need Credit Card opinion.........

[cycleman77]

I am looking into getting a student Discover card, but I'm kind of hesitant. I have never gotten a credit card before. Currently, I just have a check card.
A co-worker was telling me all about the Discover card and it sounded great. I went to Discover's website and read up on them, and it still sounded great.
I was wonder.....is Discover worth it? Are there other card companies out there that are better, or prefered over Discover? Any personal experience with Discover (good or bad)?
Thanks inadvance for the advice.

 

[LordJezo]

BLUE FOR STUDENTS!

Card is awesome and it gives you an in for later on in life if you want to get the real blue.
Just my opinion though...

People I know who have the Discover like it.

 

[minendo]

I got the Discover Classic card and it seems fine to me. Of course I pay off CC bills monthly to avoid interest, and the interest rate is fairly high on the Discover.

 

[RossMAN]

Hardly anyone accepts Discover and they do not offer free extended warranty coverage that Visa, MC and Amex offer.

Good luck being approved for any credit card.

 

[Evadman]

Originally posted by: RossMAN
Hardly anyone accepts Discover and they do not offer free extended warranty coverage that Visa, MC and Amex offer.

Good luck being approved for any credit card.

What he said. Also, if you are approved, make sure to pay yoru balance in ful every month. When Iw as in college, I racked up quite a bit of CC debt. Trust me, it sucks.

 

[cycleman77]

I was just at Master Card's Website and Visa's website. and let me tell you, neither site was very help full.

Master Card's site was so frickn confusing. They had 35 different student cards. Like how the heck am I suppose to know which one to get.

Visa's website wasn't nearly as bad. They only had a few different cards, but still not very helpfull.

All I want is a plain stimple student credit card. Is that to much to ask for?

I might end up choosing the Discover. They only had one student card. It was so simple to go thru their website and find out what was going on.

My check card is a Visa, but I got it thru my credit union so I didn't have such a hassle.

 

[hdeck]

Originally posted by: LordJezo
BLUE FOR STUDENTS!

Card is awesome and it gives you an in for later on in life if you want to get the real blue.
Just my opinion though...

People I know who have the Discover like it.

I just got the blue amx for students. great card.

 

[RossMAN]

cycleman77,

Here's an even better suggestion. Call your local Credit Union where you bank, they most likely offer their own student VISA credit card or secured VISA card ... again two major problems with Discover are:

1) Not all restaurants, stores, grocery stores and online websites accept Discover ... what good is it to have a Discover, you go to pay for gas and find out they don't accept it and you have no cash?
2) Discover does not offer the same card benefits that VISA offers.

 

[vi edit]

Just a thought, but I know that Barnes and Nobles offers a MC or Visa under their name. You get like 1% back on purchases to use at their stores. I know recently they started carrying many college textbooks there.

If you used the card enough, you could pay for at least some of your college books with the earnings.

 

[cycleman77]

Discover has a bunch of disounts, savings and cash back too.
Regarding Barns&Noble, Discover has a 7% savings when you shop there.

The Discover sounds really good, but people keep bringing up an important point......its not as accepted as Visa or MasterCard.

I guess its one of those "its your call" kinda deals. All the good points and bad points are on the table, I just have to choose. Crap! I hate these kind.

 

[RossMAN]

Originally posted by: cycleman77
The Discover sounds really good, but people keep bringing up an important point......its not as accepted as Visa or MasterCard.

If Discover were more widely accepted (which they are NOT) then I might recommend them.

Although I despise Amex I would recommend them before Discover.

VISA is where it's at. Have you called your local Credit Union yet and inquired about their credit cards?

 

[Yossarian]

Originally posted by: RossMAN
Hardly anyone accepts Discover and they do not offer free extended warranty coverage that Visa, MC and Amex offer.

Good luck being approved for any credit card.

I normally agree with you RossMAN but "hardly anyone accepts Discover" just isn't true. I use mine all the time and there are only a couple places that don't take it. However I wouldn't get one if it were my only card since it's true that it isn't as universally accepted as Visa/MC.

