Best Credit Card?

I think I'll apply for a new credit card once I start my job this summer. I currently use an Amazon Visa card and bank with Chase. I'm wondering if there is any particularly popular card that bankers use? Which card(s) have the best rewards? Is there any difference between AMEX, Mastercard, Visa and who the issuing bank is? Do people opt for cash rewards, flyer miles, Amazon.com points, etc?

Post your most frequently used credit card and what rewards you get below. Also post which bank you use.

 

hehe...black card came to mind...but obviously I'm a late poster. I wouldn't get airline miles because I think that will go away soon. I'd get a cash back card - visa or mc. A few places don't take Amex and Discover...so what's the point - you are just out of school so I don't see you needing the Amex to pay for $500 in groceries at Costco just yet. The only suggestion that I have for you is to PAY THAT FRICKEN CARD off each month. No need to be a hotshot to impress the girlie or your friends.

 

I have an ATM Visa, a Mastercard I signed up for when I got out of school, and just signed up for a new Amex called Zync. You get double rewards points on things like restaurants, travel and online shopping (which is where the vast majority of my spending occurs) and the annual fee is something like $80 a year, so its cheaper than the gold/platinum.

I will say that if you fly a lot, and qualify for it, the $450 per year for the Amex Platinum card gives you access to a members' only travel agent, free hotel upgrades, and more importantly access to a number of the airport clubs (Continental and Delta among others) so you can grab something to eat and drink and have a nice place to sit and relax when you get through security quickly after showing up to the airport 3 hours early.

Amex gives you points that you can spend on thousands of different items, flights, hotels, etc. Only downside about the traditional Amex Cards (which I think would be a benefit for the majority of idiotic Americans drowning in 15%+ credit card debt) are that they are charge cards, not credit cards, so you pay off your entire balance at the end of every month.

 
banker88:
Why does anyone choose a card that has an annual payment when there are so many free ones out there? Do you think the $80 you pay for your AMEX pays off with the reward points you get?

Amex has a reputation for having FAR better customer service than any other credit card, thats why I pay the $80. They provide extended warranties on many products, cover ALL fraudulent purchases, and if you have an issue, you pick up the phone, talk to a human, and actually get this issue fixed, rather than having to go through mounds of paperwork. Also, their travel services are very helpful.

For the one time you make a big purchase, and have an issue, the $80 per year is well worth it if it saves you the hassle. At least in my mind it is.

 
Billy Ray Valentine:
banker88:
Why does anyone choose a card that has an annual payment when there are so many free ones out there? Do you think the $80 you pay for your AMEX pays off with the reward points you get?

Amex has a reputation for having FAR better customer service than any other credit card, thats why I pay the $80. They provide extended warranties on many products, cover ALL fraudulent purchases, and if you have an issue, you pick up the phone, talk to a human, and actually get this issue fixed, rather than having to go through mounds of paperwork. Also, their travel services are very helpful.

For the one time you make a big purchase, and have an issue, the $80 per year is well worth it if it saves you the hassle. At least in my mind it is.

While the customer service is as lauded, Visa and MasterCard offer warranty extensions with many of their cards, too. It's not as comprehensive on every card, but I recommend cardholders look into their agreement and see what they have. You might be surprised to find you already have one-year warranty extensions.

 

My PE shop issued me an Amex Platinum and the card is amazing. I spend a lot of time at airports and access to the lounges is incredibly, incredibly useful. If I have at least 30 minutes of downtime, I'll spend it in the clubs. Many of them give you free drinks and food. Also, the Amex Platinum waives the $75 fee for joining the Amex Rewards program. Overall -- fantastic card.

I also use a personal Amex Issued by Fidelity which gives me 2% cash back directly credited into my Fidelity brokerage account. I use this for almost all my purchases as it's a 2% discount on everything. No fee.

