Page 1
Page 1
Started By
Message
locked post

First credit card advice/suggestions

Posted on 11/27/12 at 4:22 pm
Posted by BamaMan45
Louisiana
Member since Dec 2006
1691 posts
Posted on 11/27/12 at 4:22 pm
So I've been reading through this board for the better part of the last week (when time permits) and I've come to the conclusion it's about time I get my first credit card. Besides some cards I got sucked into signing up for years ago (dept stores, though I've never carried a balance on them and have maintained them religiously since activating them) I either use cash or a debit card for all of my purchases....and not getting a single damn reward for any of it.

Little background here: 24, college grad with one small loan during my 4 years there that was taken care of well soon after graduation. Thanks to my parents & their planning for my future, I had just enough of a credit history saved up from my own spending & their line of credit to purchase a new truck last November. Paid my notes on time and have actually put a little extra in towards the note when possible (I'm about 3 payments ahead of schedule I think). Checked my FICO scores last night, pulled up 801 on Equifax & 790 on TransUnion with no warning indicators so that shouldn't be a problem.

I was living on my own after graduation in Dec 2010...which was a horrible time to go looking for a job & I was forced to move back home. It's been miserable, and the time has come to GTFO and fly away. (I plan on getting a place soon with a few friends of mine, so keep that in mind when you make suggestions)

What I would mainly be using the card for:
-Shopping; I do a lot of this online, and will need it for groceries when I move into my own place. I might purchase other small things online like Itunes, ebay/amazon stuff, and not much else. I'm not much for buying something unless I really need it.
-Dining out/leisure: I don't eat out much, but it'd be nice to use the card during nights out with the GF, or just going to see movies, etc.
-My company gives me a gas stipend that I have yet to ever go over despite having a 32 gallon tank on my truck, so gas rewards aren't high on my list though I do occasionally fill up the GF's tank (a much more manageable 13 gallons)
-Travel rewards could be an interesting perk for me to take advantage of. I really do not travel much (maybe 1 big vacation a year) though I do like to attend Bama games whenever possible. I think if I was able to rack up enough reward points, I'd be interested in possibly using up some of the 4 weeks paid vacation I'll have on standby at the beginning of 2013.

I've never been one to be that bright when it comes to math or financial matters which is probably why I've avoided credit cards over the years and kept my finances & budget very simple & easy to follow & never lose track of. I'm not looking to go out & blow a ton of money with a new CC; just looking to get the most bang for my buck and not look dorky carrying cash everywhere I go. TIA for the advice
Posted by TheHiddenFlask
The Welsh red light district
Member since Jul 2008
18384 posts
Posted on 11/27/12 at 5:16 pm to
Citi forward
5% points back on dining and amazon.
Posted by saving$
Member since Nov 2012
34 posts
Posted on 11/27/12 at 8:06 pm to
If I were you I'd focus on getting two cards:

1. One with the largest bonus promotion you can get. For example, Citi Thank You Preferred has a promotion right now:

quote:

Earn 20,000 bonus Thank You points after you make $3,000 in purchases within the first 6 months after account opening. Earn an additional 20,000 bonus points after you spend $3,000 in purchases within the next 6 months. That's a total of 40,000 bonus points in the first 12 months — good for $400 in gift cards!**


Redeem $400 worth of Amazon gift cards.

2. Since you don't really have one particular large expense group, I'd get an American Express Fidelity card or any other 2% cash back card. Use after you reach the milestones from the citi card or on very large purchases.

It's understood paying any interest on a credit card negates any rewards they pay out.

You have many different options.
Posted by BamaMan45
Louisiana
Member since Dec 2006
1691 posts
Posted on 11/28/12 at 1:02 am to
Citi seems to have some great options at the moment. I really like the Forward card Flask mentioned, will have to check into the Thank You Preferred card as well.

The idea about 2 cards and using one after acquiring many the bonuses/milestones they offer is a good idea and one I hadn't thought of. Good advice
Posted by Croacka
Denham Springs
Member since Dec 2008
61441 posts
Posted on 11/28/12 at 9:47 am to
I'm using 3 rewards cards right now

Citi forward for eating out and I buy lots of shite on amazon

Amex BCP for groceries and random stuff and for large purchases to get extended warranty


Penfed for 5% cb on gas


So far the system seems to be working good but I had to label my wife's cards bc she can't remember what's what.
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram