| what's the best card to get if i pay the balanc every month? |
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GotGoalz
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Cash: $ 3.95
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Joined: 03 Sep 2005
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| what's the best card to get if i pay the balanc every month? |
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i want to get a card that i will use for gas, groceries and other nick nacks and the balance paid off every month. i will soon have no mortgage and i paid all my credit cards to $0. i want to use a credit card (or two) so that i can keep my high credit scores because without debt, my scores might take a dive! 
anyway, any good cards with no annual fees? also, is that a good idea for keeping my score high and is there any other ways to do so?
thanks.
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Mon Oct 23, 2006 4:05 pm |
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GotGoalz
Member
Cash: $ 3.95
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Joined: 03 Sep 2005
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quote:
Originally posted by coaster
If you get a card with a high credit limit and then pay off the balance every month, that will help your credit score. But DON'T get a Capitol One card because they don't report credit limit to the credit bureaus. All they report is high balance, which makes your ratio of used credit / available credit too high.
thanks tim
someone said that american express is a good card for this application. what do you guys think?
thanks.
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Mon Oct 23, 2006 4:56 pm |
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Kiaser
Senior Member
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Anything with no annual fee and cash back is good. I use two Discover Cards (1% cash back) and one VISA from Bank of America (1% cash back). Three revolving accounts (premium credit cards, not retail or gas cards) are about all you want on your credit and no more. The rest should go on installment accounts (loans).
I use credit cards the same way for credit. Three things help credit scores with revolving accounts... The first is the limit (the higher the better). Second is ALWAYS paying it down each month and never carry a balance. And finally, try not to charge over 20% of the total limit of the card (if it's a $2,000 limit, only charge a maximum of $400 a month). 20% shows that you aren't over extending your credit usage.
You can even find some that have higher percentages on cash back for specific purchases (such as office equipment, gas, groceries, etc). Just be sure to read the fine print. Some cash back cards that offer over 1% cash back for specific purchases do a stepping program (where you get 1% for the first $10,000 purchases annually, then 2% for the next $10,000, then 3% for the next $10,000, and so on). It ends up being barely anything over 1% cash back in the end, and after you've reached your highest percentage cash back for $10,000 or so it resets to a flat 0.5% cash back for the rest of the year.
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Mon Oct 23, 2006 6:18 pm |
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thomas70
New Member
Cash: $ 1.25
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Joined: 26 Oct 2006
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I use the Mypoints card -- you get free gift cards every so often, depending on how much you charge.
I pay it off every month though, of course...
Tom
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Thu Oct 26, 2006 3:21 am |
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go2self
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Location: hawaii
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Any card that pays you more than just miles...and yes, stay away from Cap One.
I float between bank issued visa and mc, depending on the promotional events, points, discounts and cash back. Oh yeah and American Advantage miles
Time is our most volatile resource that if not used immediately is lost instantly
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Thu Oct 26, 2006 3:52 am |
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No-Brainer
Senior Member
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Location: Oregon USA
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I think you need two cards, a Discover is an automatic in my book. They not only have a nice kickback but they protect very well. I have had some extremely good experiences with them catching a couple of $2,000 fraudulent charges before they happened.
The only problem is they are not accepted everywhere, so I have a Shell Gas Card that has 3% back on gas to use if Discover won't work.
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Fri Oct 27, 2006 2:34 pm |
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bijan814
Full Member
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Joined: 25 Jul 2006
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Go with citicard, they have good offers.
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Thu Nov 02, 2006 4:34 am |
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craigdpc
New Member
Cash: $ 1.45
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Joined: 10 Nov 2006
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As long as you're going to pay off the card every month, shop around for a card with no annual fee and has incentives that will benifit you. My wife and I use the GM Card. It earns us 5% towards the purchase of a new GM car. We bought a blazer a couple of years ago and used our earnings to knock off a little over $2000.00 off the final price. We currenlty already have over $1500.00 in new earnings on the card. It works really good for us.
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Fri Nov 10, 2006 1:56 am |
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