Quick guide to credit cards.
Over some drinks, Mike, Joe and I started talking about credit cards, and so after preaching about the greatness of my Citibank Platinum Dividends card to anyone who would listen for a year, I've decided to reach out to an even larger audience and make an entry about credit cards. I'm not a fan of rewards other than the 'cash' type so below, the recommended cards all offer cash rewards only.

Citi Dividend Platinum Select MasterCard, earn 5% cash back on purchases at supermarkets, drug stores and gas stations, plus 1% on all other purchases up to $300 per year. MasterCard for College Students, Visa Card for College Students.

Honestly, I should just stop here since there's no reason to get any other card, except if you happen to spend more than the max $300 in rewards you would earn (that would be about $6,000 to $30,000). So for the high rollers, I would recommend the following cards.

Blue Cash from American Express, earn up to 5% if you carry a balance and spend more than $6,000 a year. So in essence, the max you can earn is actually 3% since carrying a balance is just a terrible idea. And so instead of earning a maximum of $300 a year, I believe you are eligible for up to $1,500 a year. I just got this card so I'm still unsure. I mainly signed up for the card to be eligible for the other AMEX deals that float around, like the $10 lift tickets at Mountain Creek a while back.

Chase Ultimate Cash Award Mastercard, Discover Platinum Cashback Bonus offer cash rewards, click the links to read up but I don't really see a reason to go with these cards unless you are that rich enough to take advantage of more cash back bonuses, which in that case, I don't think you would care much about these rewards and more about the limits.
At 12:33 AM, Anonymous Anonymous said...

this is true. the dividend card seriously rocks. (it's a good idea to pay it off during the grace period though, since the apr is a bit higher than other cards out there)...amex has the best rewards all around- they're affiliated with a lot of places that give back (like mt. creek, ticketmaster, etc) and their customer service makes you day just bright and cheery. i think discover is a little last week...not many places accept it.
on a side note, it's best to carry a small balance on your cards, or use them often and pay them off. people are misled to believe it's good to carry a high balance on one card and low on everything else. that is worse for your credit rating. also, even if you don't use your cards much, keeping the account open boosts your credit history and rating. also, you should check your credit report every so often and call the creditors and ask them to reassess your apr. they'll almost always lower it.
clearly, i have my share of cards. oy...

At 4:46 AM, Anonymous Anonymous said...

u think girls would be more impressed with that little ugly plastic gray piece of shit when you pull it out of ur wallet, or my THICKASS GANGSTA WAD OF g-DUBS!!!!!


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