I’m a current young person and college student with no credit history. No loans, nothing. I have a savings account and a Roth IRA but besides that I’m pretty basic with my finances. I’m looking to build credit now to be able to get better rates on things down the road. I don’t have a very high income and I save what little I have but I’d like to make the most out of what I do spend. I don’t plan on utilizing very much credit or having any balances carry over. I basically want to build credit without using credit.
So, with that being my intention, I have a bit of a dilemma. I have heard great things about the the Discover Student Cash Back card from people I know and where it gives rewards really lines up well with where I already spend money. I feel I’d be able to utilize helpful rewards with that card without effecting my baseline spending. Essentially maximizing the credit and rewards benefit of some of what I’m already doing.
My problem is that my fiancée is originally from Canada and we travel there for family reasons multiple times a year and I fairly often spend money in CAD. My current credit union debit card makes travel and international purchases incredibly difficult. A key reason I want a credit card is to make international transaction and travel easier. Discover isn’t very travel friendly and not very widely accepted in Canada from what I’ve experienced, so it fails that test. After looking at a bunch of cards, I believe the Petal 2 Visa would be best for me here. It has a higher variable APR but it’s lack of fees and wide acceptance internationally is something I haven’t found in other cards for my non-existent credit history.
With all that in mind, I’m wondering if it would be better for me to have two cards to serve each need? Or if I’m just getting ahead of myself here? I’m aware that multiple hard pulls can harm credit score in the short term and will appear for two years. Is this something that would be significant with 2 hard-pulls? Also, in terms of personal finance, is it responsible to have two lanes of credit open so early in my credit history?
I’m not sure what the best move is here, advice?
Submitted August 17, 2021 at 08:02AM by LiveFastBiYoung https://ift.tt/3xVNNjI
