new credit card

[sport29883]

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Hey,

I'm starting residency soon and have limited/no credit history (been using a debit card). Would like to go in for a credit card.

Any suggestions for which ones are good with regard no annual fees and reward points? I guess my major expenses would be on eating, groceries and retail stores,online shopping and airfare. I live pretty close to my hospital so no expenses on a car as of now.

I'm pretty sure i'll be paying off the bills asap- so I guess I shouldnt worry about the APR?

Would really appreciate some suggestions.

Thanks!

P.S. The older threads were nearly 2 years old .

 

[UserNameNeeded]

You should look in the Finance forum. I would recommend the Charles Schwab Bank Invest First Card. Gives you 2% of all purchases back as cash automatically deposited every month into your Schwab brokerage account.

 

[YouAreAwesome]

UserNameNeeded,

Opening a Schwab account requires an initial $1,000 deposit. Is there a minimum account balance or can you withdraw $999 after you open it?

 

[UserNameNeeded]

When I opened my account earlier this year, they told me there was no mimimum balance requirement. I keep $0 in brokerage and manually transfer the monthly cash back deposits into my Schwab savings account (Current APY 1.75%).

Thanks for the link in the other forum, re: rewards checking accounts.

 

[hondagirl86]

I like Discover. No annual fees and I've never had a problem with them. They give you "cash back bonus rewards" that adds up if this is your primary method of payment (like it is for me). You said you don't drive much but if you ever do they have an "open road" program that gives you 5% cash back on gas and auto purchases. However, being that when I first applied with Discover I had little credit history, they denied me (I was 18). So I just got a simple credit card with my credit union and tried again after a year.

 

[beebee0]

Speaking of credit cards, how much will a large amount of student loan affect your credit (score)?