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

mun 03-05-2008 03:44 AM

Credit Card for Student
 
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

BillCollector 03-09-2008 11:08 PM

Re: Credit Card for Student
 
well, I got a credit card as soon as i turned 18. Plan was just to pay for gas and little things and pay it off every month. I followed through for a while but soon I started getting things i didn't need and then before i knew it i had 3 cards all maxed out. I regretted getting them but if i would have had better discipline then it wouldn't have gotten out of control. Just use you judgment.

planner 03-12-2008 12:16 AM

Re: Credit Card for Student
 
I think if you feel that you are already responsible to have a credit card then go get one. Having a credit card will help you with many expenses especially when you don't have the cash. Just make sure that you don't make unnecessary purchases that in the end you will regret because you can no longer pay for it. Ensure that whatever it is you swipe you can pay for it when the bill comes due.

jezspencer41 03-15-2008 06:44 AM

Re: Credit Card for Student
 
Barclaycard do a student credit card in canada

mun 03-17-2008 02:56 AM

Re: Credit Card for Student
 
Quote:

Originally Posted by jezspencer41 (Post 7235)
Barclaycard do a student credit card in canada

are u sure.. i could not find it. could u post a link.

jonny0000 04-17-2008 05:53 AM

Re: Credit Card for Student
 
Use it for everything, but make sure that you have the cash to pay of the total in full at the end of each month

brian 04-17-2008 11:35 AM

Re: Credit Card for Student
 
Yep - never use it for credit - just for building credit rating. :)

AllThingsPersonalFinance 04-17-2008 08:20 PM

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

You have plenty of time for building credit later. Right now, pay in cash for everything that you get. You are just entering adulthood. The responsible thing to do is to begin a habit of living on what you earn, not managing debt for what you do not earn.

Even charging and paying off when the bill comes in is a bad idea in my eyes.

If you feel like you have to use plastic, get a debit card.

seofan 04-26-2008 07:22 AM

Re: Credit Card for Student
 
I think for a student it would be an ideal solution to get a credit card which offers 0 annual fee and the lowest interest rate.

For example, the Citi Platinum Select Card for College Students offers 0% interest within 6 months on purchases and so on.

But it doesn't mean that it is the only choice. Here you should mention also your specific conditions and purposes for what you need a credit card.

financestrategy 04-28-2008 11:42 AM

Re: Credit Card for Student
 
i totally agree to brian.
its not to increase your credit rating. if you really feel the need, it will act as a boon to you.

but then use it wisely. and make sure that you clear all the payments by the end of every month, or else you might be in soup.

good luck pal. :)

AllThingsPersonalFinance 04-28-2008 11:21 PM

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

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.

maat55 04-30-2008 11:27 PM

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.

I agree completely. A credit rating is not important at this time. Most college students end up with horror stories when getting cards in school. Learning good money management, is very important before taking on debt.

I suggest he read Financial Peace by Dave Ramsey, to understand personal finance before he makes any big financial decissions.

chelsea 05-01-2008 07:39 PM

Re: Credit Card for Student
 
here in the philippines you cant have a credit card if you are not employed or dont have any business.. its ok for students or non employed to have a credit card as long as he has a supplementary or someone that will apply for him.

stockmarketreviews 05-22-2008 01:59 AM

Re: Credit Card for Student
 
hmm if you have cash opt debit card instead of credit one

sahilmiddha 05-26-2008 02:49 AM

Re: Credit Card for Student
 
ya it is necessary for you because you have a car and its maintaince , its repair , in these requirements credit card is very helpful to you.


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