Credit Cards

WhiteNoise · February 7th, 2012, 02:13 PM

Well im a college student and need to build up some credit. I was wondering what credit companies are a good choice? Im looking for one that doesnt charge interest until after the payment due date of each month. Iv also saw adds for cards with like 3% cash back on gas and stuff, wondering if thats a good choice? Oh well, just looking for opinions

Blitz34 · February 7th, 2012, 02:27 PM

Discover has an amazing student card. I'm really big into this kind of thing and I've personally tried several. Discover has the best rewards program of any other card.

dgt_mustang · February 7th, 2012, 02:29 PM

Amazon Rewards Card. I swear anyone can get approved with that thing.

03_StangGuy · February 7th, 2012, 02:41 PM

One card that is good for one person wont be for another. You need to really look at the rewards and see what is best for you. If your not carrying a balance, which is good, then the interest rate doesnt matter so much. Having a card through your bank is easier to manage. Really though any CC will build our credit up.

dgt_mustang · February 7th, 2012, 02:44 PM

Since your College student i would say Amazon Rewards card because you can get your books and earn those rewards points with it, plus a free 6 month Prime membership since you probably have a .edu email address.

brokenweasel · February 7th, 2012, 02:46 PM

Get as many as you can, free money!

But seriously,
I, along with my roommate and brother have the Chase Freedom Card. If you use it enough within the first 3 months you get a cool $100 or $150, I forget what it is.
1% cash back on everything, and 5% back on certain categories every quarter (gas, restaurants, etc...)

LethalDosage · February 7th, 2012, 08:13 PM

What I'm doing is getting a loan from my bank. Opened up a separate account that I don't touch. I het the loan for, say, 500 dollars. Put it into the account and sign up for auto pay. Been doing that for a little while and just keep letting it pay for itself.

The challenge is to not use any of that money tho lol

Cabikejumper · February 7th, 2012, 08:18 PM

Originally Posted by LethalDosage

What I'm doing is getting a loan from my bank. Opened up a separate account that I don't touch. I het the loan for, say, 500 dollars. Put it into the account and sign up for auto pay. Been doing that for a little while and just keep letting it pay for itself.

The challenge is to not use any of that money tho lol

Best advise yet. I mistakenly got two credit cards. Each 300.00 limit. I now ore over 1300 each... If you get a CC, buy a bunch of shit, then Cut the card up.

PiggySmallz · February 7th, 2012, 08:27 PM

Originally Posted by LethalDosage

What I'm doing is getting a loan from my bank. Opened up a separate account that I don't touch. I het the loan for, say, 500 dollars. Put it into the account and sign up for auto pay. Been doing that for a little while and just keep letting it pay for itself.

The challenge is to not use any of that money tho lol

why pay interest on a loan when you can get a card and pay it off monthly without accruing interest? Use it for gas and other daily needs. Put the money aside for the bill each month.

97S281 · February 7th, 2012, 08:30 PM

You build credit by not having a high credit to debt ratio and by making your payments on time and it helps to pay extra. If you get a card, understand that it is going to be open ended. There is no pay off date like with a loan. Credit cards are convienient and sometimes necessary but they are the easiest way to screw up your credit as well.

You can build just as much credit by taking a small closed end loan like previously suggested and you will have alot less risk. Understand that starting out you will have a higher interest rate. The best way to beat that is with a shorter payment term. Whatever you do, stick with something you can pay easily with your budget.

97S281 · February 7th, 2012, 08:32 PM

Originally Posted by PiggySmallz

why pay interest on a loan when you can get a card and pay it off monthly without accruing interest? Use it for gas and other daily needs. Put the money aside for the bill each month.

That is fine if you do that but how many of us actually pay our balance off every month? Once you start adding all your expenses ( gas, groceries, books, beer, girlfriend stuff,) to the card it gets harder to pay off.

PiggySmallz · February 7th, 2012, 08:36 PM

Originally Posted by 97S281

That is fine if you do that but how many of us actually pay our balance off every month? Once you start adding all your expenses ( gas, groceries, books, beer, girlfriend stuff,) to the card it gets harder to pay off.

If you're paying for it in cash to begin, now it stays in the bank and you swipe the card. It's not like you're creating additional costs. I do it lol if you have self control you can do it. Its a good way to learn to live within your means.

