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Message
re: Best Credit Card for mid-20 year old
Posted on 5/22/21 at 11:15 am to atrain5
Posted on 5/22/21 at 11:15 am to atrain5
If your landlord will let you pay with an Amex, I would HIGHLY recommend going that route. You will easily earn the point/spend bonus’s with monthly rent payments.
I think just depends on if you want points, miles, or cash back. I personally think Amex is by far the best company to build credit with.
I think just depends on if you want points, miles, or cash back. I personally think Amex is by far the best company to build credit with.
0
Posted on 5/22/21 at 11:32 am to atrain5
Screw Citi. I just switch from a Double Cash card to a Fidelity Rewards. no fee, 2% cash back.
Posted on 5/22/21 at 2:13 pm to atrain5
Discover is an easy to use beginner card with 2x cashback your first year. I'd recommend the Chase Sapphire which has an all time-high sign up bonus now and if you'll be able to have a large amount of spend through rent you'll be traveling free for a long time. Great earning rate and easy to use points system for travel or statement credits, but the promo sign up bonus will be ending any day now. Chase Freedom is a great no annual fee option as well if the annual fee scares you (even though the signup bonus is 10x the value of the fee). Amex is good overall, but I find it's too difficult to redeem points for good value for beginners.
Posted on 5/22/21 at 2:39 pm to TheChiefHasArrived
Co-sign on the Discover
No annual fee, and great customer service .
Good starter card , you can always add to your wallet over time
No annual fee, and great customer service .
Good starter card , you can always add to your wallet over time
Posted on 5/22/21 at 3:21 pm to atrain5
one thing you should also do when starting off with credit is try to open multiple cards that you plan on just holding onto indefinitely so you can start building some aging in your credit profile. You dont have to use them besides like once every 4 months ago to keep them from shutting it down for inactivity.
Lets say you only get one card and 5 years later you get another card... your average age of accounts will plummet to 2.5 years which could have a noticeable impact on your credit score.
But lets say you got 5 cards and 5 years later you get a 6th... your average age drops to only 4.16 years.
Lets say you only get one card and 5 years later you get another card... your average age of accounts will plummet to 2.5 years which could have a noticeable impact on your credit score.
But lets say you got 5 cards and 5 years later you get a 6th... your average age drops to only 4.16 years.
Posted on 5/22/21 at 3:50 pm to atrain5
Discover is a good starter suggestion.
The Sam's Club Mastercard is a solid recommendation for the percentage back on gas and food.
For a long term general incentive to save and flat 2% back on everything? I am a believer in the Fidelity Rewards Card. You can pair that with your first investment account. I dunno if a starter with unclear credit could get the Fidelity card but it would be worth investigating.
The Sam's Club Mastercard is a solid recommendation for the percentage back on gas and food.
For a long term general incentive to save and flat 2% back on everything? I am a believer in the Fidelity Rewards Card. You can pair that with your first investment account. I dunno if a starter with unclear credit could get the Fidelity card but it would be worth investigating.
Posted on 5/22/21 at 6:05 pm to hob
I’ve really debated doing the same. My double cash is my everyday card but that fidelity card is really tempting.
Posted on 5/22/21 at 6:19 pm to LafayetteTiga
quote:
I did a Best Buy credit card when i was 18, good start to build credit they were offering 12 months interest free at the time
I still do this and with other big purchases too. If they’re offering 0% interest why the hell not?
Posted on 5/24/21 at 6:25 am to atrain5
Not super well versed but I got the chase sapphire preferred in my mid 20s as my first card. You get mad points for food and travel what else you buying in your mid 20s?
I move my points over to southwest or Marriott mostly to help cover travel costs.
I move my points over to southwest or Marriott mostly to help cover travel costs.
Posted on 5/24/21 at 6:56 am to audioaxes1
quote:
one thing you should also do when starting off with credit is try to open multiple cards that you plan on just holding onto indefinitely so you can start building some aging in your credit profile. You dont have to use them besides like once every 4 months ago to keep them from shutting it down for inactivity.
Lets say you only get one card and 5 years later you get another card... your average age of accounts will plummet to 2.5 years which could have a noticeable impact on your credit score.
But lets say you got 5 cards and 5 years later you get a 6th... your average age drops to only 4.16 years.
I don't know who downvoted this but it is very solid advice.
Average age of credit cards is a significant consideration on FICO models.
