Best Credit Card? Rewards? APR? Fee? etc.

no credit cards likely means no credit history which means not good for your credit score which means you'll probably pay more in interest rates when you apply for a loan. CCs aren't bad if you use them responsibly. The rewards are a welcomed perk. just got back $500 last month. just don't apply for a CC that charges a yearly rate.

 

Debit card deducts from your checking account.

Not the case with a credit card.

 

http://www.fatwallet.com/forums/finance/

 

look for a no fee low apr deal with rewards and make it your gas card or car maintenance/emergency card.

pay it off in full every month and to maintain/average a low balance is easy this way.

your credit rating improves quickly this way

 

Do they give you a rebate on debit card?

 

not a good thing. if your debit card gets stolen and charged, it will be very difficult to recover the cash you lost. you're a lot more protected with a CC AND it's not tied to your bank account. if you only charge your CC with purchases you would make anyway with a debit card, you should use a CC.

 

if you're using debit for purchases, you might as well get a credit card, pay it off 2 times a month, don't carry debt

 

Why would you pay it off 2 times a month? If he can make the payment in full every cycle, he won't be carrying debt.

 

OP, may I ask you how old you are? I just turned 24 and I recently found out and got surprised how many of my friends don't own credit cards. Most of them didn't because they've been sheltered by their parents who still support them and they only had debit cards to bank accounts that their parents pad rolleyes, and few of them were morally opposed to buying things on credit rolleyes:).

 

when you're young, it's probably prudent not to have any CCs. most young people haven't learned about debt and the harm it can cause you. so, in a way your friends are lucky. now, they should use them responsibly.

 

I have two rewards cards, my personal card and a business card. I don't care what the APR is because I pay them off every month. Love the rewards, as they build up over time. Last month I bought a $325 weed eater with some of my reward points. I put pretty much all my purchases on my cards. I get between 1 and 2 percent back in rewards, it may not seem like much, but it adds up over time. And my cards have no yearly fee. If you get a card that has a fee, the rewards may be better in some cases.

 

Personal opinion:

Never pay an annual fee
Cashback > points

If you use Amazon a lot, their Visa is a good option. Citi usually has some of the top rated credit cards.

 

I like the rewards on my discover card.. they have plenty of stores that I shop at on their portal which gives me 5% + and has deals for gas, restaurants, grocery shopping.

The best part? I can use my rewards like cash on Amazon. (new feature)

 

Mind sharing what company you use? Thanks

 

I have a Chase Freedom card and a Chase United MileagePlus Explorer card and that's pretty much all I see myself needing for a while. Cash back from the Chase Freedom is nice but unless you really take advantage of the 5% option at different types of stores every quarter, don't expect to get a whole lot back. I use my United card most of the time because who doesn't want free flights/trips?

 

Everything is paid off as soon as the bill comes in. Here are the rewards cards that I use.

American Express Costco for 3% rebate on gas purchases up to $3,000
Chase Freedom for 5% rebate on 2-3 rotating categories every quarter. (Right now, it's groceries and movies up to $1500)
AMEX Fidelity for 2% Cash Back everything else(After $50, you can deposit in a Fidelity account(checking,IRA,maybe something else)

I love the deposits to the IRA for Fidelity. I rarely fly, so I didn't go after a miles or hotel rewards cards. I rather be cheap and keep the money in my IRA. Social Security is going bankrupt, by the time I retire.