Some background: I'm a 22 y.o. college student with a steady job, low expenses (living w/ parents), and a credit score in the low 700s. I have about 20k of student debt (which is sure to rise as I transfer from community college to a university in a year). My credit score is what it is mostly because my mom had a credit card in my name when I was a teenager to help me build a credit history. I'm also in the early phases of building a savings account (about $2500 at the moment).
I currently have one credit card with Capital One. While I don't pay my balance to exactly $0 every month, I have been responsible, received balance increases (currently a balance of $3500), and will have no problem paying it off completely before the 0% APR runs out in a couple months.
I'm now receiving credit card offers in the mail from CitiBank (DoubleCash card) and Bank of America (BankAmericard Cash Rewards) that offer attractive benefits such as cashback and up to 15 months of 0% APR. First of all, does reddit recommend one card or the other in particular?
Second, how will it effect my credit score to open another card? I would only really be doing this for the 0% APR, otherwise I see no need to have more than one credit card. Would it be better if I cancelled my current credit card before opening a new one? And will I be able to do this every year as my 0% APR runs out?
I'm also wondering if I should wait and see if Capital One offers me something new when this 0% APR period finishes? Is there a benefit to sticking with one company?
Thanks in advance to anyone willing to tackle my barrage of questions!
Submitted April 19, 2017 at 10:17AM by yungspender http://ift.tt/2o3rIki
