First credit card for a college student?

[vertigomhs]

Hi, im a 20 year old who is currently attending school and I was looking to get my first credit card. The reason for this is that I know im going to need credit later on down the road so why not start now? Im looking for suggestions on who to get one through. I do my checking through Chase but ive heard good things about amex. Also from my understanding, if you pay some cards off within 30 days you wont pay interest?

Thanks.

PS: not looking to get in debt or anything, figured I could just pay for my books with a credit card and then pay it off within a month with my financial aid.

 

[Jaepheth]

My first card in college was a Discover student card.

$1000 limit, not sure what the interest rates were because I always paid it off (used it like a debit card)

 

[KlokWyze]

Capital One will likely give you the best rates, highest limit, etc.

 

[AznAnarchy99]

I wasnt able to get my Amex until about 2 years after my first card. I got it when I was 20.

My first card was Citi Forward card. Good card and gives a lot of benefits for students and now you can use their reward points for direct purchases on Amazon so that is nice. Interest rates drop every 3 months for on time payments as well.

 

[boomhower]

Student Discover or Student City Forward would be good choices. If denied for those Capital One is an option but I'd try the other two first.

 

[Demo24]

I got a discover card, mostly because of points at gas stations and grocery stores.

 

[RearAdmiral]

Does amazon still offer a student card? That was my first.

 

[mvbighead]

I'd try Amazon. I was in the same boat as you about 8 years ago. Didn't really know what the hell to do, and the whole 'credit card is the debil' talk was pretty common at the time. I had every intention of using it just as you describe.

I winded up getting a Chase Rewards card that gave me a 3000 limit, I think (mighta been 1500, can't remember). I'd venture a guess that you can get most cards, but you'll simply have a very low credit limit. Personally, I'd go for an Amazon card. Great company to do business with, 3% back on purchases through Amazon, and some rewards elsewhere.

I still have my first card, but the points I get are at best usable for Best Buy gift cards. I have grown to loathe Best Buy, so I signed up for an Amazon card. I'm about to retire the starter card, though some people suggest leaving your first card open is a good idea. Not sure how much I buy that.

EDIT: It doesn't appear that Amazon offers the student card any more. I'd just go here and get started:
http://www.amazon.com/gp/cobrandcar...pf_rd_p=1495767362&pf_rd_i=amazon credit card

Granted, if you don't use Amazon, look for something that will get you some good rewards. I had once considered a gas station's branded card, as I was a commuter and filling up 2-3 times a week. I'd just find something with a good rewards program that fits something you spend money at regularly (Gas station, Target, Costco, etc.), and stick to paying your card off early.

 

[cronos]

Discover and Amex were the ones who approved me first with their 'student' cards, basically for people without any kind of credit history.

 

[Texashiker]

Hi, im a 20 year old who is currently attending school and I was looking to get my first credit card. The reason for this is that I know im going to need credit later on down the road so why not start now?

There are better ways to build credit then through a credit card.

Unless you have savings (cash) to fall back on to pay off your card every month, stay away from them.

 

[mvbighead]

There are better ways to build credit then through a credit card.

Unless you have savings (cash) to fall back on to pay off your card every month, stay away from them.

I dunno that I buy that. What other credit based device can you use credit as you please in extremely small increments?

If you use a credit card wisely, they are a very effective tool that give you money to spend when you have passed certain limits. Heck, I infrequently use my Amazon card ($200/month generally), but it is there when my Amex isn't accepted, and I often find myself with $20 or more to apply to my next order.

The key is using the card correctly, which the OP sounds like they intend to do.

 

[Texashiker]

I dunno that I buy that. What other credit based device can you use credit as you please in extremely small increments?

Go through a local small business to buy appliances or furniture. Someplace where you get a physical object with credit, rather then going out to eat.

 

[Legios]

I think my First Card was a Gas station card. Shell or BP. Limited what I could use it for so things didnt get out of hand. Then I signed up for every credit card o0ffer there was that I saw on campus. I needed those free T shirts.

 

[mvbighead]

Go through a local small business to buy appliances or furniture. Someplace where you get a physical object with credit, rather then going out to eat.

