Credit Card suggestions

JennVT11 · April 2011

Hello all!
We just booked our honeymoon to St. Croix! Yay!!
Ok, now for the question... The villa we're staying with requires us to rent a vehicle (which seems to be common on the island). But all the rental companies require the vehicle be booked using a credit card and we only use debit cards! I tried talking to the rental companies about letting us use my mom's credit card and then paying w/ my debit card @ the end, but none of them would agee with that.
We've decided to get a credit card to make things easier, and just in case other activities in St. Croix require credit card payments (we've talked about getting one forever, just didn't ever have an obvious reason to). Plus, we'd like to not have lots of cash on hand if possible.
I know lots of you have credit cards and I'm wondering... which is the best in your opinion?
Thanks ladies!

theluckiest555 · April 2011

Well good for you for using debit cards and not credit cards. Many americans spend $$ they don't have and get in trouble for it. As for credit cards, I use the bank of america credit card. I'm not quite sure if you need to have a BOA account to use it, my guess is that maybe you do. Discover and American Express are good too You know, on the Nest, there is a board called 'money matters.' Perhaps you could post this over there too, and see what advice people give. Have a good vacation!

GeauxTigers17 · April 2011

Visa is almost universally accepted - when I was living abroad I never had trouble using it, and my Amex wasn't as commonly accepted. I am like you - I'm anti credit card now that I live in the US again. However, is your debit card not backed by a credit card company? My debit card has a visa logo on it and I can use it just like a credit card. It's weird to me that they won't take it.

stacie+luciano · April 2011

If your debit card is a Mastercard or Visa and can be run as credit, (and debited from your account) it should work. If it is strickly an ATM/Cash Card (like what I had until I moved out) then it wont. Check with your bank to see if it can be run as credit

vegasgroom · April 2011

As far as credit cards go, if you never carry a balance and you fly Southwest regularly, or fly regularly and could make use of Southwest if you chose to, the Southwest Visa with $99 annual fee is one of the best cards from an earning percentage basis. The $99 annual fee version of the card gets you an automatic 6000 rewards points per year and 30,000 points for signing up. Then you earn a point for every dollar spent, 2x to 6x points when you're purchasing flights from Southwest or travel from their partners and you get additional points for every $10,000 spent. Points never expire.

The way points are calculated is the dollar cost of the flight times sixty. So if you want to take one of their $79 non-refundable flights, that would cost you 4740 points. Or, looking at that in the opposite direction, at most, you'd have spent $4740 to get that free $79 flight, and that is a 1.66% rebate which is far better than the 1% you get at most from typical rewards or cash back cards, assuming you never carry a balance, since if you do you're not getting any benefit and are better off just going with whatever card gives you the lowest interest.

I never carry a balance and calculated that with the typical annual spending I can run through my card, I'm getting nearly 1.9% back. That's double what I'd get from Discover's cash back and when I had Amex, their membership rewards redemption prices made the true benefit less than a percent.

Mrs.B6302007 · April 2011

If your debit card is a V or MC, you can use it just like a CC. Please don't get one if you're really wanting to only live on cash; it's too easy to get sucked under quickly.

J&K10910 · April 2011

I recommend talking to your bank. My credit card through my bank has the best rewards and lowest interest out of any other card I have or have looked at.

NcsuPsych · April 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_credit-card-suggestions?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:14dcbd31-a2c6-4883-a5bf-a0f5f663fda9Post:0f5defe3-c2f1-4f25-812a-b0a522c74c31">Re: Credit Card suggestions</a>:
[QUOTE]Well good for you for using debit cards and not credit cards. <strong>Many americans spend $$ they don't have and get in trouble for it</strong>. As for credit cards, I use the bank of america credit card. I'm not quite sure if you need to have a BOA account to use it, my guess is that maybe you do. Discover and American Express are good too You know, on the Nest, there is a board called 'money matters.' Perhaps you could post this over there too, and see what advice people give. Have a good vacation!
Posted by theluckiest555[/QUOTE]

It's not just an American thing. FYI

OP, good job for being money savy though and not getting sucked in easily. I had to get my frist credit card when I was a junior in College. It's rarely used and never holds a balance, but it was something my parents stressed for me to get for 'an emergency'.

