Credit cards

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Hork Bajir

Hork Bajir

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I need to get a credit card. I’m a bit ashamed to admit I’ve made it to this point in my adult life having never had one- my only debt is about 130K in student loans, and I pay for most everything with my debit card and/or checking account... Reason I’ve never had one is a psychological aversion to credit card debt as a result of my family’s financial situation growing up, though I don’t want to get into that. I know I’ve gotta get one at some point... Will likely be buying a house in the next 1-2 years and gotta start building additional credit beyond what I’ve built through student loan payments.

So, I’m not posting here to be shamed for not having a credit card at this point in my life. Rather, I could use some recommendations from the financially savvy folks here: What card should I apply for?

Thanks!
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You will be making so much money soon that people will be begging to lend you money. Don’t worry too much about it.
Also, some practices have such good relationships with banks that with just the word of the practice president or CEO they will give you a good deal on your mortgage. I interviewed at a number of practices like that.
 
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Citi® Double Cash Card - Cash Back Credit Card | Citi.com

Earn 2% cash back on purchases: 1% cash back when you buy plus 1% as you pay. Learn more and apply for the Citi® Double Cash Credit Card.
www.citi.com www.citi.com

This is a tried and true card: citi 2% cash back. No need to memorize what categories are on this month, whether you’re on your period, which planets are aligned, etc. 2%. Period.

Just pay it off in full each month (which you likely will)
 
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Costco VISA
 
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If you just want to increase your score or credit history, have a spouse / parent add you as an authorized user on their oldest card. Assuming they have good history. You'll inherit the "age of account" which can be a big factor in your score, whereas a new card will do the opposite. For the same reason I always tell people their first cc should be a no annual fee cash back card, never close it and if you "sock drawer" it in 10 years it won't be a liability.
 
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MoMoGesiologist said:

Citi® Double Cash Card - Cash Back Credit Card | Citi.com

Earn 2% cash back on purchases: 1% cash back when you buy plus 1% as you pay. Learn more and apply for the Citi® Double Cash Credit Card.
www.citi.com www.citi.com

This is a tried and true card: citi 2% cash back. No need to memorize what categories are on this month, whether you’re on your period, which planets are aligned, etc. 2%. Period.

Just pay it off in full each month (which you likely will)
Click to expand...

I used to have this card for 5+ years and would now advise against it. Their customer service has tanked and otherwise standard protection features (extended warranty, chargebacks, etc) are non-existent. For example, if you bought a recent vacation and tried to get it reimbursed through the credit card due to COVID, there’s no chance.

instead I’d try the previously recommended chase sapphire cards, Amex everyday blue, or a quicksilver card.
 
Chase Sapphire Reserve.

The only other one I’d currently advise is if you are in a relationship is to get a Southwest personal card and 3-4 weeks later try to get a SW Business card.

Combine the rapid rewards sign up bonus points for those two and you’re close to Companion Pass, the best deal going.
 
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Chase Sapphire Reserve and/or Amex Platinum for travel

www.nerdwallet.com

AmEx Platinum vs. Chase Sapphire Reserve: Reserve Has More Mass Appeal - NerdWallet

The Platinum Card from American Express might be the better option for traveling in style, but the Chase Sapphire Reserve is better for travel rewards and daily use.
www.nerdwallet.com www.nerdwallet.com

I use Amex blue cash preferred for groceries, gas, and streaming services (sling, netflix, hulu, disney+). $100 annual fee but the cashback is 6% grocery, 6% streaming, 3% gas, 3% rideshare, 1% everything else.
 
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The bank of america reward card is decent. No fee. 3% category that you can change at the beginning of the month (travel, home improvement, gas, etc). 2% grocery stores/wholesale for first 2500 per quarter then 1% on everything else.
 
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if you're just starting out get a flat rate case back card. Chase freedom unlimited (1.5% on everything), Amex Cash Magnet (same 1.5% on everything), Discover has good cash back cards too (can't remember the name). The key is keep it simple. No annual fee and no rotating categories to confuse you. These cards tend to be easier to get on limited credit as well. You just might have a lower credit limit to start.

If you're looking into a card with benefits (well that sounds weird...) then just pick a card that suits your spending habits. A lot of people like CSP or CSR. Neither of those cards would give me much benefit. I do, however, have the Amex gold because I spend a lot on food (groceries or restaurants) so it pays for itself FAST. But if you don't eat out or buy a lot at the grocery store (if you shop at costco, for instance), it's a terrible card. There's no one best credit card when it comes to these, just be honest with yourself and match a card to your spending habits, not the other way around.

If I had to give a personal opinion, I'd say get a chase or amex card. They both have good rewards programs that you can grow into when your credit and/or financial situation allows.

One last thing. If you have bad credit (as opposed to just limited credit) you can get a secured card. Sounds crappy but it'll give you an account that helps you build credit.
 
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I have a few credit cards. I get good cash back rewards.

The one card I like the most has less to do with rewards than customer service. The best customer service of any credit card company by a mile:

American Express.

I have Visa and MasterCard. Nobody and I mean nobody has your back like AMEX. You won’t ever get ripped off by a merchant with AMEX. You will get great service with a smile. Amex will refund any fraudulent charges quickly and easily. Amex takes your side in any dispute with merchants.

Despite getting more reward money or travel points with my other cards I spend 3 x as much with my Amex. They are the best and when, not if, you have an issue this will become crystal clear.

I’m not bashing anyone with other cards as I use them as well but nobody beats Amex.
 
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If you fly a lot and live near a Delta hub, their AMEX sky miles might be the call. Free checked bag for everyone on a reservation that you as fly on as well.
 
I do need to add that not everyone takes AMEX. So, you will need 1 other credit card. Amex is the best card for expensive online purchases. They have your back 100 percent of the time. If the merchant accepts Amex they know you can’t be cheated easily. Once you experience the difference in customer service with a regular credit card vs Amex you will be amazed at the difference.
 
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BLADEMDA said:
I have a few credit cards. I get good cash back rewards.

The one card I like the most has less to do with rewards than customer service. The best customer service of any credit card company by a mile:

American Express.

I have Visa and MasterCard. Nobody and I mean nobody has your back like AMEX. You won’t ever get ripped off by a merchant with AMEX. You will get great service with a smile. Amex will refund any fraudulent charges quickly and easily. Amex takes your side in any dispute with merchants.

Despite getting more reward money or travel points with my other cards I spend 3 x as much with my Amex. They are the best and when, not if, you have an issue this will become crystal clear.

I’m not bashing anyone with other cards as I use them as well but nobody beats Amex.
Click to expand...

We buy most of our big ticket items with Amex for precisely this reason.
I was devastated when Amex lost Costco account. Two of the most consumer friendly companies, (at least appears to be).

Just like everyone else has said so far. It depends on what your goal is.

If you want cash back on gas, PenFed had 5% on gas, regardless the amount/station. Rotating categories chase freedom. Groceries Amex blue cash (no fee 3% cash back, 6% with fee). Discover is good with rotating categories and customer service, but they aren’t really accepted everywhere like Amex.

Travel, my SO and I try to collect Membership Rewards from Amex. Pretty good value if you do research and covert points for plane tickets. Platinum even though is expensive with annual fee, you get TSA screening free, use their lounges. $15 uber eats credit, $20 cell phone bill credit, and $20 streaming service credit. And exceptional customer service. If you value your time above anything else, this is definitely the card to get. Downside, a lot of places won’t accept it.
 
BLADEMDA said:
I have a few credit cards. I get good cash back rewards.

The one card I like the most has less to do with rewards than customer service. The best customer service of any credit card company by a mile:

American Express.

I have Visa and MasterCard. Nobody and I mean nobody has your back like AMEX. You won’t ever get ripped off by a merchant with AMEX. You will get great service with a smile. Amex will refund any fraudulent charges quickly and easily. Amex takes your side in any dispute with merchants.

Despite getting more reward money or travel points with my other cards I spend 3 x as much with my Amex. They are the best and when, not if, you have an issue this will become crystal clear.

I’m not bashing anyone with other cards as I use them as well but nobody beats Amex.
Click to expand...

I agree with the above. Every time I’ve called them they’ve been very helpful.I had a rental car company charge me some extra bull**** like two weeks after I returned the car and Amex just handled it. I don’t know what happened but I didn’t pay it. Amex sent my card to the wrong address once (Or something like that, I can’t remember) and I called them, they cancelled it, overnighted me a new card. Had it in under 24 hrs.

good customer service is worth it to me.
 
Unpopular opinion: Points are overrated :thinking:

1) Chase Sapphire Preferred for 90% of all purchases
2) Chase Amazon for Amazon Prime purchases
3) Chase Ink Business Cash ****

The first two are irrelevant. At our salary whether you get the generic 1-1.5% cash back or some special deal on some category doesn't make as big a difference as credit card junkies will suggest. I will emphasize the need for a separate business credit card for 1099 income. Easier to keep track of come tax time and demonstrates to the IRS that your business is being kept separate from your personal spending. Don't overlook the importance of this come audit time.
 
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I would recommend reading asksebby or thepointsguy or any of the other credit card websites to choose something tailored to YOUR needs. It used to be the chase trifecta gave you the best value but not so much now with the increase in fees. I still have them but spend mainly with bofa because it gives me the best cash back but only because I am a platinum member. The Citicard from Costco also has a good price match policy where if you buy something and the price goes down you can file a claim for them to match retrospectively. I’ve used this policy on a tv at Costco.

For travel I would recommend Amex over chase.. the lounges are more exclusive and usually less crowded and higher end..
 
Google the points guy or any number of credit card/mileage websites.

You should choose between cash back vs. points (better than mileage, which locks you in with one airline/alliance).

Cash back:
1. I have used Citi double cash for years. 2%. No limit. Simple.
2. Citi anywhere for Costco, if you go there.

Points:
1. The current problem is where are you going to travel to with all the points/miles you will get with the signup bonus and spending?
2. Chase Sapphire Reserve used to be a great card, but with increased annual fee 450->550, it's no longer as good of a deal as before. It has a lower sign up bonus than Preferred, even though it has a higher annual fee.
3. I started using AMEX gold, 4x for grocery and restaurants. That is the work horse for a busy new grad.
4. You do need to keep track of the different categories of spending that get you the maximum bonus.
5. Do you really want to spend for the sake of spending just so you can hit the sign up bonus (e.g. spend 4K in 3 months to get 60K points?)

If you just want a credit history and are new to the credit card "game", I recommend you go with cash back.
 
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Laradd said:
My relatives recommending this as well.
Click to expand...

I read somewhere that points tend to work out to around 1% cash value back, plus the years of saving up your points makes them less valuable than cash back or a statement credit. Category based benefits are also not great since the return on most of your spending is 1%.
I have a Costco visa that I only use for gas and Costco. I had the doublecash card with 2% cash back which beats almost everything. I was getting declined all the time for fraud alerts though so I canceled that card and got an Alliant Credit Union Visa. It was 3% cash unlimited on all purchases for a year and 2% after that. I had to donate $5 to a charity to qualify to join the credit union. I don’t see why you’d take 1-1.5% when you can get 2%.
(The other thing was that I started a savings account at Alliant that paid 2% interest though that has fallen to 0.8% as interest rates fell)
 
For groceries - amex blue (3% , maybe 6% if you get the card with a fee). For eating out - bank of america (3% back), for foreign transactions I have a capital one card available, for other purchases I have a fidelity credit card (2% back, + it came with a sign up bonus at the time). If you want to keep things simple, a 2% cash back card will probably be your best bet.
 
Just get the 2% back fidelity card, and have the 2% back go right into your Fidelity investment account. All the basic benefits, for a no fee card.

Works well and it is visa, so you can use it anywhere.
 
CD125 said:
Chase Sapphire Reserve
Click to expand...

if you travel then this. absolutely. you initially get 3% back on restaurants and travel. but when you redeem through their website you get an additional 50% points. so youre actually getting 4.5% back for travel. its insane. i have no idea how they make money off this card if users use it appropriately.

i then just use my capital one card for all other purchases, which i get 2% back on.
 
BLADEMDA said:
I do need to add that not everyone takes AMEX. So, you will need 1 other credit card. Amex is the best card for expensive online purchases. They have your back 100 percent of the time. If the merchant accepts Amex they know you can’t be cheated easily. Once you experience the difference in customer service with a regular credit card vs Amex you will be amazed at the difference.
Click to expand...
Blade, I am almost always in your corner, but my experience with Amex has not been good. I travel and prior to Covid, traveled internationally. I specifically got the Amex platinum card to use the free airport lounges and utilize the companion ticket where you only pay taxes if you bought the ticket through them. I twice tried to get a business class companion ticket to the UK, and was denied due to some little known codicile. Due to limited airports that had approved lounges, we only used that perk twice. Once in Vegas and once at JFK. I dropped the card and told them why. I have found Capital One to have the best customer service of the major Visa/mastercard brands. They work directly with the Secret Service with fraud cases. My 2 cents.
 
Angus Avagadro said:
Blade, I am almost always in your corner, but my experience with Amex has not been good. I travel and prior to Covid, traveled internationally. I specifically got the Amex platinum card to use the free airport lounges and utilize the companion ticket where you only pay taxes if you bought the ticket through them. I twice tried to get a business class companion ticket to the UK, and was denied due to some little known codicile. Due to limited airports that had approved lounges, we only used that perk twice. Once in Vegas and once at JFK. I dropped the card and told them why. I have found Capital One to have the best customer service of the major Visa/mastercard brands. They work directly with the Secret Service with fraud cases. My 2 cents.
Click to expand...

I don’t own stock in AMEX. I own Visa. I have several credit cards Amex, Visa and MasterCard. What AMEX does best is to take your side on any dispute. That means they make the seller prove the charge was valid or the item arrived as advertised. Visa and MasterCard assume the seller is correct and make the buyer prove his/her case in any dispute.

