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Started By
Message
RE: switching from using everyday debit card to credit card?
Posted on 8/21/14 at 2:08 pm
Posted on 8/21/14 at 2:08 pm
Have had a Cap One secure card for about 2 yrs in order to build my credit score back up after getting way behind on student loans right out of school. However the limit is very low ($750). Bc of this, I use my debit card on everyday purchases almost exclusively outside of running up about 10% of my cc limit each month.
I currently have my cc set to auto pay each month, so that I do not pay interest. Is there a credit card(s) that would be recommended for someone in my position?
My cap one credit tracker shows that my credit score is now up to over 700. I would like to get a new card and take advantage of the benefits of using a credit card; ie points, rewards, cash back, fraud protection, etc.
Appreciate the insight.
I currently have my cc set to auto pay each month, so that I do not pay interest. Is there a credit card(s) that would be recommended for someone in my position?
My cap one credit tracker shows that my credit score is now up to over 700. I would like to get a new card and take advantage of the benefits of using a credit card; ie points, rewards, cash back, fraud protection, etc.
Appreciate the insight.
1
Posted on 8/21/14 at 2:15 pm to Books
700 is good to get most cards out there. The question is what exactly do you want in terms of benefits? Points for what? How much do you spend per month and what do you spend it on?
Posted on 8/21/14 at 2:24 pm to htownjeep
quote:cash back, but I am open to other suggestions. I don't fly often, so miles aren't a big draw right now.
The question is what exactly do you want in terms of benefits?
quote:Maybe $1500/month at most on mortgage, bills, groceries, meals and entertainment.
How much do you spend per month and what do you spend it on?
Posted on 8/21/14 at 2:28 pm to Books
Can't pay mortgage or loans on CC.
Can you just request a credit limit increase on the CapOne card?
Can you just request a credit limit increase on the CapOne card?
Posted on 8/21/14 at 2:33 pm to LSUtigerME
Once Capital One sees his as a B credit card holder they tend to pigeon hole him as that forever.
If he's over 700 he should start looking at something like a Chase Freedom card.
If he's over 700 he should start looking at something like a Chase Freedom card.
Posted on 8/21/14 at 2:35 pm to LSUtigerME
quote:he asked what I spend money on now. Mortgage and loan is auto-drafted from bank account
Can't pay mortgage or loans on CC.
Secure cards can get periodic increases, but other than that you can only increase by making a deposit on your card and there are no rewards.
Posted on 8/21/14 at 2:40 pm to VABuckeye
quote:can you explain?
nce Capital One sees his as a B credit card holder
quote:meaning I don't have a good chance of approval for another Cap One card?
they tend to pigeon hole him as that forever.
Posted on 8/21/14 at 3:01 pm to Books
Chase has better options IMO.
Once you get a card from Capital One that is secured or is a "building" credit card that is not a student card or first time card holder card they tend to lump you in with that group no matter now well you manage your account.
I think there are better options for you if you go outside of the Capital One family of cards. Chase has some that can benefit you. This quarter I get 5% cash back on all gas purchases up to $1500. I actually get 7500 points but I prefer points to cash back.
Good luck.
Once you get a card from Capital One that is secured or is a "building" credit card that is not a student card or first time card holder card they tend to lump you in with that group no matter now well you manage your account.
I think there are better options for you if you go outside of the Capital One family of cards. Chase has some that can benefit you. This quarter I get 5% cash back on all gas purchases up to $1500. I actually get 7500 points but I prefer points to cash back.
Good luck.
This post was edited on 8/21/14 at 3:02 pm
Posted on 8/21/14 at 3:07 pm to VABuckeye
I like this card for people who want Cash Back and to promote financial responsibility and stability. I think its actually perfect for this OP's situation. Not to mention, it is probably one of, if not, the best cash back card out there.
Fidelity Amex:
2% cash back EVERYWHERE towards a Fidelity account.
LINK
Fidelity Amex:
2% cash back EVERYWHERE towards a Fidelity account.
LINK
This post was edited on 8/21/14 at 3:08 pm
Posted on 8/21/14 at 3:12 pm to VABuckeye
Chase Freedom attainable for someone w/ a score around mine? Would hate to apply and get rejected and take a hit on my score after finally getting it back up
Posted on 8/21/14 at 3:14 pm to Books
quote:
Chase Freedom attainable for someone w/ a score around mine? Would hate to apply and get rejected and take a hit on my score after finally getting it back up
With a 700? yes.
Posted on 8/21/14 at 3:18 pm to Teddy Ruxpin
Toward a fidelity account is not exactly cash back though
Amex blue cash preferred is a good cash back card but I don't know how strict Amex is
Amex blue cash preferred is a good cash back card but I don't know how strict Amex is
Posted on 8/21/14 at 3:29 pm to Croacka
quote:
Toward a fidelity account is not exactly cash back though
You're killing me. Yes it is.
It can go into any number of financial accounts with Fidelity, including a Cash Management Account, which would be the same exact thing. ie There is no difference between getting a deposit of $25 vs. having $25 taken off my bill.
Of course, it would be much smarter to invest the cash back.
Anywho, regardless, 2% everywhere cash back is muy bueno.
This post was edited on 8/21/14 at 3:36 pm
Posted on 8/21/14 at 4:02 pm to Teddy Ruxpin
Ok
I assumed (wrongly) that it was for retirement accounts
I assumed (wrongly) that it was for retirement accounts
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