24 Looking to build Credit... What are some good tips on your first Credit Card

jon4rd said:
I mean that's not a terrible interest rate if your credit profile is slim. Some cards go as low as like 10% interest rate but it's based on your credit profile. You can get a card that has an intro 0% interest rate for like 12-18 months if you plan on carrying a balance on it again. My best advice if you are going to carry balances though: get 2 cards that have 0% balance transfer offers. If your 0% intro apr is up and you have to carry a balance, do a balance transfer to the other card (usually it will cost around 3% of the balance) to avoid paying high interest rates. And you'll get another 12-15 months of no interest on it.
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Didn't plan on carrying the balance + I knew NOTHING about credit cards then. This was just last year too. Kinda crazy to even think about it. 
 
jon4rd said:
I mean that's not a terrible interest rate if your credit profile is slim. Some cards go as low as like 10% interest rate but it's based on your credit profile. You can get a card that has an intro 0% interest rate for like 12-18 months if you plan on carrying a balance on it again. My best advice if you are going to carry balances though: get 2 cards that have 0% balance transfer offers. If your 0% intro apr is up and you have to carry a balance, do a balance transfer to the other card (usually it will cost around 3% of the balance) to avoid paying high interest rates. And you'll get another 12-15 months of no interest on it.
Click to expand...

As far as doing balance transfers i'm assuming this has to be done using two cards from the same company?
 
Fellas, with the Discovery IT card, must you wait till the end of promotion term to receive the double cash back? I checked my account and it shows what I've earned YTD. If I redeem what I've earned so far and continue to do so every month, will I not receive the double cash back after the promotion is over? Or must I let it accumulate?
 
tyisny said:
As far as doing balance transfers i'm assuming this has to be done using two cards from the same company?
Click to expand...
Balance transfers can be done with cards from any company. They pretty much send a check to the company you hold a balance with then take over your debt from that company.

For example, you have $2000 balance with Discover , you want to BT this to a Citi card.

Citi sends Discover a $2000 check and now your $2000 balance is with Citi at 0% interest for whatever the time period is.

Your DIscover card is now at a $0 balance.
 
BeezyGotSole said:
Balance transfers can be done with cards from any company. They pretty much send a check to the company you hold a balance with then take over your debt from that company.

For example, you have $2000 balance with Discover , you want to BT this to a Citi card.
Citi sends Discover a $2000 check and now your $2000 balance is with Citi at 0% interest for whatever the time period is.
Your DIscover card is now at a $0 balance.
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So if i plan on carrying a balance, it would be in my best interest to find one 0 APR card now use until the offer is up, and then apply for another card with 0 APR and do a balance transfer?

sorry for all the ?'s but up until now i've never carried a balance on my card.
 
tyisny said:
So if i plan on carrying a balance, it would be in my best interest to find one 0 APR card now use until the offer is up, and then apply for another card with 0 APR and do a balance transfer?

sorry for all the ?'s but up until now i've never carried a balance on my card.
Click to expand...
Yes, that would be best to find a 0% apr card 12-15 months.
 
LiLcHiCo4LiFe said:
Fellas, with the Discovery IT card, must you wait till the end of promotion term to receive the double cash back? I checked my account and it shows what I've earned YTD. If I redeem what I've earned so far and continue to do so every month, will I not receive the double cash back after the promotion is over? Or must I let it accumulate?
Click to expand...
U dont have to let it accumulate
 
If u have a Bank of America credit card
U can now see ur Fico score
I believe it's ur transunion score
U have to log in on a computer or tablet
And accept the terms first
 
SAMs club
For some reason made it a big deal a few weeks back that they were accepting Amex

Who gives a damn
 
tyisny said:
So if i plan on carrying a balance, it would be in my best interest to find one 0 APR card now use until the offer is up, and then apply for another card with 0 APR and do a balance transfer?

sorry for all the ?'s but up until now i've never carried a balance on my card.
Click to expand...

Yup that's exactly what you should do. I don't encourage carrying a balance but I understand some circumstances may require it. So to save money don't carry a balance on a card that's charging 15% or more in interest every month.
 
Okay, last question. And I appreciate all the help thus far. Below is just a little bit of info that may help you guys in helping me help myself. Most likely going to bite on the Discover IT from what I've read/been suggested, but I just wanted that last opinion. Something that will set me in a good spot for now - until I go full time and graduate. 
  • In college (Junior)
  • Working part time
  • 1 CC with Wells Fargo ( APR: 18.4% variable | Cash Advance: 24.24% variable (which isn't that bad according to people and these offers from the mail)
  • Scared of credit lol
  • Most likely won't keep a balance on it
  • Think I may want cash back now that I think of it
  • Going on a cruise in December 
  • May take a flight this year
  • Plan to travel next year
Any more suggestions based off of this? Should I keep the Wells Fargo card I have as well, or ditch it completely? 
 
^ Go ahead and sign up for the Discover IT card. Pay off your CCs in full every month (no balance at all).

Everything else should be good.
 
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ddh1122 said:
Okay, last question. And I appreciate all the help thus far. Below is just a little bit of info that may help you guys in helping me help myself. Most likely going to bite on the Discover IT from what I've read/been suggested, but I just wanted that last opinion. Something that will set me in a good spot for now - until I go full time and graduate. 

  • In college (Junior)
  • Working part time
  • 1 CC with Wells Fargo ( APR: 18.4% variable | Cash Advance: 24.24% variable (which isn't that bad according to people and these offers from the mail)
  • Scared of credit lol
  • Most likely won't keep a balance on it
  • Think I may want cash back now that I think of it
  • Going on a cruise in December 
  • May take a flight this year
  • Plan to travel next year

Any more suggestions based off of this? Should I keep the Wells Fargo card I have as well, or ditch it completely? 
Click to expand...

Keep the card..the more available credit u have the better

If u pay off the balance every month u will never pay interest regardless of the interest rate

I have the Discover IT card..it has 0% APR for 12 months..during that time u don't have to pay the full balance but pay more (I pay more than double the minimum required..but once that period is over pay it off in full every month..also they have rotating categories 5% cash back..and at the end of the year they will double all of your rewards (only for the first year)...their customer service is on point as well

***oh and never take a cash advance..its way too much money they will charge u for each transaction
 
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Think I'm gonna go with the Discover IT Card (Student Edition). Appears to have the same perks + $20 cash back when your GPA is 3.0+. 

Thanks everyone
 
ddh1122 said:
 
Think I'm gonna go with the Discover IT Card (Student Edition). Appears to have the same perks + $20 cash back when your GPA is 3.0+. 

Thanks everyone
Click to expand...
Why not just get the regular Discover IT card?

My brother is a freshman in college with no credit history and got approved. @Zyzz for the hookup.
 
Think student has different cash back rates. That's the only difference I've seen so far. May go ahead& get my student IT transferred to regular
 
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