Any Good Credit Cards

[incubus852]

anything from capital one is good...they treat me great.

I haven't had the same experience.

I was lured into Capital One's "No Hassle" card because they offer 2 points for each dollar spent; basically double what most people offer. And you can apparently apply those points to any airline, no blackout date.

However, their customer service is a call center in a foreign part of the world. And it is absolutely horrendous.

I had a hotel put excess charges on my card and it was nearly impossible to have Capital One remove them/dispute them.

So I would stay away from Capital One.

I like to use my CCs for airline miles. If you are at a PDS for a while, figure out which airline serves you the best and get one of their cards.

I had a CC from Chase for Continental. Some of the best customer service I've ever had.

But like a bunch of people have said - PAY IN FULL EACH MONTH. CC companies make money off people who forget to pay or over extend themselves.

 

[RussBow6]

so now i'm all jumbled up and i thought i had this pretty locked up in my head...

1. not coming close your limit every month (if your limit is $2k dont be hitting 1750+ every month, 2. pay off every cent owed or you'll pay interest on the difference (cash out the window for no reason), and 3. pay on time. do those 3 and you will have low credit.

i've done those 3 since high school and my score was 700+ when i checked it this past spring. i'm just looking at credit cards though... i don't have any experience with mortgages or loans yet. you'd think those 2 would have a bigger weight on the score 'cause there's more cash and juice on the line...

i'm 23 though and don't know shit... somebody set me straight.

 

[incubus852]

so now i'm all jumbled up and i thought i had this pretty locked up in my head...

1. not coming close your limit every month (if your limit is $2k dont be hitting 1750+ every month, 2. pay off every cent owed or you'll pay interest on the difference (cash out the window for no reason), and 3. pay on time. do those 3 and you will have low credit.

i've done those 3 since high school and my score was 700+ when i checked it this past spring. i'm just looking at credit cards though... i don't have any experience with mortgages or loans yet. you'd think those 2 would have a bigger weight on the score 'cause there's more cash and juice on the line...

i'm 23 though and don't know shit... somebody set me straight.

That's pretty close man.

The higher limit you have and lower amount you charge, the better it will be for your credit score.

Carrying a balance is bad for your score. Plus you have to pay finance charges, which is bad for your wallet.

Being delinquent or not paying on time is bad for your credit score.


BTW, USAA offers a monthly credit report for around $5. It shows all your accounts, your credit score and any inquiries into your credit. Highly recommended.

 

[Raptor2216]

I had a CC from Chase for Continental. Some of the best customer service I've ever had.

Yep! I've been using chase for 2 years now and they just switched to their new sapphire program. I have bought everything on that card over the past two years and they used to do the rewards to where if you waited till you had $200 in rewards to cash out, they would add another 50 bucks. Unfortunately that is no longer the case but i'm going to continue using the card. Over the past two years I got back just a little under $1000 back in rewards checks. I also had no idea but they sell airline tickets through their website and you ear 2 points for each dollar spent there. The ticket pricing is the same as hotwire or any of those other websites but you have the benefit of double points.

I pay off in full each month but there is always a balance on it since I use it constantly. The balance is usually in the realm of $1000+ and as far as I know my credit score had remained the same or increased since I started using credit cards. I see no reason to buy anything using your debit card because there is absolutely no protection when you do. So, I would recommend a Chase card.

 

[Steve Wilkins]

The best credit cards are the ones you pay off every month.

 

[Godspeed]

Carrying a balance is bad for your score.

Carrying a balance is indeed bad for your wallet, but it certainly isn't bad for your score.

Having more debt influences your debt to income ratio, possibly making it harder to borrow more money, but it doesn't affect your score in any way. Making a late payment may influence your score though. These two are independant.

Your score is primarily affected by your history of honoring your financial obligations... Things like paying rent, utility bills, and loans on time.

Again, to clarify, having a balance on a credit card does not decrease your credit score, but don't do it anyway.

 

[Spekkio]

USAA is obviously the hands-down winner for low interest rate, but what cards are good for rewards completely disregarding interest rate? I ask because I have a CC w/ Bank of America that I never use, Bank of America downgraded it after I decided to close my checking acct with them, and a friend of mine alerted me to the fact that I'm passing up on savings account interest + CC rewards by not using a CC and paying it in full vs. using my USAA bank card as a CC.

So yea, any suggestions there?

 

[Godspeed]

Spekkio,

First off, I realized that I stole your avatar. My bad, but I'm not changing it .

In my experience with rewards cards, I'd go with an airline rewards card that you frequently fly.

