best credit card for an 18 year old?

[BigJ]

A few weeks after turning 18, I was issued the Citibank Student Dividends Platinum Card with a $1,200 limit.

No credit history, no job listed, no savings.

 

[DaTT]

lol...have fun with your credit card....I did, and man, did I have the best car stereo between all my friends. Oh yeah, I didn't have a job either. I payed for that mistake for quite sometime.

 

[Unheard]

I was thinking the same thing about building credit, so when I turned 18 I picked up a low limit student credit card through my bank. 3 years later I am slowly working off the $2000 in debt it put me in. It started with a $500 limit, but they would up it every few months. Yes they are good for your credit, but please try to be responsible with it and don't follow in my footsteps.

 

[RobCur]

Originally posted by: Dulanic
Don't listen to the people saying don't. Starting a good credit history as early as possible is very important.

really? so you can borrow more later? a good credit is one who has lots of money in his account. don't fall for this debt crap that will haunt you for you entire life because you can never pay off. the whole thing about paying off on time and spending unnecessarily is a luxury and only works in your sleep. in real life, forget it.
my motive is spend only on things you really need, or things you can afford.
don't be an idiot and regret later because some have due to lack of discipline

 

[BigJ]

Originally posted by: RobCur

Originally posted by: Dulanic
Don't listen to the people saying don't. Starting a good credit history as early as possible is very important.

really? so you can borrow more later? a good credit is one who has lots of money in his account. don't fall for this debt crap that will haunt you for you entire life because you can never pay off. the whole thing about paying off on time and spending unnecessarily is a luxury and only works in your sleep. in real life, forget it.
my motive is spend only on things you really need, or things you can afford.
don't be an idiot and regret later because some have due to lack of discipline

Ever plan on owning a house? Most people I know won't ever have the money to put $400,000 down to pay for a house in cash.

Or say for example you hit a bumpy road in your life and need to take out loans?

How about college loans?

Building credit history early allows you to get greater loans with better interest rates.

I'm 18 and have paid off on time every single bill I've had on my two credit cards, with the bills being close to a thousand on a few of those months.

Don't be an idiot and fault the system because some people have a lack of discipline.

 

[wiredspider]

Credit is great for convience
ie I have loads of cash in my savings account (such as ING), but it would take a few days to get to my checking account, but there is some deal on Hot Deals that I want to get that my checking account/debit card just doesn't have the amount of the cash to cover, so whip out the credit card and buy items, pay it off after I transfer from my ING to checking 🙂.

I really dislike everyone saying that 18, 17, 16 are to young to have credit. I've been using my parents credit card/paypal/webcertificate since I have been 12... Figure it be a walk in the park to get a card now, but everyone seems to turn me down 🙁. I mean, it's plain annoying because I have way more than enough to cover the measly limit they are going to give a few times over!

 

[Generator]

Capital One gave me a $500 balance credit card at 18. No job, no plans for a job, poor family. Unless you're trying to get a big balance credit card there shouldn't be any difficulties in getting a credit card.

You build credit early on. Banks will get you a better interest rate. And Capital One eventually boosted my limit up to $5,000

 

[BigJ]

Originally posted by: wiredspider
Credit is great for convience
ie I have loads of cash in my savings account (such as ING), but it would take a few days to get to my checking account, but there is some deal on Hot Deals that I want to get that my checking account/debit card just doesn't have the amount of the cash to cover, so whip out the credit card and buy items, pay it off after I transfer from my ING to checking 🙂.

I really dislike everyone saying that 18, 17, 16 are to young to have credit. I've been using my parents credit card/paypal/webcertificate since I have been 12... Figure it be a walk in the park to get a card now, but everyone seems to turn me down 🙁. I mean, it's plain annoying because I have way more than enough to cover the measly limit they are going to give a few times over!

If you're getting turned down, try one of those secured credit cards that banks offer.