I'd recommend to get only cards with no annual fees.
If you are "just getting started" or "building credit" or "have a thin file", I'd expect your available credit card options are limited.
Amex is great, as are others, but traditionally has been approved for good credit, as opposed to building credit; that may have changed lately, I don't know.
I'd recommend capital one to build.
Even better, if you have any direct or familial connection to the military, try to get an account with USAA or NavyFCU. They will often often extend credit with decent limits for clients with less than stellar files.
Posted on 5/24/21 at 7:55 am to HarrisonTown
quote:
Average age of credit cards is a significant consideration on FICO models.
Its not that significant. If it was, people who churn credit cards would see their scores completely destroyed and that's rarely the case.
While it wouldnt hurt to have a few cards and let things age, it wouldnt really significantly impact his score from that pov. Only 15% of the score is credit age. Compared to 65% being on time payments and credit usage. If anything the better argument for more cards is more credit access to affect the credit usage more positively (assuming person doesnt go ham running up c.c debt).
I.E. have 1 card with $10k limit and spend $3k a month so I average 30% utilization vs. I have 3 cards and $30k limit and still spend $3k a month so only 10% utilization.
This post was edited on 5/24/21 at 7:58 am
Posted on 5/24/21 at 10:12 am to thunderbird1100
We agree.
Of course, this all assumes responsible credit usage.
I didn't even bother going into utilization but absolutely that is a benefit of multiple cards.
Theoretically as personal credit matures, income grows, etc, limits will "grow" with you.
I keyed in on age, because at this moment in time for the OP, with little to no credit or file, this is something he can do to get an advantage, even 15% (down the line).
Again, miss a payment, all bets are off.
A couple few years down the line and OP walks into a mortgage lenders office, the 15% could make a big difference.
Of course, this all assumes responsible credit usage.
I didn't even bother going into utilization but absolutely that is a benefit of multiple cards.
Theoretically as personal credit matures, income grows, etc, limits will "grow" with you.
I keyed in on age, because at this moment in time for the OP, with little to no credit or file, this is something he can do to get an advantage, even 15% (down the line).
Again, miss a payment, all bets are off.
A couple few years down the line and OP walks into a mortgage lenders office, the 15% could make a big difference.
Posted on 5/24/21 at 4:29 pm to atrain5
The apple credit cards are pretty badass. Great for cutting up veggies
Posted on 5/24/21 at 9:16 pm to Warfarer
quote:I have this for groceries/streaming services (6% cash back) and gas/Uber (3% cash back). Everything else I use a Capital One Venture that gives me 2% cash back on any purchase.
have the Amex blue preferred and usually triple my 75 dollar annual fee in rewards just paying for groceries on it.
Another great thing about the Amexblue preferred is 6% back on a lot of the internet fees and streaming services.
Posted on 5/24/21 at 9:51 pm to atrain5
I got Alliant cash back card. 2.5% cash back up to $250 per month. Tired of accumulating points I’ll never use. I pay my balance every month so it’s free money. Check nerd wallet and see what they recommend. They have good intel.
Posted on 5/24/21 at 9:54 pm to ellishughtiger
quote:
you can’t go wrong with an Amex Platnium, the benefits alone make the high annual fee worth it.
Meh. Been a cardholder for 20+ years with platinum for most of them. They have waived the fee a few years and I paid the fee with points a few years but I still don’t think it’s worth it. Fee is like $500 now that’s ridiculous.
Posted on 5/25/21 at 6:45 am to atrain5
Most of the cards recommended you are not going to get as your first credit card.
Discover IT is a good card to start with but the limits will be low to start.
Capitol One will give higher limits at first but will not have the rewards you are looking for, but you have to start somewhere.
Discover IT is a good card to start with but the limits will be low to start.
Capitol One will give higher limits at first but will not have the rewards you are looking for, but you have to start somewhere.
Posted on 5/25/21 at 10:37 am to armsdealer
quote:
Most of the cards recommended you are not going to get as your first credit card.
The Citi Double Cash should be obtainable and is a top notch card to carry.
Really, any AMEX is a good long hold option including a basic green AMEX.
I don't like the Discover card because it just isn't a long hold card IMO. It isn't awful but the issue of who takes discover card versus Visa, Amex and MC would weigh on my decision.
Doing it all over again, my first card would be something I could have for a long time.
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