97S281 · February 7th, 2012, 08:45 PM

Yeah I see your point but lets face it, credit card companies make millions or billions maybe? They don't make that off people who pay them in full every month. Obviously their are alot of people out there who don't have your self control.

All I am saying is that MOST people fall into the trap of " I am low on cash, I will just put it on the card." Then when the bill comes they don't have the money to pay it in full and the cycle starts.

PiggySmallz · February 7th, 2012, 08:50 PM

Originally Posted by 97S281

Yeah I see your point but lets face it, credit card companies make millions or billions maybe? They don't make that off people who pay them in full every month. Obviously their are alot of people out there who don't have your self control.

All I am saying is that MOST people fall into the trap of " I am low on cash, I will just put it on the card." Then when the bill comes they don't have the money to pay it in full and the cycle starts.

Then you have credit crunches like 2008. Wealthy people don't become wealthy by building debt. They become wealthy by using their cash to accrue interest through investments to pay for their wants and needs. Compounding interest is a wonderful thing, unfortunately some people let themselves end up on the wrong side of the compounding interest lol

dgt_mustang · February 8th, 2012, 08:33 AM

I wish interest on banked money rises as fast as interest on credit cards, i have a pretty good system going with my credit cards, due to a drop in hours I'm just going to pay the two of them off then go to using just one but its been working.

WhiteNoise · February 8th, 2012, 08:44 AM

Seems like a big pain in the rear.. Im doing some research now.

03SonicBoom · February 8th, 2012, 09:54 AM

Originally Posted by 97S281

That is fine if you do that but how many of us actually pay our balance off every month? Once you start adding all your expenses ( gas, groceries, books, beer, girlfriend stuff,) to the card it gets harder to pay off.

The thing about getting a credit card is that you HAVE to be able to handle it. If you have trouble balancing your budget, then move to a cash system. When you pay for something on your credit card, immediately go to the ATM/bank and withdraw however much you just put on the card. Then take that money and put it in an envelope to pay off the CC bill at the end of the month. Then if you don't have the money in your bank account, you don't use the credit card.

If one cannot handle that, then definitely do not get a credit card.

I don't like the idea of taking out a loan, putting it in an account, and then having that pay the loan back. I don't like it b/c it's a waste of money. You're literally paying money you've earned (b/c of interest) for a slightly higher credit score. I just cannot stand the idea of throwing away money.

dgt_mustang · February 8th, 2012, 10:02 AM

^THIS.

LethalDosage · February 8th, 2012, 11:40 AM

Originally Posted by 03SonicBoom

The thing about getting a credit card is that you HAVE to be able to handle it. If you have trouble balancing your budget, then move to a cash system. When you pay for something on your credit card, immediately go to the ATM/bank and withdraw however much you just put on the card. Then take that money and put it in an envelope to pay off the CC bill at the end of the month. Then if you don't have the money in your bank account, you don't use the credit card.

If one cannot handle that, then definitely do not get a credit card.

I don't like the idea of taking out a loan, putting it in an account, and then having that pay the loan back. I don't like it b/c it's a waste of money. You're literally paying money you've earned (b/c of interest) for a slightly higher credit score. I just cannot stand the idea of throwing away money.

It's not like it's a whole lot of money...maybe around 25 dollars? I'll gladly pay that and not get into the death trap of a credit card. Unless you kick ass at saving and making your payments on time, the loan is the way to go. I've got the loan paying itself and a card on the side that I use for clothes..so it's like adding double to my credit. I meant the loan idea for someone who's not good at pacing themselves...those people get into...a world...of shit

LethalDosage · February 8th, 2012, 11:45 AM

To sum up this entire thread, credit cards aren't a problem unless you make them a problem.

Simply put.

