Best Credit Card as a Mid?

A very important consideration is how you’ll use the card. If it’s for pure convenience and you plan to pay the balance in full each month, go for a low or no annual fee; interest rate doesn’t matter. If it’s to borrow money and you plan to pay monthly installments, go for a low interest rate; annual fee will matter less. This is the best way to make your credit-card use as economical and coat-efficient as possible.
 
Fully agree with the above. If you are sure you’ll pay in full every month, you don’t care what the interest rate is and thus best to get a card that gives you miles or point or whatever. If, however, you will use it for big purchases over time, then find one with a low interest rate.
 
DS had established history with Navy Federal and applied for and received the card during plebe summer. Crazy generous limit was provided. He used for small purchases and paid off via automatic payments from savings. Easy to set up and change those with a click.

Strategically used the card for an LREC for all of the hotels. Got tons of cash back rewards. Then filed for reimbursement from USNA. Good practice.

Used it for spring break trip to Hawaii and between extra payments and held pay it is allegedly down to zero. I personally have no clue as I have and should not have access to any of it. IMHO.

He has used the cash back to buy a couple of wish list things, a gift for GF and some gifts for midsib and parents.

Consistent activity and payments to pay it off bolster credit score.
 
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MidCakePa said:
If it’s to borrow money and you plan to pay monthly installments
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To any incoming Plebes or MIDs here, please avoid this at all costs. Debt in general should be avoided, but it is double bad with the type of stuff you put on a CC (consumables and depreciating "stuff"). Do whatever you can to minimize CC debt. Even if you have to say no to the Iron Rooster while on Liberty. Eat a hot dog from the grocery store instead.
 
Skipper07 said:
Well, I take back my previous statement. I Was just approved :cool:
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Treat that card like it can get you into trouble, because it can.
If you find yourself thinking that you want to put something on it that you can't pay off for a few months, don't you do it.
Credit cards have the worst vig you can find, apart from some seedy payday loan place (right next to the "Rent-A-Center", gold-buyer, and pawn shop) or a loan shark.

I pay off my credit card (online) twice a month, before I ever get a bill.
 
@THParent gives fantastic advice, as usual. I am frugal to the point of being the “dad” friend whenever we plan anything.

The card will likely be used for all flights and hotels from this point on, and not much more. I get better points on my NFCU card for dining.
 
dav1y said:
Hi!

Was wondering what y'all recommend for a credit card as a mid - should I be getting one through NFCU, my local bank, or another bank? I know the Amex platinum card used to be popular but apparently (not sure about this) they don't waive the annual fee for mids anymore? Regardless, any recommendations would be great! Thanks again :)
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What does Kramer of Mad Money recommend?
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Another interesting resource is The Points Guy. I get the newsletter from the website and follow them on LinkedIn. Easy to find.
 
WT Door said:
Konnichiwa! I’d recommend the basic NFCU Blue Rewards credit card. I use it as does DS. There’s a Navy Federal Credit Union right around the Mid Store to help with any problems. I advised DS to have his credit card balance paid, in full, through his NFCU savings account. I have told all my children that credit card companies do not like people like me and their mother for paying in full. They prefer to make money off of clients that pay a high APR on over due balances. Credit card companies have never made a nickel off of us. Good luck to you and get some sushi, and tempura, before I-Day.
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Not only that they make “zero” money on us, we also get cash back on purchases every month 😝
 
Another question but if I want to apply for an NFCU credit card, when should I apply? Would I be able to apply now, or should I wait until after Plebe Summer?
 
dav1y said:
Another question but if I want to apply for an NFCU credit card, when should I apply? Would I be able to apply now, or should I wait until after Plebe Summer?
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I recall there being paperwork in both of my guys’ PTR packet. That’s one option. Another is to stop in at the NFCU on the Yard if you are going early. May not even have to go into the actual NFCU office….they had a tent set up (with swag) near the Mid Store. They also had a program for mom and dad to sight up. We each received 25$ for doing so. The sales pitch was that it makes it easy for us to transfer money to our now Mid. I liked the $50.

They are trying to get new clients. It won’t be hard to sign up…
 
I filled out the NFCU paperwork in the PTR and sent it to the email listed - they set up an account for me a while ago and already sent me a debit card! Just wondering if I should apply for a credit card now or after PS
 
dav1y said:
I filled out the NFCU paperwork in the PTR and sent it to the email listed - they set up an account for me a while ago and already sent me a debit card! Just wondering if I should apply for a credit card now or after PS
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If you know that you want one, why not get it done. Only problem is right now you don't know the right address to send the card to? So if the company assignments come out I would think you could knock it out. I think I read somewhere that a lot of these companies will have booths/tents on the day prior to I-day, so you could maybe just do it then also. Someone with a LOT more experience could make sure that is a possibility.
 
Once received in the mail, a credit card usually has to be activated by a phone call or going online after receiving it, for security reasons. That will be problematical for anyone during plebe summer. I recommend waiting until after plebe summer and you have an opportunity to drop into the NFCU adjacent to Bancroft Hall during the week. Once the academic year begins, you have better control over your schedule, you’ll have your phone and laptop. Or you can apply for it online at that time.

Alternately, prior to I-Day, you could visit NFCU either on the Yard, their Annapolis locations over at the Naval Support Activity across the Severn River (outside the military base gate, so no military ID required) or their branch a few miles from the Yard on Bestgate Rd. Think through about where you want the card sent and the activation.

You could also have the card sent to your home, parents could open it and call the auto-activate phone number, and bring it to you if they are coming for Plebe Parents Weekend. You can always update your mailing address on your profile once you have your laptop back. You’ll also want to set up all the alerts for your phone telling you you have a monthly statement with a balance due, so you can go into the NFCU app you have downloaded on your phone and set up the payment by the due date. Credit cards are a wonderful tool, but as with all tools, they can hurt you if mishandled.

On I-Day itself, there is usually a big sponsor tent filled with vendors and companies engaging with parents. In-processing plebes will not be at that tent, as they will be otherwise occupied.
 
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Might’ve forgotten the fact that I’m not 18 until after PS…it’s probably easier for me to apply for one after PS anyways though so that’s great news!
 
I have some observations, by the way.

I always carry cash. I think that I may be the last person on this rock who does so, as I have run into opposition in the last year or two.
It can be a look like "Oh! You're using cash, how quaint and old-fashioned of you!" to a response of "I'm sorry, we don't take cash", which I always thought was a violation of U.S. Code (Section 31 U.S.C. 5103). Turns out that businesses can actually opt not to take cash after all. I find that bizarre, but I digress.

In my fairly extensive credit card experience (42 years and counting) I would say that the most accepted cards are (in order) Visa, Mastercard, Discover, and American Express. That's just my "take" on it. I haven't done any research.

For some time, Visa & Mastercard were one and the same and Mastercard had a certain air of "fancy" compared to the for-the-masses Visa. Not so anymore. There are more Visa cards in circulation now than all other credit cards combined and the networks for Visa and Mastercard are decidedly separate.

I started out with a Mastercard and have had the same one for 42 years. When I added a Discover card back in the 1980's, I grew to like it better but kept the Mastercard because Discover wasn't accepted everywhere. When out of the country - my Mastercard is always accepted more places - even to this day. That's only if you have a "world elite" Mastercard, though! If you're going out of the country, I think Visa or American Express are still the best.

For every day stuff in the U.S. however, I think the Discover card is the best. That's just me, though. Occasionally I still find some online place that doesn't take Discover, so I use the Mastercard. My DS asked about credit cards a while back and I wholeheartedly suggested Discover, so he got a Visa. :biggrin:
 
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