AmEx Blue... should I?

[TheOmegaCode]

Should I get this card?
I am 18 years old, I am a Frosh in the local JC, and plan on going to UCSD in 1 1/2 years. I always buy things with my visa/debit card. I was wondering. I am planning on building a new computer after I get some cash together in two weeks. Would getting this credit card be good for me? Establishing credit? Being more responsible? I plan on sending a check in to AmEx every month, and not incurring any sort of debt.
I am really wondering if I should get a credit card before I buy my new computer...

 

[notfred]

I got one (regular blue, not student).... now I owe Amex $8000. Be careful with it if you get it.

 

[dwil]

Use it like a debit card, get online payment, and pay the charges as you make them.
Write them into a Check Register so the charges look like debit card payments.
You will keep track of it that way.
Don't use it to go into debt. Use it for pricematching and convienece.

 

[TheOmegaCode]

Yeah, I only make like $600 a month working part time. I've also got to pay for insurance, books, gas, etc. I can't get that high of a debt... My mom 'd kill me

What do you guys think I should do? I don't want to talk about getting a credit card with my parents. All they want to know is that I pay them the money I owe them, and that I don't go into debt... because then I drag them in too!

Thx dwil, sound like you've thought about this yourself...

 

[gopunk]

i'm not seeing how this could hurt, if you don't go into debt.

 

[RossMAN]

Should you get an Amex Blue? Yes, most definitely it's one of the best credit cards available. Just make sure you get the regular Amex Blue, DO NOT get the student Amex Blue since it does not offer the best feature BVG (price matching).

Should you apply for it? I wouldn't, since it sounds like this is your very first cc, no offense but your income probably won't meet their criteria I think it's a minimum of $24k/year (someone correct me if I'm wrong maybe it's $16k?). Even if their minimum income was $6k which you meet I still wouldn't apply because you have no established credit history.

Instead I would go a traditional VISA or MasterCard from your local bank where you have your checking and savings account with. Why? You already have a relationship with them why not expand upon that with a new product. Just make sure to apply for a SECURED CREDIT CARD with your local bank or a larger issuer (such as CitiBank, First USA, MBNA, etc.)

Why am I recommending that you apply for a SECURED CREDIT CARD instead of a regular Amex Blue?

Because you'll probably be declined for the Amex Blue based on lack of credit history and insufficient income. You will already have 1 credit inquiry (too many of these are not a good thing). Since you're looking for a credit card, a secured card means you open a savings account or CD with a bank for around $300 or higher (recommend $500) and that account earns interest which you get to keep for 6-12 months or longer if you like. The best part of this is even if you just turned 18 yesterday and have never had a cc and don't want to co-sign with your parents you are virtually guaranteed approval with a secured credit card. Think about it, the lending bank has no risk, if you skip town and decide to stop paying your cc bill they charge you late fees up to ying yang, their annoying credits will call you and everyone you know at obscene hours of the day threatening to disembowel all your pets if you don't make your $20 payment, then they'll cash in your savings account or CD and they have your money. So there's no risk for them. So I would open a savings account or CD for $500, apply for a secured credit card for $500, use that for 1 year, then apply for a regular Amex Blue, close your secured cc get your $500 back with interest and begin the journey into credit bliss.

Here's a great secured credit card FAQ, I recommend reading it.

Good luck if you decide on applying for the Amex Blue. Wish I had one