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Started By
Message
Best credit card for me...
Posted on 4/7/14 at 9:36 pm
Posted on 4/7/14 at 9:36 pm
Or in general?
Currently don't have a credit card being used. Have a little Whitney one, but don't use it since it don't offer much in rewards.
Have a friend who said to get the Barclays.
Also heard good about capital one venture.
Does my income or expense level matter?
I bank with Chase. Have a car loan with them as well. Had a house, but sold it.
Thoughts?
Currently don't have a credit card being used. Have a little Whitney one, but don't use it since it don't offer much in rewards.
Have a friend who said to get the Barclays.
Also heard good about capital one venture.
Does my income or expense level matter?
I bank with Chase. Have a car loan with them as well. Had a house, but sold it.
Thoughts?
3
Posted on 4/7/14 at 9:55 pm to donRANDOMnumbers
I got Barclays about 4 months ago and really like it.
I pay it off bi-weekly BC I'm anal about a balance, but you get 12 month interest free to start.
2 miles per dollar plus 10% miles back when redeemed for travel. Really can't beat it.
I pay it off bi-weekly BC I'm anal about a balance, but you get 12 month interest free to start.
2 miles per dollar plus 10% miles back when redeemed for travel. Really can't beat it.
Posted on 4/7/14 at 9:59 pm to donRANDOMnumbers
If you usually fly domestic coach and have no real hotel preference besides the best deal for your money, you are perfectly fine with something like Barclay's or capital one venture.
If you like premium cabin, international trips, etc, then you have some other things to consider.
Eta: I'm assuming you want a travel card due to your OP
If you like premium cabin, international trips, etc, then you have some other things to consider.
Eta: I'm assuming you want a travel card due to your OP
This post was edited on 4/7/14 at 10:52 pm
Posted on 4/8/14 at 8:23 am to Teddy Ruxpin
It doesn't have to be travel points. Just general return is fine.
I don't know much about how the point cards work.
I don't know much about how the point cards work.
Posted on 4/8/14 at 9:07 am to donRANDOMnumbers
What categories do you spend the most in?
Gas?
Groceries?
Restaurants?
I have 3 cards that I use for different types of purchases
Gas?
Groceries?
Restaurants?
I have 3 cards that I use for different types of purchases
Posted on 4/8/14 at 9:29 am to donRANDOMnumbers
Chase Ink Plus is a fairly easy no-thought credit card that earns good points, and with a little effort you can rack up points pretty quick. It's a business card, but that term is loosely defined. It's an Ultimate Rewards card so there are many options for redeeming your points.
quote:
Earn 5X points per $1 on the first $50,000 spent annually at office supply stores and on cellular phone, landline, internet and cable TV services.*
Earn 2X points per $1 on the first $50,000 spent annually at gas stations and for hotel accommodations when purchased directly with the hotel.*
Earn 1 point per $1 on all other purchases—with no limits.*
Points do not expire.
quote:
Enjoy premium travel benefits
No foreign transaction fees on international purchases.†
1:1 point transfer to leading frequent travel programs with no transfer fees.
20% off travel when you redeem through Chase Ultimate RewardsSM.
quote:
Get 50,000 bonus points after you spend $5,000 in
the first 3 months from account opening.* Thats $625
in travel rewards.
Named best for travel rewards for small business money(registered trademark) magazine, october 2013** Secure Apply Now $0 intro annual fee for the first year,
then $95. Variable APR of 15.24%†
This post was edited on 4/8/14 at 9:30 am
Posted on 4/8/14 at 9:55 am to Toula
I just signed up for the Barclays
I've been needing a card for all the non-categorized purchases
I also needed a MasterCard
I've been needing a card for all the non-categorized purchases
I also needed a MasterCard
Posted on 4/12/14 at 10:12 pm to Croacka
Bros, considering the Barclays for general purchase and an Amex blue cash for gas/groceries.
Also read about the Amex gold. Any thoughts?
Eta: also looking at chase sapphire and freedom combo.
Also read about the Amex gold. Any thoughts?
Eta: also looking at chase sapphire and freedom combo.
This post was edited on 4/13/14 at 1:04 am
Posted on 4/13/14 at 1:53 am to donRANDOMnumbers
quote:
Bros, considering the Barclays for general purchase and an Amex blue cash for gas/groceries.
Would give you travel rewards and cash back. Which might not be bad for you since you haven't really determined what you want. Could be a healthy mix for you. Cash back cards can be very valuable, in fact, even travel enthusiasts may lean towards them when travel redemption/bonus categories/ etc valuations don't keep up.
The other options are straight travel rewards cards/programs(well, most valuable use is travel). If your goal isn't to travel then I don't know what the point would be for you.
What is cool is that If you do decide to travel in the future, whatever is available then, you could do sapphire/freedom, burn the points, move on to Amex MR, burn the points or whatever you wish.
It really is a rewarding experience once you control the game and the "fear" of credit.
Whatever you do, I recommend keeping up with the offerings. Deals change and the best cards change over time. If you find yourself not buying a house or whatnot, the cost of switching with good credit is pretty much nonexistent
This post was edited on 4/13/14 at 1:59 am
Posted on 4/13/14 at 5:52 am to Teddy Ruxpin
How much do you have to spend a year to make getting the Barclay's card with the fee worth it vs getting the no fee versio?
Posted on 4/13/14 at 11:29 am to DukeSilver
quote:
How much do you have to spend a year to make getting the Barclay's card with the fee worth it vs getting the no fee versio?
Well, first off, you should apply for the fee version regardless. The bonus is bigger (free money) and the fee is waived the first year. If you want to downgrade to the no fee version and keep the line open you can. Don't want to forever lose that free money applying for the no fee version first.
