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Which credit card should I have?
Posted by: NoMoneyNoProblems ()
Date: April 22, 2010 06:17PM

So which credit card should I use the most?

Is there a difference between having a Target Visa card, and having just a "plain" Visa credit card?

Is there a downside to using store-based credit cards vs. plain credit cards? Are limits higher on those?

Thanks.

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Re: Which credit card should I have?
Posted by: TheMeeper ()
Date: April 22, 2010 06:24PM

Get one that offers rewards that you want, use it for all your purchases, then pay it off every month. Avoid paying any interest or fees whatsoever.

I do this with my Travelocity card and use the points i build up for discount airfares and hotel rates.

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Re: Which credit card should I have?
Posted by: eesh ()
Date: April 22, 2010 06:34PM

My suggestion is to go to a credit union and get a charge card, they usually have much better rates than banks.

As far as store based cards, avoid them; they usually have atrocious rates. Stick with one credit card that you can charge anywhere. Your credit score is less impacted when you have one large amount on one card, versus several small amounts on three or four cards.

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Re: Which credit card should I have?
Posted by: Mofo ()
Date: April 22, 2010 11:20PM


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Re: Which credit card should I have?
Posted by: pgens ()
Date: April 23, 2010 08:31AM

Store-based credit cards will sometimes get you discounts or different financing. For example Best Buy gives you 90 days same as cash on anything you put on it, longer terms for more money ($299 purchase is six months).

A regular credit card may get you extended warranty or accident protection, so oftentimes it is a choice between spreading out payments interest-free or getting built-in benefits that the VISA/MC/AMEX card may give you.

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Re: Which credit card should I have?
Posted by: WingNut ()
Date: April 23, 2010 08:42AM

white-space.jpg



Edited 1 time(s). Last edit at 12/13/2015 10:26AM by WingNut.

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Re: Which credit card should I have?
Posted by: cdub ()
Date: April 23, 2010 08:50AM

The best card is someone else's, woman know that

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Re: Which credit card should I have?
Posted by: Not true at all ()
Date: April 23, 2010 10:15AM

eesh Wrote:
-------------------------------------------------------
> My suggestion is to go to a credit union and get a
> charge card, they usually have much better rates
> than banks.
>
> As far as store based cards, avoid them; they
> usually have atrocious rates. Stick with one
> credit card that you can charge anywhere. Your
> credit score is less impacted when you have one
> large amount on one card, versus several small
> amounts on three or four cards.

Completely untrue. Mutliple high-limit cards with small or no outstanding balances will actually raise your credit number.

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Re: Which credit card should I have?
Posted by: Banker ()
Date: April 23, 2010 10:33AM

Not true at all Wrote:
-------------------------------------------------------
> eesh Wrote:
> --------------------------------------------------
> -----
> > My suggestion is to go to a credit union and get
> a
> > charge card, they usually have much better
> rates
> > than banks.
> >
> > As far as store based cards, avoid them; they
> > usually have atrocious rates. Stick with one
> > credit card that you can charge anywhere. Your
> > credit score is less impacted when you have one
> > large amount on one card, versus several small
> > amounts on three or four cards.
>
> Completely untrue. Mutliple high-limit cards with
> small or no outstanding balances will actually
> raise your credit number.

High card limit/low balance means you are using credit responsibility. It's a snapshot on any given day. One card (only) with a high balance is not where you want to be, even if it's paid in full monthly. That is not considered as they do not review the "month" just what your ratio (debt to available limit) is on the particular day the report is run.

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Re: Which credit card should I have?
Posted by: eesh ()
Date: April 23, 2010 02:41PM

Not true at all Wrote:
-------------------------------------------------------

>
> Completely untrue. Mutliple high-limit cards with
> small or no outstanding balances will actually
> raise your credit number.




I said nothing about several cards with no balance will hurt your score, but I know for a fact that if you have $200 on a Macy's card, $100 on Shell, $500 on a Dell card, $400 on GAP, it will worsen your score than if you had that $1200 on a single card.

Now if that $1200 is at your limit or even over, it will definitely lower your score, but several cards with balances is not a good thing!

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Re: Which credit card should I have?
Posted by: Mofo ()
Date: April 23, 2010 03:13PM

Here's another question what's the best cash back gas card? Most brand specific ones only offer you a percentage for the first 6 months or so and then it's one percent. I have a chase rewards that used to have 3-5 % back on all gas but they changed that. Discover offers it but they only give you 5% back when you make 500 in gas only purchases or some crap like that so I had that card for a while but canceled it.

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Re: Which credit card should I have?
Posted by: LOL@eesh ()
Date: May 26, 2020 04:30PM

eesh Wrote:
-------------------------------------------------------
> Not true at all Wrote:
> --------------------------------------------------
> -----
>
> >
> > Completely untrue. Mutliple high-limit cards
> with
> > small or no outstanding balances will actually
> > raise your credit number.

>
>
>
> I said nothing about several cards with no balance
> will hurt your score, but I know for a fact that
> if you have $200 on a Macy's card, $100 on Shell,
> $500 on a Dell card, $400 on GAP, it will worsen
> your score than if you had that $1200 on a single
> card.
>
> Now if that $1200 is at your limit or even over,
> it will definitely lower your score, but several
> cards with balances is not a good thing!

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