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Any Good Credit Cards
- Thread starter GatorBoy44
- Start date
The warnings against credit cards are valid. They're valid because most people have zero financial responsibility. How many people can barely balance their checkbook? And that's simple math, arithmetic. If you have half a brain and know how to manage your finances, AND you don't charge anything impulsively, a credit card is not a bad thing. In fact, sometimes it's downright essential. Good luck getting a hotel room or rental car without one...
I agree with Fly. IMHO, its essential that each of you have a CC.
1. In emergencies, like driving cross-country and your Mustang (Navy) or truck (USMC) breaks down, you might not have enough in your checking acct at that moment to cover it.
2. When renting a car, not only do the rental companies want one, but you get free additional insurance provided by you credit card company, free.
3. When ordering anything on-line or over the phone, never, never, never use a debit card. If someone gets ahold of your info, your checking account will be emptied within seconds, and you will have no recourse. With a CC, you can call the card company within a certain time and have the charges removed.
The secret to all of this, is to have a good CC, and never use it! If you absolutely must use it, pay it off immediately.
Shop around all you want for the "best" CC, then come back to USAA. They understand the military, and will work with you when you need help. While you're talking to them, ask about opening an IRA.
1. In emergencies, like driving cross-country and your Mustang (Navy) or truck (USMC) breaks down, you might not have enough in your checking acct at that moment to cover it.
2. When renting a car, not only do the rental companies want one, but you get free additional insurance provided by you credit card company, free.
3. When ordering anything on-line or over the phone, never, never, never use a debit card. If someone gets ahold of your info, your checking account will be emptied within seconds, and you will have no recourse. With a CC, you can call the card company within a certain time and have the charges removed.
The secret to all of this, is to have a good CC, and never use it! If you absolutely must use it, pay it off immediately.
Shop around all you want for the "best" CC, then come back to USAA. They understand the military, and will work with you when you need help. While you're talking to them, ask about opening an IRA.
Credit cards are not in themselves bad things. Carrying a balance is not necessarily the end of the world, as long as you're responsible and have a plan to pay it off. Like many things, reasonable restraint and moderation are called for. Like alcohol, a little is actually good for you. A lot of it can ruin your life.
Rental cars, many hotels, gas stations, etc, require credit cards. If you use a debit card or check card, you will find a hold on your account for a huge sum that may be in place for several days. A lot of people who pay at the pump with a check card are surprised when they find that up to $80 may be but on hold in their checking account for a $25 dollar gas purchase.
Rental cars, many hotels, gas stations, etc, require credit cards. If you use a debit card or check card, you will find a hold on your account for a huge sum that may be in place for several days. A lot of people who pay at the pump with a check card are surprised when they find that up to $80 may be but on hold in their checking account for a $25 dollar gas purchase.
RetreadRand said:
Exactly! I work for a very large bank(won't name which one) right now and I see people's credit reports all day long. If you have too many credit cards it will actually hurt your score, even if you never miss a payment, because it is revolving credit. What you want is installment credit, like a car loan, which credit burea's veiw as good credit ( just don't miss payments). Yah, all of us have credit cards, but just don't get sucked into them. Also, if you get a card that has an intro 0% apr, read the fine print. If you violate any part of the agreement( late on a payment, wink wink), the rate will probally shoot up to around 25% automatically.
www.chase.com/creditcards
I just activated their Rewards Visa. Was reading [/I]Kiplinger's[/I] and saw that it was their pick for best reward CC. basically, it's no annual fee, 5% rebate on gas, food, and medications, and 1% on everything else.
I don't know what the interest rates and stuff are. I never carry a balance on a CC (but I use my CC to pay for pretty much everything).
I just activated their Rewards Visa. Was reading [/I]Kiplinger's[/I] and saw that it was their pick for best reward CC. basically, it's no annual fee, 5% rebate on gas, food, and medications, and 1% on everything else.
I don't know what the interest rates and stuff are. I never carry a balance on a CC (but I use my CC to pay for pretty much everything).
openbah
I'm not lazy, I'm disabled.
"A 0% fixed APR for the first 12 billing cycles following the opening of your account. After that, 13.24% variable, 17.24% variable, or 22.24% variable, depending on our review of your application and credit history." - Chase.comtheduke said:
Sounds like a great card if you're absolutely never going to carry a balance. Not a good credit card for GatorBoy44, who is looking for a card with low interest.
My two cents is to use a credit card (except in dire emergencies) just like a debit card. In other words, if you don't have the money in your account, don't buy something. And never ever ever carry a balance if at all possible. On the good side, though, it's a pain to have no credit at all, and cashback rewards are money. Literally. The key is to use the credit card to build up your credit for other things, like cars and houses, not to use it as a loan itself.
Thisguy
Pain-in-the-dick
nittany03 said:
This is what I've been doing since my freshman year of school. It's a no brainer, you don't need to carry cash, and you can rack up rewards for things you gotta buy anyway (i.e. groceries). Having your cellphone and cable automatcially billed to your cc is pretty bueno too.
It seems like a little bit of holy rollin' is going on. "I never carry a balance..." It's not the end of the world to carry a balance for a month or two, as long as you stick to a plan.
In fact, if you have good credit, your company will probably give you some promotional rates that may make it dumb not to finance a large purchase with the credit card. If you need a new computer, and your card is offering 0% for 12 months on balance transfers or something, it's not a sin to have a balance at such a rate. If you are really into the theory of future value of money, it'd would be a sin not to use that type of thing. Just have a plan and don't let things get out of hand, doing something like financing a case of beer over 2 years.
In fact, if you have good credit, your company will probably give you some promotional rates that may make it dumb not to finance a large purchase with the credit card. If you need a new computer, and your card is offering 0% for 12 months on balance transfers or something, it's not a sin to have a balance at such a rate. If you are really into the theory of future value of money, it'd would be a sin not to use that type of thing. Just have a plan and don't let things get out of hand, doing something like financing a case of beer over 2 years.
Since this thread popped up and I didnt see anybody talk about it Id like to point out a great little perk of the Military.
The Servicemans Civil Relief Act
Basically You have the ability to fix all your debts you carried before you joined (car/house loans etc) and fix your credit card interest rates to a maximum of 6%. This was great for me because I had one of those 0% for 12 months and then we'll go to whatever we feel like cards. At some point the banks just started arbitrarily raising the rates though I hadnt missed any payments and didnt carry an excessive balance. It nearly haved my interest payments on the card I used for Flight training and I managed to get the balance paid off real quick with that help.
The Servicemans Civil Relief Act
Basically You have the ability to fix all your debts you carried before you joined (car/house loans etc) and fix your credit card interest rates to a maximum of 6%. This was great for me because I had one of those 0% for 12 months and then we'll go to whatever we feel like cards. At some point the banks just started arbitrarily raising the rates though I hadnt missed any payments and didnt carry an excessive balance. It nearly haved my interest payments on the card I used for Flight training and I managed to get the balance paid off real quick with that help.
USAA. Best bank I've dealt with and you have access to it in BDCP.
The ONLY CC I have is with them: $10,000@7.75%. I carry a small balance on it, and pay off all of it every month, leaving maybe a small balance to continue building credit. If you want to build credit, get as HIGH a credit limit as you can, carry a small balance on it, and pay it on time, every time. Your credit will soar in no time.
The ONLY CC I have is with them: $10,000@7.75%. I carry a small balance on it, and pay off all of it every month, leaving maybe a small balance to continue building credit. If you want to build credit, get as HIGH a credit limit as you can, carry a small balance on it, and pay it on time, every time. Your credit will soar in no time.