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Message
re: Thinking about getting a credit card for the first time
Posted on 5/12/22 at 3:55 pm to Pisco
Posted on 5/12/22 at 3:55 pm to Pisco
You really shouldn’t be posting on this board unless you’ve taken a 2 month European vacation paid entirely with credit card points.
This post was edited on 5/12/22 at 3:56 pm
0
Posted on 5/12/22 at 4:08 pm to Pisco
quote:
I don’t spend much money and my credit is outstanding.
quote:
Just something I can use if I’m short on money at times.
Does not add up.
Posted on 5/12/22 at 4:11 pm to Pisco
1. You don't use a credit card for emergencies. You never want to have to pay the interest rate.
2. You do use credit cards to build good revolving credit and for rewards.
If you get a card.
1. Pay it off well before the bill. I usually pay mine off once a week or so. Easy with apps.
2. Don't let the percentage you charge be more than like 20% of your limit, even better if you keep it below 10. They only check once a month, so if you pay it off all the time it's pretty easy. This will help your credit, if you use too much it will hurt it.
3. Request limit increases every six months (easy to do in the app) til you get those limits up way higher than you spend. This will help your credit and allow you to charge more to it without going over the 10-20% mark.
4. Pick a card you want and don't cancel it. The longer you have it counts towards your credit history and helps your credit.
Reap the rewards. As your limit goes up, stop using your debit and use credit for everything.
Citi double cash is one of my favorites. Best cash back card that can be used anywhere. 2% cash back.
Good luck.
2. You do use credit cards to build good revolving credit and for rewards.
If you get a card.
1. Pay it off well before the bill. I usually pay mine off once a week or so. Easy with apps.
2. Don't let the percentage you charge be more than like 20% of your limit, even better if you keep it below 10. They only check once a month, so if you pay it off all the time it's pretty easy. This will help your credit, if you use too much it will hurt it.
3. Request limit increases every six months (easy to do in the app) til you get those limits up way higher than you spend. This will help your credit and allow you to charge more to it without going over the 10-20% mark.
4. Pick a card you want and don't cancel it. The longer you have it counts towards your credit history and helps your credit.
Reap the rewards. As your limit goes up, stop using your debit and use credit for everything.
Citi double cash is one of my favorites. Best cash back card that can be used anywhere. 2% cash back.
Good luck.
This post was edited on 5/12/22 at 5:15 pm
Posted on 5/12/22 at 4:12 pm to Pisco
quote:
Just something I can use if I’m short on money at times.
Build up your savings.
We have credit cards, but there are only a few times we use them:
1) For major purchases, to take advantage of 0 percent interest. If it's for 15 months... I pay 1/15th a month for 15 months. We do this more with the Home Depot card than with regular credit cards though. Also we like to sail on Carnival and they will give you 6 months no interest the cruise purchase, so we pay 1/6th per month for 6 months.
2) To take advantage of discounts. Kohls card - 20 percent off most purchases.
3) When we are trying to "bulk" purchases together to see how much we spend. For example, we are going to Disney soon. All the spending we do at Disney we will put on a card, just to make it easier to see what we are spending. When we get home, we will pay it off.
4) When overseas - I always use a CC or cash
5) For business trips, I have a CC I use for all business trip expenses
A lot of people charge as much as they can in order to get points. I don't do that... nothing wrong if you do.
Posted on 5/12/22 at 4:14 pm to Pisco
Damn I clicked on the title thinking OP had paid for pussy for the first time with a cc
Posted on 5/12/22 at 4:17 pm to Pisco
quote:
my credit is outstanding
quote:
Just something I can use if I’m short on money at times.
One or both of these statements are bullshite.
Posted on 5/12/22 at 4:24 pm to Pisco
I started out with my first credit card being a Kroger Visa. I only paid for food and gas with it and paid it off every month. Slowly started putting all of my purchases on the credit cards once I was used to paying it off every month. Now we get reap the benefits of the reward cards, but we've never carried a balance over to the next month, not even once.
Posted on 5/12/22 at 4:25 pm to NATidefan
quote:
NATidefan
quote:
1. Pay it off well before the bill. I usually pay mine off once a week or so. Easy with apps.
quote:
3. Request limit increases every six months (easy to do in the app) til you get those limits up way higher than you spend. This will help your credit and allow you to charge more to it without going over the 10-20% market
If you pay off the bill before the statement ends, utilization percentage does not matter.
Posted on 5/12/22 at 4:26 pm to Pisco
I use cards for a few reasons.
1. Recurring payments I don't want to give my bank info out for, if I have a dispute with them they can't just draft money out of my bank account.
2. My Capital One card lets me generate one time use CC numbers to keep the real account number secret
3. I still have a single card left that doubles warranties on electronics so I use that one a lot. This is getting rarer and rarer.
