Credit cards. Finding the right one for me. - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 90 (permalink) Old 01-06-2008, 07:13 PM Thread Starter
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Credit cards. Finding the right one for me.

So since I just graduated college and what not I need to start being responsible with my money and what not and build credit and all that other jazz for the future. I've been looking at credit cards from a bunch of different banks and companies and I've pretty much decided that I want 1 american express card and then 1 other card for all other places that don't take american express. Here is what I've narrowed it down to so far:

American Express Costco True Rewards:
  • No annual fee since I am a costco member.

  • 3% cash back at restaurants, 2% on travel expenses, 1% everywhere else.

  • The rebates do not change after an introductory period.

American Express Costco True Rewards Business:
  • Same as above, but I get an included 5% back on all gas purchases.

  • Cash rebates when used at FedexKinkos, Delta, Jet Blue, Hertz etc.

  • Has a stipulation that it should only be used for business purchases.

Citi Drivers Edge Card:
  • 6% cash rebate on gas and supermarket/drugstore purchases for the first 12 months, 3% after that

  • 1% on everything else.

  • 1 dollar cash back per 100 miles you drive on your car.

Those are the cards I am looking at so far. The thing I don't like about the citi card is that I can't use it to buy gas at costco which has the cheapest gas around me by a long shot, but it would be good when I'm traveling on the road. Also after 12 months the rebate amount drops in half which also sucks, but is more than I would be getting with the true rewards consumer card. Ideally if I could get the true rewards business card then I can get 5% back on costco gas purchases and purchases made at independent gas stations. I'm not sure what the spending regulations would be on the card of if I can even get it. Since all of my income on the current tax period is 10-99 income, I am thinking maybe I can use that to convince them to give me the business card, but I would want to use it for my personal purchases as well and I am not sure if that would fly. So anyways, it would either be getting the costco true reward consumer card and the driver card, or the business costco card.

Anyways, I wanted to see what everyone's opinion and advice would be and whether any of you know of any better deals. I am only using this to build credit and I will never carry a balance on the card so keep that in mind.

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post #2 of 90 (permalink) Old 01-06-2008, 07:18 PM
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Re: Credit cards. Finding the right one for me.

best card is no card!


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post #3 of 90 (permalink) Old 01-06-2008, 07:23 PM
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Re: Credit cards. Finding the right one for me.

Also, make sure the interest rate is good (10% or less is awesome) as well as make sure it's a fixed rate. I think Capital One does fixed rates.


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post #4 of 90 (permalink) Old 01-06-2008, 07:28 PM Thread Starter
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Re: Credit cards. Finding the right one for me.

[quote author=Fiji Mazda3 link=topic=99105.msg1972159#msg1972159 date=1199665393]
Also, make sure the interest rate is good (10% or less is awesome) as well as make sure it's a fixed rate. I think Capital One does fixed rates.
[/quote]

It's my understanding that you only pay interest rates on a balance carried on the card from one month to another. If you pay off the entire balance of the card every month you shouldn't pay any interest correct?

I did state i will never carry a balance on the card so I don't see why the interest rate matters unless my previous statement was incorrect.

[quote author=gar187er link=topic=99105.msg1972152#msg1972152 date=1199665120]
best card is no card!
[/quote]

Thanks for the surprisingly useful and informative post! Any reason why you say that?

Titanium Grey HB 5 spd, ABS, Moonroof, Leather seats, Exel RS-GT 17x7.0 Hyperblack 225/45/17 Azenis RT-615, Racing Beat Front/Rear Sway + Endlinks, Mazdaspeed MSP3 Coilovers, 88 AWR Mount, Apexcone 6000k HID, I deturboed my car and removed my built engine. I'm now stock powertrain + an Injen.
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post #5 of 90 (permalink) Old 01-06-2008, 07:29 PM
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Re: Credit cards. Finding the right one for me.

I spend a lot on gas every month, and try to use only Shell 93 or Sunoco 93. Shell has a mastercard that gives you 5% back on all purchases at Shell for life, and 5% for the first 60-days or $2000 anywhere else. This then becomes I believe 1% back.

There is also a wawa card (if you have a wawa near you) that gives 4% at wawa and like 1% everywhere else...but for the 1st 90-days or 60-days it's 10% at wawa and 5 % everywhere else.

