ichneumonidae
Well-Known Member
What was the application process like? As for closing it and getting a credit ding, someone could just leave it open and cut up the card (if afraid of losing/abusing it).
-
Please take a moment and update your account profile. If you have an updated account profile with basic information on why you are on Air Warriors it will help other people respond to your posts. How do you update your profile you ask?
Go here:
Edit Account Details and Profile
sTUPID qUESTIONS aBOUT ocs
- Thread starter TheBubba
- Start date
This is what I think I'm going to do! Plan on keeping it open as my number of accounts are low anyway.
It has been awhile but I think it was all done on paper because it is all done at the NEX/uniform store. It is a crappy, antiquated card with next to no benefits. If you are looking to open up a line of credit you would be much better off getting something like AmEx Platinum and having the yearly fee waved for your military service. I realize you can save 10% on your first purchase (uniforms) but consider the long term when you get the card. You will never use it and it is not a card that offers you anything in return. Just a thought....if the $300 is worth it to you, go for it. I don't think you will be missing $300 though in even one year after you commission and are making decent ENS money.
Good point, th AmEx is a great deal.
First, if the card has no annual fee, closing it is pointless and actually hurts one credit worse than the soft hit one takes for opening a new account. Second, it actually helps ones credit to have more credit with a low credit debt. e.g., if one has $30,000 available credit, but only has $5,000 in debt total in credit lines from credit cards, that's pretty good. However, if one cancels the Star card and lets say it takes $6,000 of available credit, putting member down to $24,000 available credit with $5,000 in debt, that's actually worse. So, in my opinion, the 10% discount is well worth opening the account. Open account, get your discount, pay it off, never use the account, you'll be better off for it.
Also, if anyone whom gets the Star card at OCS and that is their first Credit Card ever, then later cancels it, actually is the worst thing one could do, as they immediately lose that credit history.
Being in the military and depending on which Credit Cards you get is a huge advantage. Amex cards are definitely a good choice, I Highly recommend the Blue Cash Preferred as well for 6% on groceries and 3% on gas stations. As someone whose earned well over $5,000 in benefits and hasn't paid for a airline ticket in 6 years, and has only paid less a total of $50 in interest ever and no membership fees; credit cards are one of my favorite subjects. Credit card companies hate people like me, because they pay me to use their card and get nothing in return.
I know this is a much larger discussion, but may I ask your methods for getting so many airline points? That's awesome!
Also, random plug here but seems relevant, r/personalfinance and r/militaryfinance are great subreddits.
I use a credit card for every single purchase I can, up until a few years ago, I only used my Capital One Venture Card (double mile) 2 miles for every dollar spent. However, typically credit cards that offer mile rewards is super misleading, as you might think "Oh snaps! I got 30,000 miles saved up I can fly around the world 1.2 times!" But in reality, what you do is take off the last 2 numbers and you have $300 worth of an airline ticket. The return with miles is essentially 2% Cash back, but cash that's only redeemable on travel types of purchases e.g., hotels, airline, cabs, buss, train, etc. However, I'm actually planning on discontinuing my use of this card once I get down to Florida as USAA offers a Limitless Cash back rewards card with 2.5% cash back, however, that card is on a pilot program and is only offered in certain states, Virginia not currently one, but Florida is.
I also like the AMEX platinum, sign up bonus is great and it comes with great airport perks, but I personally haven't used it since I got the bonus. I use their Blue Cash Preferred card on regular basis as it gives 6% cash back on grocery's at supermarkets (however doesn't work at places that sell groceries and everything else, such as Walmart, but I believe it works at Walmart Neighborhood markets), it 100% works at the Commissaries. Gives 3% back at gas stations. I also have the Amazon Prime Store card that gives 5% cash back on Amazon purchases.
So, in a nut shell I use the credit card that gives me the biggest return on that particular transaction, payoff the statement balance every month or the whole balance. As long as you pay the statement balance, there is no interest incurred.
Purchasing a car and plan to put money down? Use your credit card then just pay off balance, boom HUGE rewards.
Also note, not all Credit Cards offer the SCRA benefits the entire time your on active duty to waive membership fees or lower interest rates, but Capital one and AMEX do for sure.
HOWEVER, my most important advice, if you do not have discipline and do not pay off your statement balances every month, then DO NOT do this, as the interest you will pay, most definitely exceed your benefits received.
I used the Star Card when I needed to buy a new DSLR out in Hawaii while visiting webmaster. The 10% was nice for a purchase like that. My following strategy was to immediately lose the card in a bag somewhere, forget about it, and then never use it again. No cancellation and I still got my savings. Problem solved.
I wonder where that thing went....
I wonder where that thing went....
Negative. They need people like you. Card issuers profit from interchange fees charged to merchants every time you use a credit card. The more often you swipe the card, the more money they make off of you. The smaller the transaction amount, the higher the percentage of the purchase goes back to the card issuer (because a typical interchange fee is about 1.05% + $0.20). Hence why many small businesses have credit card puchase minimums of $10 or so. That $0.20 goes to the credit card issuer even if you’re only buying a $0.99 stick of gum.
I stand Corrected
On the topic of money, I'm HUGE on personal finance, 1) is there at Newport I can talk with to set up TSP contributions from my paycheck or do I need to wait until after graduation & 2) to sign forms for FAFSA's public service loan forgiveness program so I can start making those eligible contributions (gonna apply to consolidate my ineligible loans after I swear in).
There's gouge about both of this on Reddit. The PSLF is super easy to sign up for, and TSP might take until after OCS because they mail you passwords? Hopefully it's different for you but that's what happened to people I know in ROTC.
Hi,
I'm the guy who got rejected from OCS a while back. 56 OAR score and 3.81 GPA (4 internships prior to this). Got rec letters from 4 previous supervisors and 2 professors. Applied first choice to NFO and second choice to SWO.
I just picked up 2 new internships (one in maritime security and another one in East Asia relations) and another rec letter from my supervisor at the maritime security think tank. Is this an impressive enough of a improvement to justify reapplying?
I'm the guy who got rejected from OCS a while back. 56 OAR score and 3.81 GPA (4 internships prior to this). Got rec letters from 4 previous supervisors and 2 professors. Applied first choice to NFO and second choice to SWO.
I just picked up 2 new internships (one in maritime security and another one in East Asia relations) and another rec letter from my supervisor at the maritime security think tank. Is this an impressive enough of a improvement to justify reapplying?
you left out your aviation scores....for NFO? Also any legal issues?