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A credit card to start with?

njdevilsfan87

njdevilsfan87

Platinum Member
I'm 21 years old, and it's definitely past time that I get a CC and start establishing some sort of credit history. I'm planning to try out some REI after I graduate, so having a good credit history will be very important.

I applied for a Visa Platinum at my bank, but they denied me... for not having enough credit references.

So... what exactly can one start out with easily... that has no annual and hidden transaction fees? I don't mind a low limit... to be honest, the only thing I plan to use it for is once a month at the gas station, which would cost me about $60 with gas being at $4/gal.

Thanks.
 
I'm interested too. I'm in the same situation. I'm 20 years old with no credit history except a few bounced checks from when my checkbook got stolen a few years ago. I can't even open a checking account in the town I live in, so I do my banking back in my hometown via mail.
 
My first card was the Chase Freedom. I got it last August. It gives you 3% cash back on your top 3 purchasing categories each month of their predefined categories, and 1% cash back on everything else. If you accumulate $200 in rewards, they give you a check for $250, so the effective reward rate is actually 3.75%/1.25%.

It's the best general purpose card out there now IMO.
 
I'm almost 20 and I got denied for a Chase. I work full time (no history) - currently use a debit.. can anyone recommend one to sign up for?
 
I got my first card through my credit union. I had been a member there for years. I had a part time job and they gave me a visa with a $300 limit. But there were zero hidden fees and zero annual fee. After having it for over 6months, I just got a 2nd card with a $1K limit.
 
I got one my freshman year through my local credit union. Many of their users are college students as well. My interest rates are better than anything citi/chase/amx were offering so I decided to go with them. So... perhaps try a credit union?
 
Originally posted by: QurazyQuisp
I got one my freshman year through my local credit union. Many of their users are college students as well. My interest rates are better than anything citi/chase/amx were offering so I decided to go with them. So... perhaps try a credit union?
Click to expand...

Who cares what the interest rate is? You are going to pay it off in full each month, right? 😉
 
Thanks for the links. I applied for a Citi Driver's Edge (for college students) which offers 3% rebate on gas purchases, and there are no annual fees. Being a full-time college student pretty much made it a guaranteed for me I guess.

But they gave me a $3000 limit? With $2000 available for immediate use... which seems excessive. But I guess they're expecting a lot of college applicants to be buying used cars right away? Well, I still have two weeks to wait it for before making the final decision on activating it.
 
Originally posted by: njdevilsfan87
Thanks for the links. I applied for a Citi Driver's Edge (for college students) which offers 3% rebate on gas purchases, and there are no annual fees. Being a full-time college student pretty much made it a guaranteed for me I guess.

But they gave me a $3000 limit? With $2000 available for immediate use... which seems excessive. But I guess they're expecting a lot of college applicants to be buying used cars right away? Well, I still have two weeks to wait it for before making the final decision on activating it.
Click to expand...


Did you see the Citi MtvU card? IIRC, it offered some good deals for students.
 
Originally posted by: njdevilsfan87
I'm 21 years old, and it's definitely past time that I get a CC and start establishing some sort of credit history. I'm planning to try out some REI after I graduate, so having a good credit history will be very important.

I applied for a Visa Platinum at my bank, but they denied me... for not having enough credit references.

So... what exactly can one start out with easily... that has no annual and hidden transaction fees? I don't mind a low limit... to be honest, the only thing I plan to use it for is once a month at the gas station, which would cost me about $60 with gas being at $4/gal.

Thanks.
Click to expand...

For REI, your credit history will not be nearly as important as being able to document assets and income to back the loan. I'm not saying don't build your credit history, but if you want to get into REI, save up for a down payment. A first time purchaser probably isn't going to get a high LTV loan for a home they don't plan to live in.

Also, to answer your question, if you like to travel, apply for the Amex Starwood card. Point per dollar, redeemable at Starwood hotels or transferable 1:1 to airlines for miles. If you transfer 20k points, they give you 5k for free, so it cuts down on the # of points for a free domestic ticket.
 
A student credit card is probably the way to go. You're coveted by the credit card companies (since you'll be getting a degree and presumably be making a steady income), so they're willing to overlook a lack of credit history. Any decent card won't have any annual fees.
 
I'm about to turn 20 and I've never owned a credit card either so I should probably read up on this as well.

Question, I do use a debit, does that count towards building credit? If not, I've used it to purchase online, does that make a difference?
 
Originally posted by: steeLh
I'm about to turn 20 and I've never owned a credit card either so I should probably read up on this as well.

Question, I do use a debit, does that count towards building credit? If not, I've used it to purchase online, does that make a difference?
Click to expand...

Using a debit card does not build a credit history under any circumstances.
 
Didn't know you can get rejected by your own bank for applying for a CC.

Ps. Using a debit card is dumb, it's no different than using cash, you're just saving a trip to the ATM. Then again, some people have no self discipline when it comes to money. They see a CC and look at it as free money.
 
Originally posted by: Special K
Originally posted by: njdevilsfan87
Thanks for the links. I applied for a Citi Driver's Edge (for college students) which offers 3% rebate on gas purchases, and there are no annual fees. Being a full-time college student pretty much made it a guaranteed for me I guess.

But they gave me a $3000 limit? With $2000 available for immediate use... which seems excessive. But I guess they're expecting a lot of college applicants to be buying used cars right away? Well, I still have two weeks to wait it for before making the final decision on activating it.
Click to expand...


Did you see the Citi MtvU card? IIRC, it offered some good deals for students.
Click to expand...

I'm really thinking about it. I have no idea what these points are... but I'd get 750 of them by the end of next year for having a good GPA. It's also got tons of 5% back on purchases. I'm really considering it. I haven't looked at the complete details, but if it has no annual fee with something like a 20+ grace period, I'll be on it. One credit for my gas/car, and one for everything else... hm...
 
I have a citibank platinum student card. That cash back adds up, I've gotten over $200 back so far and I've only paid about $20 in interest over the 2 years I've had it (I had an emergency and couldn't pay it in full right away). Very easy to pay, I get an email each month to remind me, go onto their website, and I can pay right from my bank account. It takes maybe 3 minutes from start to finish.
 
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