Basically, you give them a deposit (say $500) and they issue you a credit card with a $500 limit. So if you wind up defaulting, they always have that money you initially put down to cover it. It sucks at first, but its your best bet towards credit history if you're getting denied everywhere.

Also, using your parents debit/credit/web certificates doesn't mean sh!t. Only credit cards/loans in your case specific case will help build up credit history. And they HAVE to be in your name, going towards your credit history.

 

[imthebadguy]

amex

 

[Jeff7181]

Originally posted by: dcdude
your not getting one without a job, because how can you prove you can pay off your debts? money in your savings?

if thats the case just use checks or a debit.

I don't have a job... I put that on all my credit card applications... and I have about $20,000 available credit between 3 cards.

 

[Dulanic]

Originally posted by: BigJ

Originally posted by: RobCur

Originally posted by: Dulanic
Don't listen to the people saying don't. Starting a good credit history as early as possible is very important.

really? so you can borrow more later? a good credit is one who has lots of money in his account. don't fall for this debt crap that will haunt you for you entire life because you can never pay off. the whole thing about paying off on time and spending unnecessarily is a luxury and only works in your sleep. in real life, forget it.
my motive is spend only on things you really need, or things you can afford.
don't be an idiot and regret later because some have due to lack of discipline

Ever plan on owning a house? Most people I know won't ever have the money to put $400,000 down to pay for a house in cash.

Or say for example you hit a bumpy road in your life and need to take out loans?

How about college loans?

Building credit history early allows you to get greater loans with better interest rates.

I'm 18 and have paid off on time every single bill I've had on my two credit cards, with the bills being close to a thousand on a few of those months.

Don't be an idiot and fault the system because some people have a lack of discipline.

Thanks, made my life easier, don't have to type that all out now.

 

[Spencer278]

Originally posted by: wiredspider
Credit is great for convience
ie I have loads of cash in my savings account (such as ING), but it would take a few days to get to my checking account, but there is some deal on Hot Deals that I want to get that my checking account/debit card just doesn't have the amount of the cash to cover, so whip out the credit card and buy items, pay it off after I transfer from my ING to checking 🙂.

I really dislike everyone saying that 18, 17, 16 are to young to have credit. I've been using my parents credit card/paypal/webcertificate since I have been 12... Figure it be a walk in the park to get a card now, but everyone seems to turn me down 🙁. I mean, it's plain annoying because I have way more than enough to cover the measly limit they are going to give a few times over!

Make sure that those ING accounts are in your name and you have a checking account.

 

[qaa541]

Go to your bank and ask them for a credit card. Capital one may give you a card but at a high rate and really low limit. Amex has been my best friend ever since I gave them my business, but it's hard to get with them unless you have a prior credit history or you are a college student.

 

[mastrduke]

i dont NEED a card but my parents want me to have one in case of emergency because im doing a lot of traveling this summer and they wont be with me...

thanks for the help...keep it coming

 

[fbrdphreak]

Whatever you do be careful about it.
I guess the way to think of it before you whip out the CC is "How will I feel when I look at my bank account if XXX dollars is gone tomorrow?"
Judging from that feeling is a good way to know if you should put that item on your CC 😉 It is VERY easy to not think about it that way and come the end of the month..... 🙁

Good luck and be careful!

 

[wiredspider]

Pretty much stuff I already know...no point in getting a card with $500 limit, when I already have a balance of that much in debit card anyhow....

 

[Schadenfroh]

Originally posted by: Thin Lizzy
I think American Express would be good for an 18 year old. The fact that you have to pay off what you owe by the end of the month would keep you from spending too much.

 

[AstroCreep]

I'd recommend opening a checking account first and foremost (if you haven't already), and then getting like a 'Starter' Visa from the same bank.
You'll probably have an intrest rate of like, 16 - 18% (I think that's what my starter was 5 years ago), so use it only when you need to and can have it paid off by the time the bill comes, because that intrest will kill ya! 😛

EDIT: Sorry, I was doing a search and stumbled across an 'old' thread. Didn't mean to ressurect it. :/