24 Looking to build Credit... What are some good tips on your first Credit Card

I think you'll be charged interest if you don't pay by the due date. Where does it say 0.00 due? Your statement or on your online activity or something?
 
jon4rd said:
I think you'll be charged interest if you don't pay by the due date. Where does it say 0.00 due? Your statement or on your online activity or something?
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My statement cut on August 2nd, I made a large purchase on the 5th. My due date is the 2nd of September and it shows I owe 0.00 because that was my balance as of the 2nd. I have no issue paying it, but am moving end of month and would like more liquidity if possible.
 
BlackIntellect said:
My statement cut on August 2nd, I made a large purchase on the 5th. My due date is the 2nd of September and it shows I owe 0.00 because that was my balance as of the 2nd. I have no issue paying it, but am moving end of month and would like more liquidity if possible.
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Oh you're good. That balance won't be due till your next statement. Anything after your statement cuts will show up on the next months statement. You won't be charged interest this period
 
Adi934LiiFe said:
 
Slighted said:
Why let the CC companies make interest off of you?

You wanna pay more than what you already charged to your card?
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isn't that what the CC companies are in business for? we are using their money so there is a price to pay for that. I don't understand how they just lend money to people for free basically since some people have no yearly fees and such. I don't understand the credit card business completely just yet.

and no, not pay more than what I charge, I mean pay the minimum or a little more each month. from what I read anything other than paying in full each month can sometimes be detrimental to your credit score.
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Like @Slighted said, they make a % of each transaction from the store. That's why some gas stations have a cash price and a CC price. Same with Arco stations. If you pay with cash, it's the face price and if you use a debit card they charge you 45 cents on the transaction.

The transaction fees are why card companies can give you perks back. You're basically getting back part of what they charged the merchant for the convenience of accepting credit cards. And merchants are more than willing to accept cards because it's been well documented that consumers will spend about 12% more on average than using cash. It's even higher if you use something like Apple Pay or another tap to purchase medium than just using cash.
 
^yup, good stuff. I know a lot of people dont realize that cash back/points/perks they get from their CC is coming from the merchants. I take advantage of it in almost all situations but for my kids daycare, I pay with a check because the owner is a friend/works her tail off, and i dont want to make her pay fees so I can get cash back. This one dad there who "brags" about being frugal was openly talking about using his CC to pay daycare for points, like he was wanting props. I was like dude youre making yourself look like a clown.
 
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That's not the most ideal thing to do. Inquiries month after month will really impact your credit score in a negative way. Your credit limit isn't nearly as important as credit usage. Having a $2k-$3k credit card is more than enough. Having a high credit limit just to have a high credit limit isn't smart, nor does it improve your credit score.
 
206to813 said:
^yup, good stuff. I know a lot of people dont realize that cash back/points/perks they get from their CC is coming from the merchants. I take advantage of it in almost all situations but for my kids daycare, I pay with a check because the owner is a friend/works her tail off, and i dont want to make her pay fees so I can get cash back. This one dad there who "brags" about being frugal was openly talking about using his CC to pay daycare for points, like he was wanting props. I was like dude youre making yourself look like a clown.
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But isn't that one of the perks of using credit cards? Isn't that why most of the people in this thread are pro credit cards? It seems to me you think the guy is a clown because the owner is a friend of yours...
 
Lightweight Champion said:
That's not the most ideal thing to do. Inquiries month after month will really impact your credit score in a negative way. Your credit limit isn't nearly as important as credit usage. Having a $2k-$3k credit card is more than enough. Having a high credit limit just to have a high credit limit isn't smart, nor does it improve your credit score.
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Eh not true. A high credit limit means less chance of having a high utilization. More available credit is better for your score but yea I wouldnt go for every thirty days
 
oidreez said:
But isn't that one of the perks of using credit cards? Isn't that why most of the people in this thread are pro credit cards? It seems to me you think the guy is a clown because the owner is a friend of yours...
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Yea that's what I'm saying. The owner is like family to us parents so I'm not down with using my CC on her business. She puts in 16 hr days taking care of our children u know? I use my CC for practically every other purchase I make. I just was sayin that guy was an example of people not understanding those CC perks come at the expense of the merchant.
 
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Lightweight Champion said:
That's not the most ideal thing to do. Inquiries month after month will really impact your credit score in a negative way. Your credit limit isn't nearly as important as credit usage. Having a $2k-$3k credit card is more than enough. Having a high credit limit just to have a high credit limit isn't smart, nor does it improve your credit score.
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Discover does soft pulls, unless you agree to a hard. Soft pull CLI request have 0 effect on your credit.
 
I like to have a high credit limit just in case. It's a peace of mind thing, I think all of us here in the thread don't feel tempted to spend 10-30k just because it's allotted to us. It is tempting to some and I see your point, but for me I probably won't stop until I have around my salary in credit limit.
 
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FreshPairs said:
So after 90 days for the first CLI with discover its fine to do every 30 days after?
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Yes. It's a soft pull unless they tell you they need a hard pull, and in that case you can decline. I've been doing every 30 days and I'm up to $13K from $1k starting limit in about 9 months.

Lightweight Champion said:
That's not the most ideal thing to do. Inquiries month after month will really impact your credit score in a negative way. Your credit limit isn't nearly as important as credit usage. Having a $2k-$3k credit card is more than enough. Having a high credit limit just to have a high credit limit isn't smart, nor does it improve your credit score.
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Discovers CLIs are soft pulls. So there won't be any inquiry on your report
 
Just saw the discover deal for 15% cash back on nike.com . I was gonna ID a pair of free runs I wonder if it'll work if it switches to nikeid. If I click on activate it says to order within 3 hours so I don't wanna risk it and have the deal expire :nerd:
 
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can you stack the discover 15% with ebates?

looks tough based on the fact you click to open shopping trips etc anyone had luck?
 
40inchBoost said:
can you stack the discover 15% with ebates?

looks tough based on the fact you click to open shopping trips etc anyone had luck?
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I have. Click the discover app and have your cart in another tab as well. Click the ebates button on Google chrome and activate.
 
whats the best card for flights?

thinking about trying for the Delta Sky Miles AMEX since i will be buying a ticket to the Philippines in a couple weeks.
 
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