Also have a VISA for places that dont accept Amex (1% cash back). No fee.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
CompBanker:
My PE shop issued me an Amex Platinum and the card is amazing. I spend a lot of time at airports and access to the lounges is incredibly, incredibly useful. If I have at least 30 minutes of downtime, I'll spend it in the clubs. Many of them give you free drinks and food. Also, the Amex Platinum waives the $75 fee for joining the Amex Rewards program. Overall -- fantastic card.

one note on the amex plat, however: it is a charge card, so while the perks are amazing, you do have to pay it off monthly. that said, any amex card you get will be great (despite some places not accepting it... though not as bad as discover in that regard). also, if you happen to be working for a large bank with a strong consumer bank next year, check to see what credit cards they might be offer. theyd often be at great rates/terms for employees (citi, jpm, bofa, etc). oh, and amex black is amazing... assuming you manage to spend in the hundreds of thousands a year required to get the card..

 
CompBanker:

I swear by the Fidelity AMEX. It is all I ever use. Can't beat it. 2% really adds up over time. It's like a 2% refund on life..

Except rent. I have to figure out a way to get a 2% rebate on that.

Oh wait, there is a much much bigger rebate on that- largely through the tax efficiencies on a mortgage. I'm still a little nervous about owning an asset that's a multiple of my annual income, but if I ever find a way for me to pay my landlord's mortgage and property tax in lieu of rent due and get a federal tax deduction on it, it will have to be Part #146 of this series.

 

I didn't realize that Amex had a 2% card. I did pretty thorough research for a new credit card, and that never really came up. It could be because Amex isn't accepted as much in the US it may not get enough publicity via review sites, but that's good to know going forward. For those who use Visa/Mastercard more exclusively, the Capital One Quicksilver card is a great alternative (it's what I ended up getting). 1.5% cash back on everything, 0% interest for first 12 months (I think), and no annual fee.

 
crackjack:

I didn't realize that Amex had a 2% card. I did pretty thorough research for a new credit card, and that never really came up. It could be because Amex isn't accepted as much in the US it may not get enough publicity via review sites, but that's good to know going forward. For those who use Visa/Mastercard more exclusively, the Capital One Quicksilver card is a great alternative (it's what I ended up getting). 1.5% cash back on everything, 0% interest for first 12 months (I think), and no annual fee.

Yeah, it's kind of buried. The card uses AMEX's payment system, but it's actually issued by FIA Card Services (Bank of America), and the only way to get it is through Fidelity.com. It's hard to find, but if you're a Fidelity customer or you've spent more than 30 minutes browsing the credit card section on FatWallet.com, you've heard of it. But yeah FIA hasn't spent a dime marketing this card.

Capital One is a great choice too. I've just found that Amex is accepted in about 90-95% of places where I want to use a card. And if you have any kind of non-Amex cashback card that gives you 1% on everything (EG: Sallie Mae, Chase Freedom), you can always pull that out to ensure a 1.9-1.95% cashback average on credit card purchases.

There's also an (actually issued by Amex) Blue Cash Preferred that gives you 6% back on grocery transactions, capped at $6K/year ($360 in rewards). But it comes with a $75/year annual fee, so you only net $285. It's worth thinking about over the Sallie Mae if you spend more than $400/mo at the grocery store. (Note that Wal-Mart, Target, Costco, K-Mart and other big box warehouses usually code as warehouse stores, so don't count your spending there. This card might be ideal for a family living on the UWS shopping at Fairway and West Side Market.)

 

@"IlliniProgrammer" There have been great threads in the past about credit card options for someone fresh out of UG with their first job, it'd interesting to hear your take on that one.

 

I think the key here is that the Fidelity Amex gets you to 1.9-2% cashback pretty easy, but if you throw in one or two 5% cards, you can bump it up to closer to 2.7-3%.

Nobody has mentioned the Sallie Mae groceries card before, but I think it's appealing because most people need to spend $3K/year on groceries. Throw in a book or two and that's $100 extra over what you'd get putting it on the Fidelity Amex.

The Chase Freedom card is really tempting because of the Amazon cashback. Even if you don't need anything next quarter, you can buy a gift card, charge it, and get a 5% rebate. (Don't go too overboard- Turbotax offers a deal on getting your tax refund in March as an Amazon card)

 

Great thread. I have the Fidelity Amex, Quicksilver, and then a Discover card that gives 5% back in different categories each quarter (The best quarters being gas and restaurants).

One important thing to remember in addition to always paying of your balance is that all this is only a net positive if you don't change your spending habits. Some people go wild with a credit card, and even financially responsible people can get a bit loose. So, be sure to keep a tight budget so you come out ahead.

 
captainradio:

do you have to declare any cash you get back, when you file taxes?

I don't get 1099s from the Fidelity Card or Chase Freedom if that's what you're asking.

My take is that it's a purchase rebate. I bought a good for 0.98x instead of x. My income didn't go up- my expenses went down. But I honestly am not 100% sure on this.

Edit: Here is Bankrate's take. I'm not saying you should trust them, but you should trust them more than me on the tax issue:

http://www.bankrate.com/finance/credit-cards/credit-card-rewards-count-…

 

Another good card is the US Bank Cash Plus - 5% back on two categories you select (restuarants and fast food are the two I use, the other options are stuff like department stores, cell phone bill, gym membership, etc.), 2% on a choice of a few broader categories (grocery/gas/drug stores), and 1% on everything else. The advantage over the Chase Freedom/Discover rotating cards is that the restaurant 5% isn't limited to a specific time period. $2k limit per quarter on the 5% back though.

 
Umadbro:

Another good card is the US Bank Cash Plus - 5% back on two categories you select (restuarants and fast food are the two I use, the other options are stuff like department stores, cell phone bill, gym membership, etc.), 2% on a choice of a few broader categories (grocery/gas/drug stores), and 1% on everything else. The advantage over the Chase Freedom/Discover rotating cards is that the restaurant 5% isn't limited to a specific time period. $2k limit per quarter on the 5% back though.

True but the categories are narrower at US Bank IIRC. And with my rusty Honda, the fact that 2 quarters are gas (5%) is more useful to me.

I will say that all of those cards can be complementary.

Both the Freedom and the Fidelity card have their own points malls too, giving you extra cashback. I never go to the points mall to shop, but I always check MrRebates, Fidelity, and Chase for cashback before buying something.

 
Umadbro:

Another good card is the US Bank Cash Plus - 5% back on two categories you select (restuarants and fast food are the two I use, the other options are stuff like department stores, cell phone bill, gym membership, etc.), 2% on a choice of a few broader categories (grocery/gas/drug stores), and 1% on everything else. The advantage over the Chase Freedom/Discover rotating cards is that the restaurant 5% isn't limited to a specific time period. $2k limit per quarter on the 5% back though.

@"Umadbro" Wow, that is a MONEY card. It's like chase freedom (my current card) on steroids. I can PICK what I want 5% on? AND 2% on other standard items?

Is there a annual fee or any catches? That almost sounds too good to be true.

 

Just to play devil's advocate. I understand this is WSO, and therefore the majority of users are financially savvy and fiscally responsible. However, in the vast majority of cases, any earned rewards or cash back bonuses would be more than wiped by the additional costs incurred by using the credit card in the first place.

I'm not even referring to annual fees, interest charges, or late fees, in which case a credit card would be an obvious detriment. Just by physically possessing plastic, your spending will significantly increase. Case in point: Last weekend I was out with some coworkers, had one drink too many, and inevitably purchased a $50 round of shots. Had I not had an open tab with my credit card, and been forced to use cash, I doubt I would have ordered the shots to begin with. That $50 sounds small but it actually sizable chunk of my annual reward.

So. Unless you exercise caution and fiscal responsibility with every purchase, the rewards credit card is probably a net negative. I'd suggest spending $50-$100 a month to build a credit history, and then settle for the inconvenience of cash otherwise.

