topic Re: Should I go for a rewards card? in Credit Cards

Should I go for a rewards card?

Anonymous — Tue, 19 Feb 2013 23:34:41 GMT

Hello there everyone. I got my first credit card in June with Capital One. Just the basic platinum card nothing fancy, just something to get my credit history started. I am a college student, and I have a job. My credit limit on my Capital One card is 750. I also have student loans in deferrment because I am school which is approximately 15000. My card has high utilization however, I pay in full each month. I am working on keeping it down for a few months before I apply for another card, My utilization should be around 20%. I am curious should I even try for a rewards card or wait until my card ages a year. Also I am curious to which rewards card I should use, I'm looking for something with no annual fee and think I found a couple I am interested in but I would like others experience with these cards to place some input.

Equifax Score- 678 01/16/2013 This was before my 1st Credit Card started reporting.

Transunion Score- 697 02/11/2013 This has my 1st card reporting

Re: Should I go for a rewards card?

MrSwiss — Tue, 19 Feb 2013 23:39:35 GMT

Join Navy Fed if you can.. Less than stellar credit (me) because of a BK 2011.. I just got the Sig Cash rewards and a $10k limit.. Just be careful big limits can lead to big trouble.. Old age guidance for someone that did it wrong once. It's start..

Swiss.

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 00:41:09 GMT

I am not eligible for NFCU. I also don't need nor desire at the time being a huge limit, not because I lack the self-control but it's unnecessary for me. I am going to school to become something in the finance industry so I am trying to keep my credit squeaky clean and just build up history.

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 00:44:14 GMT

Try chase freedom but be prepared to recon for lack of credit accounts/history. But if you have a successful recon with this card you may get a 500 dollar starting limit but you'll be in with a "prime" lender

Re: Should I go for a rewards card?

SnackTrader — Wed, 20 Feb 2013 01:10:51 GMT

There are a number of student credit cards with rewards (Citi Forward and Discover IT come to mind).

Re: Should I go for a rewards card?

sassymomof2 — Wed, 20 Feb 2013 01:27:56 GMT

+1 for Citi I had the AT&T Universal Card back in the day. It was great. I closed it out because I didn't want to be tempted by the credit line and as a student I had little income.

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 01:35:14 GMT

That must of taken a lot of restraint to avoid using the credit line ^

Re: Should I go for a rewards card?

sassymomof2 — Wed, 20 Feb 2013 01:53:36 GMT

Yes, it did take a whole lot of restraint. I'm glad I closed it because that would have been one burned bridge if I had kept it o pen. I'm sorry, but someone making $12-$15,000 should not have $3000 credit available. IMO. My parents told me if I got any credit cards they would not bail me out. Believe me, they didn't. I had to work three jobs while I was in school due to partying my first year. I had a credit union card that went south but I got on a really good payment plan with them. I had my checking and savings with them and was had a really good relationship with the lady in the credit department. After I finished the payment plan, they removed all of my late pays from credit reporting. I am so grateful for that!

What got me in trouble was AFTER college when I got the big boy lines and buying stuff for my broke friends. lol

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 02:12:40 GMT

Haha I'm 23, in college and making about 17-18k a year with a number if money in a trust fund left by my grandfather. At first I wasn't responsible with credit (fiancée who made me spend alot) until recently when I found the forums. Now I only have one credit in use with about 200 on it. The only big debt I have is school loans. And also I have a daughter and another on the way. I think I'm doing a good job maintaining my debt to income

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 03:31:38 GMT

If you're happy with Cap1, the Journey card doesn't look terrible. 1.25x and a free monthly FICO score. People don't really talk about them that much, but BofA has student versions of the Cash Rewards (1-2-3) and Travel Rewards. I like the Citi Forward obviously, and there's also the student Dividend that has the rotating 5% cash back categories.

I wish I had gotten on the student Discover earlier, but I'm firmly planted in the garden these days.

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 03:55:58 GMT

The journey card doesn't have fico it's fako, it's by credit karma..

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 05:01:09 GMT

Whoops, my bad. Still, 1.25% isn't the worst you could do.

Re: Should I go for a rewards card?

Anonymous — Wed, 20 Feb 2013 05:05:13 GMT

Absolutely. I have it but I still don't like it

Re: Should I go for a rewards card?

firstladyd — Wed, 20 Feb 2013 05:16:22 GMT

I would say have you considered the Discover It card? I think you are a good candidate for the type of profile they are currently looking for. Good luck in whatever you app for.