for everything and pay off every month.

Here is my current situation:

Capital One Quicksilver card: $2,469 bal / $4,000 limit
0% for the next several or so months then up to something like 20%

Discover card: $6,476 bal / $7,200 limit
0% for the next several or so months then up to 29.99%

a Gap card I forgot about: 0 balance with a $1,000 limit

Total credit utilization is $8,945 / $12,224 (73%)

My credit score is at 717 (according to Credit Karma), getting higher by the month with my utilization slowly going down.

The Capital One and Discover cards I've had for well over a decade. I've done one or two balance transfers between the two as well as transferring a loan balance to one of them over the last 18 months or so to take advantage of 0% rate offers. I don't use either of them and don't plan to because the rates on new purchases are so high.


I want to start use a credit card for:
- the security of using a credit card instead of a debit card, especially after all these stores being hacked
- making it easier to manage my monthly finances by putting as many bills as possible on autopay on the CC and minimizing how many monthly payments I need to manually make
- bonus rewards
(preferably Visa because it seems to be accepted at a lot more places than other CCs)


So far the options I've looked at or considered are:

1. try to get a limit increase on my Discover card and transfer my Capital One balance over at 0% and use my Samuel L Jackson card everywhere. Downside is the rate would be pretty high (shouldn't really matter since I intend to pay it off every month) and I would waste the several months left I have of the 0% rate I have on my Capital One card. I imagine my 0% balance transfer offer I have on my Discover will last a while and I'd be better off waiting until it runs out on my Capital One card first.

2. A Visa card my credit union offers. I'm only considering it because I would have access to it through my regular online banking (which is really great at my credit union) which would make things easier for me and convenience means a lot to me. The bonus rewards are kind of weak though- Straight 1% on all purchases, and a choice between a card that only gives you rewards for airfare/merchandise/etc through CU Rewards or a card that only gives you cash back once a year as as credit to your CC balance.

3. A Visa card through the company Elan that I'm only aware of because the bank I work at is offering it. It's 1.25% on all purchases and they're redeemable for cash, merchandise and airfare (points are worth more airfare but it doesn't look like by much).


There are probably better deals out there but I'm not really sure what to look for. I'm totally new to rewards bonus points and all that. Honestly I probably won't even get a whole ton in the way of rewards since I only take home about $1800/month and I don't think I can even pay my $500 rent using credit card. Anything I should consider before I jump onto one of these ships?

wow that was a stupidly long post...

 

[vatstep]

Also, here is one of the best sign up offers going right now. It's for the Discover It card and this is the biggest bonus they have ever offered on this card I do believe...

https://www.discovercard.com/cardmembersvcs/acqs/app/display?pageFileId=listingsite&sc=KCV6

I've been close to applying for the Discover It card since I got an offer from them in the mail with 10.99% APR; that may not be significant for some, but it is for me since my credit was not so good up until recently. I think I would rather take that invite than use this link and risk that I get approved for the 15.99% APR instead (which is what was offered in all previous mailings I received). But then again, that's probably something I could negotiate down in the future anyway, right? So I should probably take the cash back bonus offer?

Also, is there a recommended period of time that one should generally wait between applying for cards? I was approved for a Chase Slate card a couple of months ago (I already had a Freedom card, if that makes a difference in terms of credit inquiries — probably not), so I just wonder if it's too soon to apply for the Discover It.

Thanks for making this thread, Downhome.

 

[Eiolon]

I've been close to applying for the Discover It card since I got an offer from them in the mail with 10.99% APR; that may not be significant for some, but it is for me since my credit was not so good up until recently. I think I would rather take that invite than use this link and risk that I get approved for the 15.99% APR instead (which is what was offered in all previous mailings I received). But then again, that's probably something I could negotiate down in the future anyway, right? So I should probably take the cash back bonus offer?

Also, is there a recommended period of time that one should generally wait between applying for cards? I was approved for a Chase Slate card a couple of months ago (I already had a Freedom card, if that makes a difference in terms of credit inquiries — probably not), so I just wonder if it's too soon to apply for the Discover It.

Thanks for making this thread, Downhome.

Discover hates new inquiries and new accounts, at least from an auto approval standpoint. You can call a human and ask to be reconsidered and plead your case though.

 

[Glip_Glop]

Oh fuck, you actually made the thread. I actually applied for the Visa Black today out of boredom (for the VIP since I'll be doing a lot of flying).

I've read nothing but bad reviews on that card. That's the Barclay's Visa Black Card, correct?

 

[Ovid]

Funny, I was thinking about making a credit card thread today (or at least bumping at old one) because I'm considering getting another credit card to use for everything and pay off every month.