 

your argument makes no sense, you still get rewards even if you spend it on stupid crap, so long as you pay your balance off each month (so interest charges don't eat away your would-be rewards).

your advice is good for college kids who don't have the means to payoff a credit card with high enough balances to reap the benefits illini is talking about. for working adults, as long as you pay it off, it doesn't matter.

this does bring up a good point @"IlliniProgrammer", and even though I do this for a living (personal finance), I'm using my company's amex & debit card + my local bank Visa, so I don't ever shop around for cc's. when I first got into the business and did some work with consumer credit, it was not good for your credit score to apply for several credit lines at once (including credit cards), and it's also not good to maintain dozens of open credit cards. since most credit card companies will issue you a credit card if you're approved for it (whether or not it's your #1 choice), shouldn't most people apply for the 1 or 2 cards they really want first and take it from there?

edit: also Illini, it'd be helpful for a future post for you to talk about how you manage/track/monitor spending. there's tons of tools like level, mint, etc., and frankly none of them are perfect. since you're a self-proclaimed frugal guy, I'd like to hear your tips (and I'm sure others would as well)

 
SlikRick:

Just to play devil's advocate. I understand this is WSO, and therefore the majority of users are financially savvy and fiscally responsible. However, in the vast majority of cases, any earned rewards or cash back bonuses would be more than wiped by the additional costs incurred by using the credit card in the first place.

I'm not even referring to annual fees, interest charges, or late fees, in which case a credit card would be an obvious detriment. Just by physically possessing plastic, your spending will significantly increase. Case in point: Last weekend I was out with some coworkers, had one drink too many, and inevitably purchased a $50 round of shots. Had I not had an open tab with my credit card, and been forced to use cash, I doubt I would have ordered the shots to begin with. That $50 sounds small but it actually sizable chunk of my annual reward.

So. Unless you exercise caution and fiscal responsibility with every purchase, the rewards credit card is probably a net negative. I'd suggest spending $50-$100 a month to build a credit history, and then settle for the inconvenience of cash otherwise.

But if you use cash, you can't track how you spend it.

I think that with an occasional review process on how you are spending money, credit card vs. cash turns out to be a wash before the impact of the rewards. But I don't know- nobody really does.

FWIW, I will use coupons and cashback sites (EG MrRebates) to figure the cost of something (EG a major purchase), but I don't factor in credit card rewards.

 

Great post.

I have both the Discover It card and the Freedom card, so this enables me to get 5% cashback on restaurants and bars for 6 months of the year. Freedom has 5% back on Movies/Netflix/Starbucks in Q1, and both have the Amazon/shopping 5% in Q4.

Chase Sapphire Preferred for travel, and restaurants when it's not a 5% category on Discover or Freedom. Not sure if I'll keep it once I have to pay the annual fee, though.

Cap1 Quicksilver for all other purchases at 1.5% and no annual fee - I don't have a Fidelity account so no dice on the 2% Amex. The Cap1 Venture is the only other card I know of out there at 2% on everything, though it's miles only and has a $60 annual fee after the first year.

BankAmericard isn't bad if you do lots of grocery shopping and gas purchases - 2% on groceries and 3% on gas.

My other key personal finance principle is to get a bank account/ATM card that doesn't charge ATM fees, and covers all your ATM owner's fees as well. You should never have to pay to access your own money.

 

I use AmEx cash back preferred! It does have an annual fee, but 6% cashback at a grocery store (which I live above so a lot of my stuff comes from there, for convenience sake) as well as 3% cashback at department stores. Also, Chase Freedom and Discover It (they usually diverge). Discover IT has the added bonus of giving you a free FICO score every month, which is nice because I'm till building credit.

 

I currently use fidelity amex, Chase freedom and discover IT (free fico! ) I'll also add Citi forward which has 5% on all dining establishments so that's my go to bar/restaurant card and they seem pretty chill issuing new cards when you forget to close a tab and you are too lazy to go back. There points are a bit more restrictive than Chase freedom but depending on what you use (student loan rebates) it does come out to full 5%

 

you can get way more than 2 cents per dollar by earning points at one of the major programs (chase UR, amex MR, or starwood) and transferring to airlines for business/first class international flights

chase sapphire preferred for 2X restaurants/travel chase ink for 5X on cell phone/internet/cable and office supplies chase freedom for 5X quarterly bonus categories

 

Don't have a credit card yet, any recommendations? Applied for the Discover Orange card, but was denied because of my student loans. They wanted me to have a co-signor. Being pre-approved is awesome!

I'm too drunk to taste this chicken -Late great Col. Sanders
 

When tracking expenses, simplicity is key.

I get my entire pay check deposited into Vanguard (half into a liquid money market fund)

I have one checking account that I used as 'working capital'. I use this bank to pay for ALL my expenses (cash, credit card, check, bills).

