[TXSTYLE]

So recently (January in fact) my wife and I were already in the process of either paying off (not closing) our credit cards and or evaluating which ones to keep. Obviously when it comes to credit cards, there are a plethora of options! With children, we find ourselves making even more purchases at various stores or online than say a couple would. Also before anyone chimes in about "I only use cash", well that is all fine and dandy. But we all know that "Credit History" is even more important than cash, unless you have an endless supply of it. Particularly Good and Great Credit! That being said, we chose 2 new cards to add to our account. Based on my research on bank and credit card forums and comparing rates, fees, intro and regular APR and especially Rewards, I chose the Citi® Double Cash Card and the Amex EveryDay℠ . Both boast an industry leading Reward program and very attractive 0% APR for 15 Months. Also I don't want a card milking me for a 'Annual Membership Fee' when I charge tons regularly! Neither of these cards have Annual Fees. So not only does it benefit to transfer a card(s) balance with a current interest rate balance, it also allows you to further improve your Credit Score by paying off those balances. Of course you must be careful NOT to exceed the magic 50% credit limit on your new cards. Which I don't. Generally you want the limits on the new cards to be high or decently higher than your old cards.
But what truly sets these 2 cards apart are the Reward Programs: With the AMEX Everyday, it not only earns 2x points on Groceries (which we grocery shop tons!) but once you use it 20 times in a billing period, you get 20% more points on ALL purchases. And 10,000 bonus points after you make $1,000 or more in purchases within the first 3 months. Plus this specific Amex gives you the option to carry a balance if you choose. And all the other great perks Amex is known for: Entertainment Access, Travel Discount and more.
The new Citi Double Cash card is just awesome! We earn 1% on purchases and 1% as we pay those purchases in full or over time. No category restrictions at all earning points. Citi Price Rewind will refund you the difference up to 60 days if the price drops. And more perks than I care to list here. So for all of you savvy shoppers who want the most 'bang for your credit card bucks' these are my Top 2 cards.
Feel free to share in the discussion and your preferred go-to cards.

[Whostheboss]

Another CC topic. Although i find them very interesting. I still stay away from CC's. Not for me.

[TXSTYLE]

Originally Posted by Whostheboss

Another CC topic. Although i find them very interesting. I still stay away from CC's. Not for me.

Far be it from me to even suggest one take on credit cards if they choose not to. Out of curiosity though, how do you handle things like car, home or other large purchases and obtain the lowest rates available?

[E92inNC]

If anyone has knowledge, what is the best way to close out a CC? I have a card at Best Buy, which would negatively impact my credit least: wait for it to close on its own from inactivity or request to close it? I was also planning on getting the Amex Everyday card don't want too many lines of credit open at one time.

Thanks

[Whostheboss]

Originally Posted by sxyblue

If anyone has knowledge, what is the best way to close out a CC? I have a card at Best Buy, which would negatively impact my credit least: wait for it to close on its own from inactivity or request to close it? I was also planning on getting the Amex Everyday card don't want too many lines of credit open at one time.

Thanks

The only CC or 'line of credit' i've ever taken out was Sleepys when i bought my mattress. I paid it off. Called them and closed it. A few months later i checked my score. It was still good.

[Whostheboss]

Originally Posted by TXSTYLE

Far be it from me to even suggest one take on credit cards if they choose not to. Out of curiosity though, how do you handle things like car, home or other large purchases and obtain the lowest rates available?

Since the age of 16, I've always worked and saved money. I have always paid the utility bills in our house (widowed Mom with 5 kids)
At 23yrs i traded in my old Integra and ordered a brand new BMW, i got slapped with 7%.
At 26yrs i purchased my first house, i got 5.25% (2009). I refied last year and got 3.3%.

I always save money and buy whatever i need to buy and move on.

I understand that with a CC i can earn extra rewards for swiping but I've heard horror stories of people who get easily carried away and go on a wild spending spree.

I also understand that just because i pay all my bills on time doesn't necessarily mean i have a good credit. A good credit is the ability to pay back a loan. Oh well. Last time i checked my score i believe it was something like 825/750/701 ( i really don't remember)

So that being said, i just stayed away from CC's.

(pardon me if i jacked your thread lol)

[KingOfJericho]

I still think the Amex Premium Rewards Gold Card is the best around. I also have a Chase Sapphire Preferred card for credit needs. I have an Amex Platinum right now but will be downgrading to the gold when my renewal comes up because it's designed for travel and with a toddler in the house and another on the way, we're just not going to use those benefits. Gold is great for everyday purchases and the Sapphire Preferred has many of the same benefits as the Amex Plat.

[bimmerfrk]

Originally Posted by sxyblue

If anyone has knowledge, what is the best way to close out a CC? I have a card at Best Buy, which would negatively impact my credit least: wait for it to close on its own from inactivity or request to close it? I was also planning on getting the Amex Everyday card don't want too many lines of credit open at one time.