Now, to determine that is relatively simple. The fee is $89. To get $89 dollars of value in travel rewards you need 8,900 points. You get roughly 2 points per dollar spent. When you redeem you get a 10% refund which makes this 2.2 points per dollar in practice, but math is hard.
8900 points requires $4,450 in spending, so you need at least that to break even. The card comes with occasional FICO score and TripIt Pro, which has value but I leave that out of the calculation.
This post was edited on 4/13/14 at 11:30 am
Posted on 4/13/14 at 8:18 pm to Teddy Ruxpin
So teddy,
Is it time for me to get rid of my capital one venture and get a Barclays card?
I'd prefer to only have 1....
Also does it affect your credit to cancel cards and then open others?
Is it time for me to get rid of my capital one venture and get a Barclays card?
I'd prefer to only have 1....
Also does it affect your credit to cancel cards and then open others?
This post was edited on 4/13/14 at 8:21 pm
Posted on 4/13/14 at 8:38 pm to darbour21
I would keep the other line of credit open and just not use it or use it sparingly (just enough so they won't cancel it). Having the open line of credit will help your score in that it helps with your "Average Age of Accounts" and with your revolving debt utilization (balance/credit limit). These are both factors in the FICO scoring model. Also, applying for new credit will drop your score a few points but you will gain that back rather quickly.
Posted on 4/13/14 at 8:41 pm to JonTheTigerFan
I guess I could keep it open and just drop down to the no fee card....
Posted on 4/13/14 at 10:54 pm to darbour21
I would add this card to the list as well. I like to push Amex 
EveryDay Preferred Credit Card
Sign-up bonus: 15,000 points when you spend $1,000 in 90 days
Earning: Earn 3x Membership Rewards points at U.S. supermarkets (not including warehouse stores like Costco), on up to $6,000 per year on purchases (then 1x); 2x on US standalone gas stations; and 1x points on all other purchases.
Spending Bonus: Use the Card to make 30 or more purchases in a billing period and earn 50% extra points on all those purchases less returns and credits.(There is a digital counter in the Amex Mobile app to keep track of this)
This is a chip and pin credit card (not a charge card) and comes with a 0% introductory rate on purchases and balance transfers for the first 15 months. The Annual fee $95.
EveryDay Preferred Credit Card
Sign-up bonus: 15,000 points when you spend $1,000 in 90 days
Earning: Earn 3x Membership Rewards points at U.S. supermarkets (not including warehouse stores like Costco), on up to $6,000 per year on purchases (then 1x); 2x on US standalone gas stations; and 1x points on all other purchases.
Spending Bonus: Use the Card to make 30 or more purchases in a billing period and earn 50% extra points on all those purchases less returns and credits.(There is a digital counter in the Amex Mobile app to keep track of this)
This is a chip and pin credit card (not a charge card) and comes with a 0% introductory rate on purchases and balance transfers for the first 15 months. The Annual fee $95.
Posted on 4/13/14 at 11:32 pm to darbour21
quote:
So teddy,
Is it time for me to get rid of my capital one venture and get a Barclays card?
I'd prefer to only have 1....
Also does it affect your credit to cancel cards and then open others
I'd get the Barclays at least for the bonus if you got plans to travel. No reason not to unless you're buying a house soon or something.
After that, you're going to have to determine yourself between the earning rate, annual fee, and benefits which you want to keep. As you've already figured out, no reason to cancel, just downgrade. Canceling a card will lower utilization and credit age, opening a card creates a temporary hit that recovers quickly. The inquiry stays on the report for 2 years, how many inquiries are too much for your next loan/credit application is lender specific.
Amex Everyday is intriguing. I'm studying up on that one. Right now I don't think I need it for my strategy, but maybe when I get more info or attack Amex MR points for a big redemption down the road. I'm still drowning in Chase UR points. But it looks like a good card for someone getting in the game.
This post was edited on 4/13/14 at 11:35 pm
Posted on 4/13/14 at 11:42 pm to Teddy Ruxpin
If it wasn't an amex I would have already signed up
Posted on 4/13/14 at 11:50 pm to Teddy Ruxpin
When you're for to buying a house soon, how soon?
Posted on 4/14/14 at 12:06 am to BACONisMEATcandy
I figured. quote:
When you're for to buying a house soon, how soon?
I see people say the safe bet is at least 6 months being clean of inquiries before going for a home loan. Which I think is a reasonable absolute minimum. Being clean for a home loan is very important. If you did that and don't apply for lots of carfs, you'll be fine. If you like applying and burning through cards frequently, you might need more time for the inquiries to fall off which is 2 years for an inquiry to fall off completely. Again, lender specific on what spooks them.
I haven't gone through that process myself yet to give you a personal story, but I'll get an idea soon enough.
Note: an inquiry has an immediate small hit on your credit score. This will recover shortly, however the inquiry is on the report for lenders to see for two years.
This post was edited on 4/14/14 at 12:12 am
Posted on 4/14/14 at 12:25 am to donRANDOMnumbers
quote:
When you're for to buying a house soon, how soon?
The inquiries themselves won't hurt you when they pull your credit for a mortgage. The hit your score takes when you have many hard inquiries is what you have to worry about. As long as your middle FICO score of TransUnion, Equifax and Experian is above the requirements of the lender, you're ok. The inquiries show on your report for 2 years but only affect your score for one year. I closed on my house a little over a year ago and I had inquiries within the six months before my closing. Before you apply for the mortgage though, make sure your cards are paid down because that has a big impact on your FICO score.
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