best credit card

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xtahoex

New member
Hey Guys,

I need to get a new credit card and I wanted to see what suggestion y'all might have. There are so many cards with different reward systems that I can't make up my mind. Cash back, airline miles, credit at certain stores. What do you think is the best one? Thanks in advance.
 
I just got the Amex Blue with 3.99% on my balance transfer...for the life of the transfer...best deal going IMO. I'm gonna save a ton in interest charges compared to what I had!
 
Local Credit Union or Local Bank. They are the only ones to provide low interest. I have one from each, and the interest is around 13% -- compared to 19+ of others.
 
ok maybe I should clarify I will never leave any balance on the card so I don't really care what the interest rate is. I want the best benefit, like miles or points or cash back. Thanks again. oh, and I don't think I am spending quite enough to be using a black card, thanks though for the suggestion.
 
Yup, just get a card that offers gas rewards. Discover is one that does that... or you could go for a BP card if you want to be limited to only BP stations (or a Chevron card, and so on).



All credit card companies have their flaws. I have a Discover gas card, a BP Visa (gas rewards), an American Express (that I got through an organization I'm in in my university), and then a MasterCard debit card.



I can't say I have any complaints about the Amex. Pretty good people.



And yes, I try to pay off in full every month as well. I hate carrying debt... it just doesn't feel right.
 
For better than those 1 or 2 percent rewards programs, do this:



Get a card that has a zero APR on purchases for 18 months. Put everything on the card like you normally would, but only pay the minimum balance each month. Take the same amount of money you put on the card that month and deposit it in a high yield savings account (ING, HSBC, etc.). Most of them are over 5% APY now. Keep that money in there earning interest until the 0% APR runs out, and then pay it off. Should have a tidy sum left over.
 
Or you could just stick with a debit/visa/master card from you bank of choice. That's what I use. I don't feel the need to have a credit card. I use my bank card as visa for almost anywhere you can possibly think of and wouldn't have it any other way. Personally, I would never have a credit card.



Bryan
 
I prefer a regular CC, unless you have a checking account that you want to have your debit card linked to that has a low balance. I found out ours was linked to our savings. Not a good idea IMO unless you want someone to clean out your account. At least with a regular CC you aren't out actuall money if someone steals it.



That said, we have a card from State Farm where we get 1% back on our insurance. And I just got a application from National City where we can get up to 4% back from certain purchases like gas, groceries and restaurants.
 
bsdsys_x86 said:
Or you could just stick with a debit/visa/master card from you bank of choice. That's what I use. I don't feel the need to have a credit card. I use my bank card as visa for almost anywhere you can possibly think of and wouldn't have it any other way. Personally, I would never have a credit card.



Bryan
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I would do this... indeed, I did for a while. However, I need to build up my credit so I just charge things on the card and then pay off 100% every month. Some people have told me that if you do that, it doesn't build credit. Others have told me that it does.



Whatever, its more convenient for me to only carry debt in an absolute emergency.
 
paul34 said:
I would do this... indeed, I did for a while. However, I need to build up my credit so I just charge things on the card and then pay off 100% every month. Some people have told me that if you do that, it doesn't build credit. Others have told me that it does.



Whatever, its more convenient for me to only carry debt in an absolute emergency.
Click to expand...



Search around. American Express Blue is a great card and you pay that off each month. I deffinately would do it the way you plan. Spend $200.00 in credit, and pay $200.00 at the end/beginning of the month. Don't go crazy and do more damage like alot of people with no control do with credit cards.





Quote: "Cash is King and Debt Is Dumb!" Author: Dave Ramsey





Bryan
 
For those that think a debit card is all you need that is not always the case. For renting a car for example you have to have an actual credit card not a debit card, and for purchasing things on the internet a credit card is also a better idea because if you get scammed you can challenge the charge and you haven't actually paid anything yet. With a debit card the money has already been taken from your account and you are SOL. Those are the two main reasons I need a credit card. Thanks for all the suggestions.
 
bsdsys_x86 said:
Search around. American Express Blue is a great card and you pay that off each month. I deffinately would do it the way you plan. Spend $200.00 in credit, and pay $200.00 at the end/beginning of the month.

Bryan
Click to expand...





Actually, a bit incorrect. The Blue card is not like the traditional AMEX cards. You do not have to pay off the balance every month like their other cards. The Blue functions just like any other regular credit card.





