Page 1 of 7 1234567 LastLast
Results 1 to 25 of 167

Credit card education

  1. #1
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Credit card education

    Where can I find unbiased info on different credit cards?

    All I have right now is a debit card which I use for absolutely everything... would like to get away from that a little and use something that can help me build my credit a little.

    Thus, something to use for gas (which accounts for about 100 bucks a week ), food shopping, restarants, track stuff, online purchases, typical small stuff etc. Pref something that has excellent rewards. Not overly concerned about APR's right now as I don't plan on buying anything in the near future that I can't pay off right away.




    Already have BOA savings... may just get their cash rewards card.
    •Online-exclusive $100 cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
    •1% cash back on purchases everywhere, every time
    •2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter.
    •Bank of America customers: Get an ongoing 10% customer bonus every time you redeem cash back into a Bank of America® checking or savings account
    •0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 12.99% - 22.99% variable APR
    •No annual fee
    •No changing categories and your rewards do not expire

    0 Not allowed!
    Last edited by OreoGaborio; 06-30-14 at 08:54 AM.
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  2. #2
    Lifer tsorfas's Avatar
    Join Date
    Sep 2011
    Location
    in my own little world...
    Posts
    9,574

    Re: Credit card education

    Creditcard.com

    But for what you are trying to do it will come to either chase it discover.
    No annual fee. 5% cash back bonus that changes every 3 months. 3-2-1% categories as well.

    If your credit is really low then your only option will be capital one.

    I'm not a fan of the big cards (Amex) because of the annual fees and because I use my cards only to build credit. For no other reason. So to me they bring no benefits (miles, points) don't mean anything to me. For some people who pay for everything with their card it's great. And if you manage to do that there are great benefits. It's just the way I do my finances and the benefits I get from my credit and debit cards.

    0 Not allowed!

  3. #3
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Re: Credit card education

    Quote Originally Posted by tsorfas View Post
    Creditcard.com
    Good. That's what I'm looking at now.

    0 Not allowed!
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  4. #4
    Fast is contagious JettaJayGLS's Avatar
    Join Date
    May 2009
    Location
    Roxbury
    Age
    30
    Posts
    3,651

    Re: Credit card education

    Gas looks to be a big expense for you, I'd get whichever card rewards the most for gas. If you fly a lot, and on a specific airline, get a flight rewards card. If you don't do anything specific, a 3/2/1 with no annual fee seems to be the way to go. If you don't have an annual fee you don't have too much to worry about assuming you are responsible (which I know you are).

    I personally use an Amex blue cash preferred as it pays 6% on groceries, and I eat a ton and cook just about all my meals. Sure there is an annual fee, but I'm making that back in 2 months of rewards and no one else is paying 6% groceries. Add in 3% on gas, 1% everything else and I make a few hundred bucks a year.

    I have 2 suggestions for maximizing rewards with minimal risk of running up a balance:
    -In stores, only use your card for transactions with higher rewards. I only use mine for gas/groceries in stores.
    -Make all online purchases with your credit card. Since you are already at your computer, immediately go to the CC website and pay-off exactly what you just purchased. I also do this for big purchases. For example, I just bought a TV. Paid by credit card at Best Buy then went home and instantly transferred the money.

    1 Not allowed!
    A man of many names...Jay, Gennaro, Gerry, etc.
    Former LRRS EX #978
    Tony's Track Days

  5. #5
    Lifer ilikenapalm's Avatar
    Join Date
    Mar 2009
    Location
    Connecticut
    Age
    29
    Posts
    1,844

    Re: Credit card education

    Since you already have Bank of America, I'll tell you what I do.

    Two credit cards. First is the 3/2/1 cash rewards card. I put everything on this card. It pays 3% on gas, 2% on groceries, and 1% on everything else. The 3% often makes up for the difference between cash and credit at the gas station.

    I also have the MasterCard better balance rewards card. Because you have a Bank of America account, you would get $30 a quarter for paying more than the minimum balance each month. I charge about $30 a month on this card and then pay it off in full every month. I earn $120 for about $400 spent.

    Bank of America also has the most user friendly online banking experience I've ever had. Very easy to make transactions, and all of your accounts (including CC's) are right there looking at you when you log on.

    3 Not allowed!

  6. #6
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Re: Credit card education

    Good recommendations, guys.



    Question for those that have the BOA Cash Rewards card... I just saw "3% fee (min $10) applies to balance transfers.".... are they saying they're gonna charge me 3%, min 10 bucks to pay off my bill using my BOA checking account???

