I am applying for a student credit card. Which one should i get?

Question

There are so many to choose from. How do I know what to look for?

Okay, but if I don't get a credit card, how can I build up my credit??

Answer 1

Hi Kristin, you are correct you need to establish credit and there are a few ways you can go about it; however, all student credit cards charge extremely high interest rates. So unless you plan on paying the bill off in full every month, I would not suggest this.

1. If you have a savings account with a particular bank and they are privy to your 'large' stash of cash sitting in their vault--start there. You have a better chance of getting credit card approved. (eg. Chase)

2. Apply for a credit card with Dad or Mom. Have them put a really large charge on the credit card--like a semester of tuition--pay it off and then cancel their credit card leaving you as the sole account holder. It will now appear as if you are responsible for such high bills and payments.

3. Apply for the American Express Green Card. This is not a credit card since it forces you to pay each bill in full every month so you cannot carry a balance. The yearly fee is $50, but well worth it if you are unsure of your spending habbits. You can later (in a few years after they trust you and you trust yourself) switch to one of their credit cards.

4. Apply for the new American Express Clear Credit Card. This is their newest credit card. You made need a co-signee, but there is no APR for the first 12 months and only 3% there after. Their student credit card has almost 9% APR--big difference.

American Express is my favorite card because they dump a lot of their overhead on the merchant, thus providing you with much added benefits. For example any warranty bought with their card will automatically extend for a year--great for computers. If a company will not except returns AMEX will refund you this amount for up to $300.

AMEX also gives $100,000 in travel insurance on all airfare bought with their card and points to cash in for cool gifts on most purchases. I'm leaving out a lot of other perks, but below is the link for the AMEX Green Card and AMEX Clear Credit Card. Check it out and spend wise my friend.

Answer 2

I would definitely suggest getting a credit card during the junior/senior years of college... but only ONE. It is the easiest way to establish a small credit history for yourself. Capital One offers Platinum Visas for college students but the APR is a bit high. Play it safe & don't run up your debt to the point where you cannot pay for it. It is an awful feeling to graduate with debt in addition to your student loans (if you had any). If you choose to wait until after college, it will be VERY difficult to obtain a credit card. You will be lacking a credit history that most companies feel should be established before you graduate from college.

Answer 3

In other to be at a safe side(since you are not working as yet),I will suggest that you go for a debit card instead of credit card.With debit,you use what you have(i mean you will not use more that the amount u have in your account)and in most cases,the will not charged u any subscription fees nor any interest.On the other hand,if you choose credit card,the money you will spend is not yours,it belongs to the bank and each time you spent it,there will be some specific interest the bank will inposed in you.Not only that in most cases,you need to pay in the future subsciption fees. So,at this juncture you need to make up your mind which one you need to go for.
I hope this clearifications will help you to decide.Thank you for the question put across.

Answer 4

Get the Chase Student Flexible Rewards Card you get 0% APR for 6 months and a bunch of other perks. I just ordered it online from www.creditcardappfinder.com on the left side of their page they have a link to it under "STUDENT CARDS" I was approved in 1 day and got a 1000 dollar limit.

Answer 5

Dont get one !! Use your bank card .. credit cards get students in trouble .. I know first hand , an it's Hell to dig your way out !!

Use your Bank Debit/Credit card .. it's so much easier .. you can keep track of everything !!

Answer 6

Be careful with credit cards. Basically, don't abuse it. I was forewarned and did not heed that advice, now I'm suffering the reprecustions.
check out some of the searches from mary hunt's cheapstake web site. don't be fooled by the name cheapstake, very good advice about credit.

http://www.cheapskatemonthly.com//search_adv_exec.asp

Answer 7

None, if you can manage it.

If you must obtain one, get the kind with a very low maximum balance and the lowest interest possible. Be aware of the "too good to be true" deals out there and be careful!

Demi

Answer 8

I like American Express... It doenst allow you to accumalte debt, as you have to pay the full balance back every month... but it gives access to funds when you need them.

Answer 9

Please, don't do it, it's a trap to get you in debt before you can even make good money.