Here is my current situation:

Capital One Quicksilver card: $2,469 bal / $4,000 limit
0% for the next several or so months then up to something like 20%

Discover card: $6,476 bal / $7,200 limit
0% for the next several or so months then up to 29.99%

a Gap card I forgot about: 0 balance with a $1,000 limit

Total credit utilization is $8,945 / $12,224 (73%)

My credit score is at 717 (according to Credit Karma), getting higher by the month with my utilization slowly going down.

The Capital One and Discover cards I've had for well over a decade. I've done one or two balance transfers between the two as well as transferring a loan balance to one of them over the last 18 months or so to take advantage of 0% rate offers. I don't use either of them and don't plan to because the rates on new purchases are so high.


I want to start use a credit card for:
- the security of using a credit card instead of a debit card, especially after all these stores being hacked
- making it easier to manage my monthly finances by putting as many bills as possible on autopay on the CC and minimizing how many monthly payments I need to manually make
- bonus rewards
(preferably Visa because it seems to be accepted at a lot more places than other CCs)


So far the options I've looked at or considered are:

1. try to get a limit increase on my Discover card and transfer my Capital One balance over at 0% and use my Samuel L Jackson card everywhere. Downside is the rate would be pretty high (shouldn't really matter since I intend to pay it off every month) and I would waste the several months left I have of the 0% rate I have on my Capital One card. I imagine my 0% balance transfer offer I have on my Discover will last a while and I'd be better off waiting until it runs out on my Capital One card first.

2. A Visa card my credit union offers. I'm only considering it because I would have access to it through my regular online banking (which is really great at my credit union) which would make things easier for me and convenience means a lot to me. The bonus rewards are kind of weak though- Straight 1% on all purchases, and a choice between a card that only gives you rewards for airfare/merchandise/etc through CU Rewards or a card that only gives you cash back once a year as as credit to your CC balance.

3. A Visa card through the company Elan that I'm only aware of because the bank I work at is offering it. It's 1.25% on all purchases and they're redeemable for cash, merchandise and airfare (points are worth more airfare but it doesn't look like by much).


There are probably better deals out there but I'm not really sure what to look for. I'm totally new to rewards bonus points and all that. Honestly I probably won't even get a whole ton in the way of rewards since I only take home about $1800/month and I don't think I can even pay my $500 rent using credit card. Anything I should consider before I jump onto one of these ships?

wow that was a stupidly long post...

Dude, cut up that Discover card and pay off that debt ASAP. That APR is downright criminal.

Oh fuck, you actually made the thread. I actually applied for the Visa Black today out of boredom (for the VIP since I'll be doing a lot of flying).

That card is a joke. Such a waste of money.

 

[Jazzy Network]

My Wells Fargo credit card gets me free cell phone insurance as long as I pay my bill with it.

My Chase Freeedom is still on 0% APR until March of 2015. Also linked to my Isis for purchases.

My Amazon Chase gets 3% on every Amazon purchase.

My Discover has some decent deals sometimes. It goes by quarter. I use this the least.

My American Express Blue Cash is meh. I don't really get anything from it other than once in a while there's a decent offer on the website. Like I got 25 bucks off when I spent 75 last quarter.

 

[demon]

Dude, cut up that Discover card and pay off that debt ASAP. That APR is downright criminal.

Yeah I'm definitely in no danger of using that card, haha. It's only that high because back in the day I had kind of shitty credit. Once the 0% rate runs out I'm going to transferring it over to something else at a low/0% rate as soon as possible.

 

[Ovid]

Yeah I'm definitely in no danger of using that card, haha. It's only that high because back in the day I had kind of shitty credit. Once the 0% rate runs out I'm going to transferring it over to something else at a low/0% rate as soon as possible.

Why are you carrying so much consumer debt?

 

[Downhome]

*snip*

wow that was a stupidly long post...

Mind my asking why you owe so much have such a high utilization in the first place? Are you in a place where you will be able to pay all of that completely off at any point in the near future? My first bit of advice would be to take care of all of that and just deal with getting all of that under control before I'd even think to try to recommend you getting another card to use for everything even if you would pay that one off every month. I'd say focus on what you have and not concern yourself with rewards or any of that for the time being.

Don't worry about how many cards you should or shouldn't be applying for unless you are planning on doing something huge like getting a home loan or something like that. I have applied for, and have been approved for, around six cards just in the last month alone as I prepared to set myself up for my new method of taking care of things as I move from debit to credit entirely. I mean, don't go signing up for everything you see but it's ok to apply for a few in a short period of time. You'll take a small hit but it fades away in just a few months. If you signed up for one last month or so don't fear signing up for another one now I guess is my point here.

EDIT:

I'm just noticing the 29.99% APR on that Discover card. Holy crap dude, yes, don't focus on ANYTHING other than eliminating that debt ASAP and cut that card up and burn it in a bonfire, then close the account entirely. What is your minimum payment on that card? You will NEVER get that paid off if you make the minimum payment.

