Ms.J asked in Business & FinanceCredit · 1 decade ago

help-student credit card?!?!?!?!?!?

18 yr. old high school senior, going to start my freshman year of college this coming fall and thinking of getting a student credit card, but problem is I dont know WHICH type of a student credit card that I should apply for. There's so many out there, like "Visa, Chase, American Expess,etc" So which credit card company would be a great "deal" to get for a student like me?!?!? One that has little or no interest rate? Thanks! :)

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  • 1 decade ago
    Best Answer

    In order to get a card with 'little or no interest rate' you have to do a lot of searching...best wishes. Interest rates have been up lately and the lower interest rate cards have been few and far between, even to those with high credit scores.

    Take your time looking and compare, compare, compare!After an exhaustive search online (you might start with www.lowermybills.com/creditcards)

    I would suggest even checking out getting on with your parent's credit card with a low, reasonable credit limit like $500 or $1000 to start. That way you can build up your own credit base and get a lower interest rate based on your parents' good credit. If that is not an option, keep searching the web and make comparisons. Look not only for a low FIXED interest rate but also for cards with no annual fee, cards with $$$ back (rewards), check the number of days in the billing cycle (make sure it's at least 25 so you don't get a statement twice a month !) and compare other perks of each card. Don't jump at the first thing you see and secure a low credit limit to start out. After a year of establishing good credit, call the card company to have the credit limit increased, if you feel like you can financially support it. Also once per year, especially if the Fed drops the interest rates, call your card company and ask them for a lower interest rate. I do it every year.

    And, it IS a good idea to get a credit card, especially at your age. Your credit is being established NOW so that when you do want to make large purchases such as a home, auto, etc. the financial institutions will have no trouble lending you money.

  • Julie
    Lv 4
    4 years ago

    Late payments are one of the major factors in determining your credit score, along with the % of available credit you are using. Each of these are bigger factors than the rest of your credit history. If you don't already have a card, apply for one but shop around. The bank you choose for the card doesn't matter so much as whether or not there are any annual or monthly fees associated with the account. The best scenario is to find one that is free, but it can be hard to find with bad credit. When you get the card (stick to one), make sure you pay on time and keep the balance under 75% of the limit and you will quickly increase your credit score and improve your credit history.

  • 1 decade ago

    Well, your strategy for using credit cards should be to get a good rewards card, funnel all/most of your normal spending through it, and pay your balance in full every month. That way you'll build your credit quickly, avoid interest, and earn rewards. If you do that, then the interest rate doesn't matter (because you won't be paying any interest), but the rewards rate does.

    To see which student rewards credit card will pay you the most in rewards for your normal spending, you can use this rewards calculator:

    http://www.creditcardtuneup.com/?card_type=College...

    A couple of the better rewards card for students are the Citi mtvU card and the Citi Driver's Edge for College Students card. You can see which is better for you by using that rewards calculator.

  • 1 decade ago

    I can answer that in one word. Dont'! Credit cards can be a real trap. Pay cash. If you can't afford it don't buy it. I speak from experience. I have spent years digging my way out of credit card debt. If you pay the minimum balance on the card it takes decades to get out of debt and the deck is stacked against you. If you are late on one payment the interest rate often reaches nearly 30%. Get through college, then if you really think you need a card get one then. If you want to build up credit then get a card but pay it off every month. Trust me, keeping a balance is not worth it.

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  • Anonymous
    1 decade ago

    a student credit card is specially designed for students and is very different from your regular credit card. Because it may be the first time for college students to apply for a credit card, most credit card companies designed their student credit cards to be a form of secured credit cards.

    Discover® Student Tropical Beach Card helps the student save money on interest rates, annual fees. It gives a 0% Intro APR on purchases for 6 months, and has no annual fee. Since a student is just beginning his financial life and issues like credit card fraud, identity theft might bother him.

    Discover® Student Tropical Beach Card comes with $0 fraud liability guarantee and gives absolute peace of mind to its owner. Managing Discover® Student Tropical Beach Card accounts is a breeze because it offers Easiest Online Account Management Options. Almost all account related activities can be done online. This saves a lot of time which can be used to enjoy this golden life even more. Read more from: http://www.credit-card-gallery.com/student_credit_...

  • 1 decade ago

    I have worked for 2 credit card companies before coming to the credit union I work for now and I would recommend checking with a local credit union either that or Citibank has very good rates and it's a great place to start!

  • 1 decade ago

    My first year of college I got a citi-card. They were offering it to the students. I got it and started off with an $800 limit. Before I knew it I had it maxxed out. Over the period of about a year my limit went from $800 to $1600. And, yet again, before I knew it I had maxxed out my card. My parents and I sat down to see what all I had been buying and about 75% of it was spent on gas and food. Thats alot of gas and food! I couldnt seem to get the card paid off no matter what. Finally we realized my interest rate had sky rocketed to 33% or something like that. INSANE! It took me awhile, but I finally got it paid off. In the process of paying it off I got another credit card through my bank with a $500 limit. Citi-card them extended my limit to $2400! But I had already stopped using the card so it was no biggie. I finally got it paid off and am finally free of citi-card! I could have had my credit limit lowered but as a freshman in college I didnt know that was an option. They increased my credit limit without letting me know too. Anyway! Long story short.. I wouldnt recommend Citi-card. But thats just my personal opinion. =]

  • Anonymous
    1 decade ago

    There are lots of queries on credit cards and people asking it now and then. Credit Cards are often used both online and offline. You need to choose the better credit card for you.

    You must know all about credit cards and how to use credit cards offline/online and how to get the best credit cards in the blogspot down here. There are<!--lots of credit cards to choose but you need the best one to satisfy your needs. There are many credit cards out here but you need to choose the right one for you. To know how and more about credit cards,

    http://buyfreecreditcards.blogspot.com/

    Everything you need to-->know about credit cards. Hope this helps. Thanks.

  • 1 decade ago

    I would suggest not to get one at all. Too many students ruine their credit in college and when they graduate and want to buy homes or whatever else it holds them back. The rule should be if I ain't got no money to buy it, I shouldn't get it at all.

  • 1 decade ago

    chase or orchardbank credit card..

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