Baby's first credit card

[irishScott]

I'm a 22 year old college student, zero debt of any kind, zero credit history. Any recommendations?

 

[Lean L]

dont do it.

 

[bobdole369]

seconded. you probably wont get anything worthwhile anyways.

 

[AznAnarchy99]

http://creditcards.citicards.com/us...8&ProspectID=405AEDDCE3024E4C89C89AE039BAA895

I like that one and it was my first card at 18. They gave me 2 credit line increases within the first 8 months. Plus the rewards on them are pretty decent. I got my Steelseries Xai from them and they even have a lot of computer components. They also give money back to student loans and such with the rewards.

 

[Delita]

You can probably find a student credit card through one of the issuers. www.bettercreditcard.com is a good place to start looking (started by rossman). The sooner you get in the better so that you can build a relationship with the credit agencies.

 

[irishScott]

dont do it.

Given my current financial setup, it's actually more advantageous for me to do it. I know more than a few people in credit card debt and have no intention of buying anything I don't have the money for.

 

[MJinZ]

Wow... that's crazy. I had probably close to $50K in credit line when I was 22. Ah the days of giving insane credit to teenagers.

 

[destrekor]

dont do it.

If you know how to manage your finances, a credit card is an excellent thing.

If you don't, then well... you'll eventually get gang-raped.

Suggestions for a card?

Wouldn't even know where to begin.

My first credit card was a $2000 limit Capital One card, Visa. Started at a 7.9% variable APR.
That was around the beginning of my freshman year of college. No credit history prior.
I have no idea how the hell I scored that one, as it sounds like that's a fairly rare thing.
Currently, about 4 years after receiving it, it has an APR under 4%. That low Prime right now is awesome!
Got bumped up to a $2500 limit as well.

My second credit card (ignoring the Best Buy store card, it's only for Best Buy 0% financing and isn't a true card, i.e. not MC/Visa/Discover):
USAA.
$1500 limit, signed under the premise of around a 6 or 7% variable APR, but has been at 5%.

Both are rewards cards with no regular fees.

 

[child of wonder]

My advice would be to put most of your money into an online savings account. That way it takes 3 business days to get it and you won't be tempted to withdraw cash and blow it.

Purchase all your living expenses with the credit card. Food, gas, entertainment, etc. Use the CC as if it were a debit card withdrawing money straight from your savings.

When you get your monthly CC bill, xfer the pay in full amount from your savings into your checking, and pay the CC off in full.

You establish excellent credit history, get some rewards through the CC (depending on what you get), and earn a little interest on your money while it waits for your CC statement to cycle.

 

[SpatiallyAware]

Secured card. Keep in mind that your oldest credit card is important, so don't do what I did and end up with a POS $800 unraisable limit capital one card as your first card.

 

[StageLeft]

Get one, but: Seriously. It's not a cliche. Do not carry a fvcking balance. I wouldn't even use it except for online purchases. Don't use it to buy stuff in stores and then "pay it off" (double quoted because that isn't always reality). Get it to build credit, continue to buy things as you do now the same way you do now. Ignore the people talking about points and airline miles, it's all noise. Stick to cash or debit. Get a second account and debit off that if you need to and move money into it as you need it to minimize damage if your card is stolen.

Since I stopped using my CC for anything except online I'm living huge. Our savings are flying up, I am cash money and my credit score was 791 last I checked it. I am grade A piece of hot credit ass and it's because I hate credit. It's like the chicks who won't put out; they are more desirable.

I used to think my finances were good but once I got off the credit card teat I realize they were only better than most. Now they are way better. The points from credit cards are almost meaningless and ignore the proven psychology that people spend, in general, more when using a credit card than if it's with cash they already own.

There are always exceptions; I do have debt. Never take financial advice from people who's finances you do not admire, however.

 

[HardcoreRobot]

doesnt matter what you get, you wont likely qualify for any reasonably useful rewards card until you have built up credit history.

PAY IT OFF EVERY MONTH

 

[StageLeft]

doesnt matter what you get, you wont likely qualify for any reasonably useful rewards card until you have built up credit history.

