[htDgExh8]

What is a good credit card to get? I don’t really need any credit but I want to start building a good credit history so when I need it I’ll have it. I’m looking for a card that will not charge interest if I pay off the balance within 15 or 30 days of when it was charged and doesn’t have any kind of maintenance or service fees monthly or yearly. Like I said, I have no worries about running it up or really even using it as a credit card and I don’t need a large limit, hell, I would be fine with even $200 but I DO want to try to squeeze the most benefits out of this as possible. Does anyone have any cards that offer what I need plus cash back on all purchases or great perks of some sort? Or does anyone know of cards that offer special benefits for college students? I basically don’t want to pay a god damn extra dime (because I’ll pay off any charges within whatever period they have that is interest free or even the same day/night as placing the charge) but I do want to score the most benefits possible while building a credit history.



(I might consider cards with annual fees if they offer better perks then others, especially cash back)

[gomosopions]

Does not really matter tbh. These are the key things you need to remember when getting a credit card.

1. Only get a limit that you know you could pay off in maximum 2 months in full
2. Always pay your bill on time, set up a direct debit for minimum amount just in case you forget
3. Never get cash advances, you will get hammered on interest.
4. Don't spend on it if you know you cannot pay it off inside 3 months. Believe me, you will just keep upping it, and then have an unmanagable amount that is costing you lots in interest.
5. Never use your card at the beginning of the month unless you know you can pay off at the end and have sufficient funds in your current account for the entire month, you might need it at the end when your skint and leave yourself with no backup if it is maxxed out.
6. Make sure it has fraud protection, even if it costs like £20 a year. Its well worth it as they wont give two hoots if its stolen otherwise and you could end up with a huge bill.

Now you may be great with a credit card. I was stupid with them, and ended up maxing my cards about 4 times with a £5,000 limit. This cost me dearly due to my stupidity, and I only recently after two years was able to get another one. You are speaking to someone who has learned his lesson.

[carlsberg21]

Gamergod, Im in the UK as well. Do you know of any good cards for people just starting out? Im only 19 and am only making £12,000, I want to start building up a credit rating as well but I've been turned down by the one or two companies i've tried with already. AFAIR being declined on a application also has a small negative impact on your score so I dont want to run around apply to everyone [no]

[gomosopions]

Gamergod, Im in the UK as well. Do you know of any good cards for people just starting out? Im only 19 and am only making £12,000, I want to start building up a credit rating as well but I've been turned down by the one or two companies i've tried with already. AFAIR being declined on a application also has a small negative impact on your score so I dont want to run around apply to everyone [no]

Your bank are about the best, followed by Capital one, it is who I am with. You will get a high interest rate to start with, but after 4 months you can get it decreased or credit limit increased.

Personally for the first credit card I would ask for a limit based on your wages of £250. This is a very manageable amount, that can easily be paid off. It also gives you flexibility to spend if needed.

The easiest way to build your history is to get something on interest free credit or a small loan through your bank. Co-Op are very good for this for interest free and have some good deals.

[Biassasecumma]

^^^^^^^^^^^^
What he said. You should already have a student rate for your cheque/saving acc't and the bank will be more interested in your business if they think you'll go to another company.
As long as you are SURE you will pay the acc't each month - in full - the interest rate shouldn't be a significant factor.
I use mine for work quite a lot, running up to $2k a month which is re-imbursed within a week but, depending on the purchase and due dates, can be up to 6 weeks before requiring payment to the bank. A great way to get a good credit history and make a few dollars profit on interest as well [thumbup].
There was a thread on this sort of topic a couple of months back - do a quick search as it should still be available for checking out.

BTW, what is this "cash back" you keep mentioning?

[gomosopions]

^^^^^^^^^^^^
What he said. You should already have a student rate for your cheque/saving acc't and the bank will be more interested in your business if they think you'll go to another company.
As long as you are SURE you will pay the acc't each month - in full - the interest rate shouldn't be a significant factor.
I use mine for work quite a lot, running up to $2k a month which is re-imbursed within a week but, depending on the purchase and due dates, can be up to 6 weeks before requiring payment to the bank. A great way to get a good credit history and make a few dollars profit on interest as well [thumbup].
There was a thread on this sort of topic a couple of months back - do a quick search as it should still be available for checking out.

BTW, what is this "cash back" you keep mentioning?

Cash back is the ability to withdraw cash as well as paying for your product. However it is only available on switch cards, NOT credit cards.

[Casyimipist]

If you pay your credit cards back in full every month, that can have a detrimental impact on your credit record, due mainly to the fact that credit card companies would make extremely little out of people like you. The people who use their cards, don't pay everything back every month but keep it well under control have a much better rating.

[casinobonusnolimit]

If you pay your credit cards back in full every month, that can have a detrimental impact on your credit record, due mainly to the fact that credit card companies would make extremely little out of people like you. The people who use their cards, don't pay everything back every month but keep it well under control have a much better rating.

not sure about were at but here it doesn't hurt your credit one bit. My father pays everything with a credit card and pays it off at the end of the month (he only spends what he normally would with cash by the end of the month on his credit card). It made his credit score skyrocket. Now over here if you get a 5 year car loan and say pay it off in 6 months then it won't help your credit much but also won't hurt it.

[Jadldqys]

If you pay your credit cards back in full every month, that can have a detrimental impact on your credit record, due mainly to the fact that credit card companies would make extremely little out of people like you. The people who use their cards, don't pay everything back every month but keep it well under control have a much better rating.

Uh... no? [rolleyes] Not unless things work a lot differently over there. Acarney is in the US anyway so how it works in the UK is really a moot point. Paying on time and in full is what builds up a credit rating in the US. Who would a banker rather give a loan to, someone who struggles to pay the minimum amount on their card each month just to scrape by, or someone who always pays their bills back in full and is responsible with their credit card? I would much rather give money to the man who always pays 100 percent of his bills back on time.

[htDgExh8]

Cash back is the ability to withdraw cash as well as paying for your product. However it is only available on switch cards, NOT credit cards.

No, Cash back is like reward points, but unrestricted to being redeemed only for airline miles or rewards or something. Most the time it’s 0.5% to 1.5% so if you spend $500 and your card offers 1.5% cash back then you would get $7.50. I know it doesn’t sound like much but it can add up pretty fast and is basically free cash, especially if you KNOW you have to buy gas every month or groceries or something, why not get some cash back out of it?

If you pay your credit cards back in full every month, that can have a detrimental impact on your credit record, due mainly to the fact that credit card companies would make extremely little out of people like you. The people who use their cards, don't pay everything back every month but keep it well under control have a much better rating.

No, lenders want to see that you’ll pay it back as fast as possible and in full. Yes a lender would make more money if you were always paying the minimums and lots of interest but you remain a liability to that company and could always go into default. Plus, credit card companies get money from the merchant every time someone uses their card, not just from you paying late fees or interest so while you do reduce the profit they make off you it’s not eliminated entirely.

As I already said, I have no need for a credit card besides building my credit history. So I’m not looking for advice on how to manage my card or keep from falling into trouble maxing it off. I seriously just plan to replace my bank card or cash with this credit card on things like gas every week. I just really would rather get the most benefits out of the card since I’ll have the added hassle of another card and account to keep track of. Hell, I don’t even mind one with one of the highest interest rate levels as long as I wouldn’t pay any interest at all if I pay off the charges within a certain amount of time (so far it seems to be about 20 days as an average) if it means the card offers awesome cash back or reward points or something.


So, I’m asking for specific card recommendations, not what KIND of card to get.


Oh, I also plan on spending only like $2400 or less a year on this card total so if you know of a card that has a tiered rewards system that has awesome rewards if you spend more then $10,000 a year or something, that’s not going to help me any.

[koebforfrn]

I'd just get a bank card. You've already got a working relationship with your bank and your requirements are very minimal in terms of features so finding what you want shouldn't be a problem. I have a no-fee cash-back card from my bank that also offers 2x the warranty (with various conditions) on purchases made through authorized retailers and comes with basic travel insurance when the trip is purchased on the card.

No credit card that I've ever heard of will charge you interest on normal purchases until your due date has passed but you'll accrue interest on cash advances immediately. Don't take cash advances.

[gomosopions]

No, Cash back is like reward points, but unrestricted to being redeemed only for airline miles or rewards or something. Most the time it’s 0.5% to 1.5% so if you spend $500 and your card offers 1.5% cash back then you would get $7.50. I know it doesn’t sound like much but it can add up pretty fast and is basically free cash, especially if you KNOW you have to buy gas every month or groceries or something, why not get some cash back out of it?