    0 Not allowed!
    Last edited by OreoGaborio; 06-30-14 at 09:27 AM.
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  7. #7
    Lifer ilikenapalm's Avatar
    Join Date
    Mar 2009
    Location
    Connecticut
    Age
    29
    Posts
    1,844

    Re: Credit card education

    No. I believe it is a 3% fee if you're transferring rewards to your bill, though don't quote me on that. Take the extra step (and additional 10%) and transfer it into your bank account.

    I pay my credit card from my checking account (also BofA), and no fees. I usually make 2 payments a month.

    It's possible different account options have since popped up... make sure you confirm this with a rep before you sign up.

    0 Not allowed!

  8. #8
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Re: Credit card education

    Word, thanks.

    0 Not allowed!
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  9. #9
    Senior Member BMMCBR's Avatar
    Join Date
    Jun 2011
    Location
    CT, USA
    Age
    31
    Posts
    661

    Re: Credit card education

    What all these guys said.

    I use the AAA Bank of America card. its 3% back on travel, 2% back on gas/groceries and 1% back everything else. I also have Discover, which is 5% back on Restaurants/Movies, Home Improvement, Gas, and Online Shopping rotating every 4 quarters. Then 5-25% back on specific online retailers which change all the time.

    0 Not allowed!
    LRRS AM#721 / RSP Racing / Mad Scientist Moto / MTAG Pirelli / Woodcraft / Sportbike Track Gear / GMD Computrack Boston / Knox / Moto Pizza
    2003 Honda CBR600RR / 2009 Kawasaki ER6N / 2007 Kawasaki EX650

  10. #10
    Member KnuckleBallz's Avatar
    Join Date
    Nov 2011
    Location
    Boston
    Posts
    271

    Re: Credit card education

    If you go BoA make sure you talk to a rep, because you'll want to clarify that the card you're getting reports its limits to the big credit agencies. I believe their Visa cards do not, but their Mastercards do. Because of the way some of their cards are tied to your bank account, they fall under different reporting rules & may not actually factor into your score. I found this out the hard way.

    0 Not allowed!

  11. #11
    Burns retinas nhbubba's Avatar
    Join Date
    Jun 2011
    Location
    Seacoast NH
    Posts
    15,468

    Re: Credit card education

    http://www.nerdwallet.com/ Also has info about cards and picks.. AFAIK. I think I looked at that site last time I picked a new card.

    Re: The balance fee. I thought that was with respect to balance transfers onto the card. Ie if you are looking for cash or looking to pay off another card (transfer that balance) to the card. Meaning debits not associated with goods or services.

    They should not charge you to redeem rewards. If they do, that's bullshit.

    1 Not allowed!

  12. #12
    Senior Member BMMCBR's Avatar
    Join Date
    Jun 2011
    Location
    CT, USA
    Age
    31
    Posts
    661

    Re: Credit card education

    Quote Originally Posted by nhbubba View Post
    Re: The balance fee. I thought that was with respect to balance transfers onto the card. Ie if you are looking for cash or looking to pay off another card (transfer that balance) to the card. Meaning debits not associated with goods or services.
    This is correct. Balance transfers refer to transferring the balance of another credit card to your current one.

    2 Not allowed!
    LRRS AM#721 / RSP Racing / Mad Scientist Moto / MTAG Pirelli / Woodcraft / Sportbike Track Gear / GMD Computrack Boston / Knox / Moto Pizza
    2003 Honda CBR600RR / 2009 Kawasaki ER6N / 2007 Kawasaki EX650

  13. #13
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Re: Credit card education

    Quote Originally Posted by KnuckleBallz View Post
    If you go BoA make sure you talk to a rep, because you'll want to clarify that the card you're getting reports its limits to the big credit agencies. I believe their Visa cards do not, but their Mastercards do. Because of the way some of their cards are tied to your bank account, they fall under different reporting rules & may not actually factor into your score. I found this out the hard way.
    Hm... just found this
    http://ficoforums.myfico.com/t5/Cred...re/td-p/971712

    Looks like it reports as an FSA? Whatever that means.

    0 Not allowed!
    Last edited by OreoGaborio; 06-30-14 at 10:17 AM.
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  14. #14
    Super Moderator OreoGaborio's Avatar
    Join Date
    May 2004
    Location
    Danvers, MA
    Age
    39
    Posts
    36,646

    Re: Credit card education

    So will the BOA card report in a way that helps me build my score?

    If not I may apply for Chase Freedom...

