I am in US since 2 years on h4 visa. i will start job in oct.'08 on h1.can i get a rewards credit card?

Question

i just have a secure CC right now. can I get a good rewards credit card before I start my job so that I can use it then and build a good credit history?would u recommend a citibank platinum card?

Answer 1

as long as you get a social security number, you should be able to apply for one. Make sure to inform the secured credit card company of your SSN so they can post all the reocrd on your credit file. Citibank is a good card.

Answer 2

Yes, you should be able to get a good rewards card, but because you are only just beginning to build your credit history, you may have to pay a high interest rate. This means that you need to consider what features a "good" rewards card should have in your personal, individual situation.

The best rewards credit card differs for each individual, based on personal spending habits, budget and personal circumstances.

We all differ in how we use our credit cards and how we spend our money. Someone who carries a balance on their cards will save more by focusing on debt repayment and raising their FICO score, but someone who pays their card in full each month has more flexibility.

Different cards reward different types of spending. The fastest way to rack up points is to use a card for your regular purchases you would have to make anyway. Someone who travels a lot for business can use their business travel expenses to get free airmiles for their vacation. However, for most of us, it makes sense to use a card where we get points on everyday purchases and can use these points for stuff everyone needs like cash back or gas rebates.

Make sure you get rewards that are valuable to YOU. There is no point in airmiles rewards if you never travel, or gas rewards if you don't drive a car.  

Three Golden Rules:

1. To really be a reward, you need to get something for nothing. You can only do this if you are getting reward points for buying something you would buy anyway, like gas or groceries. You will never come out ahead if you chase points by buying stuff you don't need, just in order to reach your points limit.

2. Cash is king. If you can get straight cash back in exchange for everyday purchases you cannot go wrong, regardless of your circumstances.

3. NEVER make credit decisions based on rewards alone. If you carry a balance your rewards will never make up for what you pay in interest charges and other fees. Your number one focus should always be on raising your FICO score and getting the lowest possible interest rate. A low APR is ALWAYS the best reward.