Should i get one for college students or just a regular one, if they give it to me. i heard capital one will give them to pratically anyone! and like what apr is toooo HIGH?
2006-12-09 04:57:46 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
As you just want to start establishing your credit I'm afraid no credit card company wants to take the risk with a freshman except your bank. Your bank is the best way to start building your credit. Call them (like i did) they will help you. Some credit cards will approve a credit line of say $500 for you only if you give them $1000 to keep in their custody. So in the event you fail making your credit payment, they remove their balance from your original $1000, give you the rest, and give you a bad credit score.
2006-12-09 06:01:16 · answer #1 · answered by scooby doo 3 · 0⤊ 0⤋
Definitely get a college card. Citibank (Citi now I think) worked well for me when I was in college, but what's best for you depends on what is being offered now and what meets your needs. If you plan to carry balances, a low interest rate is important. If you plan to charge everything humanly possible and pay it off each month, you may want to look for a rewards card. Don't pay an annual fee.
It's amazing, I see the Citibank offers no less than eight college credit cards right now, including Platinum cards (which would seem to cheapen the whole concept of a platinum card). They seem to vary based on whether a co-signer or minimum income are required. I'd avoid a co-signer if possible. Some have rebates, some have cash back. I am assuming a rebate is a credit to your account, while cash back is something you can cash out. I'd go with the rebates unless you plan to use the card only rarely.
Citibank charges just under 19% which is not unreasonable. I wouldn't go much higher.
2006-12-09 13:22:41 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Given that you're a student, you may want to try one of the many available student credit cards. However, try to get one that doesn't have an annual fee. The interest rates can be neglible, since in your question you indicated "i want to get a credit card to establish credit."
Establishing credit isn't about paying interest or about carrying a balance. It's about having a credit line and using it wisely, and paying on time.
So as a student, all you should care about are:
* No annual fees.
* Use to pay for normal expenses, such as lunch, books, tuition, etc. as you would with cash.
* Make sure the purchases you make are backed with cash on hand.
* Pay off the balances before the end of the grace period (usually 20-30 days, check with the terms of each credit card).
Even if you only spend $100 a month on student related expenses, doing so and paying it off before the grace period will help you establish an excellent track record with that bank. Mark my words --- try this and don't be surprised if your student credit card limits are increased!
Once you've gotten out of college and have income to supplement your increasing credit needs, you can graduate to a regular credit card and close out the student credit card.
Whatever you do, don't get stuck in the habit of racking up debt that you don't have cash to pay! You'll end up screwing yourself over before you even graduate from college.
I hope that helps!
2006-12-13 05:54:41 · answer #3 · answered by Guru Sharma Prasad 4 · 0⤊ 0⤋
I'm a junior in college right now, I have 3 credit cards and only one of them are really good. Citi Cards are bad for college students because they have very high interest rates anywhere from 16% to 18%. I would suggest MBNA, I absolutely love this card! The interest rate is very low and it's a good company. It will really help establish good credit. I just brought my first car on my own because of the credit history I have established with them and my other cards. But I would advise you to definitely check out MBNA!
2006-12-09 16:58:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Capital One is a great card to get because there is no annual fee, and they will often start at a low initial credit limit. If you've never had a credit card and have good credit, try to look for a card at 9% or lower.
2006-12-09 13:15:23 · answer #5 · answered by KristenOne 3 · 0⤊ 0⤋
Go get a student card, 26% is to high.
Go here to compare credit card
http://www.bestcreditrates.net/
2006-12-09 15:40:51 · answer #6 · answered by bijan816 2 · 0⤊ 0⤋
Don't make the same mistake's most students have made. Let our team of experts advise you on what financially sound approach to your finances you should utilize. www.fdimember.com/brookline
2006-12-09 15:41:28 · answer #7 · answered by Network Business Man 1 · 0⤊ 0⤋
capital one... look for student credit cards...
2006-12-09 13:04:53 · answer #8 · answered by tst1980 3 · 0⤊ 0⤋