Hi Fools, I've looked through the TMF's credit card picks, and I have some questions and requirements that aren't clearly covered in my research. I am hoping someone in a similar situation can suggest the best card for my purpose.First, I currently have no credit cards at all. I have been paying cash for everything for decades. My FICO is over 700.However, I recently went to work for a company and now have to charge and file expense reports, so I want a dedicated card to make this easier and stop using my cash, while possibly earning rewards or cash back. My expenses can run $500-$1,000 per month.The ideal card should:Permit auto pay from my checking to ensure no interest charges.Offer generous cash back, with low or no annual fee, since I will have to cover that.Possibly extra rewards focused on dining, hotel, airline purchases, since they are the focus of expenses.Any other advice or specific card suggestions welcomed. Thank you.FoolishJeffery
I just switched over to the Chase Freedom Unlimited as they were running a deal where you get $150 back if you spend $500 in the first 3 months. They give 1.5% cash back on everything, and I liked that.I already had a Chase Freedom that I liked, but the rebate on this card was better.I charge everything, and so charging that first $500 to get $150 cash back was a piece of cake.They were running a deal where you could refer someone, and get $50 (I think) cash back if that person got the card, and we did that to refer DD who now has their card. I don't know if they are still doing that, but if so and you want to send me an email, I can put in the referral.Otherwise, just go check out their website and see what you think. I use that as my primary card, and DH uses his as his business card.I've had a Chase card of some sort for years, and have found them to be good.
Thank you for the reply. I'll look into the details, and if I select it will email you for the referral. Thanks, again.
You might consider a "business" version of one of the CCs? Sometimes they have perks that are different than the regular consumer card?http://www.airfarewatchdog.com/blog/38106075/should-you-get-...Or:. If the card is primarily for travel...http://www.airfarewatchdog.com/blog/38106179/the-10-biggest-...There are lots of options. :-)Ralph
I have a Capital One Quicksilver card. It's no fee and pays 1.5% cash back on everything. I also have a Costco Visa card, which is also no fee if you're already a Costco member. The nice thing about that card is that it gets you 3% cash back at restaurants, so I use the Costco card for restaurants, Costco, and gas at Costco, and the Capital One card everywhere else.Mike
First, I currently have no credit cards at all. I have been paying cash for everything for decades. My FICO is over 700.Because of not currently having any credit cards, your best bet to get a credit card that will offer you a decent credit limit (so you will have enough of a limit to charge a month's worth of expenses, without jeopardizing your >700 score), you should probably start with looking at the credit cards offered by the financial providers you have a relationship with. You are more likely to get a credit limit that will allow your spend without impacting your score significantly (see below) from a financial institution that you already have a relationship with.However, I recently went to work for a company and now have to charge and file expense reports, so I want a dedicated card to make this easier and stop using my cash, while possibly earning rewards or cash back.I would strongly recommend getting at least 2 cards. You don't want to be stranded someplace without a card and without cash if your main card gets hacked by fraudsters, it has to be shut down, and the card company can't get you a new physical card for a day or two.My expenses can run $500-$1,000 per month.With potential $1k spending per month, the minimum credit limit you should be looking for is $10k, and more would be better. Permit auto pay from my checking to ensure no interest charges.This is a pretty universal service - I haven't seen a credit card that doesn't offer this service in a long time. (They want to get paid, they want to know that they will get paid and they want to do it electronically, so they don't have to pay to handle the check)Offer generous cash back, with low or no annual fee, since I will have to cover that.I have all 3 of these cards. I use my Chase card for purchases in the quarterly bonus category; my Bank of America card at warehouse clubs, grocery stores and gas purchases, and my Fidelity card on most everything else. (I do get the 75% bonus on the Bank of America card.)Fidelity Visa - 2% cash back on everything with no annual fee - you just have to have a Fidelity accountBank of America Cash Rewards - 3% on gas, 2% on warehouse clubs and grocery stores, 1% on everything else, plus if you have an account with Bank of America and/or Merrill Lynch, you can earn up to a 75% bonus on the rewards, so 5.75% on gas, 3.5% on warehouse clubs and grocery stores, and 1.75% on everything elseChase Freedom (the 'limited' one) - 5% quarterly bonus categories (this quarter's is restaurants and movie theaters, next quarter's will be WalMart and department stores); 1% on everything elsePossibly extra rewards focused on dining, hotel, airline purchases, since they are the focus of expenses.I don't have any of these, but I have looked into several of them. I just don't do enough traveling that it's worth it.Chase Sapphire Preferred - 2 points per $ on travel/dining; 1 point per $ on everything else; points are generally redeemable for at least $1 per 100 points, but can be redeemed at better rates if you use Chase's programs to redeem; $95 annual fee after the first yearBank of America Travel Rewards - 1.5 points for every $ spent; points can be redeemed for travel at a better rate than for cash or gift cards; Similar to the Cash Rewards above, up to a 75% in additional bonus points can be earnedLots of brand specific cards - so if you have a particular hotel or airline that you use a lot - look for offers from them. They offer things like upgrades, access to airport clubs, free companion tickets and free checked luggage, etc. in addition to points that can be used for free trips/stays.Most cards nowadays have some type of 'sign up bonus' - generally in the $100 - $200 range, although for cards that charge annual fees, I have seen sign up bonuses up to $625. The bonus typically requires that you spend a certain amount during the first 60 - 90 days after you are approved for the card.AJ
Permit auto pay from my checking to ensure no interest charges. Do you keep a sufficient balance in your checking account for auto pay of the full balance? If not then auto pay of the minimum pay avoids late payments and you can manually request payment of the balance.
AJ, Thanks so much for this thorough response! It is super helpful. Having not had a card for like 20 years, I did not know if autopay was a standard feature or not.My bank relationships are only with Wells Fargo, Ally and TD, so I'll be sure to look at them first. But the Fidelity card sounds promising. Thank you!!
Thanks. I did not know there was an option for both. I would want to avoid any late OR finance charges, so I guess I need to pay in full. Thank you for pointing this out!
>>>Do you keep a sufficient balance in your checking account for auto pay of the full balance? If not then auto pay of the minimum pay avoids late payments and you can manually request payment of the balance. <<<Ff you do is a credit card even required. Just use the debit card linked to your checking account, there are several flavors of these that now also offer some type of cash back etc. This avoid any issues with missed payment, yearly fees, etc. Personally, I use a credit card but have been considering swapping it out for a debit card for some time.
I would look at Amex Blue Cash or Paypal Cashback as long as you are going to pay in full each billing period.I have been paying cash for everything for decades.Why use cash when my CC will rebate me for all my purchases, and also provide an accounting record of my purchases. And it provides a means to cancel an inferior goods transaction.I rarely use cash, but keep a modest amount in my wallet for "emergencies". I haven't withdrawn cash from a bank/ATM for nearly a year.
Ff you do is a credit card even required. Just use the debit card linked to your checking account, there are several flavors of these that now also offer some type of cash back etc. This avoid any issues with missed payment, yearly fees, etc.The cash back offered on debit cards comes nowhere near the 2% - 5.25% I get back on purchases with my 2 main credit cards.Personally, I use a credit card but have been considering swapping it out for a debit card for some time.Proceed with extreme caution if you do this. Debit cards may claim to have the same protections as credit cards, but those protections are required by law for credit cards, and only offered as a courtesy by the banks on debit cards. And if there is a problem with the debit card, it's your money at risk, while if there's a problem with a credit card, it's the bank's money at risk.AJ
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