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-   -   Credit Card for Student (http://www.thefinanceforums.com/showthread.php?t=1615)

spencer24 05-26-2008 01:55 PM

Re: Credit Card for Student
 
If you decide to go and get a credit card, make sure that you use it for building your credit only and do not keep unpaid balance on it at the end of the month. Credit card debt is expensive and there are better/cheaper ways to borrow if you need a loan. Credit cards on the other hand are very convenient for all different kinds of payments and you will need one if you want to rent a car, book a flight or a hotel.

rachael24 07-16-2008 10:03 AM

Re: Credit Card for Student
 
Credit cards in college should only be used for building credit. I had a 200.00 credit limit when I was in college, and never had more than 50.00 in debt. Built my credit nicely.

lookup 10-12-2008 08:56 AM

Re: Credit Card for Student
 
Quote:

Originally Posted by brian (Post 7760)
Yep - never use it for credit - just for building credit rating. :)

Gotta agree with that. Use it and pay it off each month, that will build your credit.

piglet 03-10-2011 03:41 PM

Re: Credit Card for Student
 
If you think that you can start building good credit, then it may be a good idea to get one. But you really need to educate yourself on credit cards before just getting one. You need to be able to manage your money, make payments, and not abuse your card. If you really don't need one I would maybe hold off for a while.

KatherineLee88 03-11-2011 08:47 AM

Re: Credit Card for Student
 
I have heard about a Discover Student Card as well as the Citi - those could be good options.

If you're only trying to get a card to build credit then introductory APR, regular APR, and maybe even credit limit aren't issues because your plan is to ONLY charge what you can pay in full at the end of the month. If you're going to keep to that word, it doesn't matter what they plan to charge you for APR because you'll never carry a balance. Also, they may give a $500-1000 credit limit - just never go over 30% of that in a month you won't need a huge limit because I doubt you have 500-1000+ a month to charge on a credit card if you're making purchasing things you would have purchased anyways before you got a card.

I got a card at age 19. I have yet to pay a penny in interest. Just keep that in mind because you too can manage to do just that. I also have a pretty good FICO score for my age. The only thing holding me down is my short credit history which I obviously only time can change.

So yes. Get a card. Use it wisely. Watch your FICO score grow.

jonathanpaul 03-28-2011 10:17 AM

Re: Credit Card for Student
 
Quote:

Originally Posted by AllThingsPersonalFinance (Post 7931)
Despite the advice that you get that sees no fault in getting a credit card to build your credit history, at 18, I do not believe this is a good idea for you.

If you want a credit card, get a secured card. This is a card whose limit is secured by an amount of money that you deposit into a savings account with the credit issuer. After 6 months or so, you can ask for the card to be converted to a regular card that does not have the requirement for a deposit to be made in order to grant a balance limit.

There is more to learn at 18 than how to build a credit rating - getting and keeping a good job, furthering your education, picking good friends, balancing personal and professional needs, learning to drive safely, etc. You get the idea.

When you see yourself two years from buying your first home, then start working on your credit.

You are advising her to get a secured card.. Why are you giving her that option? is a secured credit card safe to use compared to a student credit card?

littleroc 03-31-2011 05:28 PM

Re: Credit Card for Student
 
Do you have a job?

littleroc 04-01-2011 10:18 AM

Re: Credit Card for Student
 
Quote:

Originally Posted by ptrlee (Post 23031)
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. Students can often select from either a regular, unsecured credit card or the increasingly popular prepaid or re loadable card, which acts more like a debit card.

Unless your a college student that doesn't have an income and is relying on student loans to pay for it.:rolleyes:

Jalpari 04-07-2011 05:44 AM

Re: Credit Card for Student
 
Yes, most of banks offering wonderful package for student loan ,low markup.

mcarrasco512 07-01-2011 01:38 AM

Re: Credit Card for Student
 
I don't like credit cards......

username123 07-14-2011 06:39 PM

Re: Credit Card for Student
 
I waited for a Discover until I was twenty and I LOVE it. The interest rate is really high, but there's no annual fee and the cash back rewards is awesome. After buying a new laptop and purse I had $100 cash back and it was cool to get money back.

However, one word of caution: pay it off, in full, every month.

reshma adhikari 08-11-2011 04:08 AM

Re: Credit Card for Student
 
is it true that once you have a credit card then your consumption increases,you spend money freely than if you didnt have credit card?
also can we take out money from credit card using ATM?

kate032 08-13-2011 09:29 PM

Re: Credit Card for Student
 
Quote:

Originally Posted by reshma adhikari (Post 25651)
is it true that once you have a credit card then your consumption increases,you spend money freely than if you didnt have credit card?

It depends entirely on the individual.


Quote:

also can we take out money from credit card using ATM?
You can, but you are immediately charged an interest rate, usually a very high one, so it is ill-advised.

It should be mentioned that in the US at this time, a college student cannot get a credit card in their name unless they have an income source. The law also says that even if a parent co-signs, the student can't get the cc until they have income.

Lex 08-26-2011 06:08 AM

Re: Credit Card for Student
 
Quote:

Originally Posted by mun (Post 7094)
I was wondering if I should get one now. I am 18 and have a car.
I was thinking its a good way to build credit.

I live in Canada BC. Which one do you guys recomend

Get a good job. And ensure that the bank you are looking to build a good credit record with has your salary account too! :-D

Herbert 01-09-2012 09:08 AM

Re: Credit Card for Student
 
You should first get a job then think about this credit thing later.


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