<p>I am 20 years old and have no bills to pay. I am worried about building credit. I am getting a job shortly on campus and would like to get a credit card. Now, I am not thinking of charging much on it at all… maybe just $5 or $10 a month…to build credit.</p>
<p>What is a good credit card to get? I would rather not have an insanely high interest rate, obviously.</p>
<p>Once you get your job, apply for any credit card your bank/credit union offers.
The interest rate does not matter.
To build good credit, only charge what you can pay off each month.
Do not carry a balance and you will not pay interest.</p>
<p>I presume that you have a checking account - if so, go to that bank and see if you can get a no-fee credit card that is attached to that account. If, in fact, you are only going to make small charges each month and then pay them off each month, then you don’t need to worry about the high interest rate (which will undoubtedly be sky-high). You also won’t accumulate enough ‘points’ to qualify for various come-on perks that many cards offer. </p>
<p>I think that it is smart of you to work on building credit by getting a credit card. Just make sure that you are never late with your payments, and that you pay in full, and pretty soon your credit rating will start to rise.</p>
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<p>I wouldn’t “worry” about building credit. The idea that you need to have a solid credit history is one generally conceived by those selling credit cards and other loans, and designed to encourage you to carry a product that you don’t otherwise need. Others have picked up on the concept because it sounded reasonable.</p>
<p>When the times comes that you need credit, you should be fine as long as you have a solid source of income and are asking for a reasonable amount.</p>
<p>^It’s actually not a bad idea to start building credit now, because once you graduate and start looking for apartments, credit checks are an important part of that process. People with little to no credit will have difficulty passing those. Also, if you start building credit now with a student credit card, it will be easier for you to be eligible for a god APR on a “real” credit card when you start needing something wtih a higher limit. Or if you want to get a car loan or something simliar, again, your credit history will affect that. </p>
<p>Go to your bank and see what kinds of student credit cards they have that are available. These usually have low limits, so they’ll keep your spending in check a bit more.</p>
<p><a href=“Credit Card Services”>https://online1.elancard.com/oad/begin?locationCode=12252</a> </p>
<p>I am thinking I like the college student one…even though it has rewards, which is pointless in this case…</p>
<p>I too agree it’s a good idea to begin building your credit history. It is used for many things in addition to buying homes and cars–rating on insurance premiums, job applications, apartment renting, etc. One of my renters is 25, college graduate, well paying job for 3 years, great renter in every way. He is trying to buy a house and having difficulty. He doesn’t have “bad” credit; but he does have “no” credit history.</p>
<p>For these reasons, we got my college S’s cards within the past year. CitiDividend Platinum Select, designed for college students. It does have “reward/dividend” dollars. We have been very pleased so far. It’s great for them to order things on-line, and they like the safety factor of knowing they have it in the event of an emergency.</p>