Looking for a good first-time Visa credit card.

Dead of Knight

Dead of Knight

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As said in my OTT thread, I just got my first full-time job. I have had my name on my parents' credit card since senior year of high school, but I have never had my own actual credit card. Now would be the time to get off my ass and get one. I want a Visa. I don't give a shit about the interest rate because I'll be paying it off in full every month. Something with a decent rewards program would be good but I know I shouldn't hope for too much as a newbie. I have no debts and am gonna be pulling in a pretty good salary. Anyone have any ideas? I am pretty clueless on what are the good credit cards and exactly how good of a credit card I could get with my credentials or lack thereof, but with the steady paycheck and no debts whatsoever. Any help is appreciated.
 
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I just signed up for card number whatever and got Amazon's card. The interest is decent, I know you don't care but you never know. The rewards are nice too. For as little as 2500 points, $2500 spent, you get a $25 Amazon gift card. The more points racked up, the bigger the rewards, you can even get cash back in the form of credit on your card. I've been self employed for about two years now and it was easy to get approved, but I've had a credit history of 12 years. I was approved instantly for $2k but when the card arrived it was up to $2500.

You get a $30 credit after your first purchase, doesn't have to be with Amazon.

Earn points on every eligible dollar spent At the places you spend the most
3 points Amazon
2 points Gas Stations, Restaurants and Drugstores
1 point Anywhere else Visa credit cards are accepted!

$50 cash back on your card with 5000 points.

The other stuff is for car rentals, airfare, hotels, etc.

My Sony card is nice if you want to get sony products.
 
Since you've piggybacked your parent's credit card, you might have some established credit but I would recommend checking with your bank first just to be sure. If you have no credit record, you may need someone to cosign along with you in order to be approved.

I know when I got my first credit card, the only place that would allow me to go through with it is my credit union, and even still I had to either have a cosigner or a $500 minimum balance on my account (my initial credit limit).

More recently, I picked up an Amazon.com Visa Rewards card which will earn anywhere from 1-3% depending on the retailer (doubled during the first 3 months) of which I've already accumulated over $75 in benefits just in the past two months. One thing you do want to be sure of is to read the fine print, especially when interest charges are concerned. As long as you pay it off each month, you shouldn't have any issues but it is always better to play it safe than sorry.

The Sony Rewards card also has some pretty decent rewards, so I would recommend checking out this thread. I believe the benefits for some things are slightly better (2% groceries) than Amazon as well.
 
I have a Discover card that has a decent rate (13%) and has a cashback program. You can also exchange the cashback for slightly more valued gift cards. For example if you have $50 in Cashback rewards you can get a $60 Gift Card to Amazon. Stuff like that.

Things to look for: Fixed interest rate, no fees, rewards...in this order. Especially read the fine print on fees...Companies are nickel and diming customers now because Congress passed the CC Bill of Rights recently. Some cards even charge you if you keep a zero balance.

If it were my choice, just get a Sears Master Card and stick it in a drawer. You never know when a washer or drier will conk out between paydays. Pay cash for everything else.
 
[quote name='Number83']
If it were my choice, just get a Sears Master Card and stick it in a drawer. You never know when a washer or drier will conk out between paydays. Pay cash for everything else.[/QUOTE]

I want a credit card to build credit in case I ever need a mortgage. Charging stuff and paying it off every month should allow me to build decent credit fairly quickly.

I freaking love Amazon so it sounds like their Visa is something to look into for sure. Thanks guys.
 
[quote name='Dead of Knight']I want a credit card to build credit in case I ever need a mortgage. Charging stuff and paying it off every month should allow me to build decent credit fairly quickly.

I freaking love Amazon so it sounds like their Visa is something to look into for sure. Thanks guys.[/QUOTE]

If you are a frequent Amazon shopper, then definitely get the Amazon Credit Card. It's just a branded Chase card, like so many are, but I have it and love it. It's not too hard to accumulate rewards, especially in the first 90 days. Amazon.com purchases give you triple the points too, which is great.

If you have no credit history, however, you might not get approved. I know I was rejected for several cards right out of college (including, ironically, by the bank I have my checking account in, who now harass me to get a credit card every time I come in now that I have money. They had their chance).

So yes, I would absolutely recommend the Amazon card, it's fabulous. I'm hoping one day they throw in a Prime membership with it, though I'm not holding my breath for that.
 
Just applied for it. Says it requires "further review" (probably because I'm a noob) and that they'll let me know within a month. I hope I get it. In the interim my parents said I can continue using the linked credit card and just pay off the balance monthly.
 
[quote name='Dead of Knight']Just applied for it. Says it requires "further review" (probably because I'm a noob) and that they'll let me know within a month. I hope I get it. In the interim my parents said I can continue using the linked credit card and just pay off the balance monthly.[/QUOTE]

The further review is somewhat standard with their card, noob or not. I was approved in a little under two weeks I think. Also, you should be expecting a phone call from them to ask you follow-ups and security questions.
 
One other thing that I think is worth mentioning. You may already know this but I wish someone had told me:

You will not be the most valued customer of your credit card company. As a fellow "put a lot of stuff on it and pay it off in full every month" customer, I can speak to this firsthand. Yes, I'm sure they're appreciative of your business, but in dealing with their customer service at times it's felt like they would appreciate it more if I let their somewhat massive APR kick my ass from time to time. For example, their online billpay is somewhat confusing, and I accidentally canceled my automatic payment one month. I realized it the day before the due date and corrected it, but since it was a Friday it apparently couldn't process, so I got hit with a $39 late fee. I called and argued for an hour about it, my main point being that since I have never missed a payment and paid off in full every month, they should give me the benefit of the doubt. They disagreed. My point is this: Any credit card you end up getting, you will be getting into bed with the devil - they're going to try to screw you if they can. Welcome to the real world! :D
 
Oh, I know that. The credit companies are bastards and I want to screw them as much as possible by paying it off every month. :lol: They keep raising my fiance's credit limit; it's now over $20,000 when he only makes a bit over $50k a year. You know they want him to spend that shit so they can collect some good interest.
 
[quote name='Dead of Knight']I want a credit card to build credit in case I ever need a mortgage.[/QUOTE]

http://www.cheapassgamer.com/forums/showthread.php?t=237015&page=2

"I would buy a house in this sweet-ass market but we don't plan on staying in Ohio for more than a few years unless I end up wanting to stay here for my job."

I'm calling bullshit.

Credit is a very simple game. When you pay a bill on time, your score goes up. When you pay a bill late or never, your score goes down.

You're going to have at least a rent bill, an electric bill, a car insurance bill, and a (cell)phone bill. You might also have a car payment, a gas bill and a water bill monthly. They affect your credit, too.

If you show up at a bank, credit union or mortgage broker three years from now, have 10-20% down payment saved up and have worked for the same company for at least two years, you will get a mortgage at the best available rate.

...

Before someone comes to the defense of an industry that has destroyed millions of lives and families, I'll concur some credit cards have some sweet perks.

My dad mentioned some sort of rental car insurance from AMEX that saved his ass several thousands of dollars.

Other CAGs have mentioned some extended warranties on consumer goods that might be attractive to you.

Other than those rare instances, stick to cash.
 
Hey guys as a long time credit card holder and recovering abuser .
I just want to say thanks for the Amazon card suggestion!

The family probably easily orders $100+ a month from Amazon (Amazon Prime from day one was a bad idea but...just...can't...stop...)
 
[quote name='Number83']If it were my choice, just get a Sears Master Card and stick it in a drawer. You never know when a washer or drier will conk out between paydays. Pay cash for everything else.[/QUOTE]

Dead of Knight - congratulations on the job!