The Amex card I recommend is the cash back card which offers 6 percent back on groceries. If you can’t qualify for the 6 percent back on groceries then get the free Amex card.

Otherwise get a 2 percent cash back Visa or MasterCard on all purchases. Why rotate categories when you can simply get 2 percent back on everything.
 
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American Express Blue Cash Preferred. Yes, there is a small fee but as mentioned above it is incredible. 6% back on grocery which becomes a 6% amazon discount when you buy amazon gift cards at the grocery store. 3% back on gas as well. Easily pays for itself.
 
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MCMD22 said:
6% back on grocery which becomes a 6% amazon discount when you buy amazon gift cards at the grocery store.
Click to expand...


PhonyDescriptiveHanumanmonkey-size_restricted.gif
 
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MCMD22 said:
American Express Blue Cash Preferred. Yes, there is a small fee but as mentioned above it is incredible. 6% back on grocery which becomes a 6% amazon discount when you buy amazon gift cards at the grocery store. 3% back on gas as well. Easily pays for itself.
Click to expand...

they don’t exclude gift cards?
 
vector2 said:
Can't believe I never thought of doing this with my blue preferred.
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Welcome to the world of credit card churning and manufactured spending.

But you maybe spending time for small gains. And you forgo some of the benefits of the credit card protection.
 
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IMGASMD said:
Welcome to the world of credit card churning and manufactured spending.

But you maybe spending time for small gains. And you forgo some of the benefits of the credit card protection.
Click to expand...

I buy a lot of household staples on amzn because I can't think of a worse use of time than wading through some godforsaken big box store looking for the necessities. In those cases it's not really manufactured spending nor would I be in much need of credit card protection.
 
vector2 said:
I buy a lot of household staples on amzn because I can't think of a worse use of time than wading through some godforsaken big box store looking for the necessities. In those cases it's not really manufactured spending nor would I be in much need of credit card protection.
Click to expand...
I would do that. Unfortunately, the wife has kept that stereotypical "woman-like" behavior of needing to go to a physical location and see and touch the things for hours on end only to return half of what she bought. Lol
 
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triggermaster said:
they don’t exclude gift cards?
Click to expand...

oh the catch is the $6000 a year max combined with a $95 fee. You do come out $145 ahead compared to a 2% cash back card but only if you spend $6000 and stop using that card for groceries. Any grocery spending over $6000 gets you 1% and cuts into your benefit of having the card.
If you spend less than $2500 on groceries your added benefit doesn’t cover the fee.
I probably spend 15k on groceries (and a ton on Amazon) so the 6% sounded amazing, but the $6000 max makes it pretty good not great. Also, the gift card thing loses you money vs a 2% card if you buy over 6k in groceries anyway.
 
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triggermaster said:
oh the catch is the $6000 a year max combined with a $95 fee. You do come out $145 ahead compared to a 2% cash back card but only if you spend $6000 and stop using that card for groceries. Any grocery spending over $6000 gets you 1% and cuts into your benefit of having the card.
If you spend less than $2500 on groceries your added benefit doesn’t cover the fee.
I probably spend 15k on groceries (and a ton on Amazon) so the 6% sounded amazing, but the $6000 max makes it pretty good not great. Also, the gift card thing loses you money vs a 2% card if you buy over 6k in groceries anyway.
Click to expand...

You come out ahead or break even vs a 2 percent cash back visa. But, you get AMEX customer service which Is like First Class vs Coach without costing you a dime.
 
Credit card companies are multi-billion dollar companies that have spent more on marketing and engineering human behavior than we ever will.

Just pick on that gives you reasonable cash back, and try not to game the system. All this consternation over a few hundred bucks a year. They are Ultimately going to win.

Even if you do “win”, you have lost because you have increased your spending habits way above whatever rewards you get.
 
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NITRAS said:
Credit card companies are multi-billion dollar companies that have spent more on marketing and engineering human behavior than we ever will.

Just pick on that gives you reasonable cash back, and try not to game the system. All this consternation over a few hundred bucks a year. They are Ultimately going to win.

Even if you do “win”, you have lost because you have increased your spending habits way above whatever rewards you get.
Click to expand...

ehhh...I’ve banked over 3 million miles and mid 5 figure travel credits gaming the system. Easy if you have time and know how.

I also have had my American Airlines account banned, but totally worth it. :laugh:
 
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MirrorTodd said:
How the hell did that happen?
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LOT of time spent on FlyerTalk Manufactured Spending forum haha.

Easy site to browse during residency on call.

- And AA shut my account down last year because I gamed the system...me and thousands of others. Lost 400k miles, but got more than my money's worth over the years.
 
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