    •For a limited time, earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Offer ends June 30, 2014. Apply now!
    •Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
    •0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 13.99%-22.99%.
    •5% Cash Back on up to $1,500 in combined purchases between July 1 and September 30, 2014 at gas stations and Kohl's®
    •You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter!
    •Unlimited 1% Cash Back on all other purchases
    •No annual fee and rewards never expire

    1 Not allowed!
    Last edited by OreoGaborio; 06-30-14 at 10:23 AM.
    -Pete LRRS/CCS #82 - ECK Racing, TonysTrackDays, Ironstone Ventures
    GMD Computrack Boston | Pine Motorparts/PBE Specialists | Phoenix Graphics | Woodcraft | Street & Competition | MTag-Pirelli | OnTrack Media

    The Garage: '03 Tuono | '06 SV650

  15. #15
    Your Father csmutty's Avatar
    Join Date
    Sep 2008
    Location
    Pomfret Center, CT
    Age
    27
    Posts
    10,011

    Re: Credit card education

    I like my AMEX cash card too. No fees and pretty good cash back. Also depending on your credit or lack of it might be hard to get a first card. The only card that would take me for my first one was cap one. And yes the BOA credit card will report.

    0 Not allowed!
    -Christian LRRS/CCS #316 ECK Racing GMD Computrack Boston | Pine Motorparts/PBE Specialists | Woodcraft | Street & Competition | OnTrack Media

    2011 Pit Bike Race CHAMPION!

  16. #16
    Super Moderator TheIglu's Avatar
    Join Date
    Apr 2003
    Location
    Royalston, MA
    Age
    38
    Posts
    19,347

    Re: Credit card education

    Just be wary. Our card recently changed it terms.

    Previously, if you racked up $2500 in charges, then paid off $2k of that at the end of the billing cycle, you'd be charged interest on the $500 remaining.

    Now, if you don't pay off the complete balance, they charge you interest on the average daily balance for the billing cycle, aka, the full amount no matter how much you pay off.


    Crooks, the whole lot of them.

    0 Not allowed!
    -Clayton
    2006 Suzuki SV650
    2004 Suzuki Vstrom 650
    2001 Kawasaki ZRX1200R
    1982 Honda CB750F Super Sport

  17. #17
    Lifer obsolete's Avatar
    Join Date
    Aug 2008
    Location
    Norf Sho
    Age
    38
    Posts
    10,957

    Re: Credit card education

    I have Amex Cash Preferred Blue and Chase Blue. Chase for dining and travel, Amex for gas, groceries and well everything else. I'm gonna use the chase points I've earned to get to round trip tickets and have a few hundo to spend from the Amex. Then I'm canceling them and getting the Sallie Mae Master card.

    0 Not allowed!
    -Alex
    I can resist everything but Pete's mom.

  18. #18
    Senior Member Viper897's Avatar
    Join Date
    Apr 2014
    Location
    Seacoast Maine
    Posts
    366

    Re: Credit card education

    If you have never had a credit card, or have no credit history. It will be easiest to get a card through your bank, build some credit with that. And then you can get one from a different company. There are a few exceptions to this, like if your in college banks will often be able to give you a credit card without much hassel and then you will get auto uped on your limit based on full payment of billing, not your case but an example.

    Like tsorfas, I am someone who sees no purpose in the rewards, and Im sure if the credit card cpmpanies could take them away from me they would. I pay in full every single time, this helps build your creidt, as well as periodically and incermentally upping your limit will help as well.

    Just my thoughts.

    0 Not allowed!

  19. #19
    Your Father csmutty's Avatar
    Join Date
    Sep 2008
    Location
    Pomfret Center, CT
    Age
    27
    Posts
    10,011

    Re: Credit card education

    Quote Originally Posted by obsolete View Post
    I have Amex Cash Preferred Blue and Chase Blue. Chase for dining and travel, Amex for gas, groceries and well everything else. I'm gonna use the chase points I've earned to get to round trip tickets and have a few hundo to spend from the Amex. Then I'm canceling them and getting the Sallie Mae Master card.
    Why would you cancel them? That would significantly lower your credit score.

    0 Not allowed!
    -Christian LRRS/CCS #316 ECK Racing GMD Computrack Boston | Pine Motorparts/PBE Specialists | Woodcraft | Street & Competition | OnTrack Media

    2011 Pit Bike Race CHAMPION!

  20. #20
    Your Father csmutty's Avatar
    Join Date
    Sep 2008
    Location
    Pomfret Center, CT
    Age
    27
    Posts
    10,011

    Re: Credit card education

    Quote Originally Posted by tsorfas View Post
    Creditcard.com

    But for what you are trying to do it will come to either chase it discover.
    No annual fee. 5% cash back bonus that changes every 3 months. 3-2-1% categories as well.