The 31st of each month, I deposit the exact dollar amount to get the balance up to $5,000 in my checking account. This amount is exactly equal to my monthly expenses. I record it each month.

Pros: -Simple -Very accurate cataloging of exact monthly spending -Monthly routine allows you to keep many credit cards without forgetting to pay them -Promotes savings / investments (my money is in Vanguard by default, I have to do work to get it out vs. doing work to put it into Vanguard) -Once you have more data, it's possible to very precisely know how much you spend on an annual basis

Cons: -Lumpy expenses may result in big month over month variations (I just keep track of this qualitatively, personally, not worth the trouble to 'amortize' expenses) -This doesn't provide detail on where exactly your money is going. You can easily get a high level understanding by complementing this approach with Mint, spreadsheet, etc.

 

+1 on the AMEX Starwood. I've had it for over a year and I've already booked 5 nights in Barcelona for 23,000 points (600 euro would have been the cost of the 5 nights.) Just with that expense I've already paid 7 years worth of annual fees on the card. The trick is to book cheap properties, which on a points per night basis are a bargain (Fourpoints by Sheraton and Sheraton are the two cheapest brands in the Starwood network). If you're a consultant and you don't have this, you are losing money.

I get 1 point per dollar spent and like many, I try to use it on as many expenses as possible and pay the balance off every month.

In 6 years of having credit cards, I've yet to pay a penny in interest.

 
Callmestupid:

Looks like the new Citi Doublecash could be a good card for people who don't want to worry about bonus categories. 2% cash back on everything, and runs on MasterCard so greater acceptance than Fidelity Amex.

The jury is still out if this card is really a 2% cashback card with no gimmicks. There's some language on the T&CS that might suggest you have to have a balance on the statement. This might kill it for me, since I only let 2 credit cards report a balance, and never more than 2.5% of cc and overall utilization. So, I'm waiting for confirmation from the trenches on this one. If it is a go, I might convert an useless Citi card to it, don't think it is worth a hard pull, particularly with no initial bonus.

 

Get whichever offers the best sign-on bonus, though it depends on what you want out of the card (travel, cash back, etc.). I like Chase Sapphire Preferred (40k sign-on points) because they're easily transferable and it's great for travel. My friend has a TD card that gives him like 5% back, I think.

I recently signed up for the Amex Platinum (100k points but I think it was a targeted offer). It comes with a pretty hefty fee, but it's more or less mitigated by the various perks and is definitely worth the 100k points.

If you don't get approved instantly, they'll give you a number to call. Call it and they'll explain why you weren't approved and, more often than not in my experience, you can finagle a way to get approved.

Check out thepointsguy.com. This is like all that dude does.

 

Looks like Citi stopped accepting applications for the non-student version earlier this year. But the benefits of the student version are the same, and you could still be considered a student, so I would go for it.

The credit limit will depend on the numbers in your application and on your credit report. It may be low to start with (my guess is a few thousand), but I doubt you'll get much better elsewhere considering your short credit history. If anything, you will have the most luck with the student version since banks have lower credit requirements for them.

 

Amex has a card through BofA called American Express Accolades. If you are a private client of the bank they will wave the $500 fee and it includes the same benefits as the Platinum Card such as Lounge access, hotel upgrades, full service concierge and even a priority pass (lounge program for any lounge regardless of airline or class flown) If you can qualify, it is the best card out there without stepping up the the Centurion Card Class

 

Other than rent, your only real expenses are going to be food, going out and traveling. Thus, Chase Sapphire Preferred is usually the best option as it offers 2% back on those things. It was also great when I traveled abroad -- no foreign transaction fees and great exchange rates. The card has a great sign-on bonus of 40,000 points (= >$400) and good redemption options (transfer to airlines, book flights @ 80% price, exchange for cash, etc.) I have it and have kept it more than one year, great card -- would definitely recommend.

 

Same here. Decent way to save money as it flows directly to my brokerage account.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

What's the best credit card for food? I bet most of my expenses will revolve around ordering lunch and dinner, occasional drinks plus taxis. Are there any cards that offer more than 2% on those things?