Give this video a quick watch...

http://www.youtube.com/watch?v=Vz05A6cP6Iw

 

[I'm an expert]

I've read nothing but bad reviews on that card. That's the Barclay's Visa Black Card, correct?

The card is junk for any type of purchase rewards. It's excellent for the travel benefits. The Amex platinum has been losing a lot of its benefits and airline partnerships.
Edit: also to be clear I don't want a charge card

 

[Jazzy Network]

Then put the card on auto pay from your checking account and don't worry about missing a payment or retaining a balance. Bam, you have hundreds of dollars a year you wouldn't have otherwise. No effort or hassle at all, period.



If you have the Blue card and not even the AMEX Blue Cash Everyday then the first thing you should at least do is get them to convert your Blue to BCE. That is what I had the do for me. There is also the preferred but that one has the annual fee. See the above posts on that.

This this out...

http://www304.americanexpress.com/getthecard/compare-cards?p=ctray&pmccodes=796,795,81

If you convert the Blue, do your points carry over and stuff? And did you get to keep the same number?

 

[thoseAREmySHOES]

After working in credit underwriting for a while, I've seen a little bit of everything.

That said, I should probably look into getting cards that have better rewards. I've been carrying my cards I got when I was 19 (since I never carry a balance) but I know I qualify for better. I've been looking at the Citi Thank You Preferred... seems like a decent rewards card. But I've also been looking at the SEN card, since I can just use my rewards on PSN cash.

 

[Downhome]

If you convert the Blue, do your points carry over and stuff? And did you get to keep the same number?

My number was kept the same, not sure about points or any of that. I signed up for the Blue card, then I discovered the Blue Cash Everyday, so I converted just days later before I ever even used the standard Blue card.

 

[Ovid]

The card is junk for any type of purchase rewards. It's excellent for the travel benefits. The Amex platinum has been losing a lot of its benefits and airline partnerships.
Edit: also to be clear I don't want a charge card

Is it $4000/year good?

Nope.

 

[Glip_Glop]

Is it $4000/year good?

Nope.

I think its $490 a year, but still, too much for just getting into airport lounges. To each his own.

 

[webkid94]

How can I start to build credit? I have absolutely none, tried applying for the Discover it card got rejected for "insufficient credit history", it's like a damn catch-22. I just signed up for a checking account at US Bank, should I wait like a year and see if I can get their student credit card from them?

I do not work at all BTW (just can't) only schooling, and have a separate checking account through my financial aid at my school

 

[TomServo]

You're entitled to a free credit report a couple times a year through Annual Credit Report. Beware similar sites that aren't free: http://en.wikipedia.org/wiki/AnnualCreditReport.com.

Just to clarify for future readers...

You can get one free credit report per year from each of three credit reporting agencies; Equifax, Transunion, and Experian.

The best use of these is to rotate them, and pull one every four months. For example, pull Equifax now, Transunion in May, and Experian in in September. I've been doing this for years. Other than formatting differences, I haven't noticed anything different between the three agencies.

 

[Downhome]

How can I start to build credit? I have absolutely none, tried applying for the Discover it card got rejected for "insufficient credit history", it's like a damn catch-22. I just signed up for a checking account at US Bank, should I wait like a year and see if I can get their student credit card from them?

I do not work at all BTW (just can't) only schooling, and have a separate checking account through my financial aid at my school

Go to your local US Bank where you just opened the checking account and get their secured card...

https://www.usbank.com/credit-cards/secured-card.html

Before you know it you're score will start developing, and as long as you don't do something stupid, you'll be able to get approved for more and more. Heck, you may start seeing the prequalification mailers being sent to you. Also, yeah, getting a job will help a lot.

 

[Glip_Glop]

How can I start to build credit? I have absolutely none, tried applying for the Discover it card got rejected for "insufficient credit history", it's like a damn catch-22. I just signed up for a checking account at US Bank, should I wait like a year and see if I can get their student credit card from them?

I do not work at all BTW (just can't) only schooling, and have a separate checking account through my financial aid at my school

I would suggest getting a job first, really. But if you're looking to build credit, secured cards are a good way to go.

 

[Konka]

How can I start to build credit? I have absolutely none, tried applying for the Discover it card got rejected for "insufficient credit history", it's like a damn catch-22. I just signed up for a checking account at US Bank, should I wait like a year and see if I can get their student credit card from them?

I do not work at all BTW (just can't) only schooling, and have a separate checking account through my financial aid at my school

I would start with a secured card and/or store cards. The way a secured card works is you give the bank say a $300 deposit and then you get a credit card with a $300 credit limit so the bank has no risk. If you are responsible with that card it will become a normal credit card and you'll get your deposit back.