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Recommend me a Credit Card
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sworthy
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Mar 3, 2006, 03:29 PM
 
I'm looking to get a credit card that gives me the following:

-a large mile bonus on sign-up (10,000 or more)
-miles on ANY airline (1 per dollar or better)
-ideally no blackout dates, but I can live with them if necessary
-VISA or MasterCard

I'm not really worried about the APR as I haven't made a late payment yet and I don't plan to start.

Of course I'm open to others as well, but this is what I had in mind. Any ideas?
     
SirCastor
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Mar 3, 2006, 03:48 PM
 
I recommend Capital One, They've always treated me well.
The best thing is to have good credit. If you have good credit, they'll bend over backwards for you.
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zerostar
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Mar 3, 2006, 03:52 PM
 
Another vote for Capital One. Have had them for several years.

Not sure what you mean by:

I'm not really worried about the APR as I haven't made a late payment yet and I don't plan to start.
If your making payments you are paying interest so you should worry about the APR, I assume you mean you are paying your balance in full every month. If that is the case look in to American Express that is what I use and seems to give the biggest rewards, etc.
     
Big Mac
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Mar 3, 2006, 04:50 PM
 
May want to look at the Yahoo Credit Card Center

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Fyre4ce
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Mar 3, 2006, 05:09 PM
 
Here are Fyre4ce's rules of credit cards:

1) DO NOT EVER CARRY A BALANCE OR MAKE A LATE PAYMENT! This is how credit card companies make money, and I would consider it to border on predatory lending. My solution: my current credit card has an automatic payment service. Every month they automatically deduct the full balance due from my checking account. As long as I have enough money in my checking account to cover the balance, I'll never pay a cent in finance charges or penalties. The ability to have your balance paid in full automatically from your bank account is the #1 feature I would recommend for any credit card.

2) Since you won't ever pay any finance charges, don't worry about the interest rate, penalties, or grace periods. Go for a card with rewards. If you travel a lot, find a card that offers good miles. If not, find one that offers cash back. I currently have an American Express Blue Cash and earn between 0.5% and 5% on all purchases. I think there are cards out there with better cash back rates so I am looking to change cards, but I am otherwise happy with my AmEx.

3) Since you will be earning cash back, charge as much to your card as possible. I am NOT advising you to increase your spending, but only to try to put as much of your current spending as possible onto your card. Why pay with cash when you can earn cash back on your card?

4) Set your credit limit high, even if it's more than you ever see yourself using. I've heard (albeit anecdotally) that having a high credit limit and not using it will increase your credit score. My limit is currently $4000/mo. I have never spent more than $2000/mo and I am typically a little below $1000/mo.

According to these "rules," the best card will pretty much be the one with the highest cash back rates. American Express isn't accepted everywhere, so in this respect, Visa and MasterCard offer an advantage. I think American Express has more member services though (I just got a year's subscription to Time magazine for, like, $3). But if you can follow these rules, you will probably be in the top 1% of all credit card holders.

Anyone else have thoughts on this?
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turtle777
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Mar 3, 2006, 05:13 PM
 
Originally Posted by Fyre4ce
Anyone else have thoughts on this?
If you need help getting more miles, just post your cc# and expiration date

-t
     
TheIceMan
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Mar 3, 2006, 09:50 PM
 
Diners Club card. It's a little expensive at $95, but its Club Rewards Program is top rate.
     
FireWire
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Mar 4, 2006, 06:23 AM
 
Originally Posted by Fyre4ce
4) Set your credit limit high, even if it's more than you ever see yourself using. I've heard (albeit anecdotally) that having a high credit limit and not using it will increase your credit score. My limit is currently $4000/mo. I have never spent more than $2000/mo and I am typically a little below $1000/mo.
As I live in Québec, we don't have the same cards so I can't recommend any one to you, but I wanted to rebuff this affirmation, as I think it is not accurate. I actually read by various credit authorities that having a large unused credit lowered your credit score, as you have a large debt capacity. Anyway, most of the time, you don't have much to say on your limit: the issuer sets it accordingly to your credit score.
     
stevesnj
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Mar 4, 2006, 02:27 PM
 
Fyre4ce

Most people cannot pay off a large ticket item every month thus the reason for needing to hold a balance on a credit card.
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Scotttheking
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Mar 5, 2006, 08:35 AM
 
Originally Posted by stevesnj
Fyre4ce

Most people cannot pay off a large ticket item every month thus the reason for needing to hold a balance on a credit card.
Which begs the question: Why did they charge said item to their CC in the first place?
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Goldfinger
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Mar 5, 2006, 12:31 PM
 
Originally Posted by Scotttheking
Which begs the question: Why did they charge said item to their CC in the first place?
To be able to spread payment of the item over a few months maybe ?