 

Chase Sapphire is definitely one of the better cards to use. After the first year being free, you can switch to the Citi Thank You which gives the same benefits for dining.

If you have any groceries or gas expenses then I would definitely get an AmEx Blue Cash (Everyday or Preferred depending on the quantity of purchases).

5% cash back from a Chase Freedom and/or Discover It can also be useful.

If you want to be a baller you can blow your money on the annual fee for one of the AmEx platinum cards but you really aren't going to be able to use it effectively as a junior analyst. Except if you can put a large amount of travel expenses on that card that may be work related.

 

Just got an email from a guy at MS and his signature is:

"Difficult Takes a Day, Impossible Takes a Week.."

Note the two periods and tactical use of the shift key. Didn't feel like starting a thread.

heister: Look at all these wannabe richies hating on an expensive salad. https://arthuxtable.com/
 

I use Chase Sapphire Preferred for daily use, and have the Chase Freedom that I use for the rotating categories. Also have the Delta SkyMiles for miles, but I don't use it as much. It's nice having a free checked bag when I fly though.

MM IB -> Corporate Development -> Strategic Finance
 

Lots of BBs have an option for a credit card which is usually pretty good. I'm surprised no one has mentioned that....

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 

I use American Airlines Executive - Same perks as Amex Platinum (200 airline reimbursement), full US airways and American Airlines lounge access, priority boarding. I used to have the Platinum, and derived most of my value from lounge access, so the AA Executive works for me.

Other than that, I use the Barclays Arrival+, it has slightly better redemption value than Chase Sapphire preferred and gives free credit score updates.

Lastly, I sort of fill out my wallet with Citi Forward (legacy) for 5% cash back on Amazon and restaurants, and Amex Blue Cash Preferred for gas/ groceries.

 

Charles Schwab Cash Back Card.

2% Cash Back deposited MONTHLY into your brokerage account.

Schwab has ZERO fees for any accounts.

Open a brokerage and a Roth IRA and transfer the cash back into these accounts.

********************************* “The American father is never seen in London. He passes his life entirely in Wall Street and communicates with his family once a month by means of a telegram in cipher.” - Oscar Wilde
 

Citibank and Chase have some good cards for college students. I have also heard good things about CapitalOne. Always pay off the credit card debt 100% id you can, you get a credit score by paying it off each month, I don't know where you heard otherwise.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Note that you don't have to pay off the CURRENT balance (most recent number) every month. Paying off the STATEMENT balance when it comes out once a month is all you have to do to avoid interest. The difference is that the current balance includes credit card usage after the statement cutoff, but these won't count as carrying forward any interest-incurring "leftovers."

Some decent credit cards are surprisingly not that difficult to get. If you have student loans (even with a co-signer), you are already building your credit history.

 

Another good thing to do is to have multiple lines of credit open, whether or not you actually use them. For example, you might have 3 credit cards, but only ever actually use 1, this is good for building credit.

Credit scores are largely determined by your credit used / credit available, meaning that the more credit you have available and the less you use, the more positively your credit score will be impacted. As a good rule of thumb, you want you're used credit to be less than 1/3 of your total credit available.

 

Just saw this thread. Some thoughts: 1) Citi Forward - 5x points on restaurant/books/movies/something else maybe too? , 1x everything else. A lot of people I know have the mtvU, which is pretty much the same as Forward but college students only... 2) Blue Cash - The Free Amex card. Good card for cashback.

 

Went through this a while ago. I'd say if possible try to get a card through the bank that has your checking account. They'll give you one but if you don't have any credit history they'll probably give you a crappy $500 limit. I asked them if I could raise the limit and they said to pay it on time and in full and in a few months request the limit to be raised. It's pretty easy to pay off since it shows up online below your checking account. Bank was BoA. Card had a cash back deal or something, about the best I could do.

 
blackfinancier:
http://www.creditcards.com/college-students.php

I'm not going to flame you but I'm sure others will, there is a thread about this EXACT thing from about a year ago with over 100+ posts.. I think if you look a little bit you'll be able to find it.

Good luck.