PAY IT OFF EVERY MONTH

There aren't many useful rewards left. The best rewards, like 5% cash back, are either teaser rates or require you to use it at only certain merchants or each month check on the issuer to see what stupid ass merchant they are doing the deal with now, it's a big joke, it's quite literally like having starving people fight over scraps of moldy bread, it's pathetic. A few years ago cards really had some nice rewards.

 

[mb]

doesnt matter what you get, you wont likely qualify for any reasonably useful rewards card until you have built up credit history.

PAY IT OFF EVERY MONTH

This.

I've had a CC for ~10 years and never had a balance. Don't buy something you can't immediately afford. If you've got $25 in your checking account, don't put $100 on your CC thinking you'll have the money by the time your bill is due.
On a similar note, if you have $100 in your checking account, don't put $50 on your card and then go withdraw and spend your $100.

 

[evident]

There aren't many useful rewards left. The best rewards, like 5% cash back, are either teaser rates or require you to use it at only certain merchants or each month check on the issuer to see what stupid ass merchant they are doing the deal with now, it's a big joke, it's quite literally like having starving people fight over scraps of moldy bread, it's pathetic. A few years ago cards really had some nice rewards.

my sheraton amex and amex blue cash are pretty good credit cards... better than no rewards at all. i was able to put my $7000 car down payment onto my amex blue cash. pretty nice chunk of change at the end of the year.

 

[thepd7]

You can probably find a student credit card through one of the issuers. www.bettercreditcard.com is a good place to start looking (started by rossman). The sooner you get in the better so that you can build a relationship with the credit agencies.

Seconded, I found a good card a few years ago from bettercreditcard and plus it helps rossman out!

 

[HardcoreRobot]

There aren't many useful rewards left. The best rewards, like 5% cash back, are either teaser rates or require you to use it at only certain merchants or each month check on the issuer to see what stupid ass merchant they are doing the deal with now, it's a big joke, it's quite literally like having starving people fight over scraps of moldy bread, it's pathetic. A few years ago cards really had some nice rewards.

im still getting 5% gas, grocerys, pharm on my chase visa cash rewards (they didnt move me to freedom... shhhhhh)
and i get 2% on restaurants, 5% on amazon with amazon card, which is awesome bc wife and i love to eat out

 

[mb]

my sheraton amex and amex blue cash are pretty good credit cards... better than no rewards at all. i was able to put my $7000 car down payment onto my amex blue cash. pretty nice chunk of change at the end of the year.

CC reward points are so depressing. 50000 points will get you some crappy ass toaster or $50 cash.

Ok so that's a bit of hyperbole but still I keep saving em up and there's crap to redeem them on.

I should probably redeem the points and just switch to a cash back card.

 

[evident]

CC reward points are so depressing. 50000 points will get you some crappy ass toaster or $50 cash.

Ok so that's a bit of hyperbole but still I keep saving em up and there's crap to redeem them on.

I should probably redeem the points and just switch to a cash back card.

I wasn't around during the "good ole days" of rewards i guess, but i always hear that they were better before.
again, i still think it's better than nothing, getting stuff back for money you're going to spend anyways.

 

[CPA]

dont do it.

this.

Use cash.

 

[mb]

I wasn't around during the "good ole days" of rewards i guess, but i always hear that they were better before.
again, i still think it's better than nothing, getting stuff back for money you're going to spend anyways.

Sadly the best thing to trade the points in on now seems to be gift cards. I'll probably split them up between amazon and shell.

 

[NikolaeVarius]

I'm in the same boat. I'm using a debit card, but I would like to use a credit card in order to make a credit rating. I'm very responsible with money.

Is bettercreditcard.com legit?

 

[mb]

I'm in the same boat. I'm using a debit card, but I would like to use a credit card in order to make a credit rating. I'm very responsible with money.

Is bettercreditcard.com legit?

Yes, IIRC it was started by a member here.

edit: yep, Rossman.

 

[apac]

Definitely get a card, two if you can. It is very important to have long lines of credit for any kind of major financing - car loan, mortgage, etc - so the earlier you get them the better. Get cards with no annual fee and pay them off every month.

 

[nick1985]

this.

Use cash.

Awful advice.

1) Use a rewards CC for every single purchase you make.
2) Pay in full every month
3) ...
4) Profit