We've launched the new forums! Read more here

Credit Card Thread

PhillyV

PhillyV

Original Ass-Cap : G15' & G18'
Albatross 2024 Club
Joined
Jul 17, 2011
Messages
34,338
Reaction score
5,305
Location
CLE
Handicap
Snow
We have threads for card rewards, travel cards and whatnot, but none for just general discussion about cards.

I started out with crappy credit due to bad decisions when i was just old enough to get credit cards and until recently credit cards have always been a bad thing for me. But after going through the process of secured cards, then taking the baby steps to improve my score, better options are available to me and I'm curious as to what everyone uses. I have 5 cards now: two Capital One platinum Visa cards, a Capital One Quicksilver, American Express EveryDay Card and the American Express Blue Cash EveryDay card. Ive heard horror stories about AmEx but i dont plan on carrying a balance on those cards so I'm not too worried.

What do you guys find the best cards are for you?
 
Credit Card Thread

I have a VISA and a Discover .

I've had multiple people in the lending industry tell me you don't want more than two and always carry a balance on one.

paying off credit cards every month is actually detrimental to your score .

I made some horrible decisions early in my life and well and both my wife and myself finally eclipsed 800 on all three major reporting bureaus.


Sent from my iPhone using Tapatalk
 
JRod said:
I have a VISA and a Discover .

I've had multiple people in the lending industry tell me you don't want more than two and always carry a balance on one.

paying off credit cards every month is actually detrimental to your score .

I made some horrible decisions early in my life and well and both my wife and myself finally eclipsed 800 on all three major reporting bureaus.


Sent from my iPhone using Tapatalk
Click to expand...

I've always been told 4 is the number of cards you want. Either way, I'm not adding more. I have enough of a balance to pay down on one of them anyways haha
 
You can have more than 4 with out negative impacts to your credit.

Something that has a free fico score might be beneficial for you or choosing one that has the rewards or cash back you like.
 
I have the capital one Venture (visa) that I use for points, and the quicksilver (discover) that I used to use for emergencies and travel (before I got the Venture) but still have in the wallet now.
 
I don't know how many cards I have at this point. Probably 8 or 9? Only one ever sees use though and it gets paid off every month. Over 800 score at this point

I use American Express Blue Cash. AmEx is by far the best company to deal with and will almost always side with a customer. That can suck for retailers, especially with dishonest people, but they have gotten me my money back more than once when a vendor was being shady and hard to deal with. I used to use a Costco AmEx but when they went to Visa, I cancelled everything through Costco at that point.
 
rtparty said:
I don't know how many cards I have at this point. Probably 8 or 9? Only one ever sees use though and it gets paid off every month. Over 800 score at this point

I use American Express Blue Cash. AmEx is by far the best company to deal with and will almost always side with a customer. That can suck for retailers, especially with dishonest people, but they have gotten me my money back more than once when a vendor was being shady and hard to deal with. I used to use a Costco AmEx but when they went to Visa, I cancelled everything through Costco at that point.
Click to expand...

That's good to know about the Blue Cash because that's the one I plan on being my main card
 
rtparty said:
I don't know how many cards I have at this point. Probably 8 or 9? Only one ever sees use though and it gets paid off every month. Over 800 score at this point

I use American Express Blue Cash. AmEx is by far the best company to deal with and will almost always side with a customer. That can suck for retailers, especially with dishonest people, but they have gotten me my money back more than once when a vendor was being shady and hard to deal with. I used to use a Costco AmEx but when they went to Visa, I cancelled everything through Costco at that point.
Click to expand...

I am a big Amex fan too. We use a different Amex card, but very much enjoy it. Their CS is outstanding and they treat us extremely well. It is funny to me that every 6 months or so they keep raising our limit with no credit pull and no request. Just for being a customer. Its not necessary because it is plenty high, but I guess for emergency purposes its not a bad thing to have done.
 
JB said:
I am a big Amex fan too. We use a different Amex card, but very much enjoy it. Their CS is outstanding and they treat us extremely well. It is funny to me that every 6 months or so they keep raising our limit with no credit pull and no request. Just for being a customer. Its not necessary because it is plenty high, but I guess for emergency purposes its not a bad thing to have done.
Click to expand...

I remember being at Longaberger on the first green with you when they raised it lol you got a random email saying they increased your limit
 
PhillyV said:
I remember being at Longaberger on the first green with you when they raised it lol you got a random email saying they increased your limit
Click to expand...

Yeah it was super random because he card hadn't been used in a while or anything and it wasn't requested.

I like travel cards because they add up without you really realizing it over the course of several years. I also like cash back cards and have a discover for that.

But then again I have more than most (it has not had a negative impact on me). I also don't shy away from annual fee cards if they are worth it to me, such as ones with free hotel nights, etc.

I have learned quickly which banks I prefer and systems I like which has helped. One thing I will note is that no matter what you apply for your credit will take the hit for the hard pull, but it comes back soon and inquiries fall off every 2 years.
 
PhillyV said:
That's good to know about the Blue Cash because that's the one I plan on being my main card
Click to expand...