February 7th, 2012, 02:13 PM	#1
WhiteNoise Enthusiast 1997 Mustang GT Join Date: Jul 2010 Location: Western Maryland Posts: 691 iTrader: 0 reviews	Credit Cards Well im a college student and need to build up some credit. I was wondering what credit companies are a good choice? Im looking for one that doesnt charge interest until after the payment due date of each month. Iv also saw adds for cards with like 3% cash back on gas and stuff, wondering if thats a good choice? Oh well, just looking for opinions __________________ Mods: MAC o/r H, SCT tuner, CAI, short throw shifter, dash LED conversion Upcoming: Suspension build (Spring/Summer 2012)

February 7th, 2012, 02:27 PM	#2
Blitz34 Hardcore Enthusiast 2002 Mustang GT 13.907@99.85 Join Date: Jan 2008 Location: Louisiana Posts: 1,545 iTrader: 11 reviews	Discover has an amazing student card. I'm really big into this kind of thing and I've personally tried several. Discover has the best rewards program of any other card. __________________

February 7th, 2012, 02:41 PM	#4
03_StangGuy I Poop Entirely Way Too Much Blown 03 GT Join Date: Jun 2007 Location: Long Island NY Posts: 6,917 iTrader: 0 reviews	One card that is good for one person wont be for another. You need to really look at the rewards and see what is best for you. If your not carrying a balance, which is good, then the interest rate doesnt matter so much. Having a card through your bank is easier to manage. Really though any CC will build our credit up. __________________

February 7th, 2012, 08:13 PM	#7
LethalDosage uncut 2008 Mustang GT Join Date: Oct 2010 Location: Texas Posts: 2,028 iTrader: 0 reviews	What I'm doing is getting a loan from my bank. Opened up a separate account that I don't touch. I het the loan for, say, 500 dollars. Put it into the account and sign up for auto pay. Been doing that for a little while and just keep letting it pay for itself. The challenge is to not use any of that money tho lol __________________ \| 2008 GT \| Full MAC Exhaust \| BAMA 93 Race Tune \| 4.10's \| Boss 338's \| Ford Race Suspension \| Airaid CAI \| BBK 62mm TB \| HURST Short Throw \| Too weird to live, and too rare to die.

February 7th, 2012, 08:30 PM	#10
97S281 Rollin' 18/ pushin' 2 1997 Saleen S281 Join Date: Feb 2007 Location: The lost highway Posts: 6,673 iTrader: 13 reviews	You build credit by not having a high credit to debt ratio and by making your payments on time and it helps to pay extra. If you get a card, understand that it is going to be open ended. There is no pay off date like with a loan. Credit cards are convienient and sometimes necessary but they are the easiest way to screw up your credit as well. You can build just as much credit by taking a small closed end loan like previously suggested and you will have alot less risk. Understand that starting out you will have a higher interest rate. The best way to beat that is with a shorter payment term. Whatever you do, stick with something you can pay easily with your budget. __________________ MODS IN GARAGE NCMM ORIGINAL BLOWN 96-98 CREW MEMBER # 1

February 7th, 2012, 08:45 PM	#13
97S281 Rollin' 18/ pushin' 2 1997 Saleen S281 Join Date: Feb 2007 Location: The lost highway Posts: 6,673 iTrader: 13 reviews	Yeah I see your point but lets face it, credit card companies make millions or billions maybe? They don't make that off people who pay them in full every month. Obviously their are alot of people out there who don't have your self control. All I am saying is that MOST people fall into the trap of " I am low on cash, I will just put it on the card." Then when the bill comes they don't have the money to pay it in full and the cycle starts. __________________ MODS IN GARAGE NCMM ORIGINAL BLOWN 96-98 CREW MEMBER # 1

February 8th, 2012, 08:44 AM	#16
WhiteNoise Enthusiast 1997 Mustang GT Join Date: Jul 2010 Location: Western Maryland Posts: 691 iTrader: 0 reviews	Seems like a big pain in the rear.. Im doing some research now. __________________ Mods: MAC o/r H, SCT tuner, CAI, short throw shifter, dash LED conversion Upcoming: Suspension build (Spring/Summer 2012)

February 8th, 2012, 11:45 AM	#20
LethalDosage uncut 2008 Mustang GT Join Date: Oct 2010 Location: Texas Posts: 2,028 iTrader: 0 reviews	To sum up this entire thread, credit cards aren't a problem unless you make them a problem. Simply put. __________________ \| 2008 GT \| Full MAC Exhaust \| BAMA 93 Race Tune \| 4.10's \| Boss 338's \| Ford Race Suspension \| Airaid CAI \| BBK 62mm TB \| HURST Short Throw \| Too weird to live, and too rare to die.

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