Credit card advice? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

ZeeTwentyFour · 01-22-2009, 07:05 PM

I'm interested in getting a credit card and start building a line of credit. I'm just going to start making small purchases, probably just gas. I have no idea what card to get, I'm considering the GM card and start putting some more away for the 'maro. I'd like real suggestion, no "don't get one to begin with" although a good idea.

dieseldave24v · 01-22-2009, 07:13 PM

Several of the CC offers out there are BS. Make sure there is no MEMBERSHIP FEE, and no minimum balance. Be careful of the APR as well. Some of them seem really good at 1.9%. Most of the time that is just a introductory rate, it could go up to 19.9999999 after that. Also remember your first CC can make or break you from years to come. Contrary to popular belief you should not pay it off every month, you want to at least double the minimum payment, but a CC with a balance of 0 actually counts against your credit score. Always have something on it. Remember to pay Early not on time or late. This will set you up for a great credit future.

Mr_Draco · 01-22-2009, 07:17 PM

Quote:

Originally Posted by ZeeTwentyFour

I'm interested in getting a credit card and start building a line of credit. I'm just going to start making small purchases, probably just gas. I have no idea what card to get, I'm considering the GM card and start putting some more away for the 'maro. I'd like real suggestion, no "don't get one to begin with" although a good idea.

Unless you are planning on waiting till like 2012 or later to buy your Camaro I wouldn't do the GM card. Takes too long to build enough bonus cash to make it worthwhile. Also it takes a credit card at least 1-2 years to start building your credit. Depending on when you are planning on buying your car it may not effect your ability to finance the car.

Imo the best option for a credit card is though your local bank. Most banks nowadays offer a credit card in which you deposit your own money onto. There is no apr and no monthly payments to deal with as it is your own money and it builds your credit exactly like a normal credit card does.

ZeeTwentyFour · 01-22-2009, 07:20 PM

Quote:

Originally Posted by Mr_Draco

Unless you are planning on waiting till like 2012 or later to buy your Camaro I wouldn't do the GM card. Takes too long to build enough bonus cash to make it worthwhile. Also it takes a credit card at least 1-2 years to start building your credit. Depending on when you are planning on buying your car it may not effect your ability to finance the car.

Imo the best option for a credit card is though your local bank. Most banks nowadays offer a credit card in which you deposit your own money onto. There is no apr and no monthly payments to deal with as it is your own money and it builds your credit exactly like a normal credit card does.

I'm not getting the camaro anytime soon now, most likely not till about when you mentioned :(

Inspector 17 · 01-22-2009, 07:25 PM

Personally, I like a card that offers cash back. That way, I can use the cash to buy a car, buy an airline ticket, or whatever I want (vs. being only able to buy a GM car with the GM card for example). I have an American Express card that offers cash back and allows me to carry a balance if I need to (although I don't recommend doing that!).

Rodrunner · 01-22-2009, 08:34 PM

Cash back is what percent of the purchase - 1%? It's not worthwhile, just a ploy to get you to charge more. Go for the lowest fixed APR you can get based on your credit history/FICO score.

Inspector 17 · 01-22-2009, 08:40 PM

Quote:

Originally Posted by Rodrunner

Cash back is what percent of the purchase - 1%? It's not worthwhile, just a ploy to get you to charge more. Go for the lowest fixed APR you can get based on your credit history/FICO score.

I get 3% and it generally amounts to a lot for me. I put everything on the card and pay it off every month. If you are going to carry a balance, then lowest APR is a must. However, I never carry a balance so I don't really care about the APR.

69 rs/ss · 01-22-2009, 08:42 PM

I have one also and have 500 on the earnings. It is my understanding that they only credit my card once a year. When do they do that because I should be credited more as I have used that card more. Does anyone know?

Inspector 17 · 01-22-2009, 08:45 PM

Quote:

Originally Posted by 69 rs/ss

I have one also and have 500 on the earnings. It is my understanding that they only credit my card once a year. When do they do that because I should be credited more as I have used that card more. Does anyone know?

If you are talking about the cash back, on the AmEx I usually get the check from them in February. However, I can see the balance that I am building online at any time.

jeffny09 · 01-22-2009, 08:53 PM

Quote:

Originally Posted by camaropete

If you are talking about the cash back, on the AmEx I usually get the check from them in February. However, I can see the balance that I am building online at any time.

ive got the platinum amex -dont know why lol and got the blue-i add up the miles hmmmm

Mr Twisty · 01-22-2009, 09:19 PM

Call me old fashioned...I like cash.

C C's are a bad way to build credit...and a good way to ruin it.

NAHURRY · 01-23-2009, 07:33 AM

learned my lesson!!!

on cc

Quote:

Originally Posted by MisterCamaro69

Call me old fashioned...I like cash.

C C's are a bad way to build credit...and a good way to ruin it.

01-22-2009, 07:05 PM	#1
ZeeTwentyFour Does not have a Camaro Drives: 99 silverado Z71/66 Chevelle SS Join Date: Apr 2008 Location: Long Island, NY Posts: 469 View My Garage	Credit card advice? I'm interested in getting a credit card and start building a line of credit. I'm just going to start making small purchases, probably just gas. I have no idea what card to get, I'm considering the GM card and start putting some more away for the 'maro. I'd like real suggestion, no "don't get one to begin with" although a good idea. __________________

01-22-2009, 07:13 PM	#2
dieseldave24v PowerStroke this Ford boy Drives: Like Don Garlits "Big Daddy" Join Date: Sep 2008 Location: Richlands/Camp Lejeune NC Posts: 462	Several of the CC offers out there are BS. Make sure there is no MEMBERSHIP FEE, and no minimum balance. Be careful of the APR as well. Some of them seem really good at 1.9%. Most of the time that is just a introductory rate, it could go up to 19.9999999 after that. Also remember your first CC can make or break you from years to come. Contrary to popular belief you should not pay it off every month, you want to at least double the minimum payment, but a CC with a balance of 0 actually counts against your credit score. Always have something on it. Remember to pay Early not on time or late. This will set you up for a great credit future. __________________ Hey big man let me hold a dollar

01-22-2009, 08:34 PM	#6
Rodrunner Senior Member Drives: 2010 SS/RS, '06 350Z Join Date: Oct 2008 Location: So. Maryland Posts: 2,333	Cash back is what percent of the purchase - 1%? It's not worthwhile, just a ploy to get you to charge more. Go for the lowest fixed APR you can get based on your credit history/FICO score. __________________ 2SS/RS - Black/Black - CGM Rally Stripes - Auto - VIN 10171

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01-22-2009, 07:25 PM	#5
Inspector 17 I love crepes Drives: 2017 ZL1 NGM A10 Join Date: Oct 2008 Location: Maryland Posts: 4,955 View My Garage	Personally, I like a card that offers cash back. That way, I can use the cash to buy a car, buy an airline ticket, or whatever I want (vs. being only able to buy a GM car with the GM card for example). I have an American Express card that offers cash back and allows me to carry a balance if I need to (although I don't recommend doing that!).

01-22-2009, 08:42 PM	#8
69 rs/ss Drives: 1969 rs/ss & 2010 L99 #3747 4/28/09 Join Date: Oct 2008 Location: Albion, NY Posts: 328 View My Garage	I have one also and have 500 on the earnings. It is my understanding that they only credit my card once a year. When do they do that because I should be credited more as I have used that card more. Does anyone know?

01-22-2009, 09:19 PM	#11
Mr Twisty Drives: the 2nd amendment home Join Date: May 2008 Location: OK Posts: 14,707	Call me old fashioned...I like cash. C C's are a bad way to build credit...and a good way to ruin it.