Cool Site: Credit Card Research
I’ve been thinking for a few months now about getting a credit card, but the one thing stopping me is that I don’t know which to go with! It’s not like I have to get one or like I’m in a big rush, so I can do this when I feel like. As I think about it, though, I’m really glad to have found this site, CreditCardsClub.com, which is all about credit card rating and which is a great online resource that breaks down all the features of each card for you.
So which should I choose?
Here’s what I have now:
*A Visa debit/credit card with my bank account. This is totally old school, I know. I always use it as credit (my bank charges after a certain number of debits?!), but I never worry about overspending with my limits because my bank account balance dictates them.
*A Gap credit card. I use this once every few months, probably, and I always pay off the balance in full. I’ve had it for maybe six years, give or take, and I like the free $10 coupons I can earn.
*A shared Chase Mastercard. I went to Europe as a senior in high school and needed a way to access money without the hassle of travelers’ checks or the liability of cash. My parents put me on their credit card account. To be transparent, they’d still be perfectly fine with me using it whenever I wanted to, but I don’t. I have it in my wallet for emergencies and emergencies only, or maybe when they need me to get them something and they’re paying. Can’t remember the last time I used it.
What I want from a new card:
*The best rewards possible.
I’ll never carry a balance, so the APR is irrelevant. As far as rewards: I travel, but not enough to make me want an airline/hotel rewards card. I shop, but not at one store primarily. Of course, I buy gas, but with an economical car, not enough to make me want a gas card.
Maybe a cash-back card? I went to Credit Cards Club and clicked the cash-back rewards tab on top.
Here are the ones I found most interesting:
Capital One No Hassle Cash(SM) Rewards: There’s a $29 fee, but I’d earn a 25% bonus for all income (?!), which would more than make up for it, obviously. Not sure how I feel about a card with a fee, though. Something seems weird.
Chase Freedom SM Credit Card: No fee. 3% cash back on my top three spending categories (not sure what categories means) and 1% on everything else.
Discover® Open Road(SM) Card: No fee. 5% Cash-back Bonus® on gas and auto maintenance purchases, 5% to 20% Cash-back Bonus at top online retailers* and up to 1% Cash-back Bonus on all other purchases.
So I’m undecided. Anyone have input?
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9 Responses to “Cool Site: Credit Card Research”
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I actually have 2/3 on your list. The discover is really only good for gas (and only up to 100 each month), but that is $5 month. You can cash out at 20 and get cash or a 25 to many stores.
The chase is decent too. categories are like… grocery, gas, drugstore, fast food, etc. Pretty self explanatory, 3% cashback. You can cash out at $50, but if you save up to 200, they give you you 250.
Both offer a feature that you can get extra cashback on online purchases if you click through their site. I did that for my laptop and got $20 right there. If I buy from target, i click through discover. But that is probably a small thing to consider unless you shop online a lot.
Visa’s are ever so slightly more widely accepted, but most places accept them all.
I use a Discover card pretty much exclusively. Not sure if it’s the best one out there, but it’s what I have and it’s good enough for me. In the past I’ve just used the cash back to credit my account, but I’m now looking at some of the special deals with retailers to get a little more out of my reward.
I don’t think I would ever have a card that required a fee, but that may just be me.
I use the chase freedom card, it’s great (also never carry a balance) since we have earned $150 in cash back so far. I use that card for everything except gas, when I use the Open Road card.
If you decide to sign up would you consider using this link? https://app.firstusa.com/ICAppServlet/?PID=CHFD4&SPID=BLN8&CAT=0&CELL=6H8X&AFFID=KkUJcWtLuh8-3wh_duHhn2EjZeRFbbSYEA
I get a friend referral bonus and would really appreciate it.
I wouldn’t do the Capital One…first of all because of the fee, and 2nd I’ve heard that when reporting to the credit agencies they report your highest balance as your “limit”, resulting in it appearing as though you’re using up 100% of your credit limit. I don’t know if they still do this, but it worries me enough to not consider Capital One at all.
I’ve also heard that the Chase Freedom card is good. If I wasn’t so attached to my Amex I might consider switching, hehe.
I would suggest looking into the Citi Driver’s Edge card. The rewards structure is a little complex, but basically you get 3% back for gas, groceries, and pharmacy, with bonus % back for miles that you drive. There is a good forum post on Fat Wallet on this card, once you figure out how it works you can get very high rewards % on it. Good luck with your search!
SP: Glad you commented, since you have the most first-hand knowledge here! So the Discover bonus only goes up to $100? Hmmn, that’s a downer.
Forest: Yeah, I agree about the fee.
L @ Spilling Buckets: My one reserve about the Visa is that I already have my Visa debit. While an official credit card would give me future credit history, etc., it wouldn’t have much else of a benefit over my current debit card. What do you think?
QL Girl: Are you serious about the Capital One!? That’s definitely out, then. Just the thought of it is enough to disinterest me.
Jude: Thanks for the tip! I’ll go look into it!
I don’t like debit cards, they have direct access to your bank account (which to me is a negative) and don’t give as much cash back. (any?) I have a visa debit card that I have never used outside of an ATM but use the credit card for everything. I never carry a balance but I like the extra safe buffer of having the payment deferred for a month.
Also - most places take everything now, but I have still come across a few that don’t take Discover or Amex cards.
I don’t like the Driver’s edge as much either becuase you have to register the car you want to apply benefits to and we haven’t been able to earn enough to get cash back yet. We do have both cards and use the drivers edge for gas and oil changes, but overall I feel like the chase card is a better deal for our spending habits.
I just started using the Chase Freedom card in January, and I’ve racked up about $120 since then, so it accumulates pretty quickly. I’m waiting to cash it in until I hit $200 so I can get the $50 bonus. Also, I’m not sure if they’re still doing this, but when I got my card, they gave you a $50 bonus the first time you used it. Not bad, not bad.
Like you, I used a debit card forever. I finally switched, and I’ve been happy with it so far.
I have an American Express Blue Cash, which is 1% on everything if you spend under $6,500, but 5% at $6,500 and over.
Their cards also have all kinds of nifty features–free extended warranties for electronics, free 90-day theft coverage for purchases up to $5,000/year, free travel insurance, etc.–but those may be standard with all credit cards.