These usually have the best return IMO. I have an Alaska Airlines platinum card that I pay $50/year for, and it is worth every penny. I get 2 free first class upgrades per year, along with one $50 companion ticket and a few boardroom passes. Plus I get a mile per dollar that I spend, and on some purchases I get $2. Last year I used 20,000 air miles and went to Puerto Vallarta, round trip, first class... The tickets online were around $700..

I've just seen that cards like capital one have a much lower return rate on them (as previously stated). Another idea would be to look at certain hotels you may usually stay at like the Hilton or Mariott. If you purchase everything with them, you might be able to get into their Honors programs... It's the way to go!

A simple google search should reveal the top rated rewards programs out there.

 

[Picaroon]

We do something similar...

We charge everything we can (airline miles). We pay the bill to zero on the statement received on the last day possible (electronic) payment. Between the time the statement was generated until it is due (couple weeks) we end up charging more. Our card is never zero and we never pay interest. This links into my 10% discussion above.

When your credit report is pulled there is no way to tell if the balance on your CC is being carried month to month or if you pay it off. $3000 could be new this month (not payed off yet) and $100 could be carried as you state above. You can't see the difference. It is considered owed.

IMO, paying any interest is just a waste of money considering the formula looks at payment history (on time, 30+ days late etc), length of credit history (years old) and the balance owed compared to your income....plus some other things too.

Sorry, if it seems I am all militant with this subject but the amount of misinformation out there only serves to confuse things. The number of people (IPs and students) that really have no clue astounds me. So many times just tweaking the way they do business with no real lifestyle change can have a huge effect on their credit. They just don't know any better.

+1 this sums up everything I do with credit cards.

Every month I buy everything I can on my cards. USAA gets me a little under 1% in rewards; Schwab gets me 2% cashback. That means if we buy the exact same stuff every month, I pay 98-99% of what you do. Not a huge amount, but why pay in cash if it costs more?

Every month I also pay off the balance in full. In fact, it's automatic--money to cover the last statement comes out of my checking the day it is due, so I gain interest on the checking balance until I absolutely have to pay.

So I never pay the credit card company anything, my credit remains perfect, and the rewards add up.

 

[BACONATOR]

I haven't had the same experience.

I was lured into Capital One's "No Hassle" card because they offer 2 points for each dollar spent; basically double what most people offer. And you can apparently apply those points to any airline, no blackout date.

However, their customer service is a call center in a foreign part of the world. And it is absolutely horrendous.

I had a hotel put excess charges on my card and it was nearly impossible to have Capital One remove them/dispute them.

So I would stay away from Capital One.

I like to use my CCs for airline miles. If you are at a PDS for a while, figure out which airline serves you the best and get one of their cards.

I had a CC from Chase for Continental. Some of the best customer service I've ever had.

But like a bunch of people have said - PAY IN FULL EACH MONTH. CC companies make money off people who forget to pay or over extend themselves.

+1. Back when I first turned 18, I got a Capitol One CC as it was one of the few companies that offered me one. I canceled it my first year in college (less than a year later) when, after about 3 times, I paid my bill online before it was due (and yes, I checked to make sure as long as you MADE the payment before it was due, and not processed, it counted), they held the money until a couple days after it was due, processed it, and charged me a late fee of about 30 bucks. After so much frustration, I called and canceled it, only after they took off 90 bucks in late charges.

I later read an article discussing how sleazy companies like Capitol One will use late fees as their main source of income as well as other common dirty tactics. Capitol One is NOT a respectable company and will give a credit card to a fucking DOG if they think they can make a buck.

 

[incubus852]

Check this website. It will let you filter airline cards, no fee cards, low-interest, rewards, etc.

http://www.creditcards.com/

 

[FlyBoyd]

Carrying a balance is indeed bad for your wallet, but it certainly isn't bad for your score.

Having more debt influences your debt to income ratio, possibly making it harder to borrow more money, but it doesn't affect your score in any way. Making a late payment may influence your score though. These two are independant.

Your score is primarily affected by your history of honoring your financial obligations... Things like paying rent, utility bills, and loans on time.

Again, to clarify, having a balance on a credit card does not decrease your credit score, but don't do it anyway.

NO.

From the link I posted before...



The pie chart above right shows a breakdown of the approximate value that each aspect of your credit report adds to a credit score calculation. Use these percentages as a guide:

• 35% - Your Payment History
  30% - Amounts You Owe
  15% - Length of Your Credit History
  10% - Types of Credit Used
  10% - New Credit

 

[Godspeed]

NO.

From the link I posted before...



The pie chart above right shows a breakdown of the approximate value that each aspect of your credit report adds to a credit score calculation. Use these percentages as a guide:

• 35% - Your Payment History
  30% - Amounts You Owe
  15% - Length of Your Credit History
  10% - Types of Credit Used
  10% - New Credit

I think amounts you owe fall under debt to income ratio, like I said before...