Rewards debit cards

BRPORSCHE · 05-31-2009, 08:19 AM

Any good? Which one should I look into the most? Have been thinking about getting a credit card for awhile to build up some credit. I would prefer to just have a debit card though.

Gogar · 05-31-2009, 09:25 AM

I don't think a Debit card will affect your credit at all, Tom.

Get a credit card with a low limit and use it to pay bills and pay it every month.

If you want a 'rewards' style card, a nice trick is to electronically pay ALL your bills (phone, electric, water, porn, whatever) to your credit card and then pay your credit card with your debit card. I get a couplea thousand United miles that way every month.

BRPORSCHE · 05-31-2009, 09:52 AM

Yea that's what I have been looking for. I'll probably just go witht he continental since I already have plenty of miles with them already. I think that a $2,000 limit would be sufficent.

slodave · slodave's Garage

I'm with Jeremy, but I added a savings account to the equation. I pay or things with a CC, then I take the CC purchase totals out of my checking and into savings. I get a small interest payment on the SA and then either pay the CC from the SA or transfer the total due back to my CA and then pay off the CC and get cash back.

If you are planning to apply for your first CC, good luck with getting a $2000.- limit. It's not up to you.

BRPORSCHE · 05-31-2009, 12:02 PM

Is that a high limit? I didn't think that was overly high considering some of the limits I have seen.

slodave · slodave's Garage

Today? Yes, it is a high limit for a young guy like yourself. It all depends on your current credit rating (if you have one), your age and how much you make. I think CC companies today are not as willing to extend credit in today's economy.

Even if it is a low limit, work with it. If you can charge to it regularly and pay it off every month, they may increase the limit after a short period of time or you can ask them to raise it.

Sonic dB · Sonic dB's Garage

The air miles thing is a good deal...I know a person who puts his business expenses on one and gets a free first class flight to Europe every year or so as a bonus.

Ive had Discovercard for years and it is pretty good in terms of paying back...I pay off the balance every month and put the bulk of my daily expenses on it. They probably pay me back $400-500 or so every year, spread out through the year. Its a nice little bonus.

BRPORSCHE · 05-31-2009, 12:16 PM

Well I have no intentions of raising the limit for awhile until I am more financially secure, i.e finish school.

1k will work just fine.

gprsh924 · 05-31-2009, 08:17 PM

Tom I got started with a $700 limit. That is all that they would give me at first. After a year, I got a new card with a $7,000 limit. If you use it a lot and pay it off, your limit will increase quickly.

slodave · slodave's Garage

I didn't want to break it to Tom

. I'm surprised that you were given a $700.- limit. It was usually $500.-

BRPORSCHE · 05-31-2009, 08:35 PM

Garrett,
What card did you go with?

74-911 · 06-01-2009, 04:37 AM

Quote:

Originally Posted by BRPORSCHE

Well I have no intentions of raising the limit for awhile until I am more financially secure, i.e finish school.

1k will work just fine.

I highly recommend this card (and bank). I am sure other Pelicans use USAA for banking and / or insurance. We put absolutely everything we can on our cash back card and get back a sizable rewards check each year:

https://www.usaa.com/inet/ent_utils/McStaticPages?key=banking_credit_cards_world_maste rcard

gprsh924 · 06-01-2009, 05:55 AM

Quote:

Originally Posted by BRPORSCHE

Garrett,
What card did you go with?

I believe it was the Chase +1 card, but I am not positive. It was just whatever Chase would give me. The only thing I cared about was that it had no yearly fees, I never even looked at the interest rate (because I will never carry a balance). Now I have the Chase Freedom Rewards card.