Which credit card would you get? Need help

[dereknel015]

Hey guys, Im looking to get my first credit card(21 years old). I need to build some credit. I plan on just paying it off every month and having it directly connected to my bank. I wont buy anything I dont have the money for(imagine that). I am curious what tips you guys have and which cards you suggest. I am looking at no annual fees and the best rewards as possible? Any input is welcomed.
Thanks

 

[RocketSurgeon]

If you want to build credit faster you're gonna need to float a balance month to month. I prefer low interest rate over rewards but that's just my preference.

 

[dereknel015]

So youre saying dont pay in full every month and make payments and keep up with them and credit will build faster?

 

[itSSlow98]

I prefer Discover and they usually have some good promotions going on.

 

[RocketSurgeon]

I've heard both ways. A lot of people say to pay off in full every month, no matter what, while others say float a small balance. I usually carry about 10% of limit. I have excellent credit, but I'm sure that is from my loans more than my cards.

 

[CobraBob]

You shouldn't have to float a balance to build your credit. I'm just not a proponent of floating a balance for any reason except if it is for a deferred interest offer on a major purchase. Home Depot offers this a lot. As do other major home supply/equipment stores. Amazon offers it occasionally on their credit card. As does Apple (I've done a deferred interest on Apple products 4 times). As long as you pay off the balance within the specified time period (ie. 12 months), you pay no interest. If you don't you're then responsible for the interest that accrued for all of those months. If, for example, you need to buy a washer for your home, or anything that you might buy at, say, Home Depot for more than $500.00 put it on a Home Depot card. Then take the balance and divide by the number of months of deferred interest. Make that payment every month until it is paid off. IMO this is a great way to build your credit without paying any interest. Then you can get a regular credit card that offers cash back (like my Capital One Spark Business Visa card) for your regular purchases. And be sure to pay off the balance every month. The Costco American Express and BJ's Visa cards are cash-back/cash-reward as well. I've got a cash-reward check for over $450.00 coming soon from my Costco American Express card. Can't complain about getting that much back as a reward for using it to buy things we need at Costco. And I pay the balance off every month. I never carry a balance! Like I said, the only exception is for a deferred interest purchase.

 

[RedRocketMike]

I got my first one when I turned 18. I have never kept a balance on any interest earning credit card, I've never had a car loan, or a student loan. At 25 my credit score was between the 780s and 810. I had applied for a mortgage and 3 numbers were given to me by mortgage banker friend. (different credit check services) I do however keep about 5-6 cards at any given time. I cancel and add about 2 cards a year, I've heard that this hurts your score temporarily but I do not care.

 

[Oiljunkie]

i really don't think that there is a perfect formula to gain credit per individual. I would say your income play a huge role though at the end of the day.

an impecable repayment history and a good debt service ratio will do more for you then lots of credit cards with no balance and a lower income

banks would prefer to lend to a higher income individual with a great history rather then and individual who has a great credit score but no real track record of payment history

 

[Blackness03]

I like the ones that give airline miles. I have AAadvantage

 

[ViciousJay]

I prefer Discover and they usually have some good promotions going on.

This!

Capital One is good if you want flier miles

 

[WireEater]

Get a secured credit card to start off (the money you put on it counts as credit) through a good bank (usually credit unions are the best) that doesn't have sneaky fees. Then you're only owning yourself when you use it and you can't overspend. It's a good way to start building your credit if you don't have any and can't get approved.

Trust me, EVERYONE who got their first credit card said "I am only going to use this for emergencies and to build my credit". Ask them how long that lasted. There will be a day when you see something you just REALLY want and don't want to save for it then you will say "I'll just put it on my card and pay it off quickly".

I will never touch a CC again. If I want something, it comes out of my bank account because when, or if you ever come across tough times you will pull it out of your pocket. I was young and had awesome credit in my early 20's. I started with one card and after being married I ended up with about 6 (and closing many prior to). Not that I opened many of them but it's usually how it ends up. Most of the time the reasoning was "Well this one has low rate so we'll just transfer the balance and close the other card..." then you go, oh hey, I got en empty 2,000$ credit line, kaching, kaching.

I'm not saying you would do any of this, just giving you views on the other end of having a CC.

 

[KurtDog]

Discover is hands down the best cc to have. Great customer service.

The only problem with it is some places don't take it. But 99% of places do.

 

[allister]

Definitely don't carry a balance, that will hurt you more than help. And get a card you put money on and then spend it. It's too hard to get caught up in the game of cc spending and if you're just trying to build credit, it's your safest bet.

 

[oneslo5.0]

I(23) have a discover card, I started at 21 with a $500 secured plan, year later I got $1000 un-secured. Now fast forward to today, I have like a $3,000 line. I found that the best way is to never go over 80% of the max allowance and make sure you NEVER miss a payment.

 

[focussvtracer]

capital one

 

[Lefty10]

If you're looking at paying it off every month, and want rewards, look at the Capital One Venture card. I get 2 points for every $1 I spend and I expense all my work items through it. I have plenty of points to fly a few places (and stay) and their points never expire. Very happy with the customer service as well.

 

[sc98cbra]

I would look into getting a pre-paid credit card through your bank.

 

[chinchilla]

Do not ever keep a balance, I'm 23, and got my first Credit card when I was 19. I pay small things on it every month and pay it off every month. This is my only real credit history and my credit score was 750+ when I bought my last car.

I mostly use a capital one card, with 1.5% cash back, but if you like to travel the air miles will add up faster than the cash.

 

[R.D.P.]

Get a secured credit card to start off (the money you put on it counts as credit) through a good bank (usually credit unions are the best) that doesn't have sneaky fees. Then you're only owning yourself when you use it and you can't overspend. It's a good way to start building your credit if you don't have any and can't get approved.

Trust me, EVERYONE who got their first credit card said "I am only going to use this for emergencies and to build my credit". Ask them how long that lasted. There will be a day when you see something you just REALLY want and don't want to save for it then you will say "I'll just put it on my card and pay it off quickly".

I will never touch a CC again. If I want something, it comes out of my bank account because when, or if you ever come across tough times you will pull it out of your pocket. I was young and had awesome credit in my early 20's. I started with one card and after being married I ended up with about 6 (and closing many prior to). Not that I opened many of them but it's usually how it ends up. Most of the time the reasoning was "Well this one has low rate so we'll just transfer the balance and close the other card..." then you go, oh hey, I got en empty 2,000$ credit line, kaching, kaching.

I'm not saying you would do any of this, just giving you views on the other end of having a CC.

Listen to this guy. It's too easy to get yourself into trouble. I owe nothing on credit cards now and it will stay that way forever. When I think of the money I gave to those companies in interest payments in my 20's and 30's, it makes me sick to my stomach.

 

[YJSONLY]

Listen to this guy. It's too easy to get yourself into trouble. I owe nothing on credit cards now and it will stay that way forever. When I think of the money I gave to those companies in interest payments in my 20's and 30's, it makes me sick to my stomach.

It's all self control. I have had cap 1 for almost 10 years had one at 18. At one point had credit line between the cc I had of 35,000 but have made $ on the cc companies over the years.

Self control. If you ain't got the cash in the bank don't buy it.