Has anyone had any good experience with a credit card?

Question

I think they could be useful especially when you have a bill and can't pay it at a time during an emergency and will have all or most of the funds the next statement. Or use it for small purchases like gas that you can pay off with one payment to show worthiness on your credit.

And if you have a paid on time every time credit card for at least 10 years how much on average does that increase your credit score?

Answer 1

I love my AAA credit card.  Every month, I get a rebate on the gas I purchased with it and there's no annual fee.

I have always paid my bills on time (for at least the last 20 years) so it's difficult to say how much that increased my credit score.  My credit score has always been good because I do what I said I would do when I was extended the credit.

Answer 2

IT CAN VARY, BY MANY FACTORS. HOWEVER, I KNOW A MAN THAT HAS 2 CREDIT CARDS, ONE OPENED IN 1990, A CITGO CARD WITH A $700 LIMIT, AND A CAPITAL ONE CARD WITH A $10,000 LIMIT OPENED SINCE 2002. HE HAS AN 808 FICO. YOU NEED TO ESTABLISH CREDIT, ASAP. TRY APPLYING FOR A MACY'S CARD EVEN IF YOU DON'T LIVE NEAR ONE.

Answer 3

My wife and I use the credit card for most of our expenses, not including the mortgage.  We pay it off every month.  Meaning we already had the cash in the bank to pay for our purchases.  We get  a check every so often as a reward.

It also impacts your score.  I remember Suzy Orman saying that using a little less then 50% on your cards (meaning less then 50% on each card) and making regular payments ups your credit score.  Never miss a payment, this clobbers your score.  You may want to see what she has to say.  I rarely carry debt month to month.  Generally interest rate are so high that you lose money very quickly.

The only time we carried CC debt month to month is when we had a low intro rate, somewhere between 0-1.5%.  We were able to use the money to buy into an investment, refinance the investment and return the debt before the intro rate expired.  I caution you, we did not attempt this until we had years of investing under our belt and knew what to expect and what kind of cushions to have.  I advise against this, but I wanted to give a complete answer to your question.

Remember the CC companies make most of their money off the people least able to pay.  Once low income people start using a card, they can only make minimum payments and they pay 18% APY month after month for the rest of their life.

Answer 4

Credit cards are extremely useful for building credit. For example, if you have never had a credit card and never taken out a loan, you cannot buy a house! Credit cards are an easy, inexpensive (if you do it right!) way to build credit.

Credit cards are also useful for the situations you mentioned, but many of them have very high interest rates so it is important to pay them off quickly. Paying the minimum is okay only if you will have enough to pay what you spent + interest later.

To begin building credit if you have none it is best to get a credit card and use it for things like filling up your tank. Pay only the minimum for the first two months then pay the entire thing off... voila, excellent credit! After that, simply using it and paying off the entire thing will continue to build your credit.

I have had great experiences with credit cards. If you stay on top of them there is no reason why they should cause problems. Many of them offer great rewards if you use them often. Just be sure to pay them off!

I don't know about your last question ... the average credit score increase. I would talk to a professional about that.

Answer 5

i have had greatttt luck with Blue from American Express®

here is the full review of the credit card

http://www.cardlister.com/CreditCards_de...

see the review, use the websites comparison features to compare the card to cards from the other major credit card companies, and apply safely at the participating credit cards website.

Answer 6

I have Chase ind Citi cards that give me ca$h rebates on everything and have no annual fees.

When I buy with a credit card, I'm protected by consumer protection laws that don't apply to cash, check or debit card purchases.

Answer 7

Discover has been great over the years.  The American Express Platinum card would be good but only after you don't need credit.  Whatever you chose - never abuse your credit.  It is something that is awful to lose and will cost more than you could ever believe to get back.