92xj Posted August 23, 2009 Report Share Posted August 23, 2009 So, I am trying to avoid growing up at all cost but I have come to a crossroad. I have avoided having a credit card until now. I need some advice. Pros and Cons of each card. The only reason I am getting this is for work. They are sending me on a 9 day vacation, I mean business trip. Which means I will have to purchase everything and then will be reimbursed when I come back. I also figure it would be nice to have one in case of emergencies. I know how they can get you in trouble but I live on a very strict budget and I hate spending my own money so I am not worried about getting in trouble with it. What I am worried about is who should I go with. Is this something that I should get through my bank or should I go another route. I would like one with great rewards like air miles and stuff. Anyhow, opinions are needed here. Teach me about credit cards. Quote Link to comment Share on other sites More sharing options...
swohiodave Posted August 23, 2009 Report Share Posted August 23, 2009 i have a card through my bank, 5/3, which has cash rewards, not much but a penny for every dollar and i have an nra visa card, dont use it though. i dont know what kind of gas stations you have around you but some visa or mastercards offered by gas stations give you a break on your gas...some as much as 10 to 15 cents.... that is the direction i would look in. Quote Link to comment Share on other sites More sharing options...
92xj Posted August 23, 2009 Author Report Share Posted August 23, 2009 You, my friend, have a good point. That is something I will look into. Anybody else? Quote Link to comment Share on other sites More sharing options...
OJR Posted August 23, 2009 Report Share Posted August 23, 2009 I have an American Express through Costco and I get 4% on all gas that I charge to it! Everything else I get 1% so in February of each year, I get a real nice check back! I use it and my Cabela's Visa for everything, but pay them off at the end of every month! Cabela's has a reward system and it builds up and I use it ever so often when I am buying something from them! The big thing is to pay the blasted things off at the end of the month, so you don't pay any interest! Quote Link to comment Share on other sites More sharing options...
92xj Posted August 23, 2009 Author Report Share Posted August 23, 2009 Yes, I agree. It will be paid off before the end of each month, and only really intend on using it for business travel and emergencies. How do the limits work on Credit Cards? Is is stricly based on income and credit history? Quote Link to comment Share on other sites More sharing options...
OJR Posted August 23, 2009 Report Share Posted August 23, 2009 How do the limits work on Credit Cards? Is is stricly based on income and credit history? You got it right, but mostly on credit history. It is crazy what my limits are! I would never come close to maxing them out! Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted August 23, 2009 Report Share Posted August 23, 2009 Don't charge more than you plan to pay back when the bill comes due and you will be fine. We use our cabelas card for lots of stuff, earns us points/gear. Like Orlan said, pretty crazy what banks will give you for limits, remember that they want you to charge more than you can pay back so they can tack on interest. If you have a good credit history you should be able to get a fair limit. Don't be tempted to overspend, that is where they make their money. Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted August 23, 2009 Report Share Posted August 23, 2009 it sounds like you have a pretty level head on your shoulders. i've used credit cards for years. they will kill you if you do not pay them off each and every month. only spend what you have. i use them mostly for ememgencies. but, in the past year most of our gas stations are pay before you pump. so, i use them and send off a check promptly each month. you mentioned emergencies, and that is the main reason to have a credit card. if you ever go overboard and treat yourself to something that you can't pay off, you'll be sorry. lots of these cards carry a 28% or higher interest rate. you can get yourself buried reeeeal fast. Quote Link to comment Share on other sites More sharing options...
swohiodave Posted August 23, 2009 Report Share Posted August 23, 2009 Listen to steve on not getting buried in credit card debt. when i was 19 a ran up almost 5 grand and had to work hard to pay that off! part of it was a large car repair after i had already ran it up! keep your head straight and do not charge more than you can pay off unless you have to for an emergency! Quote Link to comment Share on other sites More sharing options...
92xj Posted August 23, 2009 Author Report Share Posted August 23, 2009 Trust me, I know how to spend my money the correct way. I live on a very tight budget because I hate spending money. I am not worried about using this thing to buy things other than work related expenses that will be reimbursed within three days of purchase and emergencies. I just needof each to know the pros and cons of each company. I am not going to purchase things that can not be paid off within the month. Quote Link to comment Share on other sites More sharing options...
swohiodave Posted August 24, 2009 Report Share Posted August 24, 2009 as far as the pros and cons i cannot really say, you have to see what they are offering and look at the rates and pick which one you feel works best. depends on your area. Quote Link to comment Share on other sites More sharing options...
fly Posted August 24, 2009 Report Share Posted August 24, 2009 (edited) Identity theft is a real concern these days. They will try to get you to buy protection. Your choice, I never have and never will. Just be careful where the number gets entered (web sites). I use the cabela's card. You may also want to lower your limit on purpose. Set it at a thousand or two at first. That way you can only get into so much trouble.:clown: Another thing, in case you do get into trouble and have a large balance with a 28% + interest rate. Find another card that is offering a promotion of 0% financing for 12 months. There will be a transfer fee (usually 3%) but that is nothing like paying 28%! I get (in the mail) the 0% financing promotions for a year about every 2 weeks. Finally, you ever get married make sure your wife to be has good credit card habits. If you have a joint card a spouses bad habits can impact your credit history. Edited August 24, 2009 by fly Quote Link to comment Share on other sites More sharing options...
snapper Posted August 24, 2009 Report Share Posted August 24, 2009 Sounds like you got the biggest thing with cards....Paying them off every month!!! My wife and I use a card for just about everything...keep all receipts and check 'em off at the end of the month when the bill comes. We use a Bass Pro rewards card...I walked out of Bass Pro one time with a new Remington 700 varmint and 2 boxes of shells and didn't spend a dime...used my reward points that I saved. We also use the card other ways...locally we have a gas station that we earn points if you shop at their grocery store...blah blah blah...sure you know all that...any who, if we are going to Sears to buy a freezer or something...we'll go to that grocery store and buy several hundred dollars worth of gift cards for Sears. We buy those gift cards with our Bass Pro Visa...so basically I earned points towards Bass Pro...plus reward points towards gas...usally get several tanks of gas for free. There are ways were these rewards are good...just gotta take some time and use them and be smart about it. Quote Link to comment Share on other sites More sharing options...
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