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Should I get another credit card? What card + other questions
The various credit card threads that just came up made me want to ask the wise here about my credit card situation...
Background:
I am a graduate in my early 20s and have only ever had one credit card: Chase Freedom Visa with $6K limit. I've had it since July 2009, and always pay off the bill in full every month. Obviously there is no annual fee and I usually try to treat the card like a debit card, i.e. make purchases that I can afford at that exact moment.
I recently opened an account at a credit union because I didn't want to have all my eggs in one basket, so to speak. I also thought it would help my credit. I've been thinking about adding an additional credit card, hopefully one with no annual fee.
What card would you suggest for me and why? Here are some things to keep in mind:
-The point of this would be to build credit, not to go on spending sprees and wind up in debt
-I would probably want a general cash back rewards card. I pretty much never shop at the Chase Rewards mall and I don't exchange points for gifts. I usually elect to have cash deposited back into my account
-I don't have a car, so a gas card or gas rewards isn't necessary. If I move in the next 6-12 months (which is a possibility) then I may have to get a car, but for now I want to assume that won't happen.
Question regarding spending: let's say I hypothetically spend $300 per month on my Chase Freedom card, although it's consistently more than that. If I were to get another credit card and still spend only $300 per month, but split it up into $150 per month on each card, would that look bad for my credit? Again, my main goal is to build credit and still keep my spending in check.
Thanks!
Background:
I am a graduate in my early 20s and have only ever had one credit card: Chase Freedom Visa with $6K limit. I've had it since July 2009, and always pay off the bill in full every month. Obviously there is no annual fee and I usually try to treat the card like a debit card, i.e. make purchases that I can afford at that exact moment.
I recently opened an account at a credit union because I didn't want to have all my eggs in one basket, so to speak. I also thought it would help my credit. I've been thinking about adding an additional credit card, hopefully one with no annual fee.
What card would you suggest for me and why? Here are some things to keep in mind:
-The point of this would be to build credit, not to go on spending sprees and wind up in debt
-I would probably want a general cash back rewards card. I pretty much never shop at the Chase Rewards mall and I don't exchange points for gifts. I usually elect to have cash deposited back into my account
-I don't have a car, so a gas card or gas rewards isn't necessary. If I move in the next 6-12 months (which is a possibility) then I may have to get a car, but for now I want to assume that won't happen.
Question regarding spending: let's say I hypothetically spend $300 per month on my Chase Freedom card, although it's consistently more than that. If I were to get another credit card and still spend only $300 per month, but split it up into $150 per month on each card, would that look bad for my credit? Again, my main goal is to build credit and still keep my spending in check.
Thanks!
) without a new application or credit pull, since they rather not have you cancel the card outright.