Thanks

NEVER close a credit card!! It hurts your credit and raises your debt to credit ratio due to closing a card that has available credit. Pay the balance and destroy the card. The account will close after several years of non activity.

but never CLOSE A CC!

[KingOfJericho]

Closing things like Best Buy cards shouldn't harm your credit in any significant way since they usually have such low limits. If you close a Chase Sapphire you've had for 10 years with a $20k limit, yeah, that'll fuck up your score. You'll lose the history of on-time payments and the ratio will get screwy.

[bimmerfrk]

Originally Posted by KingOfJericho

Closing things like Best Buy cards shouldn't harm your credit in any significant way since they usually have such low limits. If you close a Chase Sapphire you've had for 10 years with a $20k limit, yeah, that'll fuck up your score. You'll lose the history of on-time payments and the ratio will get screwy.

I agree but just leave it alone it will close on its own. No reason to close it if it has a positive account history. no matter how small the credit it will tick down your score by a couple points.

I have seen it first hand from close family. One of my family member has enormous credit lines. He closed a BS card not used for a long time that had a 2k limit and his credit bounced 7 points.... You never know.

[TXSTYLE]

Yeah if it has "positive payment history" and now has a Zero balance, I'd leave it alone. A factor that has large impact on your overall score and credit worthiness is "Credit History". So even if you don't use it and it's paid in full, having the credit line increases your 'credit usage availability' which is a very good thing.

[TXSTYLE]

Originally Posted by Whostheboss

Since the age of 16, I've always worked and saved money. I have always paid the utility bills in our house (widowed Mom with 5 kids)
At 23yrs i traded in my old Integra and ordered a brand new BMW, i got slapped with 7%.
At 26yrs i purchased my first house, i got 5.25% (2009). I refied last year and got 3.3%.

I always save money and buy whatever i need to buy and move on.

I understand that with a CC i can earn extra rewards for swiping but I've heard horror stories of people who get easily carried away and go on a wild spending spree.

I also understand that just because i pay all my bills on time doesn't necessarily mean i have a good credit. A good credit is the ability to pay back a loan. Oh well. Last time i checked my score i believe it was something like 825/750/701 ( i really don't remember)

So that being said, i just stayed away from CC's.

(pardon me if i jacked your thread lol)

Nice! Kudos to you for having that great discipline.

[JasonCSU]

Originally Posted by Whostheboss

Another CC topic. Although i find them very interesting. I still stay away from CC's. Not for me.

I thought we convinced you of the basic need for a CC and their benefits in this thread?

http://www.2addicts.com/forums/showthread.php?t=1076269

[P1]

Originally Posted by JasonCSU

I thought we convinced you of the basic need for a CC and their benefits in this thread?

http://www.2addicts.com/forums/showthread.php?t=1076269

We must have not done a very good job

[WreckerX5d]

I found NavyFed has some pretty great credit cards, but then again not everyone can get them.

I used to be a retard with CC's, which screwed my credit, and I'm building it back up now. I setup-ed a separate checking account and I strictly use that for bills and CC purchases. Every time I swipe my CC, I transfer it into the bills account and never touch it. This allows me to keep track and never go over myself like I once did with CC's (back then I thought it was just like a loan, and made small monthly payments). Something to keep in mind for those who have this problem like I did.

[TXSTYLE]

What I really love is instant notifications via text or email for everything!

[M_Six]

We have an Amazon CC that gives us decent points for use on Amazon. 3x for every dollar spent at Amazon, 2x for gas and some groceries, 1x for most other purchases. We use that cc for just about everything except Sam's Club, where they don't accept Visa. For that we have a MasterCard. We pay our cards off in full every month, so I have no idea what the interest rate is. But the monthly points on Amazon always get used for some item or another. Usually something for the house, like furnace filters or vacuum cleaner bags and filters or some other boring purchase.

[TXSTYLE]

I find that carrying a modest balance causes regular line increases quicker than paying off balances entirely. Example: if I charge say $1k for the month, I'll pay $750.
Also for those of you interested in a 'high limit' card, Citi, Capital One and Amex are nice choices.

[Sgop335]

Originally Posted by M_Six

We have an Amazon CC that gives us decent points for use on Amazon. 3x for every dollar spent at Amazon, 2x for gas and some groceries, 1x for most other purchases. We use that cc for just about everything except Sam's Club, where they don't accept Visa. For that we have a MasterCard. We pay our cards off in full every month, so I have no idea what the interest rate is. But the monthly points on Amazon always get used for some item or another. Usually something for the house, like furnace filters or vacuum cleaner bags and filters or some other boring purchase.

Yea i have the amazon card too and like it...

So i have kinda worked it out...

