I have a Capital One credit card that my mom put in my name as a kid. She used it but paid it off in full for years through college to get my credit score really high. What is the best credit card to get for incentives? Is it bad to have two?

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Posted by Teddy Ruxpin

Member since Oct 2006

40892 posts

Posted on 4/15/13 at 8:17 pm to Too Frat To Care

quote:
What is the best credit card to get for incentives?

Lots of threads on this. Depends on what you want out of a card. Travel, benefits from certain companies, cash back, etc.

quote:
Is it bad to have two?

No, in fact, it could be more the merrier as the higher your total amount of credit is, the better off that component of your score will be (Debt/Credit Ratio).

What is "bad" is credit inquiries, or how many times you apply for credit in a given time frame. IE having 20 credit cards gained over 20 years might not ding you too bad, but applying for 20 in one year will hurt your score or get you denied. I currently have 4 credit cards.

My current cards I like are the Chase Sapphire Preferred and the Capital One Venture Card (The new Barclays Card is very similar to this one and should be considered). In a few months I will apply for Chase Freedom to use its bonus categories in tandem with the Sapphire to gain reward points faster for travel.

Travel is my main goal with my cards. I don't buy nice things or spend frivolously. I want to see the world and my cards help me do that through regular spending.

This post was edited on 4/15/13 at 8:21 pm

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Posted by BACONisMEATcandy

Member since Dec 2007

46738 posts

Posted on 4/15/13 at 9:37 pm to Too Frat To Care

There is no single answer for this question. You have to decide what kind of rewards you want and what card gives you the most for the categories you spend in