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Best cash rewards credit card for someone with no credit history?
10-13-2007, 02:26 AM
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#1
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 346
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Best cash rewards credit card for someone with no credit history?
I have never used credit cards so I have no credit history. But I want to get one after thinking about the savings in cash back rewards.
I just wanted to see what companies seem to be reputable and decent to deal with so I don't end up with a nightmare for my first card!
I'm just looking for a credit card with a low credit limit that I can get cash back rewards with..for someone with no credit history.
Thanks
Jim
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10-13-2007, 06:02 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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You might take a look at Pentagon Federal Credit Union (anyone can join - check their web page at Penfed.org). The card offers 5% cash back on 'pay at the pump' fuel purchases and 1.25% on everything else. I've been happy with them.
__________________
Numbers is hard
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10-13-2007, 06:14 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Ditto on the PENFED VISA Plat Cash Rewards Card.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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10-13-2007, 06:16 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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If you dont have any credit history...you probably wont get a major credit card that is unsecured...You might want to check out creditboards.com or the like for ideas on building a history...
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10-13-2007, 06:32 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,071
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I have a PenFed card as well. I'm satisfied so far but had some trouble getting it. Won't go into all that again. See link below. But in the end, it all worked out without having to submit all the crap they wanted. But if you have no credit, be prepared to cough up some financial information.
http://www.early-retirement.org/foru...6&postcount=34
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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10-13-2007, 07:55 PM
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#6
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Full time employment: Posting here.
Join Date: Mar 2007
Posts: 577
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The Penfed deal looked as good as I've seen. Signed up online, thought it came in the mail yesterday but it was just a form they wanted my real signature on. 5% on gas caught my eye, haven't seen the full agreement so hopefully not too restrictive.
__________________
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
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10-14-2007, 03:26 AM
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#7
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Dryer sheet aficionado
Join Date: Oct 2006
Posts: 29
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Just saw where Emigrant has a 1.4% cash back card. Not sure of the details. It is on their website.
Lyle
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10-14-2007, 09:08 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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Chase has a reward card that pays 3% on certain types of purchases, up to a limit of $600 a month in purchases. After that it's just 1%. I use this card for grocery store purchases, so I always go over the $600.
Chase Personal Banking Investments Credit Cards Home Auto Commercial Small Business Insurance and it's the Freedom card.
Quote:
You'll earn a 3% cash back rebate or 3 points for every $1 in eligible purchases made in the top three bonus categories where you spend the most. The bonus categories are: grocery stores, gas & convenience stores, quick service payment/fast food restaurants, telecommunications, cable/satellite TV/Internet service providers, video rentals, department stores, dry cleaners, drugstores, movie theatres, local and suburban commuter passenger transportation, pet supply stores and veterinary services, utilities, beauty shops (salons and spas) and gym/recreation memberships. Following are additional details.
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Since I always reach the limit for the 3% reward I have another card that I use to pay all my utilities that pays 2% www.citicard.com.
Discover Card had a 3 month period where they paid 5% on certain types of purchases. Right now it's resaurants and movies. Every 3 months they change the purchase type. Once it was groceries or car expenses, or travel or clothing or specific merchants like Home Depot and Sears. One time it was college expenses and I had to pay tuition so that was easy. Sometimes these 3 month offers will have a limit for the 5% reward.
5% cards for groceries and gas used to be more common, but it seems like many CC companies have cut back on those.
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10-14-2007, 09:51 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Quote:
I just wanted to see what companies seem to be reputable and decent to deal with
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In a credit card company You have to watch them all. Sooner or later the nice ones will turn, be bought out, etc.
Nothing wrong with a secured card (you can't spend more than you have deposited in another account). It develops financial discipline.
One point: Pay the damned thing off every month! Running a balance is a trap to easy to fall into. Avoid debt like the plague! Been there, done that. I use a credit card for some things (very few things), but I have a cash account with a large enough balance to pay it off as soon as the charges appear on the web-based account, and for emergencies, I have a much lower interest line of credit with the same bank. I wasn't always this smart.
__________________
I have outlived most of the people I don't like and I am working on the rest.
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10-14-2007, 10:06 AM
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#10
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Recycles dryer sheets
Join Date: Jan 2007
Location: Los Angeles area
Posts: 329
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I now use the Citi Driver's Edge card in combination with the Emigrant 1.4% cashback card:
Citi® Driver's Edge® Options Platinum Select® MasterCard®
Earn up to 6% rebates on the purchases you make at supermarkets, drugstores and gas stations for 12 months, 3% thereafter, 1% on all other purchases and $1 for every 100 miles you drive - up to $1,000 every 12 months. Redeem rebates toward the purchase or lease of any new or used vehicle, automotive maintenance or convert rebates to ThankYouSM Points for gift cards, merchandise and services.
The Emigrant card requires an average balance of $10,000 in an Emigrant savings account.
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10-14-2007, 10:32 AM
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#11
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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I would go with any card that offered you 1% back or more. However, as noted, they may not give you them since you do not have a credit history. We are getting at least $500 back this year, though the card that is offered through my MegaCorp.
One thing to be aware of is that if you do not make your payment by the due date (as opposed to the cycle cut date), you will lose your bonus for the month. Read all the fine print.
__________________
Angels danced on the day that you were born.
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10-16-2007, 02:23 AM
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#12
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 346
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Thanks everyone!
You gave me some ideas on places to try!
Jim
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