4. The points/rewards silly. I got 15% off of a MAP item at Academy the other day. My wife BURNS up my Kohls card but like this week she used 30% off stacked with 70% off and got like "$500" worth of stuff for $100. I know it is not a true $400 discount but that extra 30% was from the card. Everything else goes on my Discover, they give good REAL cash back and don't have any fees.
If you can keep track of your spending there are a few benefits of using a CC over debit or bank account, I mainly want my bank information as secure as possible.
1. Recurring payments I don't want to give my bank info out for, if I have a dispute with them they can't just draft money out of my bank account.
2. My Capital One card lets me generate one time use CC numbers to keep the real account number secret
3. I still have a single card left that doubles warranties on electronics so I use that one a lot. This is getting rarer and rarer.
4. The points/rewards silly. I got 15% off of a MAP item at Academy the other day. My wife BURNS up my Kohls card but like this week she used 30% off stacked with 70% off and got like "$500" worth of stuff for $100. I know it is not a true $400 discount but that extra 30% was from the card. Everything else goes on my Discover, they give good REAL cash back and don't have any fees.
If you can keep track of your spending there are a few benefits of using a CC over debit or bank account, I mainly want my bank information as secure as possible.
Posted on 5/12/22 at 4:28 pm to joshnorris14
quote:
If you pay off the bill before the statement ends, utilization percentage does not matter.
Not true, I pay mine off weekly and I still have a utilization percentage. It's just always low. Like 1 to 2%.
It matters how much you have charged unpaid at the time they pull it.
This post was edited on 5/12/22 at 4:29 pm
Posted on 5/12/22 at 4:31 pm to Pisco
Get one with a cash back option. We use ours for most purchases. But we pay it off each month.
If you can't cover it each month, don't spend it. If that will be an issue for you, don't get one.
quote:
Just something I can use if I’m short on money at times.
If you can't cover it each month, don't spend it. If that will be an issue for you, don't get one.
Posted on 5/12/22 at 4:32 pm to Pisco
Use nerdwallet, Forbes, comparecards, the pointsguy, and similar websites to pick a card that will work best for you.
Posted on 5/12/22 at 4:36 pm to NATidefan
quote:
Not true, I pay mine off weekly and I still have a utilization percentage
It absolutely is true. If you pay it off before your statement ends, you'll have a $0 Balance. If you fail to pay it off before your statement ends, you'll report a utilization of whatever the balance divided by the limit is
This post was edited on 5/12/22 at 4:37 pm
Posted on 5/12/22 at 4:39 pm to Pisco
AMEX Platinum, AMEX Blue and Discover is what I make every purchase with
Posted on 5/12/22 at 4:42 pm to The Boat
quote:
t's dumb to not use a credit card for every purchase if you're financially responsible enough to pay it off every month.
Credit cards have better security and it's much easier to dispute fraud. And every card has some kind of rewards these days.
I trust Frank Abagnale a lot more than Dave Ramsey.
THIS.....I get 2% back on everything I charge and pay for from Citibank and Wells Fargo cards that I have. Most months I'm getting back between $50 and $100 for just using the card.
Posted on 5/12/22 at 4:43 pm to joshnorris14
quote:
It absolutely is true. If you pay it off before your statement ends, you'll have a $0 Balance. If you fail to pay it off before your statement ends, you'll report a utilization of whatever the balance divided by the limit is
Watch this starting around the 1:40 mark. Have to watch til 4:00.
This guy is major expert. I watched all his stuff before I got my first card.
LINK
This post was edited on 5/12/22 at 4:47 pm
Posted on 5/12/22 at 4:43 pm to LSUFanHouston
quote:
Also we like to sail on Carnival
You don't "sail" on a commercial cruise. You sleep in a dorm room and eat frozen food out of a trough.
You sail in a regatta
Posted on 5/12/22 at 4:51 pm to Pisco
quote:
Just something I can use if I’m short on money at times.
Just write a check in those situations.
Posted on 5/12/22 at 5:03 pm to Mingo Was His NameO
And you sail in a douche canoe.
Posted on 5/12/22 at 5:06 pm to joshnorris14
quote:
t absolutely is true. If you pay it off before your statement ends, you'll have a $0 Balance. If you fail to pay it off before your statement ends, you'll report a utilization of whatever the balance divided by the limit is
He is correct. Utilization on a credit report is pulled at random. I haven’t carried over a balance on my cards in at least 10 years but I still have a 3-5% utilization.
Paying it off each month just saved you from paying any interest.
The trick to credit cards is that if you ever don’t pay it off, you will give away roughly 6 months to a year of rewards in interest.
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