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Message
re: Best credit card for grad student
Posted on 9/29/15 at 6:46 pm to Napoleon
Posted on 9/29/15 at 6:46 pm to Napoleon
quote:
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.
quote:
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.
Serious question, are you trolling?
1
Posted on 9/29/15 at 9:35 pm to Teddy Ruxpin
quote:
Carrying a balance builds credit faster.
This is simply wrong.
quote:
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.
This isn't wrong, but it's still not a terribly good idea short of an absolute catastrophe. If you have a major emergency at the end of the month and need a nudge to pay your rent/mortgage before you can move some money out of your Roth, it will do the trick. It's obviously not a replacement for having an emergency fund, but it's better than nothing, I suppose.
Posted on 9/29/15 at 11:34 pm to Dr. Shultz
quote:
So does 1 point always equal 1 cent? or sometimes is it different for each CC?
Generally, but if you get an airline card, 1 point is worth 1 mile.. And depending on how you use the miles, they can be worth more than 1 cent.
Posted on 9/30/15 at 8:03 am to Joshjrn
The question was asked by a student. I wouldn't expect them to have sizeable savings. Not everyone has tens of thousands saved up. If you can pay it back and need an advance it's not a horrible way to do it. The guy asked if Rent could be paid with a CC, taking cash off the card is the only way I saw how to do so.
I've heard two sides of this and my though always was the CC companies are in this to make money and they make money off of charging you for your balance. I was always told to keep a small balance and it works for me.
I only pay the Amex off in full monthly.
quote:
Carrying a balance builds credit faster.
This is simply wrong.
I've heard two sides of this and my though always was the CC companies are in this to make money and they make money off of charging you for your balance. I was always told to keep a small balance and it works for me.
I only pay the Amex off in full monthly.
Posted on 9/30/15 at 8:42 am to Napoleon
quote:
I've heard two sides of this and my though always was the CC companies are in this to make money and they make money off of charging you for your balance. I was always told to keep a small balance and it works for me.
Credit card companies make money off of transaction fees and interest. Carrying a balance month to month means paying interest. If you pay interest then you lose any gains you get on points or miles accumulated. That's a fact.
Credit card companies don't create your credit score. That's the job of the credit bureaus. The best way to manage monthly credit is to pay off the statement balance each month. If you use the card regularly and pay off the statement balance each month there will always be a balance reported to the credit bureaus and you will avoid paying any interest.
This post was edited on 9/30/15 at 8:43 am
Posted on 10/1/15 at 10:37 am to Napoleon
quote:
I've heard two sides of this and my though always was the CC companies are in this to make money and they make money off of charging you for your balance. I was always told to keep a small balance and it works for me.
I only pay the Amex off in full monthly.
Assuming you can afford it, try it for a couple of months. See what your score does (or what it doesn't do). You can always start carrying a balance again.
Seriously, the idea that paying down your cards hurts your credit is one of the most common, and commonly debunked, credit myths.
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