Need help finding my first real card. Can anyone assist me?

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Need help finding my first real card. Can anyone assist me?

Postby honduras7373 » Thu Jan 09, 2014 1:53 pm

Hi everyone, this is my first post and i’m sure it’s a fairly common one, but I could really use some help and you all seem like quite a knowledgable group.

I’m searching for my first real credit card. I’ve spent the last hour or so trying to do the research on my own, but there are seemingly unlimited options and I’m completely overwhelmed.

Here’s my situation: i’m 24 years old, a couple years out of college. no debt and i make $70k a year. . I plan on using this card solely for the rewards, as I have ample savings and don’t need to use the card for an actual line of credit. I simply want to capitalize on the money i spend daily, such as groceries, bills, restaurants, etc. I live in NYC and don’t drive, so gas rewards mean nothing to me.

I love to travel but only get to do so occasionally. I would consider a cash back card or a travel rewards card, but have NO IDEA how to narrow down the options. Not sure if this is relevant, but I use Charles Schwab high yield checking and bank of america as my primary accounts right now. The credit card i want to replace is a student card through BofA.
My credit score is a decent 721 because i opened a student credit card with an $800 limit a couple of years ago to start building my credit rating, but I don’t get rewards of any sort and I know it’s time to make a change.

Can anyone point me in the right direction or recommend a card for someone in my situation? Every card description I read is really specific and I can’t begin to make a decision that I feel requires a more nuanced understanding of how rewards programs work. Thanks in advance for all your help, guys.

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Postby chas0039 » Thu Jan 09, 2014 8:53 pm

I have not yet found a card that successfully mixes cash back and travel rewards together. As you travel not very often, I would be inclined to start with cash back first and then add travel as needed. Most of the high fee cards offer benefits that you sound unlikely to use, so a plain vanilla card such as Chase Freedom, Capital One Quicksilver, Barclay's, or Amex Blue Everyday would be a good place to start. Choice would depend on rewards and where you shop. A BoA card will get you a bonus because of your bank and they already know you. Check the home page at the top for cash back cards.

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Postby takeshi » Fri Jan 10, 2014 8:49 am

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