What Credit Cards do you use/suggest?
- Thread starter CFIscare
- Start date
SpiraMirabilis
Possible Subversive
For VISA/Mastercards I recommend you pick a card because you like dealing with that bank/credit union and they are fair to you. Your credit line will increase over time especially if you have other lines of business with that bank and the interest rate will drop.
For example, I have my primary credit card with USAA which I got after I got hired there when I was a teenager. Naturally, the credit line was low and interest rate was average to high -- now it is much higher and the interest rate is 6%.
The length of time in accounts for revolving credit lines (credit cards) is a actually very important factor in your credit score. If you're interested in a higher credit score my best advice is not to switch cards frequently.
Unless you use your credit card for a lot of reimbursed business expenses I've found the rewards program on cards not that important. However, our floating nurses and pilots at my company use a company Amex card but they get the rewards which can add up when you're charging 5-8k a month sometimes.
Lastly, make sure to look at the terms. A lot of "entry level" credit cards that are offered not by banks (like Capital One, etc cards) feature what I consider to be a usurious annual fee. Like $50/year on a credit line that might be $300.
For example, I have my primary credit card with USAA which I got after I got hired there when I was a teenager. Naturally, the credit line was low and interest rate was average to high -- now it is much higher and the interest rate is 6%.
The length of time in accounts for revolving credit lines (credit cards) is a actually very important factor in your credit score. If you're interested in a higher credit score my best advice is not to switch cards frequently.
Unless you use your credit card for a lot of reimbursed business expenses I've found the rewards program on cards not that important. However, our floating nurses and pilots at my company use a company Amex card but they get the rewards which can add up when you're charging 5-8k a month sometimes.
Lastly, make sure to look at the terms. A lot of "entry level" credit cards that are offered not by banks (like Capital One, etc cards) feature what I consider to be a usurious annual fee. Like $50/year on a credit line that might be $300.
Just keep in mind, most of these cards that don't charge a foreign transaction fee still get you as they have a crappier exchange rate than the card that charges the fee. You're still paying the fee in the value of the lower exchange rate.
Pretty obvious gimic. I have two that charge none, one that charges. Purchases made and cleared on same day, the "No fee" cards were below the rate of the fee card.
All even's out in the end, just makes for good advertising
Pretty obvious gimic. I have two that charge none, one that charges. Purchases made and cleared on same day, the "No fee" cards were below the rate of the fee card.
All even's out in the end, just makes for good advertising
CoffeeIcePapers
Well-Hung Member
Just keep in mind, most of these cards that don't charge a foreign transaction fee still get you as they have a crappier exchange rate than the card that charges the fee. You're still paying the fee in the value of the lower exchange rate.
Pretty obvious gimic. I have two that charge none, one that charges. Purchases made and cleared on same day, the "No fee" cards were below the rate of the fee card.
All even's out in the end, just makes for good advertising
Either way, with their massive buying power, they still get a better rate that I would have received at a bank or currency exchange.
ComplexHiAv8r
Well-Known Member
Save up for that Harley? corvette?CaptBill said:
Agree with that, the only place I get a better rate than cards is some of the black market exchanges......
Mike Massimini
Well-Known Member
Just keep in mind, most of these cards that don't charge a foreign transaction fee still get you as they have a crappier exchange rate than the card that charges the fee. You're still paying the fee in the value of the lower exchange rate.
Pretty obvious gimic. I have two that charge none, one that charges. Purchases made and cleared on same day, the "No fee" cards were below the rate of the fee card.
All even's out in the end, just makes for good advertising
Nope, not even close. My Cap One gives me the exact exchange rate. I deal with Schwab and Fidelity internationally as well; the rates are the same; also the same as those posted on various foreign exchange sites. The rewards on this card are a mite less than some others, but overall - based on my spending habits - I come out 'way ahead. What cards are doing this to you?
NickH
Uber Driver
Usually with forex transactions, there are two people charging you. For most cards, the conversion is at the base rate and then Visa/Mastercard/Amex charge 1% of the transaction and passes it on to your bank who then add their own fee. If I used my USAA mastercard, for example, Mastercard would add 1% and then USAA would add another 1% fee. With my Amex Platinum, there are no fees at all. Any time I have checked my statement against the bank base rate it has been within 0.5% of the historical figure for the day, which is reasonable given how much the rate changes during the day.
Cap one and Huntington Bank on the no fee side vs Navy Fed on the fee side
cheskamint13
New Member
Thanks for the suggestions. Due to rapid increase of debt nowadays, many people are forced to deal with big credit institutions. Well, the traditional FICO credit rating does not think about those with restricted or no credit history. However, the new VantageScore 3.0 design, developed by the credit reporting bureaus Experian, Equifax and TransUnion, factors in option kinds of data to allow thousands credit who have been denied previously.
fiveninerzero
Well-Known Member
Get a cash back card or a card that has program-neutral points so you aren't tied to a specific program. Some of the most popular out there are the Starwood Amex, Chase Freedom, Citi Thankyou, Amex Platinum, etc. You can do a quick Google search and you'll find a million blog links comparing all of them together. If you have excellent credit, you can also apply for all of the airline and hotel cards on a cyclic basis about once a year to "churn" the free sign-up points.
Retired in SAN
Time to return to the saddle..
Wells Fargo is great if you own a house and they hold your mortgage. A percentage of my Fargo card balance paid goes to the principal on my house and in the last 15 years it has brought the principal down substantially.. And if the interest rate drops at least 1% on the mortgage, I call them up and with minimal paperwork they put me at the lower rate, no points. With most banks, it must be just establishing some history with them.
Cessnaflyer
Wooooooooooooooooooooooooooooooo
That sounds like a great deal. I've heard Wells Fargo is usually a pain to deal with. How was the initial mortgage process for you?
Runincolorado
Well-Known Member
I have a platinum AMEX through work and use United and Sapphire Preferred Visa cards. My monthly spend can be 25k+ due to reimbursed business expenses that are both domestic and international. (yeah thats ALOT of travel and last minute airfare). I find cards with a chip in them are most useful abroad since that seems to be the way they do most transactions. I have had a lot of people absolutely hate AMEX because of higher fees etc so having a second or third card is very helpful. The AMEX points also seem to be much lower than other cards. My go to card is the Sapphire card that has a few nice features such as earning 2 points for every $1 spent on travel expenses, and the ability to convert those points 1 to 1 to Marriott Rewards, United, or use their in house travel agent to book airfare. If you use the in house travel agent, you can spent your credit card points on free travel and still earn the points from Marriott or the FF program.
ryan1234
Desensitized Member
I have USAA, Chase Sapphire Preferred and Amex Platinum. All are pretty good, but so far the Chase card I use the most... Although it has the same no foreign transaction fees as the Amex Platinum and the chip, the points are way better on the Chase card. Not to mention it's a physically cool card... thicker and harder (sts)
Runincolorado
Well-Known Member
I had the Sapphire card denied once in Madrid because it was metal.... used the AMEX instead. Nice restaurant too. Some people notice, others dont...
Cessnaflyer
Wooooooooooooooooooooooooooooooo
I wish I had a black card after I saw what strings Amex can pull for you!
Retired in SAN
Time to return to the saddle..
Initially, it was like most other banks. Pay stubs for the last 10 years, first born, etc. But, as time has gone on, they have become much easier in the refinancing part. They also have this thing where you can pick your own due date on the card bill which works well with my wife's job. They also have the option of making two half payments each month instead of one full. But I think most banks have this. Great way to pay off the mortgage early.