    If your credit is really low then your only option will be capital one.

    I'm not a fan of the big cards (Amex) because of the annual fees and because I use my cards only to build credit. For no other reason. So to me they bring no benefits (miles, points) don't mean anything to me. For some people who pay for everything with their card it's great. And if you manage to do that there are great benefits. It's just the way I do my finances and the benefits I get from my credit and debit cards.
    Not all big cards charge fees. Usually you have to have good credit to get the fee associated cards anyways. And cards that have fees only make sense if you are using them a ton, as it takes a lot of $$ spent to see a benefit with the greater rewards over the annual fee. Both of my amex cards have no fees.

    0 Not allowed!
    -Christian LRRS/CCS #316 ECK Racing GMD Computrack Boston | Pine Motorparts/PBE Specialists | Woodcraft | Street & Competition | OnTrack Media

    2011 Pit Bike Race CHAMPION!

  21. #21
    Lifer tsorfas's Avatar
    Join Date
    Sep 2011
    Location
    in my own little world...
    Posts
    9,574

    Re: Credit card education

    Quote Originally Posted by csmutty View Post
    Not all big cards charge fees. Usually you have to have good credit to get the fee associated cards anyways. And cards that have fees only make sense if you are using them a ton, as it takes a lot of $$ spent to see a benefit with the greater rewards over the annual fee. Both of my amex cards have no fees.
    Ya I'm talking about the big cards. I know Amex makes
    Cards that are discover and chase level as well.
    I'm just saying the benefits that fit
    Me best were at discover.

    0 Not allowed!

  22. #22
    Your Father csmutty's Avatar
    Join Date
    Sep 2008
    Location
    Pomfret Center, CT
    Age
    27
    Posts
    10,011

    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    Good recommendations, guys.



    Question for those that have the BOA Cash Rewards card... I just saw "3% fee (min $10) applies to balance transfers.".... are they saying they're gonna charge me 3%, min 10 bucks to pay off my bill using my BOA checking account???
    Balance transfers refers to balances from other cards that you are transferring to the BOA card balance. They usually make money charging the vendor 3% on everything you buy, but since their is no vendor to charge when you are transferring a balance from another card they charge you instead.

    0 Not allowed!
    -Christian LRRS/CCS #316 ECK Racing GMD Computrack Boston | Pine Motorparts/PBE Specialists | Woodcraft | Street & Competition | OnTrack Media

    2011 Pit Bike Race CHAMPION!

  23. #23
    Posting Freak xsiliconkid's Avatar
    Join Date
    Oct 2005
    Location
    Wrentham MA
    Posts
    972

    Re: Credit card education

    Quote Originally Posted by csmutty View Post
    Why would you cancel them? That would significantly lower your credit score.
    When seeking a loan (e.g.house mortgage) your current credit card's max limits are taking into account as if you borrowed on every card to the max. They become existing liabilities for the purposes of how much you can borrow.

    0 Not allowed!
    Last edited by xsiliconkid; 06-30-14 at 11:01 AM.
    Graham
    "If computers get too powerful, we can organize them into a committee — that will do them in"

  24. #24
    Lifer obsolete's Avatar
    Join Date
    Aug 2008
    Location
    Norf Sho
    Age
    38
    Posts
    10,957

    Re: Credit card education

    Quote Originally Posted by csmutty View Post
    Why would you cancel them? That would significantly lower your credit score.
    Nope, it wouldn't. Available vs used credit is what's important. They have annual fees, if I don't use them the points don't cover the fees and I have to pay for them.

    0 Not allowed!
    -Alex
    I can resist everything but Pete's mom.

  25. #25
    Your Father csmutty's Avatar
    Join Date
    Sep 2008
    Location
    Pomfret Center, CT
    Age
    27
    Posts
    10,011

    Re: Credit card education

    Quote Originally Posted by xsiliconkid View Post
    When going for a loan (e.g.house mortgage) your current credit card's max limits are taking into account as if you borrowed on every card to the max. They become existing liabilities for the purposes of how much you can borrow.
    But what about the average age of credit lines?

    0 Not allowed!
    -Christian LRRS/CCS #316 ECK Racing GMD Computrack Boston | Pine Motorparts/PBE Specialists | Woodcraft | Street & Competition | OnTrack Media

    2011 Pit Bike Race CHAMPION!

Page 1 of 7 1234567 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •