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Thread: Credit Cards

  1. #1
    Join Date
    Apr 2004
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    Rochester, NY
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    43,960

    Credit Cards

    I never used to really have a credit card until a year and a half ago. I always just had a card from a local bank with a $300 limit that I opened up in college. After a friend told me how you credit card can help your credit score (more than just making your payments on time), I started learning about them and more about my credit. I've scoured all of the big credit cards periodically, and I've opened up five since then. I never really cared or understood that you could get some legit rewards from them.

    What credit cards do you have, and which do you like the most?

    I travel a decent amount, usually just weekend roadtrips. But the first card that I opened up was the Capital One Venture Card ($95 annual fee), and I absolutely love it. The card has become stronger in the past year. Of the travel cards, it's my favorite. Good all-around rewards rate, and you can use them on any purchase for hotels, AirBNB, Uber, Lyft, flights, etc. I just downgraded by Chase Sapphire Preferred card because I found that it is has better rewards for flights, but that's about it for what I use and earning rewards isn't quite as easy as the Venture Card.

    I've also recently opened up the Capital One Savor One Card (no fee), and think it'll be a decent compliment to the Venture card due to the lack of fee and a little extra rewards for dining.

    I have that $300 card and a rewards card with KeyBank (no fees), which I hardly ever use. And I've also just opened up a World of Hyatt card with Chase ($95 annual fee), because I found the rewards for Hyatts to be more preferable for me compared to the likes of Marriott, Hilton, and Holiday Inn. I'm excited to us this one (and it's big sign up bonus and two free nights annually) in addition to my Capital One cards.
    Last edited by Driven; 03-05-2019 at 12:53 PM.

  2. #2
    Join Date
    Jul 2010
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    54,729
    I have Capital One's Quicksilver which is 1.5% cash back on all purchases, and I love that one. I use it for all my daily spending and just pay it off every month.

    I also have a Southwest credit card for the points, but I don't really use it.

    I mainly use my credit cards for extra spending capability and overage protection since I own several small businesses. I like to have as much available credit as possible, even if I never use any of it.

  3. #3
    Join Date
    Jul 2008
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    Outside a CC linked to my bank, I carry an AMEX Platinum card, it has great rewards programs, and gives me a lot of spending power if need be.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  4. #4
    Join Date
    Sep 2010
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    East of the Sun, West of the Moon
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    I probably have up to $50,000 credit available on revolving credit accounts. Pay all my credit card balances down to $0 every month.

    My wife and I budget for larger purchases and save allocated funds on a monthly basis so we can pay cash. We use one of those financial planning apps with envelopes to save money and budget our finances. If I need to buy on credit I try to use a 6 or 12-month, no interest account like PayPal or Care Credit, but that's pretty rare. For example, our dog swallowed a rock at Christmas, needed emergency surgery, and we put the $2800 bill on a 12-month installment loan at 0% interest.

    I used to be horrible at managing money and big ticket impulse purchases. 8 years ago my credit score was probably 550, but it's usually between 790 - 820 nowadays. That's a big accomplishment for me.

  5. #5
    Join Date
    Jun 2004
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    Los Angeles County, CA
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    Quote Originally Posted by Dugmet View Post
    I probably have up to $50,000 credit available on revolving credit accounts. Pay all my credit card balances down to $0 every month.

    My wife and I budget for larger purchases and save allocated funds on a monthly basis so we can pay cash. We use one of those financial planning apps with envelopes to save money and budget our finances. If I need to buy on credit I try to use a 6 or 12-month, no interest account like PayPal or Care Credit, but that's pretty rare. For example, our dog swallowed a rock at Christmas, needed emergency surgery, and we put the $2800 bill on a 12-month installment loan at 0% interest.

    I used to be horrible at managing money and big ticket impulse purchases. 8 years ago my credit score was probably 550, but it's usually between 790 - 820 nowadays. That's a big accomplishment for me.
    Care Credit is amazing for vet bills and dental bills.

  6. #6
    Join Date
    Sep 2012
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    Modesto
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    Primarily I use the Citibank Costco card, great for all travel, purchases at Costco, generally pay it off every month. Have my utilities, cable etc on it.

    got close to $700 back last year in cash. Generally pay all my cards off, every now and then new no interest loan or low interest loan to keep the score active. close to perfect credit.


  7. #7
    Join Date
    Jul 2008
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    Quote Originally Posted by Dugmet View Post
    I probably have up to $50,000 credit available on revolving credit accounts. Pay all my credit card balances down to $0 every month.

    My wife and I budget for larger purchases and save allocated funds on a monthly basis so we can pay cash. We use one of those financial planning apps with envelopes to save money and budget our finances. If I need to buy on credit I try to use a 6 or 12-month, no interest account like PayPal or Care Credit, but that's pretty rare. For example, our dog swallowed a rock at Christmas, needed emergency surgery, and we put the $2800 bill on a 12-month installment loan at 0% interest.

    I used to be horrible at managing money and big ticket impulse purchases. 8 years ago my credit score was probably 550, but it's usually between 790 - 820 nowadays. That's a big accomplishment for me.
    similar man. 2 years ago I was at 560. Today is around 740. Crazy what discipline will do.

    If you want the ultimate, you've got to be willing to pay the ultimate price. It's not tragic to die doing what you love.

  8. #8
    Join Date
    Apr 2008
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    IL
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    8,901
    Quote Originally Posted by SfgiantsJD3 View Post
    Primarily I use the Citibank Costco card, great for all travel, purchases at Costco, generally pay it off every month. Have my utilities, cable etc on it.

    got close to $700 back last year in cash. Generally pay all my cards off, every now and then new no interest loan or low interest loan to keep the score active. close to perfect credit.

    I use the same one as my family spends a ton at Costco every month.

    I am looking for a good credit card that would give me some miles on a monthly basis. That's one thing missing in my life as I have never gotten a free flight using miles while I see my parents and others all the time go that route.

  9. #9
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    Quote Originally Posted by Pierzynski4Prez View Post
    I use the same one as my family spends a ton at Costco every month.

    I am looking for a good credit card that would give me some miles on a monthly basis. That's one thing missing in my life as I have never gotten a free flight using miles while I see my parents and others all the time go that route.
    You could go a couple of different routes. If you like a specific airline, like Southwest, check out what they are offering for a credit card. For example, Southwest offers a few of them. I think all of them offer a signup bonus right now of 40,000 miles (roughly maybe $700) if you spend $1,000 within the first three months. The fees vary from $69 per year to $149, but depending on the card, they'll give you travel credits and rewards bonuses every card anniversary and these alone can exceed your fee depending on your card.

    There's easy to use travel cards, like the Capital One Venture Card or the Barclaycard. Both have annual fees of $89-$95, and both have big signup bonuses. $700 for Barclaycard and $500 if you spend a certain amount within a certain time period, and if you use the rewards specifically for travel reimbursement. The fee is easy to overcome and is also waived the first. You'd have to spend about $5000 per year on your credit card to earn that fee back in rewards. Basically, if you make a travel purchase with these cards, you can go into their portal and use the rewards to credit/pay for that purchase. I think both offer 2x rewards for every purchase. 1 reward point is worth 1 cent for both I believe. But only for travel. If you use your rewards for cash, your return is cut in half. Venture Card also currently offers 10x rewards if you book a hotel through Hotels.com, which I've done a few times.

    Chase Sapphire Preferred has the same fee and similar sign up bonus, but again I find it the best for airline rewards. You go into their portal and choose a flight from there, and use your rewards to do so. The rewards rate for flights through them is pretty good. 1 reward point is worth 1.25 cents for travel.

    There's a bunch of travel cards. Just got to decide on what you want out of it. Also, if the APR matters to you that obviously is probably the most important thing.
    Last edited by Driven; 03-05-2019 at 06:58 PM.

