Seeking the Perfect Credit Card

[Nikki Sixx]

Not sure if you are aware or not even if you find a better card and decide not to continue using your other ones. Its is best to not close them. You credit scores will probably go down if you close older accounts and your amount of credit availble to you goes down as well.

[Coleroo]

To me, the perfect every day card -

5% cash back on gas, groceries, and drug stores
1% everything else
No annual Fee

The perfect consolidation card:
No annual Fee
0% interest for 12 months
No balance transfer fee


Your perfect card will be different. Do you enjoy cashback reward or would you rather be given points for "stuff" that you wouldnt normally buy but would like to splurge on? Do you pay off your balance monthly (interest rates dont matter) or do you keep a balance (you need the lowest interest rate)?

You said you wanted to consolidate - then you need two cards. One with a killer transfer rate, and then another card for every day purchases.

Discover is the best card i've found for consolidating because theres no transfer fee (I've used that one at 0% intro rate). Citibank also offers a card that doesn't require a transfer fee (i have that one now at 0% interest rate)

Chase offers a 3% "freedom" card that gives you 3% cash back wherever you spend the most. Im not sure if they still offer the 5% rewards card (which is what i have).

Do a google search for "compare credit cards". I have found those very very helpful in the past - but it also is imparative to know what you are looking for and why.

[Coleroo]

oh...and i want to add - in all the credit cards ive had over the years i have never once paid an annual fee.

I detest annual fees! how to avoid it? don't apply if they have one! theres plenty of great cards that dont.

[disneysteve]

Originally Posted by Coleroo

Do you enjoy cashback reward or would you rather be given points for "stuff" that you wouldnt normally buy but would like to splurge on?

You may not have meant it this way, but it sounds like you are implying that cards that give a reward other than cashback aren't worthwhile. That certainly isn't true, but I'd agree that you need to be sure that the reward is useful to you and something you'll actually use. For example, we don't have an airline miles card because we hardly ever fly. But we do have a hotel rewards card because we travel frequently and have earned a couple dozen free nights since we got the card.

I detest annual fees! how to avoid it? don't apply if they have one! theres plenty of great cards that dont.

See my response on the first page regarding annual fees.

[Coleroo]

Originally Posted by disneysteve

You may not have meant it this way, but it sounds like you are implying that cards that give a reward other than cashback aren't worthwhile.

oh no no i didnt mean it that way - i was just showing the ways of looking at it - it all depends on what you view as most appropriate to your situation. By "stuff" i meant "tangible products" (from vacations to coffee makers to airline tickets) like is found in many of the rewards cards.

I am of the personal opinion that cash is always the best - but to other rewards programs can save much effort and time by providing the tangible products strait up (instead of wasting time getting your check, and buying it from another source)

Edit: I see your point about the annual fee. i think most people arent able to compare that well though and end up paying a "pointless" annual fee. That's what i hate then, i guess - "pointless" annual fees!

[hacik.istanbul@yahoo.ca]

The best thing to do is to get rid of all your credit cards and consolidate them into a VISA and a Mastercard. This will improve your credit rating, give you higher limits and substantially reduce the chance of identity theft.
Hacik Istanbul