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

Zyzz said:
So is it bad if I close my Amex green cArd?

Don't even use it anymore so don't think I wanna pay $100 anymore
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If you see no use for it anymore and you're sure of that, just close it out otherwise you're wasting money. The amex green card is their lowest charge card, you wouldnt be able to downgrade to anything else and all their charge cards have AF anyway. It's different than their credit card section which you can downgrade to a non-af can keep the card without paying. All their charge cards have AF so you're stuck with paying something at least.  Also unless you can find some better use  and benefits with upgrading to the Gold PRG or Platinum and paying even more than your current AF just to keep the account open and make use of it  than there really isn't any other options, of course this is counter-productive as I'm assuming you don't wanna pay any fees all. I'll recommend just closing then, it wouldn't affect your utlization or overall credit limit total since it's a charge card too. 
 
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So it won't do much to my score

Been contemplating it for awhile

Was gonna cancel it last year then said f it and kept it and haven't used it since then either
 
Got a $550 CLI from discover without even asking :pimp:. And got a $1200 increase from bofa without asking. Discover was about 11 days ago, gonna wait until my statement cuts on November 20th to request another one..I really need to stop using my bofa card and use this discover to maximize the matching :lol: . Have $174 so far, I'm trying to hit $500 and get a rack when the times up :pimp:. I have like $235 on my bofa card too

Hope chase still has that $175 after you spend $500 in like July, I want that next :evil:. I might just re apply soon (but that'll cut out some discover $$) not sure what to do [emoji]129300[/emoji]

When it's all said and done and I'm done with the matching period on discover, and I get the $175 from chase, I think I'm just gonna stick with my bofa card. It's perfect for me.. Cash back on gas and backwoods [emoji]129297[/emoji]
 
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Just received my Chase Sapphire Reserve card in the mail.

Even though I spent weeks researching it, for some reason I still have an impulse buy feeling about it.
$450 a year is steep as hell for a CC :smh: . Hopefully I ran the numbers right..
 
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SoundnFury said:
Just received my Chase Sapphire Reserve card in the mail.

Even though I spent weeks researching it, for some reason I still have an impulse buy feeling about it.
$450 a year is steep as hell for a CC :smh: . Hopefully I ran the numbers right..
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AF is not bad as long as you use the $300 travel credit. It's a travel card so if you don't travel at all then there's better cards for your needs.

Also, you have to use the credit before your December statement. Some folks think it expires on Dec 31st. You said you did the research so I'm sure you're aware.
 
For all you fiends, looks like Chase is releasing a new Ink Preferred card later this year.  80k rewards after 5k in spending.  Also triple points for certain spending up to 150k annually.  
 
Bennyhinn said:
AF is not bad as long as you use the $300 travel credit. It's a travel card so if you don't travel at all then there's better cards for your needs.

Also, you have to use the credit before your December statement. Some folks think it expires on Dec 31st. You said you did the research so I'm sure you're aware.
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This why Im on the fence, I dont travel much and if I do its via car. Ill have to look deeper into this and if it makes sense Ill get one. 
 
NYC757 said:
Bennyhinn said:
AF is not bad as long as you use the $300 travel credit. It's a travel card so if you don't travel at all then there's better cards for your needs.


Also, you have to use the credit before your December statement. Some folks think it expires on Dec 31st. You said you did the research so I'm sure you're aware.
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This why Im on the fence, I dont travel much and if I do its via car. Ill have to look deeper into this and if it makes sense Ill get one. 
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Even if you don't ever travel, you can redeem the 100k points for $1000. Really don't understand why people are on the fence.
 
Based Mod said:
Even if you don't ever travel, you can redeem the 100k points for $1000. Really don't understand why people are on the fence.
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It's just my own laziness to look into the card honestly.

1k is nothing to spend but I never looked into tho. I seen a lot of people in here talk about the card but haven't looked beyond that.

Ill pm you with questions tho lol.
 
Based Mod said:
NYC757 said:
Bennyhinn said:
AF is not bad as long as you use the $300 travel credit. It's a travel card so if you don't travel at all then there's better cards for your needs.


Also, you have to use the credit before your December statement. Some folks think it expires on Dec 31st. You said you did the research so I'm sure you're aware.
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This why Im on the fence, I dont travel much and if I do its via car. Ill have to look deeper into this and if it makes sense Ill get one. 
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Even if you don't ever travel, you can redeem the 100k points for $1000. Really don't understand why people are on the fence.
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Yup. Even if you don't travel just get that 100k bonus plus $600 travel credit if you apply now. Cash that 100k for $1000. Then downgrade to slate/freedom/unlimited before your next AF is due and call it a night.

