<p>My dad is pressuring me to get a credit card to start building credit, seeing that I will be away from home and will need plastic funds so yeah… </p>
<p>Can some people offer me their experience with student credit cards or recommend one? I think low fees and rates appeal to me more than rewards, because i doubt i will spend alot in college, but then that sucks because spending is what develops credit right?</p>
<p>It used to be that credit card companies would flood college campuses and try to entice students to get their cards. I dont know if that is still being done, considering the economy, need to hear from current college students, but it seems to me to be an easier way of obtaining a card, as well as an easy way to compare, if several send reps to campus.</p>
<p>I read that those credit card companies that flood campuses tend to be… not the best of deals available to student, right? I’m fairly clueless bout most of this stuff haha</p>
<p>Go to the American Express website and pick the one that suits your needs. They have terrific customer service. They also have a 90 day complete coverage warranty if something happens to your purchased product within that timeframe (even includes if it gets stolen). They also give you an extra one year warranty above the manufacturer’s warranty. Pick the card that offers the option to pay the balance over time (although you should always pay the balance in full each month) and no annual fee. Before committing to American Express, check your future college bookstore’s website to see if they accept American Express.</p>
<p>Yeah i definitely have a thing for amex, but i heard they are difficult to obtain for students and may not be ideal.</p>
<p>They’re not any more difficult to get than any other card. It’s easy to apply. You just go to their website, fill out a very easy online form, and you’ll know within a short time if you’ve been approved. Look for–NO ANNUAL FEE and ABILITY TO PAY OVER TIME. Then, compare interest rates (even though you should always pay the bill in full each month).</p>
<p>i thought, especially in these times, kids like me with no credit may have difficulty with certain credit cards, especially the “better” ones, whatever those may be</p>
<p>Might want to consider a debit card for your first card, rather than a regular credit card. Looks the same, has the visa or MC logo and all. But you can’t outspend the funds in your checking account (unless you have overdraft).</p>
<p>Kind of like a credit card on training wheels.</p>
<p>Some kids go crazy with their first card, and it’s maxed out before they know it, and they’re paying just the minimum each month. Bad way to start out.</p>
<p>@sblake7
i think debit card doesnt effect a person’s credit?</p>
<p>I think you’re right about the debit card, especially if it’s tied to your checking. Some debit cards do have a credit allowance though. You can check with your bank.</p>
<p>It sounds like you’re ambivalent about getting a credit card. There really isn’t much of a hurry in getting one, even to build credit, especially as you’re still in college. The worst thing you can do is to get one, then overspend and build up debt. That will kill your credit. Believe me, even in this economic climate, the credit companies will come looking for you once you start working.</p>
<p>Credit cards are much safer than debit cards.
As long as you’re responsible, get one or even two cards. D is a freshman and is inundated with credit card offers. I wish we had gotten the card before school started; the beginning limit on the Chase card was painfully low ($300), especially for NYC. Took six months for them to increase the limit. Her bill is mainly made up of little $5 and $6 purchases: Whole Foods, Starbucks, Subway. And I make sure it’s paid each month. Good way to build credit at age 18.</p>
<p>I like American Express, but they denied me 3 times before I got it, so not a great card for someone with no credit. I also have the starbucks duetto visa that started out with a $800 limit and a loan-sharking 24% rate (no credit at the time), but I got $25 bonus starbucks credit so that was nice-and I called in after 10 months and asked them to lower the interest rate and I got it down to 11.99%. And my limit’s up to someplace north of $3k. It’s a shame the bonus starbucks dollars dried up though-doesn’t matter all my big purchases go on the Amex (books, plane tickets). I keep it around because some places don’t accept Amex. I’m not sure if that offer’s still good though. I had a Bank of America visa but Bank of America wouldn’t raise my credit limit and had no benefits (points/rewards) so I cut it up. I had discover too but nobody accepts it so I don’t use it anymore.</p>
<p>As for American Express, I have the blue for students. And I did my christmas shopping last year with membership rewards points.</p>
<p>My credit score I think is in the high 600’s right now. Last credit check, it was 684 according to Equifax. BTW you ARE entitled to one free credit report every year, from each of the 3 agencies-make sure to check it. You do have to buy your credit score though.</p>
