What Credit Card Would You Advise For A College Student?

[walton42]

[Zack]

You want some thing with a tiny limit My first credit card was a capital a single card with a 500 limit.  I was 18.   The issue about credit cards is to spend the funds off instantly.  "Small payments" is NOT the way to go.  I would pay mine off in complete each bill.  Like, i got sick, necessary medicine, charged it and paid quickly.  I'd charge books and dad would send me a verify to spend it off.  You require to spend it off right away due to the fact your interest rate will be stupid-high.  Making minimum payments at times won't even pay the interest, based what you charged.   My card has risen in limit and dropped the interest rate because I have been good.   Only use your card if you know you are going to have the cash later(in 30 days).  That signifies ONLY necessities and emergencies.  Leave it in the sock drawer otherwise.    DO NOT GET Division Store CARDS.  Never.  NO MATTER HOW SHINEY THE DEAL.  These are a death trap.   You can also get some credit by paying a normal bill, like a cell phone.  That also requires lots of responsbility to not out-text or out-speak your self.  Several expenditures on phones(tones, texts) are frivolous.   When you happen to be in college, you commence considering of cash in terms of loads of laundry. (Hmm...for 3 ring tones, I could clean 5 loads of laundry!)   http://www.youngmoney.com/credit_debt/credit_fundamentals/050926   Sources: 24 and totally supporting myself correct out of college. HaleyBob 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Channe]

[Ashishishe]

Get a card from your bank with a low limit Building your credit is a fantastic idea. Having your first credit card in college can be dangerous though. You're on you own - possibly for the first time in your life. You don't generally have a lot of financial responsibilities. You probably don't have a lot of income. What you DO have are a lot of opportunities to spend money: food, drinks, parties, clothes, music, concerts, travel... There's always something else you could get, but the result could be tons of debt if you're not careful. I think it's a good idea to both build your credit early, and even better, start learning financial responsibility early. You should have a bank before you have a credit card - you need a way to pay off the balance. Most banks offer secured credit cards, which means that your card is tied to your bank account, and you have to have the money available in the bank before you can charge it. This allows you to have the "freedom" of a credit card, but also forces you to be responsible with your spending - this is exactly what you want. Also, make sure your card has a low credit limit. Later, when you're sure you can handle the card, you'll want a higher limit, but when you start you want $500 or less, maybe as little as $100 if you aren't sure about you money-handling skills and you don't have a lot of income. Your goal is to give yourself the opportunity to use the card responsibly, but keep a safety net so that you don't get yourself deep into debt as you're learning. College is a perfect time to learn how to handle a credit card. It's also great to start on your credit score early. The longer you have good credit, the better your score when you're older and want to finance a house or car. Get started now, just be smart and careful. Sources: Lots of credit card experience - no debt.   MightyCow_DontFollow's Recommendations Deal with Your Debt: The Right Way to Manage Your Bills and Pay Off What You Owe(Liz Pulliam Weston) Amazon List Price: $17.99 Used from: $9.05 Average Customer Rating: 5.0 out of 5(based on 4 reviews) Credit Scores, Credit Cards: How Consumer Finance Works: How to Avoid Mistakes and How to Manage Your Accounts Well Amazon List Price: $11.95 Used from: $4.98 Average Customer Rating: 5.0 out of 5(based on 1 reviews) Personal Finance 101 - A Beginner's Guide: What Every High School and University Student Needs to Know About Debt, Credit, and Money! Amazon List Price: $7.95 Average Customer Rating: 5.0 out of 5(based on 1 reviews) While you're studying your college classes, don't neglect your financial education. MightyCow_DontFollow 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[jabarl]

2 recommendations for you I will assume you commute to college by airplane.   Here are 2 recommendations: American Express cash back card -- 2 options: I love the American Express Platinum Cash Rebate Card.  This is not THE Platinum Card, don?t worry.  This has no annual fee and it will rebate 1.5% of spending without cap. It is possible they don?t market this anymore or they may have set spending caps for the annual rebate.  The other option is the American Express Blue Cash Card. It looks cooler with a chip in it.  It will give you a rebate of up to 5% on certain categories of transactions and I believe 1% on everything else. http://home.americanexpress.com/home/mt_personal.shtml? MasterCard or Visa Card from a bank that offers a frequent flier program for the airline you use to commute to college. E.g., if it is American Airlines, the AAdvantage Card is issued by Citibank. There also are cards issued by CapitalOne that have travel rewards programs that offer you access to all major airlines without blackout periods. This will obviously depend on which airline(s) you use.  American Express Blue has a product with an attractive rewards program; but, you will want to have a bankcard to complement your American Express Card. Having both a bankcard(MC or V) and an American Express revolving credit card can be useful from the standpoint of merchant acceptance.   I recommend you start out paying off your balances in full.  Use these cards for convenience and for their frequency benefits. The more you funnel through one card the better in terms of the frequency benefits--cashback, mileage rewards, etc. Don't spend more than you have.   Once you graduate and are making a respectable salary, then you can consider starting to revolve very carefully, if you really need to.  Remember, credit card debt tends to be high priced debt.  Most people can usually get better rates elsewhere.  So, if you need to borrow, do so at the lowest rates you can get.  But, use the card for the convenience of plastic.  Pull it out as you would cash so you don?t overextend yourself.   If you really need to revolve balances on a credit card, you should shop for a bankcard from a bank in a state which offers low rates.  Arkansas is such a state.  Simmons First National Bank used to offer one of the lowest priced bankcards in the country many years ago.  Include it in your comparative analysis. http://www.simmonsfirst.com/ Many people naively only consider getting bankcards from the bank whose branch they frequent.  This makes no sense, since in the US, most people do not deal with a branch regarding their credit cards.   I hope you find this helpful. Sources: Over 20 years in the credit card industry curious7777777 73 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Russ]

My first credit card was a capital one card with a 500 limit.  I was 18.   The thing about credit cards is to pay the money off immediately.  "Small payments" is NOT the way to go.  I would pay mine off in full each bill.  Like, i got sick, needed medicine, charged it and paid immediately.  I'd charge books and dad would send me a check to pay it off.  You need to pay it off immediately because your interest rate will be stupid-high.  Making minimum payments sometimes won't even pay the interest, depending what you charged.   My card has risen in limit and dropped the interest rate because I have been good.   Only use your card if you know you'll have the money later(in 30 days).  That means ONLY necessities and emergencies.  Leave it in the sock drawer otherwise.    DO NOT GET DEPARTMENT STORE CARDS.  DON'T.  NO MATTER HOW SHINEY THE DEAL.  Those are a death trap.   You can also get some credit by paying a regular bill, like a cell phone.  That also takes lots of responsbility to not out-text or out-talk yourself.  Many expenses on phones(tones, texts) are frivolous.   When you're in college, you start thinking of money in terms of loads of laundry. (Hmm...for 3 ring tones, I could clean five loads of laundry!)   http://www.youngmoney.com/credit_debt/credit_basics/050926