My only real comment is that you may want to wait until you actually need to make some big purchase to get that sears master card - every time I buy something from sears, they try to push the card on me by offering 10% off my first purchase - might as well get that 10% while you're buying something expensive.

Credit cards are great when you're paying the balance off every time
 
I have the Visa MTVU card from Citi. There is a newer card thought hat is actually better as i understand it, i can't remember the name of it.
 
[quote name='fatherofcaitlyn']http://www.cheapassgamer.com/forums/showthread.php?t=237015&page=2

"I would buy a house in this sweet-ass market but we don't plan on staying in Ohio for more than a few years unless I end up wanting to stay here for my job."

I'm calling bullshit.

Credit is a very simple game. When you pay a bill on time, your score goes up. When you pay a bill late or never, your score goes down.

You're going to have at least a rent bill, an electric bill, a car insurance bill, and a (cell)phone bill. You might also have a car payment, a gas bill and a water bill monthly. They affect your credit, too.

If you show up at a bank, credit union or mortgage broker three years from now, have 10-20% down payment saved up and have worked for the same company for at least two years, you will get a mortgage at the best available rate.

...

Before someone comes to the defense of an industry that has destroyed millions of lives and families, I'll concur some credit cards have some sweet perks.

My dad mentioned some sort of rental car insurance from AMEX that saved his ass several thousands of dollars.

Other CAGs have mentioned some extended warranties on consumer goods that might be attractive to you.

Other than those rare instances, stick to cash.[/QUOTE]

Well, it's not just for building credit. I also simply like the convenience of a credit card. I don't like to carry around much cash. I know your next thought will be like, "Then just use debit," but fuck trying to type a PIN on every purchase, and some places don't take debit

That Citi Forward card looks decent too. I shouldn't apply to more than one card at a time, right? So I'll just wait and see on the Amazon card. If I get fucked, I'll check the Forward out.
 
[quote name='bvharris']The further review is somewhat standard with their card, noob or not. I was approved in a little under two weeks I think. Also, you should be expecting a phone call from them to ask you follow-ups and security questions.[/QUOTE]


Really? I was approved instantly, although that may have had something to do since I had a well established credit history.

[quote name='fatherofcaitlyn']You're going to have at least a rent bill, an electric bill, a car insurance bill, and a (cell)phone bill. You might also have a car payment, a gas bill and a water bill monthly. They affect your credit, too.

If you show up at a bank, credit union or mortgage broker three years from now, have 10-20% down payment saved up and have worked for the same company for at least two years, you will get a mortgage at the best available rate.[/QUOTE]


I believe this is only true if they report it to credit agencies, and I'm not sure what the requirements are for that. Paying bills may not guarantee credit, but not paying bills on time (or at all) is a sure way to guarantee bad credit. The easiest and fastest way is still to have some sort of rolling credit (be it a credit card or a loan) that helps to establish a sort of credit history.

There's a reason why I've switched primarily over to spending via a credit card. I pay it off every month, I get cashback on my spending, and it provides a tool to easily track my spending. Of course, this also requires that I am responsible in managing my finances, and to pay off my balance every month. I'm sure there's a lot of Americans out there who aren't responsible enough to have a credit card, but thankfully I am not one of them so I am more than happy to reap the benefits.

[quote name='Dead of Knight']That Citi Forward card looks decent too. I shouldn't apply to more than one card at a time, right? So I'll just wait and see on the Amazon card. If I get fucked, I'll check the Forward out.[/quote]


Anytime you establish a new credit line your credit rating is going to take a hit, at least for a couple of months. There's also a chance that trying to obtain more than one card at once could throw up a red flag. I would at least wait 6 months between cards before attempting to open another credit line.
 
