credit cards?

Question

what is the best card to apply for when you graduate from college?

Answer 1

As a new college graduate, you will most likely be inundated with credit card offers. Take time to compare interest rates, but do not be fooled by extremely low introductory rates, as many will revert to higher standard interest rates after a short period of time. Also take into consideration any "perks" the card offers, since many companies offer points that can be earned and then used toward products and/or services at your favorite stores. Also pay attention to any annual fees the card may charge and how often they report to the credit bureaus. I would highly recommend getting a Visa or MasterCard (as compared to American Express), since they are accepted at the vast majority of stores. I would also recommend avoiding CapitalOne credit cards, since CapitalOne does not report your credit limit to credit agencies, which can hurt your credit score. (For more information, check out http://www.washingtonpost.com/ac2/wp-dyn/A25109-2004Dec24?language=printer ).

If you do not recieve any offers that you are interested in, check out Visa's and MasterCard's websites, as well as bank websites. In the "Personal Cards" section, many of these sites offer easy questionnaires that gather general information about you to determine what card best fits your needs. Once you settle on one that meets all your requirements, go ahead and apply for it. If you have no credit at all, it may be difficult at first, since a major factor in obtaining credit is actually having credit (ironic, I know!). Although most college grads have some credit (thanks to loans for college tuition!), it may be necessary to go to your bank and speak to a financial advisor (this service is generally free). They may be able to set you up with a special card that is limited in its spending capabilities but can help you build credit. This may take the form of a secured credit card, which requires you to open a savings account as security for the line of credit.

Just remember, do not rely too heavily on credit cards! As a recent college graduate myself, I have seen too many people become overwhelmed with debt as a result of their credit cards. Also check out credit.com (especially this section: http://www.credit.com/products/credit_cards/sub-prime.jsp as it lists credit cards for people with bad or no credit - it even breaks down the APRs for each card, any annual fee the card may have, etc.). I hope these links and my information will help; obtaining and building credit is essential for larger milestones that we will face later in life! Good luck!

Answer 2

Stay away from merchant cards (e.g. Sears, JC Penney, etc). They usually have pretty brutal penalties and high interest.

Look for a card with a low APR (less than 15%), no annual fee and a good credit line. Mastercard or Visa, both have pretty comparable options. There are also lots of rewards offered so it depends what you want there too. Unless you're a big spender most of those rewards programs won't be worth very much to you. Personally I like my Discover card because of the cash back - I probably earn about $20 a year, woohoo! Credit card companies will dangle all sorts of bonuses and incentives but read the fine print! Some of them are too complicated to redeem or just not as good as they sound.

But stay on top of the payments. They are rigid with payment due dates so send in the payment at least 10 days before the due date. If you start having late payments or going over your limits you can be hit with $100 in fees or more each month and your interest rate will go through the roof.

Answer 3

All companies offer multiple cards. I wouldn't go for American Express because you need to pay the balance in full every month and that might be hard for a new graduate. Look for a card with no annual fee and a low interest rate (9% or lower is great). Avoid anything charging you 15% interest or more--- highway robbery! And stay away from the "rewards" cards, which are the ones that offer airline miles or other rewards based on your purchases. Interest on these cards is always higher than on a non-rewards card and they usually charge an annual fee of up to $125 just to carry the card.

All credit card companies are pretty much the same. For every company, you will find some people who love them and some people who hate them; if you already have a checking account and are happy with your bank, get a credit card with them. Otherwise, just take your pick!

Answer 4

There are so many credit cards that you can apply for, but be very careful because you do not want one that has high interest rates, or one that you can not pay a minimum balance. The American Express you have to pay whatever you charge every month, you might not have everything right away. Search it out do not jump on the first ones that are thrown at you. You want to keep good credit be careful and good luck.

Answer 5

It depends on what your needs are.

If you think you will carry a balance, go for lower interest rates.

If you pay the bill in full the day you get it; go for one that provides a beneift (cash back, flier miles, etc.)

To those who say never us e acredit card. Well, its a mixed bag; on the upside, you usually get insurance when you rent a car, and you can always call the credit card company to stop a payment with a service is not provided. (Thy getting your money back when you pay cash). On the other hand, interest rates are very high.

Pick and choose friend.

Answer 6

The best card to apply for when you graduate from college is a secured card with as low as running cost as possible. Keep it for an year and then apply for a normal credit card.

RE:
Credit cards?
what is the best card to apply for when you graduate from college?

Answer 7

If you plan to pay off in full every month then I would get a Discover card. This way you can get cash back on all your purchases. Avoid them if you think you will carry a balance.

Answer 8

If either of your parents was in the military, USAA otherwise, I'd look at Providian, they give you your credit rating each month for free and have decent interest rates.

Answer 9

Is it an absolute necessity for you to have a card? If not, then don't. Trust me on that, just don't. I haven't had one in about 5 years now.

Answer 10

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