What credit card should I go for?

[gopunk]

i'm just a student... but have a fairly large household income (live at home )... i don't care about interest rates because i'm not going to go into debt. basically what's the card with the most perks

 

[spanky]

get the amex card that still has bvg... then u can go buckwild on hot deals

 

[RossMAN]

Please read and bump this thread which is filled with credit cards perks.

Some even offer no annual fee, low APR and up to 2% cash rebate

 

[Mill]

I just got a Capital One Gold card but I don't suggest them. I have heard too many horror stories about them. I am just using the card once a month for a 3.95 charge and paying it off at the end of the month.

 

[gopunk]

Originally posted by: RossMAN
Please read and bump this thread which is filled with credit cards perks.

Some even offer no annual fee, low APR and up to 2% cash rebate

yea i saw that thread... was hoping for advice in terms of what's the best card *i* can get though...

 

[Tripleshot]

If you are trying to establish credit, forget about a credit card now as a student. borrow money from your bank to buy a car or TV or something and pay it back. Establish your credit with local sources as long as they report credit activity to the major reporting agencies.

If you do elect to get a credit card, pay the darn thing off regularly,but I will tell you, you lose money big time on borrowing money. If you can discipline yourself to remain frugal and pay cash for what you save for,you will be so far ahead of the curve it will amaze you at how fast you will aquire wealth.

Good luck. Do the right thing.

 

[gopunk]

Originally posted by: Tripleshot
If you are trying to establish credit, forget about a credit card now as a student. borrow money from your bank to buy a car or TV or something and pay it back. Establish your credit with local sources as long as they report credit activity to the major reporting agencies.

If you do elect to get a credit card, pay the darn thing off regularly,but I will tell you, you lose money big time on borrowing money. If you can discipline yourself to remain frugal and pay cash for what you save for,you will be so far ahead of the curve it will amaze you at how fast you will aquire wealth.

Good luck. Do the right thing.

option #2... i have no need for a car or tv anyways

so what card do you recommend for someone with no credit, but a large household income?

 

[Mill]

First get your credit report from either Experian, Trans Union, or Equifax.

Are you sure you have no credit? How old are you? Where does your income come from?

 

[gopunk]

Originally posted by: Millenium
First get your credit report from either Experian, Trans Union, or Equifax.

Are you sure you have no credit? How old are you? Where does your income come from?

well, i don't think i have any credit... seeing as i haven't done anything with regards to credit. i'm 18, income comes from a job i have as a lead for my university's computing services.

 

[RossMAN]

Since you have minimal credit and income I would go for a Capital One cc ... forget about the cards with perks you'll only qualify for those if you have a co-signer or are willing to pay annual fees and high interest rates.

CapitalOne.com if you really want to GUARANTEE yourself an approval get the SECURED credit card and you'll be approved.

 

[Tripleshot]

option #2... i have no need for a car or tv anyways

Then buy one for your mom.

so what card do you recommend for someone with no credit, but a large household income?

Since you reject the first recommendation, (which is why young people get trapped in the credit card jungle) get a AMEX card. You can "go anywhere". They make you pay off every month. It will establish credit, and if you screw up, they will ruin your credit for life.

Other than that, they are all the same. You may as well through your money out the window, cuz its the same result, you get nothing for the interest you pay. You should have them pay you for using their card. But you know that won't happen.

 

[gopunk]

Since you reject the first recommendation, (which is why young people get trapped in the credit card jungle) get a AMEX card. You can "go anywhere". They make you pay off every month. It will establish credit, and if you screw up, they will ruin your credit for life.

Other than that, they are all the same. You may as well through your money out the window, cuz its the same result, you get nothing for the interest you pay. You should have them pay you for using their card. But you know that won't happen.


mm... correct me if i'm wrong, but isn't it that you don't have to pay interest unless you don't pay off the balance in time? like i said, i'm not going into debt, so this "jungle" stuff doesn't apply to me. i really have nothing big i want. anything big i want, i've already purchased.

 

[amdskip]

I started off with a Capital One student credit card when I was 16 with a $500 limit. I was soon moved up to $1000 credit limit. I'm now at $1500.

I use it to buy things for my friends because I'm the only one with a credit card. My friends are helping me build up my credit rating for little effort on my part. I have yet to pay any interest and I don't plan on paying interest ever. I am simply using it to build my credit.

Capital One has been good to me. I've had 2 charges from some yahoo store I've never heard of and they gladly denied them twice for me and had excellent customer service

 

[Mill]

You could get a Best Buy card issued through Household bank. You can only use it at Best Buy though, so it wouldn't help you much. I guess Capital One would be the best bet.

 

[RossMAN]

Originally posted by: gopunk
Since you reject the first recommendation, (which is why young people get trapped in the credit card jungle) get a AMEX card. You can "go anywhere". They make you pay off every month. It will establish credit, and if you screw up, they will ruin your credit for life.

Other than that, they are all the same. You may as well through your money out the window, cuz its the same result, you get nothing for the interest you pay. You should have them pay you for using their card. But you know that won't happen.


mm... correct me if i'm wrong, but isn't it that you don't have to pay interest unless you don't pay off the balance in time? like i said, i'm not going into debt, so this "jungle" stuff doesn't apply to me. i really have nothing big i want. anything big i want, i've already purchased.

That's correct, however Amex has two different kinds of cards:

1) The traditional Amex charge card which requires you pay the balance in full every month, Tripleshot may have been referring to this charge card.

2) The newer Amex credit card where you make at least a minimal payment once a month and are allowed to carry a balance provided that you pay all applicable interest charges and fees as they apply.

Again I wouldn't worry about perks I'd worry about being approved for a cc, apply for Capital One, yes they suck the big one but it's a good place to start. After 1 year of using the cc and making on time payments then you can move up to the good cards (CitiBank, etc.)

 

[gopunk]

Originally posted by: Millenium
First get your credit report from either Experian, Trans Union, or Equifax.

Are you sure you have no credit? How old are you? Where does your income come from?

i got my report from equifax... i figured why not...

um... so what do i look at? it says i have a student loan (which i guess my dad took out). but under "type of account and status" it says "installment, too new to rate". no money is past due, but it looks like i still have a balance of a little over a thousand. i'm guessing that means we still owe a little over a thousand, but have been keeping up with the payments... correct?