  10. #10
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    Quote Originally Posted by Driven View Post
    You could go a couple of different routes. If you like a specific airline, like Southwest, check out what they are offering for a credit card. For example, Southwest offers a few of them. I think all of them offer a signup bonus right now of 40,000 miles (roughly maybe $700) if you spend $1,000 within the first three months. The fees vary from $69 per year to $149, but depending on the card, they'll give you travel credits and rewards bonuses every card anniversary and these alone can exceed your fee depending on your card.

    There's easy to use travel cards, like the Capital One Venture Card or the Barclaycard. Both have annual fees of $89-$95, and both have big signup bonuses. $700 for Barclaycard and $500 if you spend a certain amount within a certain time period, and if you use the rewards specifically for travel reimbursement. The fee is easy to overcome and is also waived the first. You'd have to spend about $5000 per year on your credit card to earn that fee back in rewards. Basically, if you make a travel purchase with these cards, you can go into their portal and use the rewards to credit/pay for that purchase. I think both offer 2x rewards for every purchase. 1 reward point is worth 1 cent for both I believe. But only for travel. If you use your rewards for cash, your return is cut in half. Venture Card also currently offers 10x rewards if you book a hotel through Hotels.com, which I've done a few times.

    Chase Sapphire Preferred has the same fee and similar sign up bonus, but again I find it the best for airline rewards. You go into their portal and choose a flight from there, and use your rewards to do so. The rewards rate for flights through them is pretty good. 1 reward point is worth 1.25 cents for travel.

    There's a bunch of travel cards. Just got to decide on what you want out of it. Also, if the APR matters to you that obviously is probably the most important thing.
    You are awesome, thank you.

  11. #11
    Join Date
    Jan 2006
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    America
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    87,507
    I have a couple of cards that I use for specific things.

    I have the American Express Preferred ($95 yearly fee) that gives me 6% back on groceries. If you spend more than $1583 on groceries, then everything over that is money back in your pocket. Unless you eat out every night, I can't imagine spending less than that threshold.

    I have the Cash Rewards card from PNC Cash Reward card that gives me 4% back on gas (and purchases at gas stations) and 3% on restaurants. It also gives 2% on groceries but my AmEx has a higher rate.

    I have a couple of store cards that I use with regularity such as the Amazon and Lowes cards. They both give me 5% back when purchasing from those stores.

    I have the general Cash Builder card. Since I keep a balance that puts me in the Performance Spend ($2000), I get 1.5% back on everything. I use this card for the weird stuff that doesn't fall into any category like groceries, gas, etc.

    I'm not a big fan of miles or points cards. I would just rather get cash back directly.
    Think long and hard about why you respond to nonsense. Please!


  12. #12
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    Sep 2010
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    Quote Originally Posted by WOwolfOL View Post
    Care Credit is amazing for vet bills and dental bills.
    Yep. For dental expenses, medical co-pays, and prescriptions I got smarter about that too. I put roughly $1200/year on a health savings card. $100 is deducted from each paycheck per month, but the full $1200 is available starting in January. I don't miss the $100/month because I never see it.

    This way if I need a crown in February, the money is already available and is "paid down" through monthly pre-tax payroll deductions. If we exceed $1200 for the year, then we go to straight out of pocket from savings if something big hits us.

    My god... the most important thing any young person should learn is responsible money management. I was so reckless when I had money in the bank. I blew through $200k from my mom's estate in ten years a long while back: cars, motorcycles, etc, but never a new roof for the house, etc.
    Last edited by Dugmet; 03-06-2019 at 08:42 AM.

  13. #13
    Join Date
    Sep 2012
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    Nerdwallet does good reviews of credit cards for a variety of circumstances and what you are looking for.

    https://www.nerdwallet.com/
    Use the find cards option.

  14. #14
    Join Date
    Dec 2008
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    Philadelphia
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    100,051
    capital 1 in my opinion is the best.

  15. #15
    Join Date
    Jan 2010
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    NB MA
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    10,952
    Just don't get one of those Green Dot prepaid ones they suck.

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