Can Veeky Forums recommend a beginner friendly, credit-building, minimal hassle credit card? 24 and I really need to start building my credit. Also, going on a 2 week vacation to Europe soon and would like an emergency back-up card.
Bonus for building some sort of reward system - but not necessary. Did some research on Clark Howard's website and another website but they weren't much help for beginners
sank u.
I currently use a bank of america card that offered 0% interest for the first 12 months. I just pay it off every month though. Right now my credit limit is only $1,000 but I bet if I asked them to raise it they would considering I don't have bad credit.
>really need to start building my credit
this is still so weird to me
>need
>credit
the fuck
So you plan to rent you home and ride the bus forever?
maybe, altho i drive the company car and it is damn convenient. but what does that have to do with credit?
you need a fucking credit to buy a car?
>BUYING IS BETTER THAN RENTING
what a meme
i guess he never heard of "walk into a dealership slap cash on the table and drive out in your new car"
I guess you've never heard of "not pulling a large sum out of your portfolio when you could withdraw more gradually at an interest rate below your rate of return."
>BUYING IS BETTER THAN RENTING
In many circumstances it is. Why limit your options?
People with strong credit get the best deals when making large purchases that are best financed.
I would only have to pay interest if the fees were late, correct? Regardless if it was 0% or 12%
yeah, you only pay interest if you carry a balance to the next month. there is some debate about whether carrying a small balance (~$10) and paying it off later actually increases credit score more than just paying the whole thing off on time, but that's a different topic.
i personally use a capitol L. jackson quicksilver
I have a debit card with a state credit union. The credit card is exclusive to credit union members.
Does it look decent? Shooting for platinum.
looks like a normal credidt card. no info on the actual interest rate, but if youre not worried about carrying balances it's probably fine.
im curious what the "FREE discounts on popular brands" implies
...
I'll probably ask - hopefully there's no foreign transaction fee too.
better than "cool, metal design" listed under pros
yeah i mean if the card gets you an insta-discount for buying name-brand stuff, that's pretty legit
Chase Slate.
It lets you go online and select which purchases you want to carry and which you want to pay in full so you can force yourself to pay certain things off without letting them build up.
Like if I spend everything on the card, I can select it to bill me the full amount of my groceries every month and gas but carry the textbooks and exercise bike or whatever.
Also free FICO score.
>interest rate below your rate of return
so you have interest rates above 40% tell me your secrets i beg you!
now that's a memecard alright
only time i would take out a loan if the interest rate was below inflation.
it happened before 0% customer loans are a thing.
but even then the hassle is sometimes more than what you gain.
This board REALLY needs the international flag thing that /pol/ has. Some things just don't translate between 'merica, and yuropoors.
Credit cards are dangerous as fuck. In 5 years, my credit limit jumped from $500 to $20,500. In that time, I racked up $19k in debt at 22.65%. (Don't ask me how, I know how stupid I was). I recently secured a debt payoff loan of 3.75%, thank God, but it was a scary ride.
The real secret to credit cards, burn this into your brain hard core: never spend anything you can't put back into it later. Ultimately your goal should be to have no balance, but shit happens. The magical number before they start dinging your credit is 80% LTV. If you have emergencies that go beyond what you can pay back in a month, eat the interest hit but still pay back what you borrowed. If you don't follow this to the letter, your balance will continue to spiral out of control. Don't make the mistakes I made
>burn this into your brain hard core: never spend anything you can't put back into it later.
i thought this was evident and general knowledge.
my personal policy would be never spend more than what you could settle at that very moment. cashback is nice but the credit part is useless to me.
You only qualify for 40% interest rates? Yikes. I can finance a car right now for 0.7%.
Sadly, this is not so. I was a fresh college grad, got into this mode of not caring, and it just went south from there. You clearly have more common sense than the 23 year old me. I know I'm not the only one who falls into this trap, as evident with the credit card debt problem the US has
dunno never looked after it general rates on the credit card are 30-40%
my country is polar opposite people are so terrified of credit cards that only the richest use them.
You don't use the credit card to buy the car, idiot. OP and I are talking about using a credit card to raise your credit score so that when you get a house or car loan, you get a better rate.
frankly i never heard of such a thing, but lie i said this is not really in my culture and very likely not even a thing here.
I have 6 credit cards, looking to get my 7th in a month or so.
Going on a company sponsored trip and I'm able to pay for the hotel and other spending on my personal credit card, and my company will reimburse me. Just doing my research to find a good card to open.
>generational poorfags discussing their usury options
you need an emergency fund, not an emergency loan (card). credit cards and loans are for poor people
inb4 muh 10 bucks of rewards and opportunity cost/rate of return memes
>going on vacation
>open credit card which offers $100 statement credit after spending $500 in 3 months
>pay with credit card
>literally make $100 for free, instant 20% return, plus 1.5% cash back
Alternatively
>going on vacation
>pay with poorfag debit card
>get no rewards
>do not have $100 extra dollars for literally free
>credit cards are for poor people
Spoken like a true poorfag.
>6 credit cards
>literally
>literally
confirmation bias
statistics are overwhelmingly negative on this issue and support exactly what i said
can you use your cards to pay each others debt off?
imo you can play the system but most slip up and that is how the company and bank makes the profit. statistics. but unlike a casino your success is not up to chance but paying attention keep track and not being stupid.
my problem is the annual fees they are too high.
There's nothing inherently wrong with having an absurd amount of credit cards as long as you only use a few and pay the balance in full each month. Actually, it's considerably a good thing in regards to your credit score. As far as managing them, just keep a few together in a drawer at home and use a popular financial app from either your bank or an external source (Mint does this I believe) to consolidate and display all of your accounts for all of your credit cards together in one place. It's no big thing if you're not an idiot. It's like managing 15 email inboxes through your preferred email app. Updates all the time and it's all right there for you.
i'm considering a single card, it has 3% cashback settled in every quarter but the annual fee and the monthly fee is bothering me a bit. if i don't use the card pretty much for everyting it will eat up all the cashback wins.
why would you pay money for the privilege of someone loaning you money? that seems irrational
what do you mean? credit card have annual fees everywhere no? the better/more exclusive the card the more the annual fee is.
my problem with this particular card is either it has a shit cap on the cashbacks or a pretty good cap but even larger annual fees (which include insurance and whatnot that i don't really need)
no not all
the trade off being they all of some sort of drawback for those chasing the carrot (low caps, higher caps with annual fees, no annual fees but no carrot and low cap etc)
theres always cash/debit too. it just works™
If you actually signed up for a card that charges you an annual and monthly fee just for the account to exist then that's on you. I'd cancel it after realizing how stupid it was. Apply for a real card with no annual fee, which is the majority of them.
I have 6 credit cards, none of them have an annual fee.
>which is the majority of them
not here, basically the only cards with no annual fee are the ones that offer nothing extra any card that has cashback or some kind of promotional fares has an annual fee. sometimes it's possible to clear this annual fee if you use the card above a certain amount and then the card is free. but the only card i found that really gives 3% cashback at the places i would actually use it has a monthly fee.
the standard one has a lower cap and lower fee
the gold one has 3 times the cap and costs 4 times annually.
also the limits are horrible because people used to play with cashback cards they shopped like crazy then next day returned the goods in the original packaging got the money back and did it again and again. some shop has policies that allow this hell you could do it with state bonds. people made a living from cashback.