<p>Hi!
I'm by no means a parent, but I figured parents would know more about this than students.
I'm starting my second year of college and I want to get a credit card. Does anyone have any experiences to share or recommendations to make for which credit card to pick? Also, what credit card(s) can I get with a no credit history?
Thanks a lot!</p>
<p>Do you have a bank account? My first credit card was given to me through my bank when I opened my first account. I had no credit history at the time.</p>
<p>There are lots of student credit cards out there. You can never pay late because the interest is very high, but the cards are made for students who have no credit history. Look at the Mastercard and Visa websites to get some ideas.</p>
<p>check out this thread:
<a href="http://talk.collegeconfidential.com/financial-aid-scholarships/513408-best-credit-card-college-student.html%5B/url%5D">http://talk.collegeconfidential.com/financial-aid-scholarships/513408-best-credit-card-college-student.html</a></p>
<p>Ah, thanks for the link! Sorry I didn't search very thoroughly.
And yes, I have a bank account/etc.
Thanks a lot!</p>
<p>Have you thought through the advantages of a debit card, rather than a credit card?</p>
<p>I would start out by approaching your bank and see what they can offer you. If you already have an account there with some funds in it then they're more likely to let you have a decent card. </p>
<p>
[quote]
Have you thought through the advantages of a debit card, rather than a credit card?
[/quote]
So long as one is responsible and can keep track of and manage their expenses, I don't know that there are any advantages to a debit card over a credit card.</p>
<ul>
<li><p>Don't get a credit card if you're planning on carrying a balance (e.g. not paying it off in full at the end of each month) since you'll just end up paying silly interest rates.</p></li>
<li><p>Do get a credit card if you're looking to establish credit and are disciplined enough to pay the balance off in full each month. If you do that then it's the same as using cash or a credit card, but you do get a short free loan between the time you make the purchase and when the statement arrives. </p></li>
</ul>
<p>I use my credit card essentially as a debit card (since I always pay it off) but enjoy the advantages... one of the biggest being that should any questionable, incorrect or fraudulent charges show up I can bring that to the attention of the bank right away without being out any money. If that happens with a debit card you'd be out of the money until the bank concludes it's investigation and then gives you your money back. So I always feel a bit safer using a credit card vs. a debit card (where the money comes right out of my bank account right away).</p>
<p>Rocketman, you make some good points. I had just read that huge credit card debt was one of the biggest $ problems of recent college graduates. Paying it off monthly, as you do, is the correct and mature way to handle a credit card, but evidently it's tempting to buy more and carry the heavy penalties month-to-month.
You're wise when you pay off "balance in full" and not just "balance due this month."</p>
<p>The credit card companies hate students like you, Rocketman08, because you pay on time. They can't make any money off of you :) Bravo.</p>
<p>We're the skinny guys at the "all you can eat" buffet.</p>
<p>Just a quick comment about debit cards… If your card & password are stolen, you’ll be fighting with the bank over money that’s already gone from your account. If the same scenario comes to pass with your credit card, the problem won’t include money that’s already been removed. Though both situations can be a tremendous hassle, the first may be somewhat scarier.</p>
<p>That’s the main reason we set our oldest daughter up with a VISA card (linked to her free student checking account) when she started college two years ago. The balance is paid in full monthly & she’s been able to begin establishing the credit background she’ll need when she graduates…</p>