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Keep in mind -- some credit card companies don't report right.
Capital One used to do this trick where they would give you a large credit line but the max they reported to the credit bureaus was the max amount you had charged. Giving you a much smaller credit line.... and not helping your credit score much.
And also -- keep in mind the credit card company ALWAYS has the right to charge an annual fee eventually. So look for teasers that say no fee*. And look at the small print.
The very very very best suggestion is NOT to get a credit card. It just don't get any better then that. If you ask what is the best card, the answer is none. Due to the black magic of compound interest you will be hopelessly enslaved to that card for the rest of your life.
I just did a quick calculation on Bankrates charts. If you have an $8000 balance on a credit card at the usual 23% interest rate, and you make just the minimum payment which most people do, it will take you a whopping 49 years to pay that $8000 off. And during that time span, if you live that long, you would have paid cough cough $7,331 in interest on that $8000.
Only issue is without a credit card you can not ever rent a car nor can you get a decent hotel for the night when you are on the road. This I know from experience.
Go to your local credit union if you want the least amount of hassle/fees and a decent interest rate. Most of them won't give you an outrageously high credit limit, but that's usually a good thing.
The very very very best suggestion is NOT to get a credit card. It just don't get any better then that. If you ask what is the best card, the answer is none. Due to the black magic of compound interest you will be hopelessly enslaved to that card for the rest of your life.
Lousy advise. Unless your independently wealthy, you need a good credit score. With a good credit score you will pay less for houses, cars and personal loans you buy with lower interest rates. You can establish good credit without going hopelessly in debt, you just need to know how to manage money and not be a compulsive spender.
The best credit card is the one that gives cash back... Unless you don't pay off your credit card in full each month.... My credit score is in the 830s but i never seem to be able to get those advertised low rates.... Strange as i only have a small mortgage....
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