 

[cycleman77]

No student card. The credit union only carrys Visa classic, gold and platinum and MasterCard and Gold MasterCard.

Since I am a strudent I don't HAVE to get a student card, right? But I'm guessing it would probably be a good idea to get a student card.

 

[cycleman77]

CORRECTION....they do carry a student Visa. However they make it sound as if it is for emergencys only. It has a limit of $500 and it is in with a deal for teenagers (16-17).
Doesn't sound like something for me.

 

[RossMAN]

How old are you?

Will this be your FIRST credit card?

If this is your FIRST credit card, can you get your parnets/brother/sister/friend/co-worker to co-sign with you?

 

[cycleman77]

I am currently 19, but I will be 20 in a few months.....

Yea, this'll be my first credit card.

 

[RossMAN]

You are not required to get a student credit card but since this is your first cc your chances of approval are slim.

I would either:
1) Get a co-signer, such as a parent, sibling, friend, neighbor, s.o., anyone with a heart beat and decent credit.
2) Apply for a SECURED credit card (which most CU's offer), you have a 99.99% chance of being approved all by yourself.
3) Try a student Discover, Amex, VISA or MC you may or may not get it.

For the record $500 isn't that bad of a limit, my first cc was a CitiBank with $300 I was 19 I think.

 

[Turkey22]

Yeah I got a mastercard. As long as it doesnt have a monthly fee it s good idea. Interest rates shouldnt mean much if you arent a retard and pile up huge balances. People who get credit cards that have no concept on using them are a threat to themselves.

 

[cycleman77]

Thanks guys....rossman....I really appreciate it.

Ill probably end up goin with 2 or 3, but we'll see.

Thanks again....

 

[LordJezo]

Originally posted by: RossMAN
You are not required to get a student credit card but since this is your first cc your chances of approval are slim.

Yup.

Student cards are really only there beacause it is hard for a student to get a credit card normally.


Why is $500 not enough? My first one was only 500 and it was fine.

 

[dullard]

Ideally everyone who can control their spending should have two and only two credit cards. If you cannot control your spending stop reading this and DON'T GET A CREDIT CARD. Otherwise contine on. If you have just one card you get problems: what if you hitting the credit limit, what happens if it isn't accepted, what happens if you are at the limit but pay the bill and the check hasn't reached the credit card company and you need to use the credit card, what happens if it is lost or stolen, etc. If you have 3 or more credit cards you start to look like a bad risk - not good when you need car insurance, car loans, house loans, etc.

I personally have 2 credit cards: one Discover and one Master Card (note: Master Card and Visa are identical, made by the same banks to create the impression of competition). At least 98% of my purchases are on the Discover card. The other 2% of places don't accept Discover so I resort to my Master Card. That is why it is good to have more than one card. Note: some places take Discover but not Master Card (Sam's Club for example).

Any card is ok as long as it meets three tests: (1) you don't pay an annual fee, (2) you don't pay a sign up fee, and (3) you get a grace period before you are charged interest. The first two points are obvious, you don't want to pay money do you? American Express was at one time a big violator of #3. They charged interest from the day they write the bill, then it takes at least a week for the bill to hit you and for you to pay it. Thus no matter what, you had to pay tons of interest. Thus American Express was a really bad card for a lot of people. I don't know if they still have that policy.

After those tests, just get whatever card has the benefits that you like. Discover for example gives 1% back (your first few purchases each year are less than 1%, but the rest are 1%), but you can double that at many stores to get 2% back. Other cards also give you money back, some give you airline tickets, some give you cheaper gas, some give you cheaper cars. Just get whatever fits your needs. But I still recommend two different cards (and not one Visa/one Master Card since those are the same thing).

 

[manly]

Originally posted by: RossMAN
Hardly anyone accepts Discover and they do not offer free extended warranty coverage that Visa, MC and Amex offer.

