Credit Tips: Credit Card With Low APR or Cash Rewards?

Posted On: September 1, 2006

Author: Seeker
Posted: Sat Jan 24, 2004 7:21 pm
Post subject: Question about credit cards

Hi, I have a few questions regarding credit cards. I hope someone can help me.

1) Is it better to have a credit card with low APR or cash reward on purchases?
2) I have a credit card with my mom attached as another credit card user, will she get my good credit rating also? When I applied for that credit card it never asked for my mom social security, how does the credit card company give her good credit rating?
3) Is there anything else I should watch out for when applying for a new credit card?
4) Any suggestion for a credit card?

Thank you.

Last edited by Seeker on Sat Jan 24, 2004 8:50 pm; edited 1 time in total

Author: NightStar
Posted: Sat Jan 24, 2004 8:46 pm
Post subject: Re: Question about credit cards

Quote:
1) Is it better to have a credit card with low APR or cash reward on purchases?

This differs for each person - as to weather you carry a balance or not… and if their is any key service that you use quite often that a reward card might help you on.

Quote:
2) I have a credit card with my mom attached as another credit card user, will she get my good credit rating also? When I applied for that credit card it never asked for my mom social security does the credit card company give her good credit rating?

If you added your mother as an authorized user, then yes it should be showing up on her credit report as well - you want to always pay as agreed with no late because this will be reflected on her report also.

Just be sure to call the creditor to verify - there are a few that sometimes don’t report authorized user accounts (but they are far and in between). Also a creditor does not need a social security number to add information to your credit report they will just go by her name & address to get this done.

Quote:
3) Is there anything else I should watch out for when applying for a new credit card?

Myself I always look for low APR, long grace period, and balance transfer deals (only because I carry a balance all the time). I don’t have no reward cards like a gas card since I don’t travel to need one.

Sure others will add to this on other deals you may like to look for, I have not carred many cards to be well versed in this area.

Author: Seeker
Posted: Sat Jan 24, 2004 9:32 pm
Post subject: Credit Card With Low APR or Cash Rewards?

Thanks for the reply NightStar.

I’m going to try to look for a credit card with a low APR and some cash reward on purchases. I wonder if there are any cards that has both of these features?

Does anyone know if there are any credit cards that calucates average daily balance excluding new purchases?

Another question. Do I have to use the credit card to make purchases to get good credit card rating?

Author: NightStar
Posted: Sat Jan 24, 2004 9:52 pm
Post subject: Credit Card With Low APR or Cash Rewards?

I can answer the 2nd part, yes will want to use the card to build the credit, but if you want just say charge about $50 and pay it off minimum for a time. That is what includes the account in the scoring, especially on the utilization factoring of the score which is a big help to the score - about 30% contribution.

One thing to watch for though is your credit report to insure that the credit limit is being reported. If not then you will want to fix this, a one time charge up to the max and paying down again will make the high credit take the place of the missing credit limit. This will be important for the utilization factoring to help the score the best. What some people do is like purchase a high priced item up close to the limit, then before the return time is up, return it to get a credit. It will still be updated with the credit reporting agnecy so to benefit you account.