Should I Get Another Credit Card

[Anonymous]

I have had 1 credit card for about 3 years now. I got my credit score from myfico on 1/15/09 and it said my Equifax score was 734. I always pay the full balance every month and have never had a late payment. I will probably be purchasing a new car in a little over a year and would like to get the best interest rate possible. Would it be beneficial to get another card just to have another account? I don't need the credit since I never even come close to maxing out my card but I have been contemplating getting a cashback card for gas purchases because when I got my credit report in January it said that the main thing affecting my credit score is that I have few accounts.

[YoungEntrepeneur]

If you have decent income, you should join PenFed and apply for their Platinum Cash Back Visa, it's one of the best in the business. When it's time for you to buy a car, they'll give you an excellent rate.

[Anonymous]

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@YoungEntrepeneur wrote:
If you have decent income, you should join PenFed and apply for their Platinum Cash Back Visa, it's one of the best in the business. When it's time for you to buy a car, they'll give you an excellent rate.

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+1

PenFed seems to be exactly what you are looking for. As long as you have good income (they will ask for personal income and they will ask for paystubs) they will probably approve you.

PenFed Platinum Rewards Visa is one of the best cashback cards for gas - 5% cashback which you receive as statement credit each month.

Plus you get 2% cashback for supermarkets and 1.25% for any other purchase. They also currently have a temporary 5% cashback on airfare.

They have great auto loan rates - currently as low as 3.99%.

Message Edited by refskuska on 06-08-2009 05:27 PM

[YoungEntrepeneur]

PenFed is very conservative but if you don't have many inquiries and low util., they have a lot to offer.

[Anonymous]

I just graduated a couple of weeks ago but I'm going to continue working as an intern for the next year while I finish up my MBA. I've been interning at an accounting firm for the last year but since I'm only part time my income might not be high enough. I have no expenses though since I'm living at home for this year so maybe that will help.

[YoungEntrepeneur]

As long as you have a clean report, they will approve you for a limit that they feel comfortable with at the time and you can build a relationship with them and they will give you a CLI's along the way.

[Anonymous]

In your situation, there's a whole bunch of great cards that you could get approved for. (edited)

For example, a not so well known card that has 5x on gas and other auto perks is the Chase AAA of Northern California Nevada and Utah (of course, if you reside in those states).

(edited)

Message Edited by Scamp on 06-09-2009 06:41 PM

[Anonymous]

Thanks for the tip on the AAA Chase card I'm going to keep it in mind for the next time I'm ready to app. Going to check out the web site also.

[Anonymous]

Do I have to join the National Military Family Association just to apply for the Pen Fed card? I don't want to pay the yearly fee for it only to be declined for the card.

[haulingthescoreup]

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bballplaya210 wrote:
Do I have to join the National Military Family Association just to apply for the Pen Fed card? I don't want to pay the yearly fee for it only to be declined for the card.

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Well, unless you have another way of qualifying for PenFed, then yes.

It's a one-time charge. You don't have to keep paying. It might even be deductible as a charitable donation --I'd check their website.