It is a great card. I have like $500 in cash with them right now. A certain driver keeps tempting me...:alien2: I would only ever use AmEx at this point. Visa is pretty good as well. I wouldn't touch Discover for anything.

JB said:
I am a big Amex fan too. We use a different Amex card, but very much enjoy it. Their CS is outstanding and they treat us extremely well. It is funny to me that every 6 months or so they keep raising our limit with no credit pull and no request. Just for being a customer. Its not necessary because it is plenty high, but I guess for emergency purposes its not a bad thing to have done.
Click to expand...

My limit with AmEx is far higher than it needs to be. If I rack up that much, I couldn't pay it back for years. So I have my own set limit and get a text when I am close. I use my AmEx for everything I can. It takes discipline but is so worth it. Far better than a debit card with a bank. That's another topic though.

What AmEx are you using? I have thought about going to one of their flight cards so I can start racking up miles instead...
 
rtparty said:
It is a great card. I have like $500 in cash with them right now. A certain driver keeps tempting me...:alien2: I would only ever use AmEx at this point. Visa is pretty good as well. I wouldn't touch Discover for anything.



My limit with AmEx is far higher than it needs to be. If I rack up that much, I couldn't pay it back for years. So I have my own set limit and get a text when I am close. I use my AmEx for everything I can. It takes discipline but is so worth it. Far better than a debit card with a bank. That's another topic though.

What AmEx are you using? I have thought about going to one of their flight cards so I can start racking up miles instead...
Click to expand...

I use the Starwood card. Which is funny because I generally dont stay in Starwood hotels (W, Westin, Sheraton, etc). They do transfer to almost all airlines 1:1 however, with a bonus, so I view it almost as another airline card since I fly AA. I also get my FICO score monthly and like you I use it as my primary card. No travel notifications are needed, they just get the CS right for my needs.
 
Thought we were going to discuss how to hide golf related charges from our SOs.
 
Paid off all of the credit cards a couple years ago and now I only use a Chase Freedom and a Chase Amazon for all of my purchases (I absolutely never use my debit card) and pay off the balances monthly. The cash back is around $40/month, which is a nice little bonus for doing nothing. My wife and I haven't carried a balance in a while and we both have scores in the 800's, so that must not be too big of a negative on the score.
 
One Amex, one Visa. Both paid off in full each month.

Amex is used vastly more often. Not at all interested in borrowing money from CC loan-sharks. Been there, done that with CC debt in my late teens/early 20's... never again.
 
WMac19 said:
One Amex, one Visa. Both paid off in full each month.

Amex is used vastly more often. Not at all interested in borrowing money from CC loan-sharks. Been there, done that with CC debt in my late teens/early 20's... never again.
Click to expand...

Ya that's the age where I made my biggest financial mistakes. Wasn't a lot in terms of dollars but the hit my credit took because of it took 7+ years to get to where it is now and it's still not great
 
I have only one Visa debit card and one Amex that is paid off each month. Amex I only use maybe once per month or sometimes on vacation. My wife has dozens of cards but uses only a handful of them that are set up on auto bill pay and paid in full each month.
 
2 cards...Amex as primary and Chase Sapphire as backup if Amex not accepted. My rule of thumb is if you can't afford to pay it off at the end of the month then you can't afford it.
 
JB said:
Yeah it was super random because he card hadn't been used in a while or anything and it wasn't requested.

I like travel cards because they add up without you really realizing it over the course of several years. I also like cash back cards and have a discover for that.

But then again I have more than most (it has not had a negative impact on me). I also don't shy away from annual fee cards if they are worth it to me, such as ones with free hotel nights, etc.

I have learned quickly which banks I prefer and systems I like which has helped. One thing I will note is that no matter what you apply for your credit will take the hit for the hard pull, but it comes back soon and inquiries fall off every 2 years.
Click to expand...

I've been amazed how quickly we've been able to amass rewards on the Sapphire Reserve card. I use it for all of my travel, so we're basically getting 4.5% back if we use the rewards to book travel again. Since I've been traveling for work a decent amount and we've taken a few vacations, we've already got a good amount of money back.
 
Phil we can chat next weekend this is in my wheel house


Sent from my iPhone using Tapatalk
 
PhillyV said:
Ya that's the age where I made my biggest financial mistakes. Wasn't a lot in terms of dollars but the hit my credit took because of it took 7+ years to get to where it is now and it's still not great
Click to expand...
So common and I had to relive it twice.

I just got out of my own debt and once married (my wife was 22, I was 27), my FIL put his arm around me and said with a big grin, "my daughter is now your wife. Her debt is now your debt."

Great... thanks. ?
 
Cash is king, I have two cards but don't use them. Debt free is the way to go!
 
mikedean441 said:
Phil we can chat next weekend this is in my wheel house


Sent from my iPhone using Tapatalk
Click to expand...

When are you coming back to SD again besides December? You'll be too busy doing awesome things then to talk.


Sent from my iPhone using Tapatalk
 
Carlos Caliente said:
When are you coming back to SD again besides December? You'll be too busy doing awesome things then to talk.


Sent from my iPhone using Tapatalk
Click to expand...
If the company that bought us doesnt blow things up too quickly i have a conference out there in october i believe
 
You must log in or register to reply here.
Back
Top