<p>Ok, I plan on applying for a credit card before I leave for college. What are some "features" I should look for, like a certain APR, etc etc. Thanks</p>
<p>My D got the Citibank MtvU card that is marketd to college students: <a href="http://www.mymoneyblog.com/archives/2006/02/citi_mtvu_card.html%5B/url%5D">http://www.mymoneyblog.com/archives/2006/02/citi_mtvu_card.html</a></p>
<p>If this one doesn't meet your needs, look for ones that have no annual fee, low apr if you plan on having a balance (I recommend you don't), reward program of some sort, grace period (I don't know of any that don't).</p>
<p>^ good advice. Don't plan on carrying a balance, because your first credit card almost definitely won't have a nice APR. Definitely don't get a card with an annual fee. Citibank has some good cards - start with them. They also give good starting lines of credit (I got $1,100 right off with no credit history)</p>
<p>I applied for a MtvU card last week, got an e-mail today that said they needed a copy of my student ID and last bill, and I guess now that I sent that off, I'll be getting my card soon. It looks like a good card to me. I fully intend on never carrying a balance on it though. Charge on it and then go home and pay it off asap.</p>
<p>Good for you. Not carrying a balance is the best way to use a credit card. That way you are using the bank's money between the period when you made the purchase and pay your credit card bill.</p>
<p>You will be given a relatively small, but still adequate credit line. Make sure you don't exceed that or you will get charged an extra fee.</p>
<p>Watch out for the following fees:</p>
<ol>
<li>Over the credit limit fee when you go over your credit limit</li>
<li>Late fee when you miss the deadline for paying your monthly bill</li>
</ol>
<p>That mtvu thing sounds like a good deal, only problem is that I don't get my student ID until I start school, and thats like on the 24th of September</p>
<p>Try submitting the application online any way. Perhaps they'll accept some other proof that you're a college student, especially since you are an entering freshman.</p>
<p>Also check to see if you can get a credit card through your local bank or credit union. That's what I did and managed to get a card w/ a low apr (9%) and a decent credit line ($1000), w/ no credit history.</p>
<p>There won't be a problem getting approved for any credit card marketed to college students. They already know you don't have any credit history and they have set up their processes to take that into account.</p>
<p>If you don't plan on carrying a balance, look for sometihing with rewards. Discover has a good cashback rewards program, up to 20% at some online merchants. Anyway your interest rate's going to be absurdly high if you don't have any credit history.</p>
<p>Oh, and if you don't like your APR, ask them to lower your APR after about 6 months. And uh if they don't give you a lower APR, close your account and go credit card shopping.</p>
<p>The best feature is the one where they send the bill to your parents.</p>
<p>agreed (10 char)</p>
<p>I suggest one of the citi rewards cards. They offer cash back rewards (with restrictions which suck, but I plan on using it for awhile), as well as travel rewards if you're interested in that. I have a decent APR and a good credit line (although this was my second card), but none of that really matters if you just pay your bills on time.</p>
<p>Capitalone is also a great card, although the basic card doesnt have all the perks.</p>
<p>Also, to note, I wouldn't suggest canceling a card if you don't like it...my parents advised me that it makes lenders/people of that nature wonder why you closed your account which is never good...even if it's for a harmless reason.</p>
<p>OK don't cancel the card...I guess I meant cut up the card and don't use it. And you can always use it as leverage to get what you want (i.e. a lower rate).</p>
<p>"and a decent credit line ($1000)"</p>
<p>This is not always good. There's a reason why a majority of young adults have, what is it now, 4k in credit card debt? Don't be an idiot is the point of a credit limit. I hope that you are paying your own bill, and if so, you know how much you make; budget yourself.</p>
<p>"As of August 9, 2007, the standard variable purchase and balance transfer APR is 16.24%. The standard variable cash advance APR is 23.24%. However, all your APRs may automatically increase up to the 32.24% variable default rate if you default under any Card Agreement that you have with us."</p>
<p>(Terms and Conditions)</p>
<p>Granted, I know very little about credit cards, but those numbers sound rediculously high to me.</p>
<p>yeah, make sure you only spend what you know you can pay back, otherwise you'll screw up your credit history and that's bad</p>