I have 2. I use one all the time, other only very rarely.
Had the account for like 10 years, platinum status etc w/ Bank of America.
I don't really get the frilly payback stuff, points etc... however I've found that having a strong history w/ teh same company is more valuable.
I always pay off the balance every month, no matter what.
The truth is, the companies HAVE to have guys like me (good creditees) in order to balance the, er, finance a big-mac guys... and they know it and if you are in that catagory, will work to keep you happy and loyal.
For instance, there have been muliple times that, for one reason or other, I simply forgot to pay the bill until the day of or even a little late. Call 'em up, do bank draft over the phone... they look at my good, long history, and waive the draft fee, interest etc, list it a on-time payment.
I use it for work expenses, and specific kinds of purchases, so I can keep a record. E.g. all home improvement stuff... at the end of year, very easy to tab how much I spend on the house.
Plus you want to usse it for any kind potentially shaky purchases, like buying from folks you don't know... if somebothing goes bad w/ the transaction, you can call the CC company and contest the charge, and teh company will go after the charger i nyour place.
The *key* is to pay off the complete balance each month.
My 2nd CC is usedo nly for emergencies, it stays locked in a drawer.
Of course, that card is paid in full every month. We find it easier to have a single joint account, she uses the debit card, I use the credit card, that way, I won't forget to give her receipts for something to manage the account with. When the credit card bill comes in, it gets paid in full, it's the same card we use for fuel too.