No brainer if you got the credit score for it :smokin
 
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Just checked credit karma and saw that one of my store cards decreased my limit by $4000 and dropped my score a good chunk. Don't want to close it because its my oldest card (almost 10 years). Second oldest is probably only 5.

Edit: Just requested a CLI and it brought it back up $4000.
 
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The Chase Sapphire Reserve has a lot going for it even though the $450 annual fee is there.
  • You get $300 travel credit, which includes things beyond just airfare and hotels, it includes things like parking, campgrounds, taxis, Ubers, trains, highway tolls, etc. From Chase's site: 
    Merchants in the travel category include airlines, hotels, motels, timeshares, campgrounds, car rental agencies, cruise lines, travel agencies, discount travel sites, and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages. Please note that some merchants that provide transportation and travel-related services are not included in this category; for example, real estate agents, websites or owners that rent vacation properties, in-flight goods and services, on-board cruise line goods and services, sightseeing activities, tourist attractions, merchants within airports, and merchants that rent vehicles for the purpose of hauling. In addition, the purchasing of points or miles does not qualify in this category.
     
    https://www.chase.com/index.jsp?pg_name=ccpmapp/shared/assets/page/Online_Rewards_FAQ
  • If you hit the $4k spend in 90 days, you get the 100k bonus points, which is redeemable for at least $1000 in rewards and up to $1500 in travel. 
  • If you travel, you get TSA Pre-Check/Global Entry reimbursed. You get access to some airport lounges for free drinks, snacks, etc. 
Bottom line, if you're responsible and careful about hitting the $4k spend in 3 months and can use the rewards, it's got a lot of value. If you were gonna spend close to 4k this holiday season, you might have just earned you and your fam a cheaper vacation. To me, this card is like a travel rebate. If I spend a certain amount, I get a certain amount back. If you're not feeling the card, then just cancel it after the first year, take the small credit hit or, like @Based Mod  said, downgrade the card to a no-annual fee card and keep it moving. 

Good luck, fam. Also, be aware that Chase has got to make money too, so be smart and be on your financial game. Make sure you have the cash to pay the card off and not get hit with the interest. That ~16%
eek.gif
 interest ain't no joke, that's just asking to be finessed.
laugh.gif
 

----

This got way longer than I intended, so...

TLDR: Don't get the Chase Sapphire Reserve unless you're willing to spend some money and do some reading 
roll.gif
 
 
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Anybody who carries a balance on their credit cards shouldn't have one, period.

Unless out of absolute necessity (emergency) or you're on a 0% APR offer, obviously.

Also, you don't have to cancel the card and take a credit hit. Just downgrade to one of the Freedom cards and you'll keep your AAoA going.
 
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Based Mod said:
Anybody who carries a balance on their credit cards shouldn't have one, period.

Unless out of absolute necessity (emergency) or you're on a 0% APR offer, obviously.

Also, you don't have to cancel the card and take a credit hit. Just downgrade to one of the Freedom cards and you'll keep your AAoA going.
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I agree with you, fam. 

Thanks for the reminder about the downgrading. Much appreciated. I had just downgraded my Sapphire Preferred to a no-fee Sapphire before I decided to apply for the CSR (since I already had the Freedom), and it's weak in terms of rewards compared to the CSR. It's probably not going to see much use besides a few meals here and there. Part of me is thinking about just consolidating my Chase credit lines so that I didn't have to worry about the card out there as another theft risk and another account to keep an eye on. Any thoughts on that? 
 
Just a heads to any of you guys that have MR points AMEX cards.  Amex got offers going out now on your accounts that consist of giving 500 MR points after spending $10+  each time up to  3 visit per a merchant: Papa johns, Panera bread, Dunkin donuts, and burger king. So you can go to BK 3 times and get a total of 1500 points or go to all of them 3 times each and rack up about 6000 MR totals. So make sure you check your accounts for this offer it's pretty sweet! 
 
cs02132 said:
Info on that $300 :nerd:
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I got a unique code from the USPS moving packet. You just have to set up direct deposit to the account and you'll get the $300 within 10 days.

You can also get $200 for opening up a savings account and keeping $15K in there for 90 days.
 
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