Should I start charging daily things to my CC?

[ultimatebob]

Yeah... I'd definitely charge everything to your credit card if you have a good rewards program. I put almost everything on my Discover Platinum card, and I get back about $200 a year in rewards on average. If I could charge my mortgage and car payments, I would do that too!

I wish that the points program on my Wachovia debit card was as good, but it's not. Each "point" for every dollar spent is only worth about one third of a cent . I get at least 1% cash back on my Discover card, and up to 5% of whatever the "category of the month" is.

 

[Pabster]

Originally posted by: illusion88
So is there any way to know if you are going to get approved or not? I think I have good credit. I have a credit card from Wells Fargo. I have never missed a payment, or been late. Twice I have had my credit limit raised (it's 1700 now). I have had the card for over a year. I have used it to pay for school and some larger purchases (some skies and computer parts) and paid them off in full. Currently I have a small running balance on it, but I am paying it off quickly. Does this sound like a good candidate or...

I have no idea what my credit score is....
Hmm... Maybe I should I have researched this before I jumped into it so quickly. I didn't think applying for something could be harmful.

You can get your FICO scores at MyFICO. They aren't cheap, though. Even with a discount code you are looking at $40 for reports, and FICO scores, from all 3 bureaus.

Be wary of the sites selling so-called FAKO scores. These are the ones that seem too cheap to be true. Well, they are. The scores from MyFICO are the true FICO scores which a bank or other financial institution will use to evaluate your file.

Is that Wells Fargo card your only open, good trade line? It may be enough, with a good one year payment history, for another creditor. Depends on the creditor though.

 

[daggerr]

Originally posted by: RossMAN

Originally posted by: Brainonska511
American Express Blue Cash (provided you spend more than $6500/year):
5% back from supermarkets, gas stations and drugstores
1.5% back on everything else
If you spend less than $6500/year (overall), the numbers are 1% and .5%, respectively.
-IIRC, the AMEX credits your statement with the rewards money.

I think that will be my next cc :thumbsup:

Note that with AmEx Blue Cash all of the spending you do while your year-to-date total is under $6500 earns at the 1% EDP/0.5% non-EDP rate. Only the spending after $6500 YTD earns at the higher rate.

So the AmEx Blue Cash tends to be better for fairly big spenders. Other cards like the Citi Driver's Edge may be better for not-so-big spenders.

Referral links removed.

 

[ElFenix]

get a rewards card.
charge everything to it.
pay it off every month.
keep your cash in a savings/MMA from ING, capitalone, etc.
win.

 

[sciencewhiz]

Originally posted by: illusion88
I do have a CC from my bank, wells fargo, and I use it on occasion. It does have a $300 balance on it, but I am paying it off quickly. I have never been late or missed a payment on the card and usually pay double the min.

I would not start using any credit card for daily expenses until you've paid off your existing credit card debt and stayed credit card debt free for a while. $300 shouldn't be hard to pay off at all, get that done first.

 

[tfinch2]

Originally posted by: illusion88
I charge almost everything to my debit card. I am never overdrawn (although it has happened in the past, but that was because my paycheck bounced) and I rarely carry cash. I remember how much money I have in the bank and don't spend what I don't have. I do have a CC from my bank, wells fargo, and I use it on occasion. It does have a $300 balance on it, but I am paying it off quickly. I have never been late or missed a payment on the card and usually pay double the min.

Anyways, I was thinking, once I have it all paid off should I start using it for my daily purchases and then pay it off at the end of the week/month? Isn't that how you build credit, by using the danm thing? I have used it in the past to pay for tuition and books, as well as some larger purchases.

Wouldn't it be better to get a card that has some sort of rewards, cash back or something? I figure I can treat it just like my debit card and pay it off with my checking account every month. Does this sound crazy?

If you only pay double the minimum monthly on your CC bill, the APR on the card will far outweigh the benefits of rewards.

 

[Night201]

Originally posted by: Zim Hosein

Originally posted by: illusion88
I charge almost everything to my debit card. I am never overdrawn (although it has happened in the past, but that was because my paycheck bounced) and I rarely carry cash. I remember how much money I have in the bank and don't spend what I don't have. I do have a CC from my bank, wells fargo, and I use it on occasion. It does have a $300 balance on it, but I am paying it off quickly. I have never been late or missed a payment on the card and usually pay double the min.

Anyways, I was thinking, once I have it all paid off should I start using it for my daily purchases and then pay it off at the end of the week/month? Isn't that how you build credit, by using the danm thing? I have used it in the past to pay for tuition and books, as well as some larger purchases.

Wouldn't it be better to get a card that has some sort of rewards, cash back or something? I figure I can treat it just like my debit card and pay it off with my checking account every month. Does this sound crazy?

That doesn't sound crazy at all IMO illusion88, I stopped using my debit card for all my purchases ever since I picked up a CC that offers airline miles for almost every dollar that I spend, way better than the "rewards" program that my debit card offered in my situation, I hope this helps

I have a cash back card that I use. I'd rather have the cash than the miles. Why be locked into miles when, if you wanted, you could use the cash back for tickets anyway and not be locked in to certain flights. Also, what if you want something else other than miles?

I use my Credit Card for probably 90% of my purchases. It's easier to keep track of in Quicken and I pay the balance in full every month - before the period even ends, so my statement balances are always $0. AMEX probably hates me since I pay them no interest and they pay me cash, but hey, I don't worry, as they make plenty off me I'm sure from the cc fees that the companies pay when I use my card.

My Card

 

[Nocturnal]

I use my Amazon card and normally get a $25.00 Amazon GC every two months or so. So far I think I've accumilated over $300.00 worth of GCs.

 

[dartworth]

Originally posted by: Nocturnal
I use my Amazon card and normally get a $25.00 Amazon GC every two months or so. So far I think I've accumilated over $300.00 worth of GCs.

do you work for amazon?

 

[V00DOO]

Last year, I got almost $400 reward for using my CC beside CC have much better consumer protection once you card has been compromised. With CC just don't spend more than you can afford.