Best credit card for us

victory_tea2085

11 years ago

We would like a reliable credit card that pays us the most on our purchases- especially gas and groceries. We always pay our card off monthly and we both (we're married) have excellent credit. We would like a card that issues the highest % in redemtion points- Thanks, Paull

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Comments (7)

noodlesportland
11 years ago
Clark Howard mentions a website that has you put in your typical expenses and then tells you the type of card that would give you the best profit. Sorry don't remember the site--ANYONE? I did ours and the card we have came up as a third choice...we love our Capital One card and get a lot back per year but know there may be better ones out there.
sushipup1
11 years ago
I googled "best credit cards"and got Bankrate.com, which is a reputable website.

Here is a link that might be useful: Bankrate.com
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DH & I also have several cards with no balance on them. We will be applying for a mortgage soon, so I asked my banker this question. He told me to cancel the majority of the cards, but to keep either a couple with fairly low limits or one card with a pretty decent limit. He said that banks like to see someone have $30,000-$40,000 worth open credit on cards (depending on your income). He says that lets them know that you have a source of available money that you can access quickly. He said they don't like to see huge amounts of open credit because that shows the potential for a problem. We pulled our own credit reports & they said that the amount of unused credit we have may actually be hurting our score. We have only a tiny fraction owed but a lot of open credit. Another thing my banker & the credit report mentioned was the ratio of how much you owe to the amount of open credit. Example: If you owe $5,000 & have two cards with a total credit limit of $20,000, cancelling one card that has a $10,000 limit can actually hurt you. Instead of having a balance that equals one quarter of your available credit, you will now owe an amt. equal to half of your available credit. If you want to cancel, make sure you write a letter to the credit card company & keep it & proof that you mailed it on file. Make sure to request that they note in your file that the card was cancelled at your request. Having a lender cancel your card can hurt your credit score. If you won't be applying for a loan any time soon, you can just leave them & they will drop off of your credit report after a few years.
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OJ, Canada might be different than Minnesota but here, the store does not get charged for a fraudulent purchase and I'm guessing that would be nationwide. Once the store gets an approval code for the card purchase (and the sale isn't normally complete until the approval these days) the purchase then goes through and the card company is now liable, not the retailer (except of course for the card fee). That's why I often took a card over a check. Challenging a charge these days is more difficult. Used to be people would get buyer's remorse on a custom purchase and try to challenge a charge. Doesn't work like that anymore which is good. Those charges go against the profits, much of which is the 20% or more interest that some fools pay. There was also a check approving company who would give a code and if the check bounced, they paid for it. That was rather expensive though so it's not real popular. And checks aren't real popular around here anymore anyway. I had my card stopped while I was out of town because of suspicious activity and got a call from them once asking if I had bought a computer from a large discount retailer who shall remain nameless (so some grouch won't go nutzo!) They replaced the card the first time. I wonder how much of the scam is coming from inside the card companies themselves. I can't believe that they do intense background checks on their phone support folks. Most of the time and in both of my cases there was no loss to anyone but me (for my inconvenience - fortunately I had cash to cover the hotel) since card purchases need to be approved up front now. In the old days of carbon impressions and sending them in to be processed there was quite a delay and more trouble for everyone involved.
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Thank you all for your replies. You have taught me a lot of things which I have not thought about before. I thought originally that paying by credit card or cash advance was just as easy as shopping at grocery store, and I did not have to deal with loan paper work, its going back forth process, or long wait. I really appreciate all your views and explanations. You guys are wonderful. P.S. Except sometimes I found that there has always been someone who does not comment on the original post itself, but something totally un-related. Even if I were a drug dealer or a criminal, shouldn't I have a right to post a question. I have come to the garden forum and home forum quite often to seek helps and learn a lot of things. I really enjoy making friends and knowing a lot of kind people here. People here have always been so helpful, kind, and open-hearted. I have been quite touched that people care about one another, when I come to the sites. I don't think anyone who is a drug dealer would spend his/her time on this kind of helping-each-other forum. My husband and I are just helping my mother-in-law with her own personal business. Anyway, I am ignoring the harsh comment on something I have never done. After all, it's not useful to me, so I don't need to pay much attention to it. I value the rest of comments a great deal. Thank you.
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I use Discover. It's still the best deal I've found on a rewards program with 5% back on gas, 1% on other normal purchases and there's usually additional bonuses, sometimes 2% to 5% or more on gas, restaurant, hotel, or other places. You don't have to buy from certain places either. I like the convenience of using a card and have a record of payments. Makes it easier at tax time. I too don't understand why people would not use cards unless they can't get them. And that rumor about never closing a card because it'll affect your credit rating is not always true. Often the opposite is true. First of all, it's far better for your credit for YOU to close the card than for the card holder to close it. If they close it, it will definitely impact your credit and for a much longer period of time than if you close it. You closing a card on occasion can actually help at times. Closing a card isn't likely to impact your credit significantly nor for very long and this comes from the bank loan officers with whom I've spoken about this topic. Many, if not most companies will close accounts that are inactive for a period of time so if you're going to keep it hoping it'll help your credit, you probably need to use it regularly. Also, every card you have counts against you in a way too since that's open credit. When you apply for a loan, Suzy O doesn't tell you that they look at how much POTENTIAL debt you have on your credit, and if it's too high for your income and the loan you want, you stand a chance of being turned down. So be careful when you hear these self-proclaimed "experts" tout their advice to you, especially advice they're using to get you to buy their books! That's not financial counseling, that's a sell-job. LOL
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barbcollins
11 years ago
If you are able to Join Navy Fed C.U they have a cash rewards card that gives you 1% cash back on the first $1000, and 1.5% after that.

You can also get a paypal debit card. We get 1.5% cash back on all our purchase when we use it as a credit card. I like it because I don't have a credit card bill.
kirkhall
11 years ago
Are you near a Costco? I realize you are only 2 people (in your family), but honestly, I shop mainly costco for food and gas, and the rewards on the AmEx are Excellent (cash back--from Costco; and again from AmEx). Not to mention the savings on gas price alone because of their ability to bulk buy it (in my area, averages 15-24 cents lower per gallon than other local gas stations; even Safeway).
victory_tea2085
Original Author
11 years ago
Right now we have the Blue Cash preferred card from American Express which pays us 6% at supermarkets 3% at gas stations and department stores and 1% everywhere else. Our 1st year was free but soon we will have to pay 75$ for membership. Just wondering if there was a better card. Thanks for all the replies. Paul
victory_tea2085
Original Author
11 years ago
kirkhall; no, but I wish we were near a Costco- there are 3 in our family. Thanks for the reply- Paul
C Marlin
11 years ago
This site maybe help you find the right card for you.
I just used it to decide on the Chase Sapphire because it has no FTF, I'm living outside the USA now and would pay enormous fees for foreign transactions.

Here is a link that might be useful: nerdwallet

Best credit card for us

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