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SO: Credit Cards to earn extras
For those of you that use credit cards, do you have one that earns "extras" such as airline miles, points towards gifts, cash back, etc? Do you pay a yearly fee? Who is it thru, if you don't mind answering? What is your credit card number (haha, just kidding)
We just have a basic credit card that doesn't really "earn" us anything. We don't use it that often, but when we do it is for big purchases (like my airline ticket from Japan back to Florida), which we then pay off right away. I want to get one that would earn us something free, and I'd love it to be airline miles (esp since I know we will be flying from Japan and back a few more times in the next 3 years). DH is convinced that opening a new card/closing the old one will mess up his credit score. I think the amount it would change would be so tiny it wouldn't matter, and we aren't going to be buying anything big in the next few years, like a house or car, that it would matter anyway. Ugh- how do I convince him otherwise? We outta be getting something out of our purchases!
Re: SO: Credit Cards to earn extras
Mine is cash back and I don't believe there is a yearly fee (USAA something-or-another Mastercard).
I would open a new one but keep your old ones open and just not use them, especially if it is old or your only other card. Opening a new account will also increase your debt/credit ratio, so that should increase your score (right?).
We have a cash back card through Chase that we will use for large purchases, like plane tickets. I'm not sure of the specific name of the reward program though. DH handles that account since it was his before we got married.
I can understand not wanting to close the old cc account since longer standing accounts help your score. I would keep that card open and just not use it if you get another card. Having a credit inquiry done to open a new account will ding your score a little, but I don't think by much. I would think the ding is probably offset by the decreased debt/credit ratio, like Maui mentioned, if you keep the old cc open.
We have Capital One, and we get cash rewards (I think there are options though?)
We don't pay a fee. In fact, we didn't even sign up for it! We just got a statement one month that said we had been auto enrolled and they sent us a check for a few hundred dollars in catchup rewards for not enrolling us earlier! We usually just apply it to the balance and pay less on the final bill each month (we do 100% of our spending on CC but pay them off in full each month)
I have a Citi card with a straight 1% cash back reward (with a maximum $300 per year, but we don't spend 30k a year).
I also have a credit card with a credit union that has a step system for cash back where you start earning .25%, then .5%, then finally 1% after you've spent 3k for the year.
On the first card, you can request the cash back if your rebate balance is 100. On the second card, the check comes once a year.
Just be careful. With the new cc laws, a ton of companies will start charging annual fees for those deadbeats that either don't use their card or always pay it in full.
I have a Capital One card and I can use the rewards for cash back, airline miles, or stuff I can buy with my points through the Capital One website.
By putting almost all of my purchases on the card I get a free plane ticket every year that I use to go see my BFF in San Diego. The points system is super easy and you can book any ticket you want, whenever you want as long as you have enough points.
Yeah, that's how ours works too, the capital one points. We were super skeptical when we basically got an email at some point saying "you've got all these points! Would you like cash, check, miles...?" but it's legit and they don't charge fees or anything. we love our capital one card.