Your Ideal Credit Cards?

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This topic contains 15 replies, has 4 voices, and was last updated by  chgodave 2 years, 6 months ago.

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  • #1906

    Amy
    Participant

    Hi everyone,

    I know we are either rebuilding or establishing (like myself) credit here, but I am curious as to everyone’s ideal or dream credit cards that they are striving for? I know that we all have different goals for having a better credit report; some of us are working for a mortgage, others for financing a car, and yet others like myself just want to have good credit for the future for when we need it. After rebuilding with the Capital One Secured Card or any other secured credit card, what are the credit cards that you would like to eventually have, realistically?

    My list for the rather immediate future (in the next year or so): Discover More for Students, Citi Forward for College Students, and maybe Amex Zync (a charge card). If you’ve seen my previous post, you would recall that I am establishing credit because I have no history at all, and have no bad credit. My plan is to use the secured card for about 7-8 months, then try applying for these cards.

    I would like to eventually get a Chase Freedom card, which usually requires two years of credit history and at least two lines of revolving credit.

    Now please feel free to share your ideal credit cards lineup!

    #2376
    fontanaman
    fontanaman
    Moderator

    Hi Amy,

    Right know pretty much any unsecured card would do for me! But If I could choose, I would like to have my Bank of America rewards card back. I am going to request to have this account reopen as soon as my score improves. I had this card for a few years so hopefully I’ll get it back. It would look good on my report.

    In general, my ideal card would be a rewards card of some sort, with low interest and a medium credit limit. I’m not too picky about specific banks but it could be with Bank of America, Citi, Chase or TD Bank.

    It looks like you’ve been doing a little bit of research. Why did you pick those cards/banks?

    #2377

    Amy
    Participant

    Hi fontanaman, thanks for replying. I wish more people would participate in the forum since I actually follow this forum frequently and post on here more than on other forums!

    Bank of America rewards card seems good. Is it the 3-2-1% (3% for gas, 2% for groceries, 1% every other purchase) cashback rewards card I keep seeing the TV commercial for?

    I’ve been doing a lot of research since I think having a goal in mind is good for me. I’d have something to look forward to, and I like that feeling.

    All the cards I listed above are rewards cards. They have nice rewards for the categories I usually shop in. The Citi Forward has a good points system where it’s 5x the points for restaurants (including fast food), Amazon.com, books, movies, and there are bonus points for paying the bill on time. The Discover card would be good for the rotating quarterly categories with 5% cashback and also bonus cashback at ShopDiscover online merchants. Amex Zync is the easiest Amex charge card to get and I might want to get it because Amex will be good for average age of accounts in the future with the backdating feature (any other Amex cards you get after the first one can have the same account opening date as the first card). Their extended warranty protection feature is also really nice.

    Would love to hear about some other cards people would like to get.

    #2378
    fontanaman
    fontanaman
    Moderator

    I got the BOA card while I was doing my undergrad and actually started as a student card. It was later upgraded to a points rewards card. I’m not sure which one, but I could redeem for gifts or get cash back when I had enough points.

    The cards you mention sound great. I’ve never had a charge card before. What is the difference between a charge card and a debit card?

    I agree there are still not enough people posting here. The forum is only 3 weeks old, so I’m sure it’s just a matter of time. Please don’t be discouraged by this, more and more people are coming to the forums to register every day. So you are actually helping a lot by posting.

    #2379

    ambersun
    Participant

    Hello everyone. Well, not really a goal, but yeah it is…..more of a challenge. I want to get into the GEMB card family, Old Navy, JCP, one of my relatives has one and I like the coupons, promotions that they receive in addition to the sales….AMEX to me is the God of credit cards, but I don’t aspire to have one. When I think of an AMEX I think I need to pay in full every month. May not be the way it is, but I always thought of them as that and I like to carry a balance sometimes. My ulitmate goal is to be able to get a card with my credit union. From what I’ve heard, they give generous credit lines once you have nice reports and credit score and that’s what I want. I want to establish a nice savings, but I want to have that nice credit line just in case something happens….major repairs, etc. or I just want to splurge for once in my life!

    #2380

    Amy
    Participant

    @fontanaman:

    Like ambersun mentioned here, Amex charge cards need to be paid in full every month. There are no interest charges, but there are fees for late payment and possibly account termination. Each different kind of charge card also has an annual fee, and the Zync has the lowest one of $25 per year (though the reward points are worth less than those of the Gold card, etc.). I suppose this would help people develop good habits because it almost forces people to always pay in full. Charge cards are reported to credit bureaus and show up on the report, while debit cards are not reported. I’ve heard of some people using them to build credit. I’m still not sure what exactly they report to the bureaus, as I’ve read some people say the highest balance is reported and some say other things are reported. This reporting issue is complicated because Amex charge cards have “no (stated upfront) pre-set spending limit”, so it does not have a “credit line”.


    @ambersun:

    I heard that GEMB is very generous with credit limit increases, so they are good store cards to get. I was looking into the PayPal Extras MasterCard that’s issued by GEMB, since I use PayPal a lot and already have a verified account with them. However, there seems to be many problems accessing the account from the PayPal page, so I do not think I will touch it. I may look into the GEMB cards you mentioned too.

    #2381

    ambersun
    Participant

    I have heard of the Zync and that it’s a good AMEX starter card. I didn’t know it didn’t have a preset limit and that you DID have to pay in full. As you stated though that’s a good habit to have. I did hear about it not reporting a credit limit, but not sure how that works.

    #2382
    fontanaman
    fontanaman
    Moderator

    Interesting stuff. I can’t believe I just found out about all this. Are all American Express cards charge cards? Do they also offer regular credit cards?

    According to this Bankrate article, Amex dominates the charge card market: http://www.bankrate.com/finance/credit-cards/is-a-charge-card-same-as-a-credit-card.aspx

    #2383

    Amy
    Participant

    Thanks for the link. They have some interesting articles.

    Amex does have credit cards, though on their website they call them “flexible payment cards”. Their Blue series (Blue Sky, Blue Cash Everyday, etc.) is credit cards. They also has a bunch of airline credit cards.

    #2384

    chgodave
    Participant

    hey guys, I was thinking a travel card,preferably Capital one since i so far have a good expirence with them. just waiting for a couple of years since i can always add $ to raise my cl. cash is fine,but i can always make that. miles would just be more fun.

    #2385

    Amy
    Participant

    The Capital One Venture card sounds like it would be a good one for you. Good luck on your journey, chgodave.

    #2386

    chgodave
    Participant

    thanks Amy. ventures reward is the one. i wish there was a way to know what score you would need to get certain cards, it would make goals much clearer. as far as i know the only way to know is to apply, which is bad as far as taking a hard hit on inquires on your credit report.

    #2387

    Amy
    Participant

    You can check Credit Karma. They have reviews of credit cards and also the stats such as the average score of people who were approved. Their website is http://www.creditkarma.com

    #2388

    ambersun
    Participant

    Chgodave, use Capital One’s preapproval page- after u put in your info. it might show what cards u could qualify for. American Express, Discover, Orchard and Household bank have preapproval links as well. Its only a soft inquiry if you use the links not a hard inquiry. I think its a hard inquiry if you actually apply/accept the card they offer if they offer you one.

    #2389

    chgodave
    Participant

    Ambersun, Amy, hi and thank you, both really good ideas, i will wait a while to improve my score, very good to know.

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