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Getting a credit card..

So I'm a 20 year old college student working full time for the summer..and I currently have a VISA debit card through BofA, how would I go about getting/applying for a credit card?

Would there be any reason to use my debit card for purchases afterward then for purchases rather than on my cc?

What else would I need to know?
 
Debit is better because then you know your limit. With a CC, you'll be tempted to buy and buy and then in the end you'll be taking interest/late payments ITB

But apply for a CC for bigger purchases that you may want to make later on when you have a steady income + you will want to build up your CC max
 
don't they have people on your campus getting you to sign up for their credit card? opportunity to get lots of free sh!t
 
Originally posted by: Atomicus
Debit is better because then you know your limit. With a CC, you'll be tempted to buy and buy and then in the end you'll be taking interest/late payments ITB

But apply for a CC for bigger purchases that you may want to make later on when you have a steady income + you will want to build up your CC max

Credit = debit for me. I always pay it off in full and I know what my limits are so the credit is more convenient simply to have more $ in the bank for longer, collecting those small bits of interest. 😀

If you know how to handle credit it is like free $.
 
if you have a debit card and have no issues with the way you are spending then dont apply for the credit card. a lot of people get in trouble cause its so easy to abuse it.
 
Originally posted by: ShowdOWN
if you have a debit card and have no issues with the way you are spending then dont apply for the credit card. a lot of people get in trouble cause its so easy to abuse it.
But if he one day wants to buy a car or apply for a mortgage, he'll never get one if he doesn't have some credit available.
 
When I was a college student, I was flooded with offers. They covered campus (mailboxes, student newspapers, booths giving free gifts, bullitin boards, etc). You should be able to get any of them. Credit card companies try really hard to get college students hooked on a CC. Find one that looks good and you shouldn't have trouble getting it.

There are a few things to look out for.
(1) Pay in full each month. If you won't do it, don't get a CC. Leave and don't come back to this thread.
(2) Ok you are still here, you will pay in full. Interest rates thus mean nothing.
(3) Pay attention to perks (don't get airline miles if you never fly), annual fees (you don't want a card with one), and grace periods (how soon after the bill is printed do you have to pay it).

Basically this first card might not be the best (low limit, lower perks), but it'll build your credit so you can get a great one in the future.

Once you get a CC, it is far better than a debit card. A CC has many more federal consumer protections, a CC generally gives much better perks, a CC gives you interest free loans, a CC purchase builds your credit when a debit purchase doesn't (saving you thousands in your lifetime), a CC purchase costs less to the store thereby keeping prices lower, etc.
 
Originally posted by: Syringer
So I'm a 20 year old college student working full time for the summer..and I currently have a VISA debit card through BofA, how would I go about getting/applying for a credit card?

Would there be any reason to use my debit card for purchases afterward then for purchases rather than on my cc?

What else would I need to know?

Syringer,

I may be a little old fashioned here, but it is very easy to do things with CCs that cause a lot of pain down the road. I would tread very lightly.

This is not to say that you shouldn't get one; in fact it is essential that you do get one so your credit will be in a strong position for you to be able to buy a house down the road.

Start with a very small limit $500 or $1000 enough to be able to buy most things, but small enough that you can pay off in a couple of months if need be. You may even need to start with a secured CC.

Never buy anything that you can't pay off in the same month. If it means saving for a few months in order to buy it, then save first and then use CC.

CC can and will change the interest rate on you. They will keep increasing your limit to the point where you can severely hurt yourself. Once you do, they will increase the rate you pay to drive the nail(s) home. If you find yourself here, then it could take years and years to get out from under the debt.

Good luck.
 
Originally posted by: jumpr
Uh, just apply for it?

I hear the Bank One Arachnid card has great benefits.

Hahah

Well played, I had to read that twice for it to fully click.
 
Yeah, I don't think my spending habits will change any if I get a CC. I rarely buy anything, and aside from rent for the upcoming school year, very little bills to pay. By the end of summer I'll have at least $5k in my checking account and then financial aid money as well.

Does anyone else have recommendations for what kind of bank I should get one with? Would there be any reason to get one with someone other than my current bank? And how would I get it started, just walk into the bank and say I want a credit card?
 
BoA, CitiBank, and Amex are usually the most popular. My first card was a MBNA MC (yeah Red Sox) and I've used it to pay my utilities. My $500 limit is up to $3500 now. Just before I graduated I applied for a Amex Student Blue and now that has a $2000 limit.

The Citibank card, student platinum or something, has cash back on gas and grocercies so that might be nice.

Others might disagree with me but I think it's pretty smart to get a CC as a student since it's pretty easy to get a low limit one, then use that to pay for stuff like utilities that you would have needed to pay anyways and pay off the balance at the end of the month. Free and easy way to build credit.
 
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