<p>In my opinion there is no need to have a student credit card, especially if a student has never dealt with money before. You only deserve a credit card when you have a real job. What’s the point of using my money to pay for your credit card. Trust me, when you have a 50,000+ salary, there won’t be any problem of you getting credit. It is not very likely many student will be buying a house right after graduation when having a credit history is important. Even then, a credit card with $500 limit is not going to show much. I think there is more of a danger of students over spend because of credit card, than any benefit one may have by having one. My daughter has my credit card for emergency. If she has a real emergency, I don’t think $500 on her own card would necessary do the trick.</p>
<p>Usually the easiest to get for a first credit card is something like a store card, e.g. Target or a gas station card. The rates tend to be high on store cards, but if you are responsible enough to pay it off immediately, that won’t matter–and a history with such a card will help you show a good payment record that will later help you get an American Express card.</p>
<p>Yes, you’ll get offers from credit card companies as a student. But be cautious. Visit Fool.com or other personal finance sites and read their info on credit cards & how to choose a good one.</p>
<p>I agree, though, that there’s really no rush. As a freshman, it’s more important to learn how to handle a budget & manage your money wisely. You don’t need a credit card for that.</p>
<p>You may want to have parents add you to their card as an authorized user for your first two years of college, in case of emergencies. You probably will want to get a card your final two years of college in your own name to build credit. S had difficulty renting an apartment without a credit history even though he had a job with a salary almost equal to mine upon graduation.</p>
<p>There used to be a lot more offers for credit cards for students than there are now.</p>
<p>When my son, a first-year graduate student, tried to get a credit card, he had difficulty (although he did finally get one).</p>
<p>If you can’t get a credit card, the debit card that comes with your checking account should meet your needs in college, although it won’t help you build up a credit rating.</p>
<p>When our Ds got their drivers’ licenses, we added each of them to one of our credit cards. They got their own acct. # and credit limit, but the bills came together on our account. There were rules established as to usage and none of them ever had a problem. When they went away to college, they each then got their own card and account switched over to their names. They used/use them mainly for small purchases and their school books and supplies. They know that they are to be paid off in full every month, no excuses. </p>
<p>We chose to do it this way for a couple of reasons. We wanted to teach the kids how to use credit properly and we also wanted them to have a credit card when away at college, that had a decent credit limit in case of an emergency. Our kids have all travelled quite a bit, too, and we knew that they’d need to have a credit card for that. Debit cards are fine for some things but, in general, they are not as ‘safe’ as a credit card.</p>
<p>Can debit cards with a visa/mc logo be used as credit cards overseas? DS is a junior but hasn’t gotten a credit card yet. He’s headed to an internship in another country and I want him to have a credit card for emergencies but he’s been dragging his feet. Will the debit card work for him? Or do I need to lean on him to get that credit card for emergencies?</p>
<p>We were just talking about this last weekend. My BIL is retired military and was able to get their D a great student VISA card through USAA. Even though the company based in Texas (San Antonio, I believe) she does all of her banking online, parents deposit spending money into that account by scanning in their check and USAA reimburses all ATM fees. She enjoys the convenience of a credit card (also offers parents some peace of mind in case of emergency) and there is a $500 limit—seems a great way to teach responsibility w/credit card w/out getting into too much trouble. Other companies probably have similar programs if you do the research. Not my intention to promote USAA, BTW.</p>
<p>If your kid has his own savings or checking account, he can usually get a low limit credit card through his bank. S didn’t have a credit card freshman and soph year, but then decided he wanted one for convenience so he got one with a $700 limit. (Enough to buy a plane ticket, motel, food, etc. in emergency, but not enough to get dangerous). To me it doesn’t matter what the interest rate is, because the balance will be paid every month (bill comes to home address). S’s offers reward points, which doesn’t matter either, since he rarely charges stuff. S has always been very frugal, so I knew he would be responsible with the card. He has probably charged less than $150 this year-- haircuts, some fast food/groceries, tech items bought on-line. I have a card for his account-- I occasionally charge something on it just to keep the account active. I realize that S needs to be responsible for his own $–next year he’ll need to have a checking account (I had one in high school. . .) and pay his own bills on-line instead of me paying the bills from home and taking the $ out of his savings. . .</p>