Many college student don't need appliances or furniture, as they either live in a small dorm room with no room for either, live at home with the folks, or share a place with a bunch of people and can live with lesser appliances.

I use my credit card just as I would use cash. I use it for my routine purchases, and I know what I have to spend so I don't spend more than I can pay off. It really is that simple. I didn't carry a balance for 5+ years with that card, I just payed it off every month.

In your appliance scenario, you'll most likely carry a balance and accrue interest.

When used correctly, a credit card is an excellent credit building tool.

 

[cronos]

There are better ways to build credit then through a credit card.

Unless you have savings (cash) to fall back on to pay off your card every month, stay away from them.

He doesn't need savings to pay off, as long as he just goes on with his life exactly the same as he was before, only now instead of paying stuff with cash, he pays with the card. Paying off every month is a must but will be no problem because it's stuff that he would've bought anyway.

 

[mvbighead]

He doesn't need savings to pay off, as long as he just goes on with his life exactly the same as he was before, only now instead of paying stuff with cash, he pays with the card. Paying off every month is a must but will be no problem because it's stuff that he would've bought anyway.

Ding ding ding.

I know I've seen his arguments against CC's before, so we're probably beating a dead horse. I believe his scenario was someone else being on the card and running up debt before he figured out what they were doing.

Problem is, in any financial situation, cash or credit, someone can do serious damage if they have access to your cash or credit.

 

[piasabird]

All Credit cards are evil.

 

[RearAdmiral]

All Credit cards are evil.

My 24/7/365 5% cash back on all gas purchases is pretty darn evil.

 

[waggy]

There are better ways to build credit then through a credit card.

Unless you have savings (cash) to fall back on to pay off your card every month, stay away from them.

I hate Credit cards. think that it's best for people to NEVER have one.

you should get one though. I went to get a small personal loan. my bank said the lack of revolving credit (havent had a credit card since i was 24) was hurting. The fact i have had many car loans through them helped.

it blew my mind i can get any car loan i want through them but a personal loan for far far less is harder due to no revolving debts

 

[Texashiker]

you should get one though. I went to get a small personal loan. my bank said the lack of revolving credit (havent had a credit card since i was 24) was hurting. The fact i have had many car loans through them helped.

In other words, the banks did not like that you did not stay indebted to them.

Debt is nothing more then financial servitude.

 

[blackangst1]

Amex. For alot of reasons. First, you have to pay it off every month, second is their backdating. From the moment you open your first card, every card you open with them for the rest of your life will be backdated to that first card. So for example if you open a card now, then when youre 40 in 2033 you open another, the new card will report an opening date of 2013 giving you 20 years perfect payment history and skyrocketing your credit score.

 

[waggy]

In other words, the banks did not like that you did not stay indebted to them.

lol yeah pretty much

I now have a Credit card. I use it a few times a month and pay it off.

Amex. For alot of reasons. First, you have to pay it off every month, second is their backdating. From the moment you open your first card, every card you open with them for the rest of your life will be backdated to that first card. So for example if you open a card now, then when youre 40 in 2033 you open another, the new card will report an opening date of 2013 giving you 20 years perfect payment history and skyrocketing your credit score.

nice wish i knew that when i was 20.

 

[HardcoreRobot]

Great idea. Don't worry too much about your first card, you won't qualify for lots of the good rewards cards but the important thing is to start building history.

I didn't get a credit card until after college and could not get approved for anything other than a secured $500 from the local bank (this was with full time 50k+ yr job). I ended up going to grad school so that enabled me to qualify for all the student cards again but I regret not getting a card earlier.

Only spend money you have and pay off every month! This will make the APR irrelevant. Don't let irresponsible people scare you away from using credit effectively.

 

[JM Aggie08]

Amex. You have no choice but to pay the balance off.

 

[makken]

I agree with the amex suggestions, but I would look around the places you frequent first. While amex acceptance has improved a lot, you may still find some places that only take visa or
MasterCard. (On the flip side, Costco only accepts amex)

My first card was a citi dividend MasterCard. Back then they had 3% cash back on everything. I don't think they do this anymore.

Personally I would just look for the card with the most appealing reward system. If you have no credit history, you're not going to get a good limit or Apr. The latter shouldn't even matter if you intend to pay it off every month.