I'm a 21 year old college student who flies maybe 2-3 per year. I don't spend a lot on credit cards (maybe 100-150 monthly), but I really want to get a travel card especially since I'm thinking about studying abroad next year, and Canada is where I mostly fly to. I did research on BoA travel, and both capital one venture cards, but there seems to be too many similarities to make a sound decision (plus a lot of finance talk is mumbo jumbo to me). I don't dine out a lot, I would say in hindsight my travel expenditures round up to $400-600 annually, and my general spending (gas, groceries, etc.) would add up to about $100 a month on my current credit card. My bank is also a state bank, which brings my concern about transfer fees to pay off my travel card. Any suggestions?
Update:I just want something with great rewards!
Answers & Comments
There aren't many reward cards that offer overseas travel benefits that a 21 year old would qualify for. You won't get enough miles to make anything worth it.
Instead, I'd look at ways to build your credit score, and long term financial health instead. I don't understand how you say you don't dine out a lot if you travel, and how your general spending on gas and groceries is only $100/month. I think you've got your numbers wrong.
And there won't be any transfer fees to pay a credit card bill from your bank.
I think you need to spend your time and energy getting educated about finances in general and your own financial situation short and long term before you look at a credit card that won't really offer you anything.
And avoid BoA at all costs, forever.
Not sure if you really need a "travel" credit card. Do you have a regular debit/check card already? When traveling to Japan, I simply let my bank know that I'm going to be out of the country for x-weeks. I then use my card overseas for purchases and at ATMs to withdraw cash in yen. Check with your bank to see if this is an option for you without the extra bells and whistles of a specific card.
Forget that idea. You do not spend enough to get any rewards (after the initial points for signing up). [You also need to worry about black out dates, etc.] If you qualify for rewards cards get one that pays you cash. Cash can be used anywhere, and you need not worry about old points dropping off because of age. And the only way rewards cards are worth it is if you PAY IN FULL EVERY MONTH. Otherwise your rewards get eaten up by the interest you pay. Ditto ... do NOT get a rewards card with an annual fee. [If you will not be paying in full every month get the cc that has a low interest rate.] {BoA, like other national banks, usually has many fees / a large monthly fee; and those fees are a waste of your money.}