[quote name='BlueLobstah']I believe this is only true if they report it to credit agencies, and I'm not sure what the requirements are for that. Paying bills may not guarantee credit, but not paying bills on time (or at all) is a sure way to guarantee bad credit. The easiest and fastest way is still to have some sort of rolling credit (be it a credit card or a loan) that helps to establish a sort of credit history.
[/QUOTE]

She has years before buying a house. So, fast and easy isn't necessary. She can politely request her activities be reported to a credit bureau. If they refuse, she can request her activities be reported to a credit bureau or face her in small claims for defamation of character.
 
just wanted to say... if the you don't get approved for the amazon... definately go to your bank and try there...

don't go and apply for a bunch of others like the sony/etc... cause if you don't get approved for the amazon you'll more than likely not get approved for the sony since they're both chase....

also about the sears card... I can say that I've heard from some sources that I trust on this matter (friends that are loan officers)... that any store branded card (ie cards that can only be used at a certain store... sears/jcpenney/macy's/etc) will actually drop your score a few points just by having them... of course if you have a good strong established credit rating it's not going to make that big of a difference...

also the worst thing about trying to get your first card... in the past... most companies always looked at people with no credit as a higher risk than people with bad credit... very sad in my opinion...

anyway good luck with the card :D
 
i have a few cards :

-Citi dividend card which is like 1% cash back on everything, then i think 2% on some utilities and supermarkets.

-My AMEX is 5% on cell bills, and gas (though maybe it dropped to 3%, i forget).

-I have an Amazon business card as well that has the perks mentioned above. It sits in a safe since i only use it for Amazon.
I'm actually not 100% sure how that card works with your credit. All my credit reports i've seen have no mention of it whatsoever. I used my own SSN when applying as a sole proprietor, so i would think it would be linked to me.

-B&N card with like a $1000 limit that is also in a safe and only used at B&N for the 5% back.

-AAA Visa that i'll only use once a month or less. Was my first credit card so wanted to keep the history around.


But caveat to having credit cards is being responsible. If you don't pay them off monthly, all those rewards are moot.
 
[quote name='Dead of Knight']I want a credit card to build credit in case I ever need a mortgage. Charging stuff and paying it off every month should allow me to build decent credit fairly quickly.

I freaking love Amazon so it sounds like their Visa is something to look into for sure. Thanks guys.[/QUOTE]

anyone in your immediate family a federal worker or military?

if so...look into the pentagon federal cash rewards card. 5% off gas, 2% off groceries, 1.25% off everything else. if you pay your cell phone plan with this card, it will insurance your mobile phone also. one of the best thing is that it credits you the cash back every month, unlike other cards where you have to have a certain amount in order for them to send you a check.

coporate cards will not show up on your credit report. the reason why they gave you a credit card to begin with is because they don't want your business expenses to interfere with the amount of available credit and used credit.
 
I like Amex and Discover (both have treated me as a customer like gold) and have good rewards.

I would strongly advise that you avoid CHASE in both their credit cards and banking services.
 
My Sony Visa card (Chase) is pretty good on the rewards, since those points can be used on merch. That, and I got the card way back when it got you $100 ($150?) off a PS3.

Always had a great experience with Chase customer support. They might even be a little *too* protective, as they call every other month or so to make sure purchases are legitimate (when I make multiple quick buys in a couple days, etc.).

That Amazon card did always look pretty good too. Besides my Sony, I only have a standard, plain-Jane Chase Mastercard.
 
You should get approved for the Forward. The MTVU was my first card and they approved it without any problem. They've even increased my credit limit since i got it earlier this year.

Also, i've been told they paying your credit card off every month will not actually help your credit score. That basically you need to carry a balance for it to have any effect.
 
Capital One was my 1st credit card .. as well my brothers and sisters .. they tend to have good 1st credit card offers but havent seen any lately and you get a low line of credit ($400 was my mines) .. give them a try and see if you get approved
 
I got my first credit card from my bank, which is Wells Fargo. I've had it for a year and when I applied for my credit card, I was 18 and had been working since I was 16 and on the application, it asked me how much I make on a monthly basis and annually. I put I make $800 a month and when I was approved, my credit line was $800. I'm about to have the card for one year and it was automatically upgraded to $1,300 around 2 months ago. I always paid my bill on time and I'm assuming that's why I got it upgraded.
 