Sorry, I saw that but I thought that these deals/offers change a lot so I thought a more uptodate thread would be good...

Thanks though

 

I know, that was for jckund. I've got a lil' respec'.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

i got a discover when I was 18 with no credit history, been calling up every 6 months to increase my limit. Have gone from 500 to 3500. They ask how much you made last year but I just say I EXPECT to make $100,000 next year and the computer always approves it

 
nontargethustle:
i got a discover when I was 18 with no credit history, been calling up every 6 months to increase my limit. Have gone from 500 to 3500. They ask how much you made last year but I just say I EXPECT to make $100,000 next year and the computer always approves it
Yea...that's not how that works...at all.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

Discover has the 5% cash back. If BB S&T is in NYC then might not be as useful but summer months have gasoline 5% cash (+others ongoing throughout the year). It was one of my first cards, simple to use, little BS.

Amex blue cash is fairly decent too, 3-2-1% policy (6-4-2 i think if monthly fee) on some cats if I'm not mistaken.

Both are decent starter cards.

 

If you're a college kid, the Citi Forward card is pretty good. Depends on what you're spending money on. Citi Forward gives you 5x points for restaurants, movies, bookstores, etc. Since food and entertainment is pretty much all I spend money on and then I trade in my points for gift cards to stores I shop at, I'm getting 4-5% cash back all the time, no need to deal with rotating 5%'s bs.

 

lol, that's funny as shit though

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Having the six cards does hurt you because you have more credit available to you, but I am not sure if canceling a card would hurt worse or help. If you pay your bills on time, I doubt it matters too much.

To those of you with so many cards (3+), why?

 

5...and I'm stupid ;)

For credit score purposes, I believe the ideal number is 3 (one amex, one Visa, one mc), you want to pay off your balance in full, and do some spending in each of them each month. I believe that's the advice from the "maximize your credit score" junkies...

I could pay off my cards if I liquidated some financial assets, but why do that when you can earn an interest rate spread (borrow at 10%, earn 20%)? I don't care if that hurts my credit score, I already got a mortgage and have no need for a car.

 
kelleykid:
^ yeah i've heard that. But what if you don't use the cards?

I think that it has very little impact on your score one way or the other. If you have a ton of cards, and aren't using like half of them, then your score will be a little lower than if you had fewer cards and used them all (and still carried zero balances).

This won't have a significant enough impact to your credit score to prevent you from getting a mortgage, buying a car, etc. Stop being such a worry wart.

 

a worry wart...lol haven't heard that ever in my life until today and thats the second time today

I'm not worrying too much my accounting buddy is in Europe so i have to seek elsewhere for answers

 

1 amex, 1 mc, 1 Visa.

one of my cards got closed by the credit card company for not using it. it was my first credit card i opened in college. it gave no rewards so i stopped using it

 

GetOnTop, are those perks for as long as you are a card holder or for a limited amount of time? Sounds promising

I don't spend too much, the usually misc things and paying off my car payments.

Not traveling much either but if I did I would def look into Venture. Maybe if a new job requires the traveling I might switch over.

 
oowij:
GetOnTop, are those perks for as long as you are a card holder or for a limited amount of time? Sounds promising

As long as you're a cardholder, although there's no guarantee that it'll stay at that level with legislation and the recent card settlement. I got $200 cash back after spending $500 when I signed up and have probably accumulated another $150 cash back since January. I just use it for everyday expenses and have it set up to pay off the balance every month from my checking account.

 

I have a amex jetblue card. It's good for me because I travel coast to coast a lot and am able to choose my own airline.

Pros - easy to earn points, and jetblue's points go pretty far. You earn a free flight ever 5000 points, and you earn up to 8 points per dollar when you book flights through their website using your card. Then, you get extra points if you fly a certain distance. For me, it works out to buy two, get 1 free.

Cons- $40 / year annual fee (if you get one free flight though, that's well worth it).

Just my .02, obviously this card is only useful for a specific set of people.

 
jpc100:
I have a amex jetblue card. It's good for me because I travel coast to coast a lot and am able to choose my own airline.