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Fyre4ce
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Mar 5, 2006, 04:12 PM
 
Carrying a balance is still a bad idea. For an occasional big-ticket item, you should be able to plan ahead and save up enough cash to cover it. Some discipline and foresight will save money in the long run. Also, many merchants of big-ticket items have their own financing plans, which may be at lower interest than a credit card. If it's a really big purchase, borrow money from a bank.

But hey, do what you want. If you know that you're paying more in interest for the convenience of having it on a credit card, and can afford the interest over the long run, go ahead. That's how credit card companies can afford to pay cash back to guys like me. :-)
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Fyre4ce
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Mar 5, 2006, 04:13 PM
 
Originally Posted by FireWire
As I live in Québec, we don't have the same cards so I can't recommend any one to you, but I wanted to rebuff this affirmation, as I think it is not accurate. I actually read by various credit authorities that having a large unused credit lowered your credit score, as you have a large debt capacity. Anyway, most of the time, you don't have much to say on your limit: the issuer sets it accordingly to your credit score.
You may be right. Anyone have any good sources that say either way?
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Scifience
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Mar 5, 2006, 05:16 PM
 
Originally Posted by Goldfinger
To be able to spread payment of the item over a few months maybe ?
Why not just wait a few months to buy the item?

Unless it was an emergency (like plane tickets/travel expenses for visiting your mother's funeral, medical bills, etc.) I see no reason why you would have to have something "now."
     
IceEnclosure
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Mar 5, 2006, 05:32 PM
 
Originally Posted by Scifience
Why not just wait a few months to buy the item?

Unless it was an emergency (like plane tickets/travel expenses for visiting your mother's funeral, medical bills, etc.) I see no reason why you would have to have something "now."

there are tons of reasons. This isn't a new concept - it's why credit cards are credit cards.
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hayesk
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Mar 5, 2006, 05:38 PM
 
Originally Posted by Goldfinger
To be able to spread payment of the item over a few months maybe ?
Get a bank loan at a lower interest rate. Or do what I did - some banks offer a line of credit on a credit card. It works just like a credit card, except the interest rate is very low.
     
Scotttheking
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Mar 5, 2006, 06:15 PM
 
Originally Posted by IceEnclosure
there are tons of reasons. This isn't a new concept - it's why credit cards are credit cards.
I don't understand doing that. Car, maybe, if you have to have one to get around, house, sure, but anything else, I don't see what big ticket items there are that you need right now and can't wait a few months to save up.
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Fyre4ce
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Mar 5, 2006, 06:30 PM
 
Originally Posted by IceEnclosure
there are tons of reasons. This isn't a new concept - it's why credit cards are credit cards.
Right, and it's why credit card companies have thriving businesses. Where do you think they get their money? How can they afford to pay for all those commercials on TV? If you buy a $4000 Mac system and pay it off over 4 months on a credit card at 18% interest, you will end up paying about $4126. But still, personally I would rather spend the extra $126 on, say, a RAM upgrade, than give it to the credit card company. Stretch it out a year, and it becomes $4333. But, many people would not, which is why credit card companies stay in business. Like I said, better cash back rewards for me
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Dr Reducto
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Mar 5, 2006, 06:38 PM
 
Originally Posted by hayesk
Get a bank loan at a lower interest rate. Or do what I did - some banks offer a line of credit on a credit card. It works just like a credit card, except the interest rate is very low.

