Warrior General Games

Need your advice, GD.

Thinking about finally getting a credit card, as much as I hate the idea of credit cards. I need to build my credit an the one small loan I have isn't really doing it all that quickly.

I have a few questions about it, and for reference I have a 689 transunion with no negative remarks and only a 1-2 year history. Feel free to answer a one or all of em if you'd like

What is a reasonable APR and what do you guys pay for whichever card you have?
Is APR the same thing as interest?
Do you guys have cards with annual rates, and what are they?
What perks are common and what's actually useful? Ala cashback, points etc.
For cashback, is there some fuckery going on or is it straight X% of however much I spend on it?
For my credit to actually go up, do I have to wait a month from the purchase to pay it, or can I purchase it with my credit then immediately go home and pay the credit with my debit?

Yes, APR is your interest. For perks that are point driven, they're never something that's 'worth it'. You basically just accrue them. Cashback deals are only nice when they're targeted at things you'll use, like gas, etc.

For your first credit card, find a card with no annual fee (intro year and beyond). APR doesn't matter as long as you have no intention of every carrying debt (paying off in full each month no matter what). I know Discover targets students with their 'It' cards. You've probably seen the ads for them. Those are intro cards. They'll likewise give you your credit score on every bill.

With no pre-existing credit, you'll likely just get something like $500-$1000 for a credit limit. I'd recommend setting up all your static bills (things that are the same every month, like cell phone, internet, cable, etc.) to auto-pay on that card. Then don't bother to do anything but pay that credit card bill on-time each month.

I carry two cards beyond my debits, both of which are super high APR but also high limit. No annual fees (there's really no reason to ever pay a fee unless your credit is whomp for some reason you can't get anything else). It's a layer of comfortableness, where I can go on a vacation or wherever and have no worry about a big payment going on a card. Back when I was finishing my masters, I even put tuition on one of the cards since I could get a % cashback. It was essentially free money in my hands for paying tuition with the card as opposed to writing a check.

Originally posted by InRomoWeTrust
Yes, APR is your interest.

For the scope of this conversation, yes. For installment loans such as cars and houses, they can differ and lower is always better. Its why you sometimes hear an ad for a 4 percent interest rate on a home loan and then the disclaimer at the end says "4.58 APR" or something of that sort. It means that your monthly payment is calculated on the "4 percent" BUT that there are LOAN FEES attached to the loan that make the loan yield 4.58 percent for the Lender.

You just keep paying one off with the other and you'll never need to spend another cent of your own money again!

Note:

Probably best if both of those cards have a maximum limit of something in the Billion dollar range... just to be safe.

Originally posted by InRomoWeTrust
Yes, APR is your interest. For perks that are point driven, they're never something that's 'worth it'. You basically just accrue them. Cashback deals are only nice when they're targeted at things you'll use, like gas, etc.

For your first credit card, find a card with no annual fee (intro year and beyond). APR doesn't matter as long as you have no intention of every carrying debt (paying off in full each month no matter what). I know Discover targets students with their 'It' cards. You've probably seen the ads for them. Those are intro cards. They'll likewise give you your credit score on every bill.

With no pre-existing credit, you'll likely just get something like $500-$1000 for a credit limit. I'd recommend setting up all your static bills (things that are the same every month, like cell phone, internet, cable, etc.) to auto-pay on that card. Then don't bother to do anything but pay that credit card bill on-time each month.

That is solid advice.

Told a gal who had no credit history to get a credit card and put her DTV on paperless billing and then cut up her actual card. Her monthly bills will not change and there is no risk to her going bat shit crazy in a shoe store while she attempt to build some credit history.

Some of the credit score is strange, I don't have as high a score as I should because I do not have a mortgage history or current mortgage loan. I guess paying off your house at a younger age makes you more of a risk.

My food truck did an event at the local university last year, and it went pretty well. The Dean of the college stopped by and chatted, said how much we brought to the event, asking if we would like to come back, etc.

So I mark the day off the calendar for this year. Suddenly the rules have changed. Students whined that we took away their food business. Was just told we are not allowed back.

Obviously that is their choice, it is just disappointing they went that route rather than upping their game to compete better. I made a donation to the school last year for the opportunity and also brought on students to help, so it was not some huge moneymaker. I just liked the exposure of that event.

Originally posted by foofighter24
My food truck did an event at the local university last year, and it went pretty well. The Dean of the college stopped by and chatted, said how much we brought to the event, asking if we would like to come back, etc.

So I mark the day off the calendar for this year. Suddenly the rules have changed. Students whined that we took away their food business. Was just told we are not allowed back.

Obviously that is their choice, it is just disappointing they went that route rather than upping their game to compete better. I made a donation to the school last year for the opportunity and also brought on students to help, so it was not some huge moneymaker. I just liked the exposure of that event.

Admit it Foo...you gave a business lecture there, and told them all they were min wage bums!

Originally posted by BadBuc99
Admit it Foo...you gave a business lecture there, and told them all they were min wage bums!

Nah, I just find it hard to believe we had that sort of impact, and if we did, perhaps we were actually good for the event.

Originally posted by foofighter24
Nah, I just find it hard to believe we had that sort of impact, and if we did, perhaps we were actually good for the event.

you were serving higher end fare than the student run food services im sure. so people could get a good $8 item from you, or a mediocre $6 item from the student run services. im sure you cut into their profits

This place is starting to bore me now.

Originally posted by foshizzel17
you were serving higher end fare than the student run food services im sure. so people could get a good $8 item from you, or a mediocre $6 item from the student run services. im sure you cut into their profits

Actually, we kept the prices down, which probably impacted them even more. My philosophy was the event was for the community, and a showcase for us, rather than a big profit day. I get it, they are students and alumni, and want to profit. I just hate the mindset that they would rather eliminate a good alternative rather than improve their own offerings.

If they can't be profitable serving baked beans right out of cans and frozen cheap burgers, I think they need to re-evaluate that.