Good afternoon,
I am an incoming plebe who has previously attended college and has built up some credit. I was curious having read about it in the forum if it is possible to get the AMEX platinum fees waived as a cadet. Please let me know any benefits to start building up such as multiple cards or financial preparation which is best to take advantage being in a military institution.
Thanks!
Yes. AMEX will waive fees for Cadets. Platinum Card is a great deal, especially if you travel. Many discounts and travel benefits.
DS got it plebe year and got a nice points bonus (80k I think) for referring me. Hasn't used points yet and now almost 8 years later has over 450,000 points without ever paying an annual charge.
1. Start building your credit rating early - it will pay off when the time comes for a mortgage or car loan. If possible have your parents put you on their longest held card as an authorized user - you will then get the benefit of that credit history length. Do not use it except for emergencies or if your parents tell you to use it for something specific. This assumes your parents have good credit rating
2. Get a Visa card with no foreign transaction fees - some places do not accept AMEX, especially overseas. Should be no problem with USAA.
3. NEVER put anything on a credit card that you can not pay right away. Best to pay it weekly to make sure you you know where you stand so you don't get an end of month surprise. NEVER carry a balance over to the next month's statement.
4. Take the Cow loan whether you need it or not. It adds another type of credit to your record. You can put it in a Money Market at a higher interest rate than the loan rate = free money. If you need it to buy a car, uniforms, set-up expenses, it is the cheapest loan you will get. DO NOT use it to buy a 15 year old Porsche/Mercedes/BMW/etc. or round the world vacation.
