Credit Card

[Numark318i]

So i have a citibank Dividend card. $600 limit. The rewards are not up to par for me. no point to use the car and only get 3-5% back.


i pay it off monthly fyi.

I was looking at an american express platinum. It has free companion airfare once a year..which sounds pretty good to me. I like to travel so thatll cut some costs down the line.


what you guys have or like as far as credit cards go?


ive been with citi for a year now. Ill have a car loan transfered to my name in a week..so my credit scree will be good

ideas?

[nick_318is]

I have a citi card and Like it - it has been carrying a lot of car repairs, but now that I have a job its getting close to being paid off, I dont really care abot the awards but I can probably get a cash back check from all my recent activity.

I also have a chase card that I generaly try not to use and always pay off if I do. I don't think it has any rewards, but they keep on uping my credit limit about every 6 months.

When I can afford to make sure I pay a card off every month again I might consider an Amex but i don't really see a need at this point. Also don't open more then one card a year and DON'T MAKE LATE PAYMENTS, those are the best things you can do.

[BMWLotAttendant]

I've never had a credit card and I'm turning 22 in July. I'm going to get one when I move to Seattle next month.

I need to build credit too.

What is the point in having multiple credit cards? Do you build credit faster?

[Numark318i]

oh sorry. i guess i didnt say i was going to cancel the other one.

[drz]

The free companion ticket for the AMEX platinum is if you get first class tickets (sometimes also business class). Furthermore, keep in mind that the annual fee is $400, and will go up every year. That is the way AMEX works.

The one thing I like about this card is the access to the airline lounges in most major airports in the world. This is totally worht it if you have a job with at least 25% air travel.

You're saying that getting 3-5% back is not worth it. Would you please read that again? Credit cards are not designed to make you money. They are meant to simplify purchases for you.

Also, you shouldn't ever cancel a credit card, unless *maybe* if they refuse to waive the annual fee. Canceling the card will negatively impact your credit score.

I have a Plat MC from CapitalOne, a Plat VISA from Chase, a Rewards Gold AMEX, and a VISA from a small local bank. My favorite is teh AMEX because of the no preset limit, and I get the equivalent of 1% back in the form of rewards points.

I first got the card with the local bank ($300 credit limit) in order to get my credit kick started. CapitalOne pre-approved me for the card, so I went ahead and got it to see if they gave me a higher limit (ended up being $500 to begin with). The lure of AMEX was having no preset spending limit. I was tired of not being able to freely use my other credit cards because I wasn't sure if I would go over my ouny limits. I then got the Chase card because they are a large bank, and because I was again hoping for higher credit limits (they, too, started me off at $500, though) because higher credit limits make it easier for you to have a higher credit score.

I certainly don't want any more credit cards. I feel like I have one too many (since I have two VISA cards).

Beware of AMEX, though. The rewards barely make up for my annual fee, which is around $125. Tey keep trying to make me get the Platinum card, but I simply cannot justify the $400 annual fee.

[stevo]

credit cards are great, IF you control the way you use it, its far too easy to use the card and end up way out of your depth and owing $1,000's .Here in the uk credit card companies are offering up to twelve months interest free on balance transfers and purchases which is why i have just transferred my balance to virgin money.
and theres no annual fee.

[Numark318i]

Originally Posted by stevo

credit cards are great, IF you control the way you use it, its far too easy to use the card and end up way out of your depth and owing $1,000's .Here in the uk credit card companies are offering up to twelve months interest free on balance transfers and purchases which is why i have just transferred my balance to virgin money.
and theres no annual fee.

im the most strigent person with money. Jewish blood leaves me cheap.


one more reason for the amex is the 20000 bonus points, plus my mom refered me, so she gets 20000 bonus points also.


so..that right there is two tickets to new york or one and half to europe(i think 25000 is one ticket to europe?)

thats the motivation. also..meh at teh 3-4% back..i got a 75% check this week..bleh. itll prolly go pay the month end balance. I would rather have airline tickets cheaper.

[nick_318is]

Originally Posted by BMWLotAttendant

What is the point in having multiple credit cards? Do you build credit faster?

I have multiple because 1. I was worried I was going to max one out and wanted a saftey net incase anything unexpected happened 2. More available credit helps your credit score, they take into account the ratio of debt to credit you have in computing scores, the smaller your ratio the better your score.

[dinan540]

I have a Bank of America Visa that is an Alaskan Airline mileage bonus. It has a yearly fee of $75, but each dollar is an airline mileage, plus you get a $50 companion ticket each year. That works well for my wife and I since we travel to the east coast to visit family.

I think it is great that you pay it off monthly. Important not to spend what you don't have.

[dinan540]

When are you moving to Seattle?

[celsdogg]

Originally Posted by nick_318is

I have multiple because 1. I was worried I was going to max one out and wanted a saftey net incase anything unexpected happened 2. More available credit helps your credit score, they take into account the ratio of debt to credit you have in computing scores, the smaller your ratio the better your score.

there is a ceiling to that though. once you get "too many" credit cards you become a liability because you have so much credit available to potentially mess up.

credit is tricky business and there is a fine line between good credit and bad credit that many cant toe.

[nick_318is]

^oh i agree and thats why i mentioned not to get more then 1 new card a year.

[MTurboPower3]

Never get an amex unless you spend a lot of money because they charge more than everyone else and plus not everyone takes them because store gets charged every time someone uses an amex

[drz]

Store gets charged any time any credit card is used. AMEX has great rewards and the best costumer service eVar. And have I mentioned no preset spending limit ftw?

[Numark318i]

hm. lieaning towards the Amex.


i am moving to Portland area in the next few years(after i graduate), if you are asking me. not the seatlle area.