I just like getting money back for using the gasoline I use anyway. I always pay them off in full, so I don't look into the APR for these cards. All depends on what you need.

Good luck!


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post #6 of 90 (permalink) Old 01-06-2008, 07:31 PM
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Re: Credit cards. Finding the right one for me.

There's nothing wrong with credit cards. As long as you pay them off in full every month, you actually make money since what would have been paid in cash has sat in your investment account for the grace period, usually one month, so you get a month's expenses worth of interest, every month.

Say you spend a thousand bucks a month for living expenses on your card and have an investment account like a money market at 5%. Over the course of a year, simply by using your credit card, you actually make $50 bucks (simple interest, actual yield would be a little higher) from using the credit card (using the assumptions of $1000/mo @ 5%) and deferring those payments until the end of your grace period. That doesn't even take into account many of these rewards credit cards that give you a percentage cashback on what you spend, something cash can never do. Credit cards are great!



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post #7 of 90 (permalink) Old 01-06-2008, 07:34 PM
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Re: Credit cards. Finding the right one for me.

[quote author=Hexedit link=topic=99105.msg1972175#msg1972175 date=1199665728]
It's my understanding that you only pay interest rates on a balance carried on the card from one month to another. If you pay off the entire balance of the card every month you shouldn't pay any interest correct?
[/quote]

You are correct. As long as you pay in full, you pay no interest.

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post #8 of 90 (permalink) Old 01-06-2008, 07:38 PM
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Re: Credit cards. Finding the right one for me.

[quote author=Hexedit link=topic=99105.msg1972175#msg1972175 date=1199665728]
[quote author=Fiji Mazda3 link=topic=99105.msg1972159#msg1972159 date=1199665393]
Also, make sure the interest rate is good (10% or less is awesome) as well as make sure it's a fixed rate. I think Capital One does fixed rates.
[/quote]

It's my understanding that you only pay interest rates on a balance carried on the card from one month to another. If you pay off the entire balance of the card every month you shouldn't pay any interest correct?

I did state i will never carry a balance on the card so I don't see why the interest rate matters unless my previous statement was incorrect.
[/quote]

Yes, you're correct, but it's something to really consider. Something may come up and you may have to carry a balance a few months, and you don't want an 18%+ interest to carry for a few months.


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post #9 of 90 (permalink) Old 01-06-2008, 07:41 PM Thread Starter
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Re: Credit cards. Finding the right one for me.

[quote author=Fiji Mazda3 link=topic=99105.msg1972203#msg1972203 date=1199666299]
[quote author=Hexedit link=topic=99105.msg1972175#msg1972175 date=1199665728]
[quote author=Fiji Mazda3 link=topic=99105.msg1972159#msg1972159 date=1199665393]
Also, make sure the interest rate is good (10% or less is awesome) as well as make sure it's a fixed rate. I think Capital One does fixed rates.
[/quote]

It's my understanding that you only pay interest rates on a balance carried on the card from one month to another. If you pay off the entire balance of the card every month you shouldn't pay any interest correct?

I did state i will never carry a balance on the card so I don't see why the interest rate matters unless my previous statement was incorrect.
[/quote]

Yes, you're correct, but it's something to really consider. Something may come up and you may have to carry a balance a few months, and you don't want an 18%+ interest to carry for a few months.
[/quote]

Yea that's a good point, but I really wouldn't want to ever carry a balance on a credit card. I'm more or less ruling that out as an option and instead I'm gonna focus on proactive money management and not getting myself into a bind. Credit card debt is like the downfall for kids in and out of college.

Titanium Grey HB 5 spd, ABS, Moonroof, Leather seats, Exel RS-GT 17x7.0 Hyperblack 225/45/17 Azenis RT-615, Racing Beat Front/Rear Sway + Endlinks, Mazdaspeed MSP3 Coilovers, 88 AWR Mount, Apexcone 6000k HID, I deturboed my car and removed my built engine. I'm now stock powertrain + an Injen.
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post #10 of 90 (permalink) Old 01-06-2008, 07:48 PM
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Re: Credit cards. Finding the right one for me.

Dont get one. I was on top of mine for years. It was more of a emergency. Then I got laid off, then things started to break. Slide slide slide now I owe 11,550 with a 200$ month interest. Its hard to pay something off when 50% of ur payment goes to interest, then when the next payment comes, its 200$ higher :x

Corey, 25yo bodybuilder
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