It's probably a secured debt, which is good for its lower interest rates (because of lower risk to the bank), but bad because the debt is secured by your possesions (which lowers the risk to the bank)
     
IceEnclosure
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Mar 5, 2006, 06:51 PM
 
Originally Posted by Fyre4ce
Right, and it's why credit card companies have thriving businesses. Where do you think they get their money? How can they afford to pay for all those commercials on TV? If you buy a $4000 Mac system and pay it off over 4 months on a credit card at 18% interest, you will end up paying about $4126. But still, personally I would rather spend the extra $126 on, say, a RAM upgrade, than give it to the credit card company. Stretch it out a year, and it becomes $4333. But, many people would not, which is why credit card companies stay in business. Like I said, better cash back rewards for me
Not saying it's the way to do things, but it is the way many many people do things. Myself, I never purchase things I can't afford to pay for at that time. So it's generally cash or check card purchases for me.
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Fyre4ce
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Mar 5, 2006, 11:20 PM
 
Originally Posted by IceEnclosure
So it's generally cash or check card purchases for me.
It was for me too, for a while. Then I learned that I can get cash back on a credit card and build my credit score as well, so my solution is to place as many of my purchases as possible on a credit card that gets automatically paid off every month from my checking account. I still say this is the best way to do it.
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Person Man
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Mar 6, 2006, 01:38 PM
 
Originally Posted by Scotttheking
I don't see what big ticket items there are that you need right now and can't wait a few months to save up.
Take my washer and dryer, for instance. I just moved into a new house and it didn't come with washer and dryer. We have only one coin-op laundry in town, 50% of the machines are broken and all of them are over 20 years old and they charge $2.00 for a load of laundry, and you have to wash things twice because there's still soap left on the clothes after the first rinse cycle...

There you have it. I opened a store credit card to get the machines, but then there is no interest until 2007, so I have ten months to pay it off, and it'll get paid off in six.

I never carry a balance on my cards unless there's no interest to pay, and it always gets paid off by the time the no interest term expires.
     
bboisvert
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Mar 6, 2006, 02:15 PM
 
Originally Posted by FireWire
As I live in Québec, we don't have the same cards so I can't recommend any one to you, but I wanted to rebuff this affirmation, as I think it is not accurate. I actually read by various credit authorities that having a large unused credit lowered your credit score, as you have a large debt capacity. Anyway, most of the time, you don't have much to say on your limit: the issuer sets it accordingly to your credit score.
What Credit Cards do you have in Quebec?
     
bboisvert
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Mar 6, 2006, 02:20 PM
 
Originally Posted by Scotttheking
I don't understand doing that. Car, maybe, if you have to have one to get around, house, sure, but anything else, I don't see what big ticket items there are that you need right now and can't wait a few months to save up.
Give you some examples, computer gets busted, needs to be replaced ASAP , if this happens just after rent, and before your next paycheck... CC. Water Pump breaks on your car, again depending on when CC is handy.

For me I want a CC because its cheaper then the fees associated with a Debit card. And I can use it to shop online as well. Also all my bills can go on that which eliminates late payments and extra fees that go with them. CC if used proper makes life easier.
     
itai195
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Mar 6, 2006, 02:24 PM
 
99% of the time I do not carry a balance on my credit cards either. But I've found some situations where it makes sense. For example home/auto insurance payments where the finance charge on the credit card is lower than the installment fee for the insurance. Of course it makes most sense to just pay that off right away, but not everyone can afford to write a huge check. Until recently we have paid my wife's business liability insurance this way.

Other than that, I do use CC's a lot for almost every purchase and pay them off every month. My family uses an AmEx Gold, which I can't recommend to everyone because it has a relatively high annual fee, but if you spend a lot on it (we have my wife's business expenses on it) then it seems to have the best rewards program IMO. You don't get miles on any airline, but they have a selection of about 20 you can choose from and they offer other valuable services. The Citibank Dividends card is also a great one for cash back on groceries and gas (5%). Those are our 2 main CC's, and we have an additional MBNA card with a low APR just for emergencies. Since you really want a VISA or Mastercard with a good frequent flyer program, I don't know the name specifically but I believe Chase has a card that's considered the best amongst Visa/Mastercards for mileage.
     
macroy
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Mar 6, 2006, 02:39 PM
 