DH uses Discover and Visa. I know his Discover gets a lot of points which equals a lot of rewards. So that's cool if you're interested in something like that. He also has pretty low rates on them. Those credit cards however are always paid off at the end of the month, which IMO is key to having a credit card.

I personally have a Capital One card. I dont have any pros or cons to give about it, because I don't use it. It's simply still a 'Just in Case'.

Agree with the Nest suggestion. Check out Money Matters and explain your situation. I'm sure they'll have great suggestions :)

jemmini6 · April 2011

Most rental car companies won't accept debit cards even with the Visa/MC logo because it is still tied directly to cash you have in your account, not credit. This can become an issue if you don't have enough cash in your account to cover the deposit that they charge, which is why they generally want an actual credit card.

Credit cards can be a useful tool, IF you use them correctly, which not many people do. My FI and I both have the Amazon.com Visa credit cards because we both frequently purchase from Amazon and we get rewards points. Both of us pay off our balance in full each month, so we never pay interest. In general though, I think having at least one credit card is a good thing in case of emergency and to maintain your credit rating, you just have to be careful not to get sucked in like so many people tend to do.

Beads921 · April 2011

Ask your bank about it. My VISA is just through my bank, and it's their standard, no-fee credit card. Since you'll rarely be using it, you definitely don't want to be paying annual fees.

kellya01 · April 2011

I prefer my Discover card (1% cashback always, and 5% cashback every 3 months on specific spending categories, plus 10% cashback if you shop through Discovercard.com) ... however, it's not as universally accepted as Visa or MC. So, I also have a Bank of America World Points mastercard. It goes everywhere that they won't take Discover. So ... I guess what I would say is to check with the places you are intending to go or purchase (like the car rental co.) to see what credit cards they accept, and then find the best deal for points or cashback (or miles if you're into that).

Good luck! Oh, and MAJOR kudos to you for doing debit only -- we are working ourselves back to debit only. FI only does debit now, but he has a CC balance to keep paying off. I'm on CC only if I have $ in my account to back it up, or at least that is where I'll be by the end of NEXT month!! :-)

scottswife1106 · April 2011

I bank with Chase and use my Chase credit card that is a Visa. I can see why they won't let you use your debit card. They hold money on it for incidentals and it can take 5-7 business days to release the money. I used mine once for a hotel room and will never do that again.

LauraT25 · April 2011

I have a Chase Master Card, as well as a Bank of America WorldPoints Master Card. Neither has a fee. The BOA card has really crappy rewards, IMO, and I only keep it because I've had it a long time and it has a higher limit, which may be useful for emergencies. I use my Chase card for almost everything because the rewards are really good; I get cash back or use the points to get GCs for gifts. We pay off our balance at the end of every month. If we thought we were getting in trouble financially, we would stick with debit/cash, but it hasn't been an issue.

For a CC you won't use often, I would avoid American Express or Discover because they aren't as widely accepted, and I wouldn't choose any card that charges an annual fee. It's not worth the fee if you won't be using it enough to get it back in rewards.

Kate61487 · April 2011

PPs have given you good advice - I'd go talk to your bank first, because they should be able to get you a card with no fee and I find my Chase Visa to be the most convenient, since it's linked to my other accounts I don't have to go to another website to check it / pay it.

Key things you want are NO annual fee and widely accepted (visa/master card). The interest rate isn't important if you're not going to carry a balance on it - and I strongly recommend you don't carry a balance on it. It sounds like you and your FI wouldn't anyway, since you're currently living responsibly and only buying what you have the money for.

LauraT25 · April 2011

I would still take the interest rate into consideration, actually. You never know when you might need to carry a balance - hopefully never, but the last thing you want when you're in financial crisis is to have the added insult of an outrageous interest rate. My BOA card has twice the interest rate of my Chase card, so they can vary widely.

stacie+luciano · April 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_credit-card-suggestions?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:14dcbd31-a2c6-4883-a5bf-a0f5f663fda9Post:a4d99eed-f667-4c3c-ac2d-7f987c5d0a26">Re: Credit Card suggestions</a>:
[QUOTE]I would still take the interest rate into consideration, actually. You never know when you might need to carry a balance - hopefully never, but the last thing you want when you're in financial crisis is to have the added insult of an outrageous interest rate. My BOA card has twice the interest rate of my Chase card, so they can vary widely.
Posted by LauraT25[/QUOTE]

