First Credit Card

Discussion in 'Off Topic' started by usapatriot, Mar 6, 2011.

Thread Status:
Not open for further replies.
  1. usapatriot

    usapatriot Notebook Nobel Laureate

    Reputations:
    3,265
    Messages:
    7,363
    Likes Received:
    14
    Trophy Points:
    206
    Hey everyone,

    I would like to get my first credit card in order to complement my debit card. I am currently a college student and the credit card would really only be used in emergency situations, such as when the debit card would not work or be accepted.

    Of course, knowing that the credit card world is full of false advertising, complex terms of agreements and odd terminology, I'd like some first person input on what you guys think is the best, first-time credit card for a student.
     
  2. 2.0

    2.0 Former NBR Macro-Mod®

    Reputations:
    13,357
    Messages:
    7,741
    Likes Received:
    1,136
    Trophy Points:
    331
    They are literally almost all the same with the exception of American Express Green card (charge card). Skip that. Paying an annual fee is not worth the "privilege."

    So get whatever one has no annual fee from one of the major credit card issuers. Bank of America (MBNA), Chase, Citi, First National, Discover, American Express (credit card version). They all have pretty much the same grace period (~25 days).
     
  3. ramgen

    ramgen -- Morgan Stanley --

    Reputations:
    513
    Messages:
    1,322
    Likes Received:
    1
    Trophy Points:
    55
    Pick the one that has:

    1- Lowest APR
    2- No annual fee


    --
     
  4. TofuTurkey

    TofuTurkey Married a Champagne Mango

    Reputations:
    430
    Messages:
    1,129
    Likes Received:
    2
    Trophy Points:
    56
    The APR matters if you can't pay on time. I suggest looking for a rewards card.

    I also suggest using the card regularly, else it can become inactive. You want to build credit history useful later on in life.
     
  5. DraXxus1549

    DraXxus1549 Notebook Evangelist

    Reputations:
    237
    Messages:
    479
    Likes Received:
    0
    Trophy Points:
    30
    I just got my first and I got the Citi student card, no annual fee and I don't have interest yet because the first 7 months are interest free.
     
  6. Madkid

    Madkid Notebook Evangelist

    Reputations:
    403
    Messages:
    343
    Likes Received:
    0
    Trophy Points:
    30
    @usapatriot

    Also, you should be sure that you are intending to pay off the monthly balances completely. It sounds like with the way you are planning on using your CC, you should not have any problems with that. However, you never know until you actually get the card and use it ;)

    Carrying over monthly balances is a sure way to get yourself into debt, so be sure to pay it off every month. Even if there are benefits such as zero interest, it is definitely a good discipline to cultivate. If you do that, then like 2.0 said, most of the cards are pretty much similar.
     
  7. HTWingNut

    HTWingNut Potato

    Reputations:
    21,578
    Messages:
    35,409
    Likes Received:
    9,865
    Trophy Points:
    931
    Like everyone else says, low interest even if you plan on paying it off every month, last thing you want is something accruing interest at 25% APR if you can't pay it off one month or two. But by all means always pay off every month.

    No annual fee as well. If you end up not using it on a regular basis, you can easily forget the annual fee and then get interest and late fees based on it.

    Rewards cards are nice too. I've accumulated hundreds (if not thousands) of dollars in rewards over the years. And yes, use it month to month to maintain good credit, earn rewards, and keep the card active.

    Just look at credit cards as an in-law relationship. It's a necessary evil. Don't trust them and expect the worse and you'll be OK. :)
     
  8. usapatriot

    usapatriot Notebook Nobel Laureate

    Reputations:
    3,265
    Messages:
    7,363
    Likes Received:
    14
    Trophy Points:
    206
    Lol, alright guys. Seems like solid advice. I'll have a look around for those with the lowest APR and no annual fee. I'll do a little more research myself before I pull the trigger, but this advice should get me started.

    Thanks! :)
     
  9. JVRR

    JVRR Notebook Evangelist

    Reputations:
    462
    Messages:
    339
    Likes Received:
    0
    Trophy Points:
    30
    Go to your existing branch you are already a member of and look into a student card. They are great because they have low limits and should have no fees. Great place to start.

    I recommend making all purchases you can and keeping it paid off month-to-month. I have been able to keep mine paid off 100% except for one month back in university, builds good credit history. Just make sure you do it right!
     
  10. miro_gt

    miro_gt Notebook Deity

    Reputations:
    433
    Messages:
    1,751
    Likes Received:
    4
    Trophy Points:
    56
    APR doesn't really matter ... as if you start caring balance once, you'll sure do it again and again, so you'll dig yourself eventually no matter what the APR is. On the other hand, if you pay your stuff on time, APR doesnt matter. Aim for one with no annual fee.

    speaking of CCs, they'll not let you have one when you need it, and then they will cover you with offers all the time when you dont need it.

    principle is pretty simple - buy only what you can afford.

    but for first CC - you can get one of those secure cards that you leave deposit for 1 year and then it converts to a regular card. You're most likely to get denied for a regular first CC though.
     
Loading...
Thread Status:
Not open for further replies.

Share This Page