I do understand those that are living with debit only. That's what my wife and I are doing now, because I'm digging (slowly, painfully) out of big credit debt. They are soooo easy to lose control of and then you are in a world of hurt. I think it is wise to have at least 1 card for emergencies or for those times when places will only accept a credit card, not debit. But, please use them responsibly. I thought a few years ago that the "rewards" program was the best thing since sliced bread....that is until I figured out the rewards actually go to the credit card companies in the massive interest payments you pay them! I guarantee that all the rewards I've had with my cards have been more than dwarfed in payments to those companies. There truly is no "reward" to owning a credit card, other than building some financial history, and hopefully a good one. They are just a financial tool, and most of the time they are not too "rewarding."



Cash is king!
 
TigerMike said:
Actually, a bit incorrect. The Blue card is not like the traditional AMEX cards. You do not have to pay off the balance every month like their other cards. The Blue functions just like any other regular credit card.
Click to expand...



Oh no, I wasn't saying that is the "Rules" or anything to their cards I was just saying that is how I would do it. Spend 200 pay 200 off at the end of the month or beginning.



Edit: I just don't so the point in credit cards. If you don't have the money to buy what you want then getting a credit card might hurt you and if you just managed money well you could easily get away without them. Haven't met any business that didn't take cash. Even though I use my debit card through my bank which is a visa. Haven't encountered any business that wouldn't take that either. Mortons Steak House, Macys, Saks Fifth, Tiffanys, etc. etc. etc.



Bryan
 
My wife & I have been using 0% APR credit cards for the last few years. We use them for however long they offer 0% then switch to another card that offers 0% APR. However, we know how to control our spending so that even though we have a balance, we can still have money set aside at all times to pay it off if necessary.



AND, like some one else mentioned, we have a couple of online savings accounts that earn around 5% interest so most of whatever money we'd normally apply to a credit card, it instead goes into savings. This way, my money is making me more money. Then, when the 0% offer expires, we take the "credit card" money from savings and pay the card off.



The only drawback to a 0% APR card is that it's more tempting to spend and you have to have some self control with your spending habits. Plus, carrying a large balance will effect your credit score in a negative way (from what I've heard).





Personally, I try not to use my debit card unless it's a local retail store, restaurant, etc. that I visit frequently just because of the fact that if it gets into the wrong hands, it's tied to my checking & savings accounts.
 
bsdsys_x86 said:
Oh no, I wasn't saying that is the "Rules" or anything to their cards I was just saying that is how I would do it. Spend 200 pay 200 off at the end of the month or beginning.



Bryan
Click to expand...





Oh sorry, misunderstood that. And I agree with you then! If you run it up, pay it off every month, instead of being in massive debt and wishing it would all go away, such as my case!



Mike

:(
 
TigerMike said:
Oh sorry, misunderstood that. And I agree with you then! If you run it up, pay it off every month, instead of being in massive debt and wishing it would all go away, such as my case!



Mike

:(
Click to expand...





:bigups :bigups
 
xtahoex said:
For those that think a debit card is all you need that is not always the case. For renting a car for example you have to have an actual credit card not a debit card, and for purchasing things on the internet a credit card is also a better idea because if you get scammed you can challenge the charge and you haven't actually paid anything yet. With a debit card the money has already been taken from your account and you are SOL. Those are the two main reasons I need a credit card. Thanks for all the suggestions.
Click to expand...



Actually, if you have a quality debit card, you are covered for fraud 100%. I had a fradulent charge charged to my debit card a few months back (I barely even used it... which is what is so strange).



It was definitely more complicated than with credit cards (I had to fill out a bunch of forms, get notary stamps, etc), but I was covered.



But I agree... you should have a CC on hand. You just don't always have to use it.
 
I have a debit/ATM card combo through my bank but refuse to use the debit card.



Can you use a debit card for online purchases? If you can, is it more risky than credit card? I just don't like the idea of it, but then again I have never used it.



IMHO, everyone needs a credit card, but no one needs to abuse it or max it out. I only use 2.....my AMEX blue that I use for everything and my platinum visa that I use for parking tickets, Zaino, all other places that don't accept AMEX.



I was raised working off the books, the son of a retailer so cash was always king. I was raised that if you can't afford something, you can't buy it. Basically, think of my parents as the mom from WATERBOY....."Credit cards are the devil!!!!"



Ever since I had a "real" job and never see my paycheck thanks to direct deposit, I really have no choice but to use my CC for mostly everything. I only refuse to use it for stupid little crap like DVD's, CD's lunches, etc. Gas and everything else goes on the card. Balances are alway paid in full when due.
 
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