Get a "secured Credit Card". Your Credit will be much, much happier then any "points" or bonuses your able to get upfront.
 
I will again point out that paying your balance in full every month will hurt your credit score. My friend works CS at KeyBank in the consumer credit dept and he tells me this all the time. You're score indicates how "risky" you are to lend to, and this INCLUDES the risk that you won't generate APR. Buy something small that won't accrue much interest(remember most card apply 1/12 of the APR monthly), and take a few months to pay it down/off. Then, do it again. This will build you a good score.

Are you set on Visa? If not and you have military connections, get a card through the USAA. Mine is 7.75%. Of course, it'll take a few years before you get fixed APR(especially since the banking catastrophe went down, and credit is hard to get) so try to find a low variable rate. Variable isn't as bad as it sounds, as it's attached to the Prime Rate. The key is to find a card that is as close to that rate as possible. For example, my card is about 1.5% over the Prime rate.
 
[quote name='deathscythehe']To be quite blunt, you're full of crap. If you seriously think your credit score goes up by not paying your bills, I have some shore front property in Utah to sell you. You're either an idiot or a liar, and either way you shouldn't be spreading misinformation.
Amazingly enough, I pay my balance in full every month, and my credit score is over 800. Don't buy into to the lie that you have to pay interest penalties to have good credit. It's simply not true.
For an actual way to figure out what goes into your score, go to:
http://www.bankrate.com/brm/news/credit-scoring/20031104a2.asp
You'll notice no mention of them saying you have to maintain a balance month to month. It's funny how a person who works for the credit card companies wants you to maintain a balance.[/QUOTE]

You DO have a point on something I unintentionally misrepresented: Your credit score doesn't go down, rating wise. If your claim is that financial intermediaries do not pre-judge their clientele based on their propensity to deny them pure profit; you're either an idiot or naive. You don't think banks LIKE it when you're irresponsible? Overdraft fees, immediate interest penalties, late charges; you bet your ass they want someone who isn't responsible with their money. They don't want someone who they CAN'T get money out of, but if you're balance is in arrears for a few months before you pay it; they don't give a flying fuck because they bank outrageous sums from those people.

I hate to break it to you, but I have a credit score over 800 too I got during college on only 4 credit cards(car paid for in cash, used. College housing) which (if you're going by bankrate) should put me as an unattractive credit risk. I used to put gas/food on them and paid the balance off before the the periodic finance charge and my credit score was in the high 600's both times I checked. I now let a small amount of interest compound, and guess what my credit score was when it was last checked(per requirement of military background check)? The difference between the 600 and 800 was a little over a year.

I'm not telling her to put 3 HDTVs on it and pay $20 a month. Put a small amount on it, and eat the extra $3 a month and I bet that score will shoot up without having a bunch of utility bills in your name.
 
I've actually been expecting citi to cancel my card. So far i've gotten $50 from them and they haven't made a cent off of me. :lol:
 
[quote name='JolietJake']You should get approved for the Forward. The MTVU was my first card and they approved it without any problem. They've even increased my credit limit since i got it earlier this year.

Also, i've been told they paying your credit card off every month will not actually help your credit score. That basically you need to carry a balance for it to have any effect.[/QUOTE]

Going through all of this with my 25y/o girlfriend. She has NO credit, turned down for both Amazon and Target card and needs one for grad school. She banks at a teeny one-off bank in small town PA that doesn't offer credit.

Should we:

-Try MTVU or Forward card
-Open account at larger bank to deposit minimum for bank credit card

Which would be best chance of approval? Bank?
 
