5 Responses to “What’s the best credit card option for a college student?”

1. Faye H says:

   September 12, 2011 at 12:16 am

   The best option is one that is co-signed for, with a low credit limit, by a parent as the parent is likely to be able to get one with much lower interest rates than the student could get. Low credit limit so the student doesn’t get so far into debt that they can’t get out before they ever get a job.

   Or, a secured card.

   The better cards require excellent credit ratings. Go to the website below and compare some of the ones out there.
2. Serena says:

   September 12, 2011 at 12:37 am

   None honestly, but it is good to start one if you use it responsibly. I ended up paying for everything out of pocket including my education, and when I tried to buy a house later on, I had no credit, it was worse than having poor credit.

   I would look through your bank for a good credit card with a decent interest rate. There are even credit cards made for students that have lower interest rates, but that all depends on your bank. Just remember, use your credit card on things that will last awhile. You don’t want to be paying interest on a meal you ate that lasted you a couple minutes but you are paying it off for months or years.

   One way I got my credit going is getting one of those interest free credit cards (for 12 months) and I bought a big ticket item (for me it was my bridesmaids gifts.) I paid it off before the 12 months was over so I didn’t incur any interest and it allowed me to pay for a larger purchase that I wouldn’t have been able to afford otherwise.
3. lizzgeorge says:

   September 12, 2011 at 1:06 am

   I got a Citicard Dividend Select Platinum rewards card in college–and i had no previous credit history at the time. I love the card and still have it. No annual fee; everything else is pretty typical (don’t pay late or the rate will shoot up). I just wanted to build my credit history so I could purchase a home in 4-5 years (which worked wonderfully). You get get 1-5% cash back for every purchase (depending on where you make the purchase). No worrying about skymiles or other ****.

   I have put all big expenses on the card over the years, like car maintenance, furniture, etc. I pay it right off, but I get regular checks for $ 50-$ 75 a few times a year.

   Go to their website and fill out a short questionnaire and they will recommend a card for you. They have specific ones for students now, but I love my dividend select mastercard.
4. Smoovy Loco says:

   September 12, 2011 at 1:08 am

   Here are some things to think about. The easiest time to get a credit card is when you’re a student. This may sound bad, but credit card companies get a lot of customers at colleges; reason being that most students in college are strapped for cash, and need a “quick fix”. But this is not always a bad thing. If used responsibly, it’s a great way to start building a lengthy and solid history. The trick is to not get in over your head. A credit card should be used for emergency purposes, or if you’re able to pay off small purchases. If you’re not able to pay it on time, or at all, then it’s not a good idea. The benefits like being able to rent a car, make hotel reservations, establish credit in general may not compare to the disadvantages of harassing calls of collectors when you don’t pay on time, not to mention hurting your chances of being able to get bigger things like, buying a car, a house, or even a job
   If used responsibly, it’s a great way to start building a lengthy and solid history. The trick is to not get in over your head. A credit card should be used for emergency purposes, or if you’re able to pay off small purchases. If you’re not able to pay it on time, or at all, then it’s not a good idea. The benefits like being able to rent a car, make hotel reservations, establish credit in general may not compare to the disadvantages of harassing calls of collectors when you don’t pay on time, not to mention hurting your chances of being able to get bigger things like, buying a car, a house, or even a job. Normally when you use a credit card, you have x amount of days before they start charging more money, or interest to what you already charged. That’s called a grace period. After a certain date, you’ll receive an itemized statement in the mail detailing what you charged, how much you owe, and how much additional money (finance charges) were added on. The key to using a credit card is to not to max it out, or charge it to the limit. That’s where they’ll get you. It’s bad enough to borrow money that you can’t pay all at once, but it’s even worse when more money is added on every month for borrowing it in the first place!. Like I mentioned earlier, use the card for emergencies, charge only what you know that you can pay off every month. I’ll even go as far to say that if you have the money to pay for something in cash and you use the card, put that cash that you would’ve used to buy it in a jar, cigar box, it doesn’t matter, put it and use that money to pay the bill when the statement comes in. Another thing. Don’t charge a lot to fast food. It’s a common trap that me myself fall victim to from time to time. That Big Mac or Whopper or whatever your favorite burger is wouldn’t taste so good when you’re paying daily interest on it when you charge it. Keep that in mind. I would probably get one more and that’s it. 1 in 7 Americans carry up to 10 credit cards, and the average American has 4. Me, myself I have 3 which I keep low balances and I pay off on-time, if not early every month.

   Another thing is that you can report your monthly payments on practically everything that you pay every month. There’s a website (click this link) http://www.prbc.com/consumers that you can enroll in a program, that verifies, reports historical payments, and also has a bill-pay service that reports the current and future payments. The beauty of this is that this shows what the traditional credit reports do not: an accurate payment history. You can have things like rent, utilities, day care, storage, insurance, phone, cell phone, anything that you pay a month that you receive a statement for. The information reported is compiled in what’s call a Bill Payment Score, or BPS. Under the FCRA (Fair Credit Reporting Act) you can have this taken into consideration when lenders are reviewing your credit to give an accurate picture of what your credit is really like.
5. Rob D says:

   September 12, 2011 at 1:30 am

   The one that has no fee and does not get used except in an extreme emergency.