Looking for advice from the experts...

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Grad Student 2012
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Looking for advice from the experts...

Postby Grad Student 2012 » Sun Oct 31, 2010 2:03 pm

I've had my Capital One card for years now, but I've found myself in a situation now where I think getting a new card may be of great benefit to me, but the question is which one???

I will be starting a graduate program in January and my tuition will be reimbursed through my employer. The classes occur one at a time, 5 weeks at a time. So I will pay for my class up front out of pocket, then 5 weeks later when the class ends, my employer will reimburse me for 100% of the cost (classes are around $1,000 each).

I was thinking this would be a great opportunity to get a rewards credit card because I have enough money in the bank to pay off the course immediately after I purchase it. Then, my employer will reimburse me for that lost income 5 weeks later.

I've done a fair amount of research and I'm unsure what the best card for me would be. I was thinking about a card with great travel rewards, like the Capital One Venture card, but I'm getting tired of Capital One's horrible customer service. Plus, I've never redeemed rewards points for travel stuff so I'm unsure if a new Capital One is really the best card to go with.

If you were in my position (my credit score is over 700), and had dreams of traveling while looking for the most bang for your buck when it comes to credit card reward points, what would you do?


Smerri
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Postby Smerri » Sun Oct 31, 2010 5:29 pm

Me personally, I put my tuition on my AmEx Gold rewards card and earn my points that way. If you are interested in earning points as well as having some safety and security for traveling (as well as other purchases such as electronics) I would give serious consideration to AmEx. If AmEx is a route that you don't want to go, I would check out the Discover Escape or the Discover Miles card but hopefully someone more savy than me can speak on those cards.

Grad Student 2012
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Postby Grad Student 2012 » Tue Nov 02, 2010 5:58 am

I've looked into the AmEx Gold card, but it would only offer 1 point per dollar spent on my tuition. Plus the annual fee is $175(!) after the first year. Comparing this to the Venture card, the annual fee is $100 lower and I receive 2 points per dollar spent on my tuition plus the 10,000 bonus miles.

At first glance, the Venture card seems to be a slam dunk. I have no real preference in terms of airline, I just want to get the most bang for my buck in terms of travel rewards, but is the Venture card really the best option out there?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Nov 02, 2010 7:42 pm

then 5 weeks later when the class ends, my employer will reimburse me for 100% of the cost


Will you be responsible for interest accrued during that time?

I think one of the 2% cards would be the way to go here. The only card that gives higher percentage rewards on tuition is the Freedom but that is only one quarter a year and only up to $1,500. That is going to be for the 1st quarter of next year but I think a 2% card would be a better choice.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

Grad Student 2012
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Postby Grad Student 2012 » Tue Nov 02, 2010 8:28 pm

Mogul of Pineapples wrote:Will you be responsible for interest accrued during that time?


I will be responsible, but I have enough money put away to where I can immediately pay off the balance of the credit card as soon as I put it on, avoiding any interest charges that may come from having the card. The idea here is to just use the card as a way of building up rewards points.

What would be a good 2% card that you can recommend? Would the Capital One Venture card be optimal for my situation?



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