<div>Ditto this. Interest rates can kick you in the ass sometimes. </div><div>
</div><div>And Amex has a yearly rate (Like 180$ I think. not sure) but it has a zero limit so its something to think about.</div><div>
</div><div>Both of my credit cards are through my bank, USAA, so I guess I'm lucky. I get really good rewards (every so often I get 5x reward points on purchases, I can purchase things online and get up to 50x points). I think your bank is the best bet, especially if you've had them for a long time (the usually will help you out if you've been a long time customer).</div>

Milsey32 · April 2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_credit-card-suggestions?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:14dcbd31-a2c6-4883-a5bf-a0f5f663fda9Post:2fceab09-6d9e-4dae-af13-b824016d7d30">Re: Credit Card suggestions</a>:
[QUOTE]I recommend talking to your bank. My credit card through my bank has the best rewards and lowest interest out of any other card I have or have looked at.
Posted by J&K10910[/QUOTE]

<div>
</div><div>THIS -- even lower if you have a credit union, actually. </div><div>
Also, having a credit card will help (and hopefully not harm, if you are responsible) your credit. So it's actually a good thing to have one - if you use it wisely like paying for gas with it and paying it off ASAP. Use a credit card LIKE a debit card (only spend the money you have) and you'll be fine. [: </div>

JennVT11 · April 2011

Wow ladies! Yall have been super helpful!
My debit card is backed by MasterCard but I never actually thought of WHY I couldn't use it as a CC, so thanks for the explaination!
We are interested in getting a CC that offers rewards of some sort (cashback would be wonderful since FH is NOT a fan of flying... this will be his first time flying and it took LOTS of begging lol), something widely accepted and something w/ a low interest rate (as PP stated, just in case we have to carry a balance). We would most DEFINITELY treat a CC like a debit card, which shouldnt be difficult b/c that's how we operate now.
I'll check with my bank and see what they offer and talk with my fiance about which would be best for us.
Thanks again! I always know I can count on yall for any question I have!

xokristenelise · April 2011

I really like my Citi Visa card. I get really great rewards and they aren't stengy with cashback. The website is also very easy to navigate which is a big plus to me. I understand 100% of my account information and can easily find it.
Also, I'm not sure if they're still doing this, but they had a deal when I signed up in Jan that if you pay your bill (of any amount) in full on time for 3 months in a row, they give you a $75 credit towards the statement. I forgot about this and was stocked when my bill was $50 instead of the $125 I was expecting

July2012bride · April 2011

1st off, check your credit score...that's going to have the largest impact on which card you should get.

Credit cards are actually really good for building credit (which essentially is all for buying a house), just be sure to live within your means. If you've never had a credit card, your first card will likely have a pretty low limit anyways.

I always suggest for a first card to never pay an annual fee...you simply aren't going to be able to spend enough with the low limit you will likely have bc of your short credit history to make the annual fee worth it.

I like this site: http://www.creditcardguide.com/

You can compare the different features of each credit card and even search by credit score level (Excellent, Good, Average, Below Average, etc.)

As PP's said, credit unions usually can offer the lowest rates.

GL!

quirky75 · April 2011

Ditto PP advice! Creditkarma.com is a good site. You can check your credit score, compare credit cards, and predict how certain things can affect your credit score.

jroxx · April 2011

Get something with cash back, even 1% on all purchases (like the Chase Freedom or Discover Card), when you're putting large purchases on it, it adds up! I highly recommend Discover (if they accept it). Best rewards options, including cash back, and Shop Discover, if you do online shopping, check there first, you could get up to 25% back on certain online retairs. It's awesome.

Also, check out your local credit union. My credit union offers a card where you get 5% back on gas, all year round, no maximum (and 1% on everything else). Just pay off your card each month and it comes off the next bill!

shopgrl3177 · April 2011

I use a Visa issued through my credit union, I don't get any rewards but I do have a very low interest rate. Be careful, I used my Visa out of the country and my bank shut my card down because they thought it was a fraudulant charge. I learned to always call my bank (or whoever issues your card) and just let them know I'm traveling so they know any unusual charges are from me and not a thief!

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