Chase Bp visa for bp gas (5%rebate) and travel 2%

Amex blue for grocery and stores 3%

Amazon visa for amazon purchases 3%, dining and gas if not bp 2%

Recently bought vacation pkg to carribean using my bp card, rebates at the pump is nice, bought gas for 40cents a gallon.

[M_Six]

Originally Posted by TXSTYLE

I find that carrying a modest balance causes regular line increases quicker than paying off balances entirely. Example: if I charge say $1k for the month, I'll pay $750.
Also for those of you interested in a 'high limit' card, Citi, Capital One and Amex are nice choices.

We never come anywhere near our limit. Not even close to half. No real need to up the limit.

Originally Posted by Sgop335

Yea i have the amazon card too and like it...

So i have kinda worked it out...

Chase Bp visa for bp gas (5%rebate) and travel 2%

Amex blue for grocery and stores 2%

Amazon visa for amazon purchases 3%, dining and gas if not bp 2%

Recently bought vacation pkg to carribean using my bp card, rebates at the pump is nice, bought gas for 40cents a gallon.

I once put a $5k down payment on a car on my Amazon CC. The dealership wouldn't let me do it again a few years later, though.

[fecurtis]

Originally Posted by Whostheboss

The only CC or 'line of credit' i've ever taken out was Sleepys when i bought my mattress. I paid it off. Called them and closed it. A few months later i checked my score. It was still good.

Good for you, if I'm going to buy day to day things that I need anyway, may as well earn airline miles and/or cash back while I do it.

Keep paying with debit, I'll get something in return for making purchases I was going to make anyway. Another perk to credit cards over debit cards, I've yet to find a debit card that doesn't charge you foreign transaction fees while on vacation (Capital One credit cards, for example, do not). Have a fraudulent charge that was approved? It's much easier getting that sorted out with a credit card vs. a debit card. Like with all things credit, it's just a matter of not being an idiot and understanding that it's not "free money". If you're nervous about not being able to show personal restraint, then yes it's reasonable to stick with debit, or if you're just starting out building your credit (doesn't seem like you're one of those people), a secured credit card is a good way to go. Rule of thumb for me, if I can't pull out my debit card and pay for it right there, then I'm sure as hell aren't charging it. Also keeping my credit used vs. credit limit under 15% for me is another rule I stick buy. Using the two rules in tandem keeps you out of trouble. Those who get carried away from credit cards merely show a lack of fiscal responsibility.

To me it's stupid to pay full asking price for something using a debit card even if you got a .1% rebate from using a credit card (granted .1% cash back is a pretty crappy CC benefit, just using it for the sake of example). Why pay more if you don't have to? Any reasonable adult who tracks their finances can easily manage a credit card (I personally have 7...of those only 2-3 I actually use on a regular basis, I don't cancel the other ones though as it'll ding my score). How you can manage unsecured, revolving debt works can work wonders for you, even if you have largely secured, non-revolving debt reflected on your credit report/score. Outside of the airline miles/cash back, there's other benefits (aside from lack of foreign transaction fees). Cards can also give you added perks, such as an extra 1 year warranty on various electronic items above and beyond the standard manufacturer's warranty, additional rental car insurance free of charge (not to mention, to rent a car, you typically need a credit card, most places won't accept debit and if they do, they may require an extensive security deposit), there's also a perk to my Citi Diamond Preferred Card. If I purchase something and a month later that item from that same vendor is on sale for 50% off? Guess what? I call Citi, inform them, provide proof of the current sale going on, and I get that savings back as if I had bought that item on sale.

If you're responsible, credit offers several advantages over debit. Sounds like you just know a bunch of fiscally irresponsible, reckless, and immature people. I've saved tons of money by using credit cards over debit. I've had flights paid for just by doing shit like buying groceries I need. As for cancelling your Sleepy's account, it's because it was a new account. Your credit score is also a function of your longest active account, the longer you hold a card or account for, the more it hurts you if you cancel it. Reason being, if you've had a card for 10 years and still use it, that's just more history for reporting companies to rank your creditworthiness on.

OP to answer your question, American Express EveryDay card...the one you have pictured in your original post. The points you get are transferable to various airlines which gives tremendous return on airline miles and discount or free plane tickets.

I've heard nothing but great things about Chase Sapphire too. It does the same as above but has different airline partners. I've considered using the two in tandem but I don't think I spend enough money to make it worthwhile. You can get an EveryDay card that's free, Sapphire comes with an annual fee (first year free though).

[Benedict1957]

Originally Posted by Whostheboss

Another CC topic. Although i find them very interesting. I still stay away from CC's. Not for me.

This is the mentality of a financially illiterate person, unless you're just so ridiculously wealthy (I'm talking like $10 million+ minimum) that any pittance of a credit card reward or boost in FICO score simply does not matter for you.