[quote name='mbartholow']Going through all of this with my 25y/o girlfriend. She has NO credit, turned down for both Amazon and Target card and needs one for grad school. She banks at a teeny one-off bank in small town PA that doesn't offer credit.

Should we:

-Try MTVU or Forward card
-Open account at larger bank to deposit minimum for bank credit card

Which would be best chance of approval? Bank?[/QUOTE]
Well since i'm in college and they approved me without any problem, i'd say try the MTVU. The Forward is supposedly better, i don't know it what ways. The MTVU gives bonus points for things like school books too, i always use it to bu mine for the extra points.
 
if you have a Cabela's nearby, I'd go with theirs. fixed 9% interest, you earn rewards points for instore/ebsite cash off future purchases, and they never expire. Hoping to use points to get a Kimber Aegis Ultra 2 from them :)
 
This is one of the most absurd emails I've ever received. Regarding my application for the Citi Forward:
Why we're writing you
Thank you for applying for the Citi Forward(SM) Visa(R) account.
Please note the following:

We have attempted to contact you to verify information
on your application. We were unable to verify your
residential address, telephone number, and/or
employment/income. In an effort to ensure the security of your
personal information and identity, we must request
the following information to continue processing your
application. Please send us all three of the following:

o Your most recent home telephone bill. We need the
original bill (not a copy) showing the telephone number and
the name and address for that number.

o A copy of ONE of the following, which clearly shows your
name and home address:

o A bank statement
o A credit card statement
o A utility bill other than your telephone bill

o A copy of your most recent pay statement clearly
showing your name and the date. If you are retired or
self-employed, you may send one of the following instead:

o A letter from your broker, CPA or personal
banker confirming the income stated on your application, or
o A copy of your federal tax return for the most
recently completed tax year. The tax return must include
your signature and all supporting schedules.

If you are a college student, please send only your
telephone bill and an original letter on official letterhead
from your bursar or admissions office. The letter should
state your enrollment date and confirm that you are still
enrolled.
Here's what you should know
Please send all the requested information along with a copy
of this email to
Citibank (South Dakota), NA
c/o Citicorp Credit Services, Inc.
PO Box 6495
Sioux Falls, SD 57117-6495
Unfortunately, we cannot return what you send us, so do
not send originals. Do not provide this information by
replying to this email, as we cannot process individual
messages arriving at this address. Please reply as soon as
possible, so that we can continue processing your application.

Please note, if we don't hear back from you within 30
days from the the date of this email, we will consider this
application withdrawn.
We look forward to having the opportunity to serve you today
and for your future credit needs.
Click to expand...
What. The. fuck? Requesting all of this information just for a simple credit card application is absurd and IANAL, but possibly illegal. Nevermind that I don't even have a landline phone so I can't give them the ORIGINAL copy of the home phone bill they want. I'm not even going to bother to respond to this email, but I did send the email to the Consumerist. I'm going to the bank to cash my first paycheck this weekend and I'm going to ask them about credit cards. This is insanity. My fiance thinks that they want to deny my credit card for some reason that is not kosher, and instead of outright denying my application, they are requiring this absurd amount of information as a roadblock. Either way, neither of us have ever heard of a credit card company requiring all of this documentation. fuck Citi. Oh, and they never "attempted to contact me" regarding my application before this.
 
[quote name='deathscythehe']Don't buy into to the lie that you have to pay interest penalties to have good credit. It's simply not true.[/QUOTE]

Correct. This is a myth generated by, no surprise, creditors! I also pay my cards off quickly (been doing so for 10+ years), and my credit scores are extremely high. Just about everyone in my immediate family pays off their cards on time, and their scores are high. You're not a risk if you do so. A risk entails the potential loss of money. They aren't losing any money by having someone use their card and pay off the full bill every month. In actuality, they are still making a small amount of money thanks to transaction fees. And in the long run, they are gaining a loyal, responsible customer who hopefully will have the need for an interest-earning service down the road.
 
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