This is an unfair characterization, although I do know you're a pro at this. I'd rate the Discover card a B to B- as a mainstream domestic credit card. Acceptance has not been a problem for me at the vast majority of businesses; the only exceptions are a few particular Japanese restaurants. The Novus network is quite ubiquitous and not a major liability against the other cards. However, internationally, you're strictly better off with Visa or MC.

As far as extended warranty coverage, that's generally reserved for Gold or Platinum Visa or MC. I don't know about AMEX, but we both know run of the mill Visa/MCs don't give the extended warranty coverage. And the coverage is secondary coverage, and the terms sound rather peculiar too. I'd be interested in hearing any claim stories.

Some positives with Discover:

• Cashback (although the tiered rates suck IMO and you have to wait until $20 value accumulates to redeem)
• Double cashback value at some merchants, I believe stackable gift checks at Staples
• A still-decent selection of Internet e-tailer discounts through the ShopCenter (although in some cases, any CC would actually work)
• 30 full days from statement date to due date (on top of the grace period from the spread between purchase and statement closing)
• Internet-initiated payments post the same (business) day you pay. I don't think you can schedule future payments though. Most other CCs post the Internet-initiated payment in 2-3 days.

I'm sure there's an important list of cons as well, but Discover is still a competitive card. If anything, and I haven't had experience with it yet, I've heard their merchant dispute system is not nearly as pro-consumer as Visa or MC. In the heyday of shady .com e-tailers, you needed a bank you could trust to handle frauds like Shopss.com. :disgust:

The best CC I've ever had, by far, is the Citibank Click Citi MC but they are ending it soon and replacing it with a neutered card. The best advice, and it's very hard to actually adhere to, is to not fall into the typical college CC revolving debt trap. That's why they blanket all the campuses giving out trinkets because they rake in the fees hand over fist thereafter.

Now if you're a ferengi like RossMAN, then you'd probably settle for no less than AMEX Business Gold (or whatever it's called), which still has BVG, but carries a $75 annual fee. Of course, that's easily worth the price of admission. Click Citi blew BVG out of the water though, or at least it did.

 

[Aceshigh]

Try to get a card without an annual fee, and don't use it very much. You are better off sticking with your debit card. The only reason to have a credit card should be so your credit history improves. Basically, get it and forget it. I was in deep credit card debt in my early 20's ($15,000), and it feels so much better to have paid it off.

 

[The Dancing Peacock]

my first credit card I got when I was 18 in college, $500 limit, it was a citibank visa. I liked it alot. it got turned into citibank mastercard and I still have it, 7 years later. I like the service and they've been great. look around your college or at the student credit uniion, and I'm sure you'll find a ton of credit card offers.

I have a discover card as well. I like the service, and a fair amount of places around here in LA accept it.

I do not recommend Household bank at all. Terrible service, no grace period on late payments, which citibank and discover have always been very good about.

If you're going to get one, try and get a visa/ or mastercard, you won't ever have to worry about it being accepted anywhere.

 

[cycleman77]

I do not spend alot. I am actually a cheap person most of the time. The exception comes when it is something I REALLY REALLY want, then I go all out. So I am not really worried about spending too much on a cc or going into debt.

I don't really NEED a cc, my check card has been fine so far thru college. The reasons I would like to get a credit card is because I do want to work on my credit and because cc seem to be safer when they are used on the web. A lot of the purchases I make are online.
Both Visa and Discover had eye catching safteies. Visa has Verisign and Discover has that one-time generated cc number for online purchases.

I have narrowed it down to Visa and Discover. I can apply for a Visa thru my college or I can just apply for a student Discover. I'm still unsure of which to get. Visa is more accepted, but Discover (from what I've read) has more cash back and discounts. That one-time use generated cc number definately caught my attention.

Maybe I should just get the Visa now and then pick up the Discover later, maybe after I graduate or something.
wow.....decisions, decisions