Help recommend a credit card

[eber]

I only have a WaMu secured credit card (1st and and only card) with a limit of $600. I've used it pretty much anywhere I can and pay off the full balance every month. I had my first out of college, full-time real paying job since March and got this card in May--so I've only had credit for 8 months. I applied for the Costco Amex in October with a WaMu estimated credit score of 720 and was rejected for the reason that I was deemed "too high of a risk" or something similar to that, probably because I've only had credit for such a short period.

Anyway, today I get a letter in the mail from WaMu telling me they are going to discontinue the secured credit card program... So, can you recommend me a credit card?

I'd like to eventually get the Costco Amex card, but would now be too soon to apply again? Also, I think Amex isn't as popularly accepted as Mastercard or Visa, so a recommendation of one of those would be good. I guess I also want something that I'd probably be approved for with such a short credit history.

I've done some searches through old messages and see the Chase Freedom card and the PenFed Rewards cards are popular. Which would you recommend for me? I don't plan on keeping a balance and only use it for convenience. I use it for everyday stuff (e.g. eating out), online purchases, and gas (one of my major expenses since I commute to work quite a bit).

Thanks.

 

[LS21]

if you need security for online purchases, citibank offers one-time use "virtual" numbers. i really havent used this in forever, though.
i like my costco amex business for gas (5%) and eating out (3%), but if you were to carry just *one* card, get mc/visa for better acceptance
mtvu card is okay, as is chase freedom.

unless you are looking for specific rewards (points, miles) and/or is a big spender, really any card that approves will do for you

 

[duragezic]

I have a Chase Freedom and it is pretty haus. I got $100 in rewards after I signed up. I am up over $86 in rewards from purchases. I have had the card for just about exactly a year. I don't carry a balance so this rewards business is nice bonus for me.

I also have a Discover card. Although I don't think I've ever had a place that wouldn't take it but would take the Chase (Visa), I agree that it is nice to have a Visa or Mastercard at the minimum. The rewards on the Chase card are definitely better.

When I got the Chase, I got a $500 limit (I was in college with more or less no income). Once I got out I requested a raise which they gave to me. No idea what my credit score is like but when they gave me the cards, I basically had no history other than student loans.

 

[eber]

Yeah, I was thinking Chase Freedom since it just seemed logical since they're the ones taking over WaMu and from what I've read, it seems easy to be approved for.

And yeah, right now, I'm probably going to be carrying only one card. And once my credit is a bit more established, I'd eventually get that Costco Amex. I was thinking about getting a new card anyway or putting in more money to increase my limit since the $600 limit was annoying when I made a few big purchases or wanted to buy something over $600.

 

[SoulAssassin]

First things first, good job on searching. This question gets asked all the time and 98% of the time people don't ask. There are rumors that the Freedom Card has been crippled by Chase, I haven't applied for one in sometime so I don't know but it appears they are (so far) not changing existing cards. Just read the T&C of the card you apply for. More info here: http://www.fatwallet.com/forums/finance/876619 PenFed is still a kickass card but you may not get it due to your limited credit history. Little harm in applying though. Also might want to checkout Amex Blue or the Fidelity Investments card (2% directly into your IRA).

 

[eber]

Thanks. Good info to know. I also didn't know Fatwallet had a finance forum. I'll check that out too.

And thanks everyone, I knew I'd get some good responses here.

 

[ivan2]

Using chase freedom right now and I just got talked into converting my other card into a chase perfect card. it has 3% rebate on gas and 1% everything else.

 

[JMapleton]

Amexs are much more difficult to get than ordinary cards. It's best to wait until you're had an open revolving non secured account for at least a year.

Apply for WaMu's regular credit card, I've got one. It was my first credit card, free credit score reporting FTW.

 

[eber]

I was going to apply for WaMu's regular credit card in October as suggested by a representative at my local branch a few months before once I had my secured credit card for 6 months or so, but then I kinda forgot about it and kept putting it off since I knew I had a few months before I'd have to pay that annual fee again.

I guess I can and should get that regular WaMu card as suggested back then. The only thing I was iffy on about getting a WaMu card was since they've been bought out by Chase I wanted to avoid any bumps in the road during their transition from WaMu to Chase. Looking at their site again, I guess it's supposed to be a smooth transition, and I guess I will ask about it more at my local branch. Plus, I do like my setup as it is now, how the card is linked seamlessly with their online banking. I'm just really hoping it'll all be smooth when it's switched over to Chase.

Anyway, the whole canceling of my secured card just prompted me to have to get busy on the whole task of getting a new card and I figured my credit might be good enough to get some type of rewards after having to "suffer" so long with a very limited card.

 

[imported_Lothar]

1) PenFed.
2) AB Cash rebate card.

I never understood people's obsession with the Chase Freedom reward card.

 

[yh125d]

It pays to be a USAA member. $500 limit credit card for a 18 year old with no job or credit. They take care of their members

 

[SmoochyTX]

http://www.BetterCreditCard.com/

 

[Suspicious-Teach8788]

Amex Costco + Chase Freedom + Discover More + Citi Dividend = You're set.

 

[SoulAssassin]

Originally posted by: Lothar
I never understood people's obsession with the Chase Freedom reward card.

It wasn't the best card but it was good all around for people who didn't want to have one card for gas and one card for this and one card for that.

 

[JEDI]

Originally posted by: eber
I only have a WaMu secured credit card (1st and and only card) with a limit of $600. I've used it pretty much anywhere I can and pay off the full balance every month. I had my first out of college, full-time real paying job since March and got this card in May--so I've only had credit for 8 months. I applied for the Costco Amex in October with a WaMu estimated credit score of 720 and was rejected for the reason that I was deemed "too high of a risk" or something similar to that, probably because I've only had credit for such a short period.

Anyway, today I get a letter in the mail from WaMu telling me they are going to discontinue the secured credit card program... So, can you recommend me a credit card?

I'd like to eventually get the Costco Amex card, but would now be too soon to apply again? Also, I think Amex isn't as popularly accepted as Mastercard or Visa, so a recommendation of one of those would be good. I guess I also want something that I'd probably be approved for with such a short credit history.

I've done some searches through old messages and see the Chase Freedom card and the PenFed Rewards cards are popular. Which would you recommend for me? I don't plan on keeping a balance and only use it for convenience. I use it for everyday stuff (e.g. eating out), online purchases, and gas (one of my major expenses since I commute to work quite a bit).

Thanks.

Discover used to be great. they had cashover. it was rediculous. i had $85 in rewards buying $150 worth of food @supermarket :Q they stopped cashover in nov 2008

there are a couple of 2% cashback credit cards. do a search of this forum for more info.
(in the past 3 months there were like a dozen credit card threads that could have been answered if SEARCHed)

 

[eber]

Originally posted by: SmoochyTX
http://www.BetterCreditCard.com/

Thanks for that. I've bookmarked it. Looks like a good reference.