Cashback does not work like that in the UK, obviously different for USA. So yes i am right for the UK


No, lenders want to see that you’ll pay it back as fast as possible and in full. Yes a lender would make more money if you were always paying the minimums and lots of interest but you remain a liability to that company and could always go into default. Plus, credit card companies get money from the merchant every time someone uses their card, not just from you paying late fees or interest so while you do reduce the profit they make off you it’s not eliminated entirely.

I think you need to sort out your quoting. I said pay it back quickly. No offence but you are 19 years old, I know a lot more than you do about credit and how it works. Please don't even begin to tell me how it works. You come across as very ungrateful. It is not my fault you were not able to make it clear what you were after.

As I already said, I have no need for a credit card besides building my credit history. So I’m not looking for advice on how to manage my card or keep from falling into trouble maxing it off. I seriously just plan to replace my bank card or cash with this credit card on things like gas every week. I just really would rather get the most benefits out of the card since I’ll have the added hassle of another card and account to keep track of. Hell, I don’t even mind one with one of the highest interest rate levels as long as I wouldn’t pay any interest at all if I pay off the charges within a certain amount of time (so far it seems to be about 20 days as an average) if it means the card offers awesome cash back or reward points or something.


So, I’m asking for specific card recommendations, not what KIND of card to get.

I think your attitude will get you in a lot of debt.


Oh, I also plan on spending only like $2400 or less a year on this card total so if you know of a card that has a tiered rewards system that has awesome rewards if you spend more then $10,000 a year or something, that’s not going to help me any.

You do not get anything for nothing. Any card will help and only earning $12,000 is not very much and barely enough to get a decent credit card. Of course there are lenders who would be prepared to give you a higher limit, but it will get you in debt. But hey its up to you mate, its gonna be a rocky road with an attitude to credit like you have.

... [no]

[htDgExh8]

... [no]

You UK guys a missing out on that cash back then!


Also, I think YOU need to watch your quoting since I wasn’t replying to anything you said. I was replying to Regim when he said “If you pay your credit cards back in full every month, that can have a detrimental impact on your credit record due mainly to the fact that credit card companies would make extremely little out of people like you.”

“The Wall Street Journal Classroom Edition” mentions “Pay off your debt before it balloons. Try to pay the full amount on your card each month, but if you can't, pay as much as you can-not just the minimum. If you need to pay off one big purchase over time, stop charging new purchases until you can reduce your debt.” I doubt they would recommend something that would hurt your credit history.

Also, I’m almost 21, not 19, but that really doesn’t have anything to do with this.

I don’t see how my attitude will get me into debt. I’m just stating that right now I’m doing fine without a card and am not looking for a card for the reason of needing credit. I just know that just about everything now requires some kind of credit history so I might as well build it now. I’m trying to be very clear in that I want to maximize the benefits from this so people’s recommendations will be more useful. There are so many cards out there and I could (and have a little bit) just read the fine print on each and every one but I still might miss some that others could point out. Some claim great 5% cash back but in the fine print say that the 5% only kicks in after you spend $6,500 on the card or something and before that it’s only 0.5%. Since I mentioned that I don’t plan to spend that much on the card in a year it would be better for me to get one that only offered 1% cash back but right from the start. That’s why I’m being so detailed and pointing out everything. I figure there are probably some people that might have good cards and have spending habits that are fairly close to what mine would be and thus would be able to recommend a card to me.

Sometimes you can get something for nothing. These companies are putting their money on that most people are not responsible and will carry a balance with the card and pay high interest on them. So when they get money from the merchant and know most their customers will be paying interest, offering triple reward points or high cash back isn’t really for “nothing.” Unless that is, you’re responsible and work the system to your favor, though maybe they’ll drop you then.

Oh, and I never mentioned how much I earn, maybe you need to check your quotes better

[htDgExh8]

Oh, also I would love one that didn’t charge if you paid your balance every month online. I suspect most don’t but I wouldn’t be surprised if some did. Anyway, that way I can use my paypal debit card to pay it off since I have my paypal account linked to my bank account. I earn 1.5% cash back on my paypal card, so if I get cash back on that AND was able to get cash back on a credit card, that would basically be double cash back for the same purchase and I consider that pretty much something for nothing. [thumbup]

[ZXRamon]

Oh, also I would love one that didn’t charge if you paid your balance every month online. I suspect most don’t but I wouldn’t be surprised if some did.

I've never heard of a credit card that charged you even if you payed your balance off in full every month.

[wp6Eg2Fm]

If you get turned down for cards from more than one company, an easy way to get credit quickly is to get a department store credit card. They give them out to pretty much anyone, and you can start building your credit score with one of them. Make a few purchases, pay them off on time, and you should have no problem getting a Visa or Mastercard in a few months.

I've never heard of a credit card that charged you even if you payed your balance off in full every month.

He means paying it online through the credit card's website. I think mine charges a certain amount to pay my bill online, and I KNOW that I can only pay a certain amount from their website. I get around this easily enough, though. I just pay using my ING Electric Orange account and it gets electronically sent to them without any fees of any kind. [thumbup]

[koebforfrn]

I recall reading somewhere that Capital One has or may have had limits on the amount that you could pay back at any one time. The purpose being that when they sent you a 0% offer, you would take it and put all the money in a CD for the duration of the 0% offer but you wouldn't be able to pay them back the amount of the loan all at once at the end. This would allow them to catch unsuspecting people out for large sums of money.

I have never heard of a charge for online payment in Canada. In fact, I think the entire concept is absurd. Paying a fee to pay your creditor in a timely and efficient fashion? The money they save firing tens of thousands of employees and replacing them with a computer should more than cover the cost. What will they think to charge for next?

Imagine having to pay a monthly fee to give your bank a zero-interest loan of indefinite duration. Oh wait, that's called a checking account!

[MaraReenece]

Uh... no? [rolleyes] Not unless things work a lot differently over there. Acarney is in the US anyway so how it works in the UK is really a moot point. Paying on time and in full is what builds up a credit rating in the US. Who would a banker rather give a loan to, someone who struggles to pay the minimum amount on their card each month just to scrape by, or someone who always pays their bills back in full and is responsible with their credit card? I would much rather give money to the man who always pays 100 percent of his bills back on time.

[rofl]

See that's WHY credit card companies like people who pay the minimum. Truth is, they hate people who're on time constantly. Them securing you with a nice chunk of debt means you'll struggle to maintain but most of the time people scrape by on the minimum just to have something paid on it, but the interest alone is usually more then the minimum depending on the limit.

All in all, a person who fails to pay the card off each month is a secured means for company income~ regardless the amount, it IS a constant flow of cash. And there are much more people doing this then paying them on time sadly.

P.S. a another great way to build credit is to buy some jewelry... I know it sounds a bit odd, but alot of thes places have payment plans, and you can easily establish a line of credit doing so.

ATM, I've finally got a full loan in my name. (first loan ever actually) for my Alero. I've got it on a 2 year loan which oddly enough is already 7 months paid! Phew~ anyhow...

At the end, I'm going to wait until about 6 months are left, refiance a new car and trade the one I have in and stretch the loan over a 4-5 year plan. Making my payments an assload smaller. Of course in the end I'll pay more interest... But I'll also have a fairly new car (I have a 2000 Alero atm) around a 2005-2006 range and I'll have that paid off by time I get out of college. Weeeee!

[Jadldqys]

[rofl]

See that's WHY credit card companies like people who pay the minimum. Truth is, they hate people who're on time constantly. Them securing you with a nice chunk of debt means you'll struggle to maintain but most of the time people scrape by on the minimum just to have something paid on it, but the interest alone is usually more then the minimum depending on the limit.

All in all, a person who fails to pay the card off each month is a secured means for company income~ regardless the amount, it IS a constant flow of cash. And there are much more people doing this then paying them on time sadly.

P.S. a another great way to build credit is to buy some jewelry... I know it sounds a bit odd, but alot of thes places have payment plans, and you can easily establish a line of credit doing so.

ATM, I've finally got a full loan in my name. (first loan ever actually) for my Alero. I've got it on a 2 year loan which oddly enough is already 7 months paid! Phew~ anyhow...

At the end, I'm going to wait until about 6 months are left, refiance a new car and trade the one I have in and stretch the loan over a 4-5 year plan. Making my payments an assload smaller. Of course in the end I'll pay more interest... But I'll also have a fairly new car (I have a 2000 Alero atm) around a 2005-2006 range and I'll have that paid off by time I get out of college. Weeeee!

Thats how it works with credit cards but when you get a large loan from the bank, they would rather have you pay it all back instead of you possibly defaulting on return of principal.