In need of a new Credit Card

[msmama]

Background: DH and I are separating, and I'd to have my own credit card in my name. We currently have a joint Disney Visa that I put EVERYTHING on (and have always paid in full every month). I have excellent credit.

I'm leaning towards a MC through USAA, or perhaps the Soutwest Visa (free flights would be nice, but I don't know if I'd rack pts up fast enough).

But I'll probably not use it a ton and keep the Disney one for everyday purchases.

Anybody have any suggestions? Anything to absolutely stay away from?

 

[SaraJayne]

Do you belong to a credit union? I have a credit card through our local credit union and I've been very happy with it (low interest rates and I deal with LOCAL people).

 

[Darcy03231]

If you're separating any joint credit accounts should be closed. If either of you wants to keep them they should be reopened in your individual names.

We travel a lot so I have a Southwest Visa that I like. I also have the Disney card.

 

[leadfootlevi]

We like our cash-back cards the best. That way we can use the cash for whatever we feel like (usually Christmas gifts, but in a pinch we have used the cash back to pay bills). Check out Chase or Discover. Cash back cards only make sense if you pay in full each month because they usually carry a higher interest rate than standard cards.

 

[scard192]

I like my Chase Freedom card. I get 1% cash back (Discover does not give 1% until you reach $3000 for the year). Plus when they run 5% cash back bonus for the quarter the limit is so much higher than Discover. This quarter Chase Freedom is giving 5% cash back on groceries up to $1500, Discover is only up to $200.

When there is no bonus, I use my Disney Visa and get the 1%.

 

[Marionnette]

Background: DH and I are separating, and I'd to have my own credit card in my name. We currently have a joint Disney Visa that I put EVERYTHING on (and have always paid in full every month). I have excellent credit.

I'm leaning towards a MC through USAA, or perhaps the Soutwest Visa (free flights would be nice, but I don't know if I'd rack pts up fast enough).

But I'll probably not use it a ton and keep the Disney one for everyday purchases.

Anybody have any suggestions? Anything to absolutely stay away from?

The SWA Visa has offers right now for 20K RR points when you open a new account. 60 pts. = $1 towards a Want to Get Away fare. But the card has an annual fee. If you are not a frequent traveler on SWA, it may not be worth getting the card. If you don't plan to use this card as your primary credit card, then I would not recommend it.

I would look for a card that is accepted at the majority of the places that you make purchases. Not everyone takes Discover or AmEx, so you may not want to make one of those your primary card. OTOH, pretty much everyone takes Visa and Mastercard.

I would also be looking for one that has no annual fee unless you will use the card enough to more than make up for that fee. My husband has a Diner's Club corporate card for our business. The annual fee is pretty hefty but we rack up the points like crazy because all the overhead for the business goes on this card. Well worth the annual fee we pay.

If you can find a cashback card, this would probably be the best choice. It would be better than getting a card that limits you to using your points on whatever their co-brand is. The Disney Visa is cute but it only allows you to redeem for Disney stuff. My Citibank Mastercard has a number of gift cards that I can redeem for but lately their choices stink! So make sure that you check out the redemption offers that the card has before you apply.

And like someone else mentioned, you will need to close any joint accounts. Neither one of you wants to be held responsible for any financial missteps the other may make. I'm really sorry that you have to go thru this. Divorce sucks for everyone involved.

 

[JB2K]

Do you belong to a credit union? I have a credit card through our local credit union and I've been very happy with it (low interest rates and I deal with LOCAL people).

Not ALL credit unions are alike -- some are great, while others are...well...

 

[tinab]

Here's a good source of information on credit cards.
http://www.bankrate.com/credit-cards.aspx

 

[scard192]

Good point about what you can use the rewards for. Chase Freedom has a pretty good list of gift cards and you can also use the rewards for cash. I got a $50 check from them recently using my rewards points.

 

[cm8]

I say USAA and here is why

I have the USAA Platinum Mastercard
The USAA AMEX and the New USAA WORLD Master card.

They all give you 2 reward points for every dollar that you spend and that adds up quickly. I usually get the reward points redeemed for free movie tickets or Cash Back depending on my mood

They all offer excellent Travel coverage and additional insurance if needed as well. Also not sure if you are into overseas traveling or what, but they fee for using your card is a lot cheaper and has less restrictions.

Since you have excellent credit, Apply for the world MasterCard it rocks!

Here is a link to all USAA credit cards and what each one can do for you

https://www.usaa.com/inet/pages/credit_card_benefits_guide

 

[Mom of 3 Princesses]

Do you belong to a credit union? I have a credit card through our local credit union and I've been very happy with it (low interest rates and I deal with LOCAL people).

I second a credit Union and your bank. When my XH and I split, I went to my bank to get a low interest CC. It helped that I already had an account there and I had them explain all the ins and outs and fees (if there were any) associated with the card.

 

[dhdozier]

We like our cash-back cards the best. That way we can use the cash for whatever we feel like (usually Christmas gifts, but in a pinch we have used the cash back to pay bills). Check out Chase or Discover. Cash back cards only make sense if you pay in full each month because they usually carry a higher interest rate than standard cards.

Totally agree. I have a Chase BP Visa card that I earn 1% on most purchases , seems like 5% on gas at BP stations, and then 2% on certain restaurants though I have never seen a list of which ones are on it. We have the choice of getting the reward back as a check once you reach $25 in accumulated rewards. The apr is high though so I pay it off each month, like 13% I believe...

 

[chanson2]

I'm like you - DH and I have 1 major card (the Southwest Visa) we put everything on, but I also have 1 in my name only. Its the Chase Sapphire card. No annual fee and you accumulate points to spend - I think its one point per dollar spent. I only put $100 to $200 a month on that one, and the cheapest rewards are 2500 points, but its nice to get a free $25 gift card to anywhere every so often, just by using that card.