<p>I am trying to get a credit card before I head to college so that I can build up my credit rating for when I apply for loans. Are there any credit cards geared towards college students, one with rewards for on-time payments and such? I tried applying for a citibank card but didn't get one because I don't have any credit history. Is it best to just go through the bank to get one or try to get one that comes with rewards like amazon giftcards that I can use towards books?</p>
<p>It depends on the type of loans you are getting, but for my student loans, I did not need to have a credit card. Your score can be affected by things other than a credit card. In fact, I feel much safer sticking with a debit card, because the interest rates on most credit cards these days are obscene.</p>
<p>The only plan I’ve heard of that is pretty safe for a college student looking to avoid debt is the Wells Fargo student card, but even there, they can change your interest rate at any time, putting you in debt, and thus ruining the good score you are hoping to get. </p>
<p>Ask a counselor before applying for a credit card. Best to avoid getting one of those if possible!</p>
<p>If you’re responsible, then getting a credit card is the right choice. You’re building a credit reputation. You don’t want to go into a bank asking for a loan when your credit score is 500-600. At that point, if you want the loan it’s too late. You’re a risky applicant and thus you’ll pay extra interest to offset that risk.</p>
<p>There are several bank credit cards that offer automatic monthly payments. You just set up an autopay, and it will pay off your monthly bills directly from your bank account. Chase Freedom (Visa) and Discover One definitely offer this–other credit cards are catching up.</p>
<p>These cards are a little harder to get, so initially you might need a newbie card like First National of Omaha or Capital One. They’ll usually give you a tiny limit (like $500/month), and once you build up your rating after 6 months - 1 year, then you can get the cards I mentioned above. </p>
<p>Another reason to choose Chase/Discover is because these cards typically offer 1-3% cash rewards for all purchases. The cards that accept poor credit scores usually don’t offer great reward programs.</p>
<p>
If your responsible with the way you use the credit card, there’s really no downside. Just treat it like a debit card (i.e. pay things off as soon as you buy them) and you can build credit responsible.</p>
<p>I’m also interested in a good credit card for students. I plan on getting one soon too.</p>
<p>I don’t need a bank loan right now, I was thinking of if I ever needed one in the future, I would want to have a good credit score. I’ll look into chase or discover, it seems like the cards with great rewards are harder to obtain. I’ll just keep applying. Thanks for the info.</p>
<p>arabowner20:How else does one build one’s credit score outside of a credit card? I have a debit card, but that automatically deducts from my bank account so I don’t get any credit score from that.</p>
<p>I have a Visa from Bank of America, a Mastercard from Citi (Dividend Platinum Select or some bs name like that), and a Discover from DiscoverCard.</p>
<p>The Discover has the best rewards (1% cash back, 5% on special categories like gas and movies). The Mastercard has decent rewards although I have to wait until I have accumulated $50 to get cash back. The discover also has travel protection for if I book hotels or airlines on it through their website (in addition to extra cash back) I can call them if I have a problem with the flight or need to change times, and they do it all for me.</p>
<p>With the passage of new laws, if you are under 21 you need a parent to cosign. And it is getting more difficult to get a credit card without proof of income if you are 21 and a student. Best is to use a debit card with a logo so it can be used like a credit card but is actually paid for at time of use.</p>
<p>does it show on your credit report that you had to get it cosigned? Also, what if your parents don’t have good credit? Could that negatively affect your chances of getting a credit card?</p>
<p>If you can’t get a “real” credit card (due to age restrictions and the absence of a qualified cosigner), look into secured cards. You would deposit money into a collateral account and then get a credit card with credit limit equal to that amount. Apparently it shows up as a real credit card on your credit report.</p>
<p>Disadvantages: you need some money to spare for the collateral, and you might have to pay annual fees without the perks of a regular credit card.</p>
