Which type of credit card best for family use?

[Sham12345]

Which type of credit card best for family use?

[bjl584]

I would suggest that you find a card that offers a rewards program for something that you and your family are interested in.

[FPipitone]

My initial reaction is "none," all credit cards are bad. This may be a little harsh, but I truly believe it. With that said, I always prefer cash reward cards to others.

[J.Apple902]

My initial reaction is "none," all credit cards are bad. This may be a little harsh, but I truly believe it. With that said, I always prefer cash reward cards to others.

I disagree. People who demonstrate poor spending habits should not use credit cards if they cannot maintain a $0 balance at the end of each payment cycle. With that being said, there are plenty of people who pay their balance off every month and have strong credit. Only these individuals become eligible for the most powerful rewards cards and in turn can save money. Introductory (but still great) rewards cards would include: Chase Freedom, Citi Dividends, Discover More, AmEx Blue Case etc. There are more baller cards that I am not yet eligible for as a 24 yr old with mild credit history but still a FICO of ~750.

Good spenders who want to maximize rewards typically put 100% of purchases (when eligible, most can't pay rent or some bills via credit) on a rewards card, and make a single bank-account payment each month. Many people juggle 2 or 3 or more rewards cards to maximize gains. A standard arsenal includes:

>One or more 5% rotational category rewards cards (Freedom, Dividends, More)
>The AmEx Blue Preffered - 6% groceries all year
>5% PenFed gas card, or simply buy shell/bp/mobile gas cards at grocery stores for the 5/6% grocery reward, or use Freedom 2 quarters a year when gas is 5%
>Either the Fidelity IRA 2% card or another 2% card like the Sallie Mae for any purchase that isn't a rotational or 5% category. If you don't have a 2% card use a 1% card here (all listed rewards cards above)

You have to analyze your situation and your personal spending habits before determining which if any credit card array is best suited for your needs.

Good luck!

I check out cool blogs like Slug's to see what the best CC usage is each quarter. Thanks Slug! http://sunkcostsareirrelevant.com/20...allet-q2-2012/

[Slug]

Thanks J.Apple! If I were just going to hold one card right now, it would be the Fidelity Investment Rewards AMEX. 2% cashback and occasional 5% rewards categories is tough to beat.

[J.Apple902]

np Slug. You should post more man. I like your blog.

[FPipitone]

I disagree. People who demonstrate poor spending habits should not use credit cards if they cannot maintain a $0 balance at the end of each payment cycle. With that being said, there are plenty of people who pay their balance off every month and have strong credit. Only these individuals become eligible for the most powerful rewards cards and in turn can save money. Introductory (but still great) rewards cards would include: Chase Freedom, Citi Dividends, Discover More, AmEx Blue Case etc. There are more baller cards that I am not yet eligible for as a 24 yr old with mild credit history but still a FICO of ~750.

Good spenders who want to maximize rewards typically put 100% of purchases (when eligible, most can't pay rent or some bills via credit) on a rewards card, and make a single bank-account payment each month. Many people juggle 2 or 3 or more rewards cards to maximize gains. A standard arsenal includes:

>One or more 5% rotational category rewards cards (Freedom, Dividends, More)
>The AmEx Blue Preffered - 6% groceries all year
>5% PenFed gas card, or simply buy shell/bp/mobile gas cards at grocery stores for the 5/6% grocery reward, or use Freedom 2 quarters a year when gas is 5%
>Either the Fidelity IRA 2% card or another 2% card like the Sallie Mae for any purchase that isn't a rotational or 5% category. If you don't have a 2% card use a 1% card here (all listed rewards cards above)

You have to analyze your situation and your personal spending habits before determining which if any credit card array is best suited for your needs.

Good luck!

I hear what you're saying, but I still stand by my generalization. I have one business credit card and no personal credit cards. I used to maintain three accounts trying to always maximize rewards and juggling what I'm paying for with which card. I don't look at this in black and white. To me, the responsibility of juggling multiple cards and the responsibility of paying them was not worth the slight rewards they provide.

I have always paid my cc balances in full, I never ever carry a balance. Even still, my general advice is to avoid credit cards if you can. I did not tell the OP not to get a credit card, I just gave my general opinion and then recommended a cash back card. I don't think I would ever have any other type of reward card.

[JoeP]

While I don't have any hard data, I agree with a nationally syndicated financial radio guy who says that you are more likely to spend more when you use a credit card, because you don't feel the cash physically leaving your wallet. It is also possible to spend money you don't yet have, which is not the best kind of habit to get into.

[jpg7n16]

While I don't have any hard data, I agree with a nationally syndicated financial radio guy who says that you are more likely to spend more when you use a credit card, because you don't feel the cash physically leaving your wallet. It is also possible to spend money you don't yet have, which is not the best kind of habit to get into.

You can just say "Dave Ramsey." Unless for some reason you feel ashamed to align with his beliefs.

I personally have different motivations and pains when spending. Sometimes the bill hurts even when paying on a CC. So I do not necessarily agree with Dave on this matter.


If you're gonna get a CC, get one with rewards you will use, and a spending limit you can always pay off each month.