Credit Card Question

[cy4life94]

I have just graduated college and am looking into getting my first credit card. My first question is I was added to my parents card as an authorized user when I went to college in case of emergencies but I never had to use it and forgot completely about it. I did a little research and I guess that ended up making my credit score much higher than it should have been. Has anybody had similar experiences with this and can confirm that it works this way.

Also, what card would you guys suggest for first time users. I don't have a whole lot of expenses being a single male in his 20s so I was looking at the cash back cards. The Citi Double Cash card was my first pick but I read about some people having hard times working with the company. I was also looking at the Chase Freedom Unlimited and the Capital One Quicksilver cards. Anybody have experience working with any of these. Any input is appreciated. Thanks

 

[Rabbuk]

One with a low limit, that you pay off every month.

 

[DurangoCy]

I hereby set the over/under of posts in this thread at 157.5. Go.

 

[brianhos]

Something with points and a low limit. Setup auto deduct from your bank monthly. Don't get in trouble like most people do.

 

[3TrueFans]

Something with a high enough limit to put the down payment on a new car that you can then make minimum payments on.

 

[Judoka]

One with a low limit, that you pay off every month.

Low limit means high utilization even if you pay it off every month. And that has a negative impact on your credit score. Unless you're someone with no self control and will charge until you get declined a bigger credit limit is better. A $1,000 bill on a $3,000 limit looks a lot worse to the credit report bureaus than a $1,000 bill on a $15,000 limit.

 

[SplitIdentity]

AmEx platinum. Anything else and you're dabbling in plebian territory.

 

[SplitIdentity]

But for real, chase freedom. Say I referred you.

 

[Rabbuk]

Low limit means high utilization even if you pay it off every month. And that has a negative impact on your credit score. Unless you're someone with no self control and will charge until you get declined a bigger credit limit is better. A $1,000 bill on a $3,000 limit looks a lot worse to the credit report bureaus than a $1,000 bill on a $15,000 limit.

He's a millenial and an America, what part of that screams self-control. Just sayin.

 

[3TrueFans]

He's a millenial and an America, what part of that screams self-control. Just sayin.

He's an entire America.

 

[Dopey]

I have the discover card. Maybe not the best rewards, but pretty versatile with either cash back or discounted gift cards. Also, it's rarely ever declined anywhere, but on the off chance it is, I have a visa ATM card through my bank.

I'd recommend it I suppose

 

[alarson]

He's a millenial and an America, what part of that screams self-control. Just sayin.

Also, theyve been known to loiter on lawns too long, isnt that right Rabbuk?

 

[Cyched]

AmEx platinum. Anything else and you're dabbling in plebian territory.

This. Make sure to get a high enough limit so you can buy a yacht and get rich off the cash back

 

[Rabbuk]

Also, theyve been known to loiter on lawns too long, isnt that right Rabbuk?

I do, and I drink too many 40s.

 

[alarson]

Low limit means high utilization even if you pay it off every month. And that has a negative impact on your credit score. Unless you're someone with no self control and will charge until you get declined a bigger credit limit is better. A $1,000 bill on a $3,000 limit looks a lot worse to the credit report bureaus than a $1,000 bill on a $15,000 limit.

This.

Dont spend a ton on your credit card, but also dont get a low limit credit card and fill it up. Get one with a moderate limit, then aim to only spend what you can pay off monthly on it.

 

[CywinLannister]

I have the Citi card and I have had no complaints about it! 2% back on everything is great and simple enough.

I looked at this one and the AmEx Blue Cash Preferred card but went with the Citi card since it has no annual fees and I don't buy enough groceries to utilize the 6% back to offset the annual fee to make it more beneficial than a flat 2% from Citi. With a family I'd probably go with the AmEx though.

 

[BikeSkiClone]

Do you shop at REI at all? I have the REI Mastercard and it's been great. 5% back on all REI purchases, 2% grocery, 1% everywhere else, plus the regular 10% REI Dividend (yes, REI purchases that are dividend eligible earn 15% back). Points are credited to you on your annual dividend, which you can opt to cash out. $5,000 limit for me and I don't really come close to it. If you're not an REI customer, probably not worth it but the dividend bonus is pretty nice for me.

Also recommend the Chase Freedom. Rotating 5% cash back categories, 1% on all purchases. Can use rewards points directly on Amazon to pay for purchases. I received 0% interest rate for first 15 months, and I think the limit is at $1500. I don't use this one as much, but it's handy. Bought a new bicycle and paid it off over several months interest-free.

 

[Cyched]

I have the Citi card and I have had no complaints about it! 2% back on everything is great and simple enough.

I looked at this one and the AmEx Blue Cash Preferred card but went with the Citi card since it has no annual fees and I don't buy enough groceries to utilize the 6% back to offset the annual fee to make it more beneficial than a flat 2% from Citi. With a family I'd probably go with the AmEx though.

I have the Blue Cash Everyday card and like it; similar benefits to the Preferred with no annual fee. I get a solid amount of cash back with 3% at the grocery store and 2% for gas (1% for everything else). Would also be a good card for cy4life if he's just out of school; I'm not sure how high your credit score has to be to get approved for the Preferred.

 

[cowgirl836]

I have the Citi 2% and I really like that. Got it nearly 10 years ago and - knock on wood - never had trouble with Citi.
I also have the Chase one with the 1%+ rotating categories which would be even better for us if we didn't do most of our grocery shopping at a place that is debit only. If you would get enough out of the 5% categories, that may be worth it for you otherwise I would go with the Citi 2%. Treat it like a debit card though - if you don't have the money in the bank - don't buy it.

I believe being an authorized user would have helped your score.

Discover was the first my husband got in college and the 1% + categories is nice though he has occasionally run into places that don't accept it.

Capital One we let lapse but if you have plans to travel internationally much I believe that one does not charge foreign transaction fees.

 

[carvers4math]

Our adult kids just had accounts with the local credit union until they went to college and then we got them college accounts through Wells Fargo that required them to get a Visa. They haven't charged much except big expenses or travel, and then they pay it off in full, so they have a great credit rating and have been able to finance their vehicles on their own credit with just part-time student jobs. They both get a ton of credit card offers but the one that seems the best if they wanted another card is probably Chase Freedom.