<p>If you are fortunate enough to have financially responsible parents, then ask to become a joint holder on one of their accounts. The entire history of that credit account will be added to your credit report.</p>
<p>You could essentially have years of credit history when you are 18.</p>
<p>Obvious downsides:
- if you’re financially irresponsible, then your parents are risking their money and credit score by allowing you to use their credit card
- any missed payments on that card go on your record as if it’s your card. Their default = your default</p>
<p>If you have the right relationship with your parents, however, then it’s a great temporary solution. Become a joint holder, then apply for a credit card, then stop being a joint holder.</p>
<p>I just read an article on DoughRoller on the best cards for college students.</p>
<p>[The</a> Best Credit Cards For College Students](<a href=“http://www.doughroller.net/credit-cards/the-best-credit-cards-for-college-students/]The”>4 Top Credit Cards for College Students - Doughroller)</p>
<p>The Citi Forward Card for Students doesn’t require a co-signer, and you only need to be 18.</p>
<p>i got an American express and cosigned with my mom because its a good way to build credit (as long as u pay on time)</p>
<p>I’m a little scared to get a credit card, but I guess it’s better than carrying a wad of cash on the streets.</p>
<p>Xirus: The only reason I’m against credit cards is because I’ve seen what they can do to people. Even with making payments on time, many interest rates are so high (I’ve been offered in the range of 18%-24% at various banks) that you can fall behind easily. Plus, they can increase interest rates, which makes the matter worse. I agree that those who are extremely careful and meticulous with their purchases/repayment can build a nice score without problem. It’s just that the majority of other college students I’ve met don’t seem to be able to do that. x|</p>
<p>pisces8519: Student loans. I pay them on time, and it’s given me a nice score. I have a combo of federal/private, not sure if the federal affects the score, but the private definitely does.</p>
<p>Not saying they’re entirely bad, but I’m going to wait as long as possible before getting one. I’d rather work my butt off than get a card. :P</p>
<p>I don’t have a credit card yet, but I read some good advice on this recently that I think might help you:</p>
<p>"Look at APR and any annual fees that would apply. The credit card that I have has an annual fee of $30 (I believe). That fee is placed on your first bill. You pay it once per year (hence annual). A lot of the times if you have little/no credit, or maybe just bad credit, those will be credit cards that you will be offered. Take the offer and use it as a chance to build your credit. You can apply online for these credit cards. The one I have is through Capital One, and its their MTV credit card. You can apply for that here: [Capital</a> One - MTV Visa Credit Card](<a href=“http://www.capitalone.com/creditcards/mtv/index.php]Capital”>http://www.capitalone.com/creditcards/mtv/index.php)</p>
<p>Also, according to my mother, JPMorgan Chase offers a good credit card. You can apply for it here: [College</a> Student Credit Card Chase Credit Cards.com](<a href=“http://www.chasecreditcards.com/student-cards.asp]College”>http://www.chasecreditcards.com/student-cards.asp) </p>
<p>I want to point out that credit card applications will ask you how much your rent is, if youre a student and you (financially) are NOT paying rent each month, dont put how much your rent SHOULD be each month. For example, I pay a standard amount of money at the beginning of the semester to live in housing. If I divided that up by the months and put that divided amount as my rent, they are not going to give me a credit card. Why? Because what is coming in (financially) is much less than what THEY THINK is going out."</p>
<p>I thought her answer was pretty helpful!</p>
<p>I have a debit Visa card and credit Discover card. I had trouble signing up for the credit card, student offers are much lower now or even last October when I was accepted for the Discover. I did not need a co-signer (the law had not gone into effect yet) and only had to show that I had a checking and savings account. I had no credit score prior to that and I wasn’t approved instantaneously. Obviously the situation is different now, but you shouldn’t have a lot of problems as long as you get a co-signer. </p>
<p>As you go along, and pay off any debt accrued, your credit limit will most likely get increased. </p>
<p>And chaichia, I was not asked for any rent information when I applied. Each creditor has its own application and standards.</p>