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Earning Credit and Maximizing Rewards?
I just got a credit card recently (Amazon.com Chase Card) and I have a couple of questions.
1) The biggest part of the reason why I got the card is to build credit. However, I heard that it's best for your credit if you have a low credit utilization ratio. My limit is $400 since this is my first card and it's fairly rough to keep it below that because I'm trying to build points as well. I pay off in full every 5-10 days or so just so I can keep my credit open and not go over my limit, but I use ~$1000 a month (I can afford this). I pay off in full every month and there is no possibility of not paying it off in full every month. My question is, is this bad for my credit? I want to earn a ton of points, but I don't want my credit score to go down. I think my credit score when I applied for the card was like 670-680 (due to Med School student loans) for reference.
2) Is it common practice or advised to use credit cards to buy Free After Rebate items since you're basically earning free points and getting your money back?
1) The biggest part of the reason why I got the card is to build credit. However, I heard that it's best for your credit if you have a low credit utilization ratio. My limit is $400 since this is my first card and it's fairly rough to keep it below that because I'm trying to build points as well. I pay off in full every 5-10 days or so just so I can keep my credit open and not go over my limit, but I use ~$1000 a month (I can afford this). I pay off in full every month and there is no possibility of not paying it off in full every month. My question is, is this bad for my credit? I want to earn a ton of points, but I don't want my credit score to go down. I think my credit score when I applied for the card was like 670-680 (due to Med School student loans) for reference.
2) Is it common practice or advised to use credit cards to buy Free After Rebate items since you're basically earning free points and getting your money back?
Last edited by SmokeMaxX; 03-16-2012 at 04:04 AM..
