From all the credit cards that I have used, I found out the first year is the best year to use the credit cards. The first year is when the promotional period lasts and after the 12th month the interests charged starts racking up. Some credit card companies usually do 6 months of no interests. Before their promotional period ends, it's better to pay the balance off and never use it.
You may think it's better to close the credit card account since you won't be using it anymore, but the truth is, it's better to keep it open. The more credit you have, the higher your credit score; as in you have more credit than you are using, which shows that you are responsible.
Should I Get a Credit Card?
- The answer is a yes and a no. If you have control over your spending then you definitely should get a credit card. Now, if you go on a shopping spree whenever you have money, then you shouldn't get a credit card.
- You should get a credit card to build up your credit score. If you paid of a balance over 12 months, it looks good on your credit score.
Why having a good Credit Score is important?
- Keeps interest rates down on your other loans
- Allows you to be approved to rent places
- Makes you seem trustworthy with payments when applying for a loan
If you're looking to get a credit card for everyday use, such as getting gas, eating out at restaurants, or groceries, then you should get a Discover credit card.
Why get Discover Credit Card?
- Lowest Interests rate. I will not mention any numbers because it fluctuates but it has been as low, like 10% versus 15% or even 25% from Chase or Mastercards.
- Rewards Program adds $5 to your points. The rewards are not the most attractive but they offer $50 Gift Cards for $45 worth of points at various stores. I always use the points to get Marshalls gift cards.
- Their customer service is phenomenal. No matter what time of the day, even at 3 AM in the morning, a live customer service representative will answer your phone call if you need help.
- No foreign transaction fees. I went to Canada, Spain, and Morocco, and I did not get charged any foreign transaction fees.
- You get to see your FICO Credit Score for free. You can get to see your credit score one time a year from the three credit bureaus. But credit scores change every three months, so if you already saw it once then you have to pay to see it again in the same year. However, with Discover credit card, you can see it as many times as you want for Free.
- You get credit on your statement to refer someone to sign up. Yes, if you sign up from this site than I get some sugar from them. You get $50 per person who signs up under you, and up to $500 in credit total per year.
- You get 5% back when shopping with Amazon.com during the Holiday Season. During the Holiday Season in the Fall and Winter, you always need some returns and 5% is a lot if you have a big family to shop for.
Discover credit card shouldn't be the only credit card you should get. However, for everyday purchases, it's better than others.