Originally Posted by FireWire
As I live in Québec, we don't have the same cards so I can't recommend any one to you, but I wanted to rebuff this affirmation, as I think it is not accurate. I actually read by various credit authorities that having a large unused credit lowered your credit score, as you have a large debt capacity. Anyway, most of the time, you don't have much to say on your limit: the issuer sets it accordingly to your credit score.

http://finance.yahoo.com/columnist/a...neymatters/950

According to Orman, what matters more is the debt to credit ratio - thus a huge limit with a small balance is better than a small balance but less limit.
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Scotttheking
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Mar 6, 2006, 03:03 PM
 
Originally Posted by Person Man
Take my washer and dryer, for instance. I just moved into a new house and it didn't come with washer and dryer. We have only one coin-op laundry in town, 50% of the machines are broken and all of them are over 20 years old and they charge $2.00 for a load of laundry, and you have to wash things twice because there's still soap left on the clothes after the first rinse cycle...

There you have it. I opened a store credit card to get the machines, but then there is no interest until 2007, so I have ten months to pay it off, and it'll get paid off in six.

I never carry a balance on my cards unless there's no interest to pay, and it always gets paid off by the time the no interest term expires.
Erm, you knew that was a cost of moving. No interest works if you are responsible enough to pay it off, but you knew it was something you needed to buy along with the house. If you couldn't afford everything you needed, that says the house was too expensive for you.


Originally Posted by bboisvert
Give you some examples, computer gets busted, needs to be replaced ASAP , if this happens just after rent, and before your next paycheck... CC. Water Pump breaks on your car, again depending on when CC is handy.

For me I want a CC because its cheaper then the fees associated with a Debit card. And I can use it to shop online as well. Also all my bills can go on that which eliminates late payments and extra fees that go with them. CC if used proper makes life easier.
Umm, if your computer dies you go without until you can afford a replacement, or you use your savings to buy a cheap used one until you can afford more.
If the car a necessary tool, there is nothing wrong with using some money from your emergency fund to pay for the repair and then putting the money back into the e-fund.

I still see no reason to carry a balance on a credit card just to buy some item, everything above is just poor planning or a bow to the "buy it now, pay for it later" mentality that covers marketing.

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Person Man
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Mar 6, 2006, 05:51 PM
 
Originally Posted by Scotttheking
Erm, you knew that was a cost of moving. No interest works if you are responsible enough to pay it off, but you knew it was something you needed to buy along with the house. If you couldn't afford everything you needed, that says the house was too expensive for you.
No interest definitely works if you're responsible enough to pay it off, and I am.

I'd rather have some of the money sitting in the savings account earning 2% annual interest than not earning ANY interest. (And yes, I know that a 14% or higher interest rate is a much better rate of return, but you only get charged that 14% if you carry a balance, and I don't carry balances, except when taking advantage of a 0% interest rate).
     
bboisvert
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Mar 6, 2006, 06:06 PM
 
Originally Posted by Scotttheking



Umm, if your computer dies you go without until you can afford a replacement, or you use your savings to buy a cheap used one until you can afford more.
If the car a necessary tool, there is nothing wrong with using some money from your emergency fund to pay for the repair and then putting the money back into the e-fund.

I still see no reason to carry a balance on a credit card just to buy some item, everything above is just poor planning or a bow to the "buy it now, pay for it later" mentality that covers marketing.

--Scott
Umm for some people a computer is a necessary tool. And a emergancy cash supply is that, a emergancy cash supply. What if you use your emergancy cash supply a natural disaster hits, your plastic is useless and you hard cash supply is used up. I rather pay something off a 100 bucks a month and pay a little interest then use up 1000 bucks in cash and be left with no savings. BTW my savings are untouchable unless I want to pay over 50% in penalities. Like right now, at this moment I really wish I had a Credit card. A screwup at work has left me a entire month with no income and ive used up my on hand cash supply, my bank is currently minus 500 which has cost me at least 40 bucks in fees and im basically borrowing from friends and family to keep my car running (gas). Would have been much easier on me if I had a credit card.
     
wdlove
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Mar 6, 2006, 06:11 PM
 
I'm very happy with my American Express Card. They have good service. Accepted almost anywhere. Nice to receive 2% back on purchases.

