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You need to understand that you don't have to "need" a credit card in order for it to make sense to use one, so the fact that you have plenty of money is irrele
by tryitnow 10y ago
You need to understand that you don't have to "need" a credit card in order for it to make sense to use one, so the fact that you have plenty of money is irrelevant.
In fact there's an older banker's maxim that says "never lend money to someone who needs it."
My recommendation: As long as you are disciplined then start using a credit card for your purchases. Google around and find one from a mainstream providers that provides lots of points and no annual fee. At least 1% back on all your purchases. My Citibank card gets me about 2% back on everything I purchase. So basically I get a little discount on all my purchases for having good credit.
Start using it immediately to build up credit. Like it or not, you're only going to encounter more situations like you did with the apartment. And the older you get, the more suspicious it looks.
If you don't feel you can be disciplined enough to pay it off every month, then just use it for handful of recurring purchases and nothing else, then at least you'll start building a credit history.
- mixmastamyk 10y agoI did look for one last year but couldn't find any without stupid fees of one kind or another.
- pc86 10y agoWith no credit, you are not going to get approved for any card where you don't end up paying for the privilege of having it in one way or another. Most like a $40-60 yearly fee. A year or two in with on-time payments you can either convert the card to one without a fee or get a new one without a fee and close that one.
- mixmastamyk 10y agoOk, but I thought they made a lot of money through transaction fees.
- pc86 10y agoWhat does that have to do with anything?
- goda90 10y agoA hefty savings and checking account with a national chain bank could also help you land a no fee credit card. They consider it collateral.
- eric_the_read 10y agoThey all have stupid fees of one kind or another; the trick is figuring out which ones you can easily avoid. The only fee I personally care about is the annual fee, since I never do balance transfers, cash advances, or leave a balance on my card after the end of the month. I get an Amex annual-fee-free via my Costco membership (sadly, soon it will expire when Costco goes to Visa-only), and an annual fee-free Disney rewards Visa through Chase (which will come in handy this fall, when I do another Disney cruise).