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Message
Credit card rewards
Posted on 9/9/09 at 9:37 pm
Posted on 9/9/09 at 9:37 pm
Hey guys --
Here is my situation: I currently have only a debit card because I feel like if I can't afford to pay for something today, I don't really need it. I'm thinking about getting a credit card that gives rewards or allows you to earn miles for your frequent flier program. I will pay it off monthly, but I'm wondering if anyone has suggestions or recommendations on any certain cards or what to look for in a card. Keeping in mind that I don't intend to carry a balance, I would probably want one that has a low Annual Fee, right? Thanks in advance for any advice.
Here is my situation: I currently have only a debit card because I feel like if I can't afford to pay for something today, I don't really need it. I'm thinking about getting a credit card that gives rewards or allows you to earn miles for your frequent flier program. I will pay it off monthly, but I'm wondering if anyone has suggestions or recommendations on any certain cards or what to look for in a card. Keeping in mind that I don't intend to carry a balance, I would probably want one that has a low Annual Fee, right? Thanks in advance for any advice.
6
Posted on 9/9/09 at 9:38 pm to kriskris
quote:No, you would want one with NO annual fee.....
I would probably want one that has a low Annual Fee, right?
Posted on 9/9/09 at 9:43 pm to kriskris
Credit Card Analyzer
Don't pay an annual fee. It's not necessary.
Don't pay an annual fee. It's not necessary.
This post was edited on 9/9/09 at 9:44 pm
Posted on 9/9/09 at 9:43 pm to LSURussian
makes sense...but would you say that one card company is better than another? Say Citibank vs Capital One or either of those Visas vs a Discover or Amex?
Posted on 9/9/09 at 9:46 pm to kriskris
quote:
but would you say that one card company is better than another?
No, but make sure you check the APR, grace period and any fees associated with that particular bank's card.
quote:
Say Citibank vs Capital One or either of those Visas vs a Discover or Amex?
Discover and AMEX are not always accepted, because they charge the business a higher percentage fee than VISA and MC.
This post was edited on 9/9/09 at 9:47 pm
Posted on 9/9/09 at 10:08 pm to kriskris
As others have pointed out, it is not necessary to pay an annual fee. Card issuers used to care about that when people paid in cash for their day-to-day transactions, now they make more than enough from merchant charges.
As far as what else to look for in a card, really, the good news is that you call those shots.
Do you want to use it for daily transactions and pay the balance in full each month? Might want one of those that pay an award or cash back. I use Discover, but I also live in the DC metro area and my card is almost always accepted. Your mileage may vary.
Do you want to be able to use it as a low interest emergency fund? If you have a good FICO you can probably just wait until you need it because you get teaser rate offers in the mail every week, even in today's climate. If not, apply for a low rate card and put it in your drawer somewhere as your second (or fourth) card.
For most people starting out the old advice is still sound - don't carry a balance, but use the card to establish a good history. For that it almost doesn't matter what card you have so long as you aren't paying an annual fee.
As far as what else to look for in a card, really, the good news is that you call those shots.
Do you want to use it for daily transactions and pay the balance in full each month? Might want one of those that pay an award or cash back. I use Discover, but I also live in the DC metro area and my card is almost always accepted. Your mileage may vary.
Do you want to be able to use it as a low interest emergency fund? If you have a good FICO you can probably just wait until you need it because you get teaser rate offers in the mail every week, even in today's climate. If not, apply for a low rate card and put it in your drawer somewhere as your second (or fourth) card.
For most people starting out the old advice is still sound - don't carry a balance, but use the card to establish a good history. For that it almost doesn't matter what card you have so long as you aren't paying an annual fee.
Posted on 9/9/09 at 10:24 pm to kriskris
I was digging around on my amex blue cash rewards page on the net today ...i found a thing that had my cumulative rewards since having the card (04)...They have paid me cold cash of over $4000 ....no fee
Posted on 9/9/09 at 10:26 pm to foshizzle
If your looking for rewards I use Amex Hilton Honors card...I have enough free hotels for a while and you can also swap for miles
It's no annual fee...I can't tell you what the APR is but I don't carry balance and that is how you have to utilize a card for benefits
I put all monthly bills,spending, etc. on the card and you can accumulate ton of points and use it for any of the hilton family hotels
Great card and Amex is stellar with service - only draw back some places dont take Amex but you still got cash/debit
It's no annual fee...I can't tell you what the APR is but I don't carry balance and that is how you have to utilize a card for benefits
I put all monthly bills,spending, etc. on the card and you can accumulate ton of points and use it for any of the hilton family hotels
Great card and Amex is stellar with service - only draw back some places dont take Amex but you still got cash/debit
Posted on 9/9/09 at 11:09 pm to kriskris
I have used Amex for years. True, some merchants do not accept the card, but the great part that I find is that the rewards program is by far the best...hotels,airlines,merchandise..very diversified and extensive.
Just curious, what percentage cash does Discover pay back, anyone know?
Just curious, what percentage cash does Discover pay back, anyone know?
Posted on 9/9/09 at 11:22 pm to Sal Minio
I agree that AMEX is awesome. I've been turned down for my AMEX card maybe 5% of the time (and I use it often).
Posted on 9/10/09 at 12:19 am to TulaneUVA
My Visa pays back 1%. Is that any good?
Posted on 9/10/09 at 1:04 am to Will Cover
quote:
Discover and AMEX are not always accepted
if you live in the south Discover is usually accepted, if you go into Mexico you might have problems
Posted on 9/10/09 at 6:53 pm to kriskris
Not sure how important this is to you, but fwiw amex has the best customer service & visa has the worst
Posted on 9/10/09 at 8:42 pm to Sal Minio
quote:
Just curious, what percentage cash does Discover pay back, anyone know?
I don't remember off hand, but I think mine is some kind of deal where you get X% on the first $ worth of purchases, then it goes upto 1% eventually for the year. They do run 5% promos by quarter, like 5% on gas purchases, but I think they cap it at $400 worth of purchases or maybe cap it at $40 back...some restrictions along those lines.
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