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Fyre4ce
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Mar 6, 2006, 07:59 PM
 
Originally Posted by bboisvert
Umm for some people a computer is a necessary tool. And a emergancy cash supply is that, a emergancy cash supply. What if you use your emergancy cash supply a natural disaster hits, your plastic is useless and you hard cash supply is used up. I rather pay something off a 100 bucks a month and pay a little interest then use up 1000 bucks in cash and be left with no savings. BTW my savings are untouchable unless I want to pay over 50% in penalities. Like right now, at this moment I really wish I had a Credit card. A screwup at work has left me a entire month with no income and ive used up my on hand cash supply, my bank is currently minus 500 which has cost me at least 40 bucks in fees and im basically borrowing from friends and family to keep my car running (gas). Would have been much easier on me if I had a credit card.
It doesn't bother me at all if people who carry balances on credit cards understand the drawbacks (high interest rates). If you're willing to pay for it, go ahead. It's your right to give money to whoever you want. I'm just saying that in many cases where I've seen credit card debt, it's as a result of someone being irresponsible. Financial responsibility includes things like managing debt, maintaining a reserve of cash to cover a temporary lapse in income, saving and investing wisely, etc. I know that many people struggle to make ends meet, but the problem I see is that when the situation improves even slightly, people burn up the extra cash with consumer spending instead of saving it or paying down high-interest debt. No matter what your salary is, you should be saving at least 10% of it. At least, that's what financial advisors say.
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Fyre4ce
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Mar 6, 2006, 08:00 PM
 
Originally Posted by wdlove
I'm very happy with my American Express Card. They have good service. Accepted almost anywhere. Nice to receive 2% back on purchases.
Which card do you have? Blue Cash?
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SirCastor
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Mar 7, 2006, 01:07 AM
 
My only beef with Credit is that (at least in this country) people tend to accumulate massive amounts of debt. The last figure I hear (I don't have a source of course) was that the average consumer debt was $8500 per capita. That's absurd. (I know it's an average, and there are likely many people that don't have that kind of debt) My concern is that people don't know how to manage their debt properly, and they're only using credit as a means of living outside of their means. There is nothing wise about this, and it's more likely than not to bite you in the backside.

A wise person would make purchases only with cash (save a house, and perhaps a car). I think Credit Cards are good occasionally. For emergencies, but you ought to be able to back that up with some sort of actual money.

</rant>
Sorry, I've worked in the Mortgage industry, and I've had to turn down people from buying a house because they decided that they wanted this or that. All said, credit can be a good thing if you're wise about what you do with it.
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Scifience
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Mar 7, 2006, 05:50 PM
 
I won't touch a credit card with a ten foot pole after watching my parents rack up $50,000 in credit card debt. Not due to unemployment or anything like that, but due to spending beyond the budget (they were making $70k a year).

Personally, an American Express charge card (for points, purchase protection, etc.) which has to be paid off monthly plus a fee-free Visa debit card for places that don't take AMEX is my ideal solution.

Taking a loan for a house or a car (something I don't even feel like doing) is an entirely different thing than paying some bank 15% interest so you can have a new big-screen TV.
     
FireWire
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Mar 7, 2006, 07:05 PM
 
Originally Posted by Scifience
I won't touch a credit card with a ten foot pole after watching my parents rack up $50,000 in credit card debt. Not due to unemployment or anything like that, but due to spending beyond the budget (they were making $70k a year).
Well the thing is to ask for a limit which you can manage.. Start with 500$ maybe, or 1000$. The OP didn't state for what purpose he was getting a CC. From what he said, it's with the intent of getting miles, not to buy things he can't afford. The trick is to buy everything you would have bought with a debit card, charge it on the credit card instead, and pay it off immediatly or weekly, with the money in your spending account. That way you build up good credit fast and you don't pay any interest (and transaction charges).

Proceeding this way, I managed to spend around 2000$ a month on a 500$ credit line. Not a dime in interest or charge, and with an 1% cash back bonus, I even made money using my CC almost exclusively. The trick is to be responsible, and not buy things you wouldn't have bought otherwise.. The only difference is that you swap your card at the register.. but the purchases remain the same.
     
   
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