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Credit Cards

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Credit Cards

Postby jlm53089 » Mon Aug 23, 2010 8:50 am

So I have finally decided to break down and get a credit card and try to establish some credit.
I am a student and I do work so I am looking for something that is convient for me and not too heavy on a APR.
I have been doing some research but I really dont know what to look for exactly.
I went here to get an idea: http://www.cardratings.com/studentcreditcards.html
I was wondering if any one has any recommendations on a good credit card for someone with no credit score.
Thanks for the help.
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Re: Credit Cards

Postby Pogotheostrich » Mon Aug 23, 2010 10:27 am

1. Get one with no annual fee.
2. Don't use it.
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Re: Credit Cards

Postby Metroid » Mon Aug 23, 2010 10:40 am

Use the damn thing, but don't use it unless you have the money to pay it off. I used my first credit card like a check sort of, I'd pretty much only buy groceries and what not and would pay it off as soon as I got the bill. I have 2 credit cards now, both have very low APR's, very high limits, and neither has a high balance. The key is not to spend more than you have.

Having and using credit cards is a game, if you play right they're VERY useful. If you play wrong...you'll be broke forever.

As far as what credit card to look for. Since it's you're first one you might just talk to the people at your bank. They can probably offer you a Visa or Mastercard through the bank with a small limit to get you started. Once you have one you'll be getting offers left and right, it''l be easy to get a 2nd one. :-b
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Re: Credit Cards

Postby bigh0rt » Mon Aug 23, 2010 10:56 am

The APR on your credit card shouldn't matter a ton (of course you want a low one, but regardless), because you should never pay a cent of interest on it. You want to use the card and build some credit, but you don't want to make any purchase that you can't afford to pay in full at the end of the month. This will keep you from falling down the slope that Met described, while still building some credit, raising your limit, etc. Now, if you choose to use your credit card in this manner, which I highly recommend, the only thing you need to do is pick the one with the best points/rewards/miles/whatever because if you're using it this way, they're all essentially the same. You also want a card, as Pogo stated, with no annual fees.

When I started college I got a student Visa that had something like a $600 limit. Having used the card over the past 8 years as described above, I've never paid a penny of interest and now have something like a $4,000 limit. When I finished college I got a second card with airline mile rewards. I use both cards each month still, for almost everything, and just remain disciplined that I won't make a purchase that I can't pay in full at the end of the month. The result is an excellent credit score.
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Re: Credit Cards

Postby kab21 » Mon Aug 23, 2010 10:59 am

Of course get one with no annual fee. But I also like getting one that pays cash back instead of all of those dumb bonus points. Discover is good for the cash back but it's only accepted at something like 98% of the places that you want to use a credit card (unlike Visa or Mastercard). Or you could get an REI Visa card if you want your cash back in camping equipment. That's what I use for my primary card now. But now I live in Taiwan and it's a cash-only country for the most part.
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Re: Credit Cards

Postby Metroid » Mon Aug 23, 2010 11:12 am

Do they offer people with zero credit history the same offers that someone with a lengthy credit history gets? :-?
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Re: Credit Cards

Postby StlSluggers » Mon Aug 23, 2010 11:19 am

If you're disciplined, get a rewards card and pay it off every month.

I have a 1.25% cash back AMEX that I used for everything (where possible). I have no problem bringing in $300 per year just for using it.
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Re: Credit Cards

Postby kab21 » Mon Aug 23, 2010 12:55 pm

StlSluggers wrote:If you're disciplined, get a rewards card and pay it off every month.

I have a 1.25% cash back AMEX that I used for everything (where possible). I have no problem bringing in $300 per year just for using it.


I used mine to pay college tuition. That was a nice little bonus.
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Re: Credit Cards

Postby woodson_28 » Mon Aug 23, 2010 7:37 pm

Pogotheostrich wrote:2. Don't use it.


This. I suggest grabbing the books "Total Money Makeover" or "Financial Peace University" (both by Dave Ramsey) before you get yourself into to credit card debt. Both can be found at your local library and checked out for free. And both deal with the idea of living "debt free".
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Re: Credit Cards

Postby StlSluggers » Mon Aug 23, 2010 7:56 pm

Just a note: debt isn't necessarily bad.

That is all.
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