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Message
Best credit card for grad student
Posted on 9/28/15 at 1:10 pm
Posted on 9/28/15 at 1:10 pm
Thinking about getting my first ever credit card to start building credit for the future and possibly some rewards.
Never had problems running out of money. Don't actually need a credit card just figured it would be smart.
Don't really think a credit card that would net me air miles would help, just trying to get one that would possibly give me some cash back or whatever. Don't really know much about credit cards so any insight would be greatly appreciated!
Also idk if it matters but I probably sepnd ~1300 a month on rent\utilities\groceries which is what I would put on the CC
Never had problems running out of money. Don't actually need a credit card just figured it would be smart.
Don't really think a credit card that would net me air miles would help, just trying to get one that would possibly give me some cash back or whatever. Don't really know much about credit cards so any insight would be greatly appreciated!
Also idk if it matters but I probably sepnd ~1300 a month on rent\utilities\groceries which is what I would put on the CC
This post was edited on 9/28/15 at 1:35 pm
3
Posted on 9/28/15 at 1:15 pm to Dr. Shultz
I personally like my Capital One Quick Silver. I get 1.5% cash back on every purchase. I pay the balance off every week and rack up the cash back. I have $400 in about 2 months. I can cash it in for account credit or get a check mailed to me.
This post was edited on 9/28/15 at 1:16 pm
Posted on 9/28/15 at 1:29 pm to GeauxTigers1983
You spend $13k on your credit card each month??
Posted on 9/28/15 at 1:30 pm to GeauxTigers1983
quote:
I personally like my Capital One Quick Silver. I get 1.5% cash back on every purchase. I pay the balance off every week and rack up the cash back. I have $400 in about 2 months. I can cash it in for account credit or get a check mailed to me.
While I agree a simple cash back is what he should start with and most likely can only get approved for, the QuickSilver is inferior to the Citi Double Cash, so you may want to consider switching.
Anywho, your likely choices OP are:
Discover It (5x rotating, 1x everywhere)
Chase Freedom (5x rotating, 1 x everywhere)
Citi Double Cash (2x everywhere)
There are some more complicated earning structure cards out there, particularly from Amex (Blue Cash) but not sure what you'd get approved for/not sure what their lower end for acceptance is at.
This post was edited on 9/28/15 at 1:32 pm
Posted on 9/28/15 at 1:33 pm to geauxbears08
quote:
You spend $13k on your credit card each month??
Sorry that was a typo. It was supposed to be 6 months lol
Posted on 9/28/15 at 1:36 pm to Teddy Ruxpin
quote:
Discover It (5x rotating, 1x everywhere)
Chase Freedom (5x rotating, 1 x everywhere)
Citi Double Cash (2x everywhere)
What does this mean? I legit know nothing about CCs
and I also added to the OP about how much money I spend a month on my debit card
Posted on 9/28/15 at 2:04 pm to Dr. Shultz
quote:
What does this mean?
5 times points for rotating categories. For instance gas stations. Last quarter $1500 spent on a Chase Freedom card meant 7500 points. 5X 1500.
Citi Double Cash - You get one point for every dollar spent and then another point for each dollar when you pay the balance. Spend $1500 and get 1500 points when you pay and another 1500 points when you pay the $1500 balance off.
Posted on 9/28/15 at 2:12 pm to Dr. Shultz
Can you pay your rent with a credit card?
A good basic card is chase freedom. You get 1 point (1 cent) on every dollar spent. Every 3 months there are rotating categories that give you 5 cents per dollar up to a max of $1500 spent. Gas stations is the only worthwhile one.. The others are movie tickets, chain restaurants, Home Depot, etc.
It doesn't have an anual fee either. So if you spend 1300 a month, you'll get about $160-220 a year cash back when you factor in the rotating categories.
A good basic card is chase freedom. You get 1 point (1 cent) on every dollar spent. Every 3 months there are rotating categories that give you 5 cents per dollar up to a max of $1500 spent. Gas stations is the only worthwhile one.. The others are movie tickets, chain restaurants, Home Depot, etc.
It doesn't have an anual fee either. So if you spend 1300 a month, you'll get about $160-220 a year cash back when you factor in the rotating categories.
Posted on 9/28/15 at 3:34 pm to TheIndulger
quote:
Gas stations is the only worthwhile one
And grocery stores. That might have been on Discover IT though.
Posted on 9/28/15 at 4:09 pm to TheIndulger
quote:
Gas stations is the only worthwhile one
Or, you know, that whole Amazon thing.
Posted on 9/28/15 at 6:01 pm to TheIndulger
quote:
Gas stations is the only worthwhile one.. The others are movie tickets, chain restaurants, Home Depot, etc.
What?
This was the calendar for this year:
If you can't get use out of grocery stores, gas stations, restaurants (all restaurants, not sure where you came up with the "chain" limitation), and Amazon/Zappos, I'm not sure what to tell you.
This post was edited on 9/28/15 at 6:02 pm
Posted on 9/28/15 at 6:06 pm to Joshjrn
Not to mention restaurants includes bars, where if I had been smarter in law school, I would have reaped many a point.
Posted on 9/28/15 at 6:27 pm to Teddy Ruxpin
When in doubt, I use my Freedom/Sapphire if something so much as resembles a restaurant. Bars, local coffee shops, etc, I think people would be surprised.
This post was edited on 9/28/15 at 6:28 pm
Posted on 9/28/15 at 7:23 pm to Joshjrn
Hmm, I remember looking at it years ago, and there were only certain well known restaurants it worked at. I should definitely be using my freedom more.
Posted on 9/28/15 at 8:18 pm to VABuckeye
So does 1 point always equal 1 cent? or sometimes is it different for each CC?
Posted on 9/28/15 at 8:36 pm to Dr. Shultz
For cash back cards 1 point is going to equal 1 cent for the most part, but yes for all these listsd.
Other points for other things have all kinds of valuations
Other points for other things have all kinds of valuations
Posted on 9/29/15 at 6:40 pm to Dr. Shultz
The thing about credit it, the longer you have accounts the better and keeping under 30% utilization is key (if you don't pay them off monthly, though I would never pay them completely off, just down to 5% or so. Carrying a balance builds credit faster.
I wouldn't get just one card, I would get three and your "best" car depends on your FICO score.
Get something with points if possible.
I wouldn't get just one card, I would get three and your "best" car depends on your FICO score.
Get something with points if possible.
Posted on 9/29/15 at 6:41 pm to geauxbears08
quote:I can see it.
You spend $13k on your credit card each month??
I'm OT poor and I spend 4-5k a month on my card. Though I buy all my business goods on the card and then pay them back while trying to keep 5-10% balance.
Posted on 9/29/15 at 6:43 pm to Dr. Shultz
I have discover it for students and I'm in g school
Posted on 9/29/15 at 6:43 pm to TheIndulger
quote:
Can you pay your rent with a credit card?
Another tip I know is to get a Square reader. You can then use it for cash advances. Sure you will pay the 2.6% processing fee, but that's less than the fees your card would charge you. You run your card on your reader and the money is in your bank account the first thing in the morning.
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