Pros - easy to earn points, and jetblue's points go pretty far. You earn a free flight ever 5000 points, and you earn up to 8 points per dollar when you book flights through their website using your card. Then, you get extra points if you fly a certain distance. For me, it works out to buy two, get 1 free.

Cons- $40 / year annual fee (if you get one free flight though, that's well worth it).

Just my .02, obviously this card is only useful for a specific set of people.

what?! 8 point per dollar? how many miles/points do you get on normal purchases? 1 per $1? 5,000 seems super low...for American Airlines it usually is 25k miles...

 

HSBC World Mastercard, amazing benefits. "24,000 Points earn you $400 discount on any airline ticket: domestic or international, first class or coach", 2 points for $1 for the first 6 months and then 1 for 1, no annual fees, no fees on expenses in a foreign currency (price at almost market fx rate), access to Global View, etc.. Dream card for an expatriate.

But i must say the amex jetblue sounds really attractive too

 

citi forward card

5x cash back on restaurants, movies, book stores (including amazon.com) (1-1 points on givecards, .75-1 points on visa gift cards)

1x cash back on other purchases

the fidelity 2% amex mentioned above is good for purchases outside of restaurants, movies

 

See if your bank offers employee cards. At the BB I'm at now I applied for the employee card and my new Amex is 7.5k credit limit and 3.9 APR as long as I do not default (which btw is unheard of applying for any other card). For after the summer internship, I was told that as long as I don't call the credit card company and tell them I'm not part of the bank anymore I can still take advantage of the APR. GL dude

 

Both have 1% on all purchases and 3% at restaurants, as well as other bonuses (3% on gas on the amex, travel at 2-3% on both). Both will give you high credit limits and with the two you can have an amex and a mastercard.

--There are stupid questions, so think first.
 
PowerMonkey:
Both have 1% on all purchases and 3% at restaurants, as well as other bonuses (3% on gas on the amex, travel at 2-3% on both). Both will give you high credit limits and with the two you can have an amex and a mastercard.

Second the Citi Professional Cash. Great rewards, and they have hiked my credit limit every since months since I've had the card (just ask), so now I have what I consider a ridiculously high credit limit - $15k, more that I would ever even think of carrying.

  • Capt K
- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

A great card for a first year analyst. No annual fee, 0% intro APR (great for cash flow, you'll be spending a ton when you start, and you get time to pay it off).

It's more than you're typical credit card as you get rental car insurance, travel protection, electronics insurance (double the initial warranty). You get very generous cash back (0.5% up to 6,500, 1.5% afterwards, bonus categories at 5.0%)

It also allows you to build a profile at AMEX, and you can get a more baller platinum credit card when you can comfortably pay $500/year for a credit card and feel you're getting a good value. As an analyst, your charges should look good. The bulk of your spending is generally on discretionary. There are no wal-marts in manhattan, and you'll be doing your grocery shopping on seamlessweb and not with your AMEX. Then after you are a true baller, you can be selected for the AMEX centurion (black card).

SPG is great for points, but if you want a travel card, I would recommend one of the premium airline credit cards that give you some elite privileges. Your time will be limited, and its a huge relief to be able to go home for a wedding or a reunion and skip most of the lines. Continental has a card that provides eliteaccess and club access, but you generally need to fly out of newark which may be preferable or a pain depending on where you live in manhattan. Delta, US Airways have similar cards. American and JetBlue are the only major NY airlines that you can't really buy status on, but there are backdoor ways to get American status (rack up points for the elite challenge before you start) and JetBlue doesn't really have the infrastructure in place.

 
eric809e:
It's more than you're typical credit card as you get rental car insurance, travel protection, electronics insurance (double the initial warranty).

I think the perks above are on all amex cards.

I recommend the SPG Amex personally. The points rack up quickly. Also, you have the option of using points or using part points part cash. Travel with your friends, you use the points, they pay the low cash. Everyone is happy. I would say worth the $50 annual fee (waived the first year). The reason I chose this over the airline miles is because of the airline blackout dates. The SPG has no blackout dates so you can use it during holidays, while many airline cards will prevent you from doing so.

BTW shameless plug right here... feel free to PM me and I can send you a referral email .. you will get a nice "sign on bonus" and so will I.

 

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