<p>I apologize in advance if this thread doesn't directly mirror "financial aid" topics, but it was financial in nature, and thus, here goes. </p>
<p>College has begun and many of us are pressured into applying for credit cards geared towards students. For students who have had or presently have a credit card(s), what have you experiences been like? List the advantages and disadvantages and if possible, please describe whether your finan. aid (workstudy, loans) was enough to cover the monthly payments. Parents and others, please add some beneficial advice or stories if you'd like. Thank you.</p>
<p>My freshman daughter has a credit card for two purposes - to help build her credit rating and for use when she wants to order items on the internet. I am comfortable with her having it because she is very good with money - especially when it is her own ;) She already keeps track of her checking and savings accounts in a folder and is keeping track of everything she puts on the CC in the same folder making sure she never spends more on the CC than she has in the bank. She pays it off in full every month. (we opened checking accounts for both kids in 8th grade with a savings account that automatically transferred money into checking if they went over and would pay in money for school expenses and have them write the checks and keep track - they had a couple of boo boos in the early days but learned to keep good track. We also had them as authorised users on one of our CCs for emergencies and they would occassionally use it for internet payments then pay us when the bill came in).</p>
<p>My suggestion to anyone getting a CC is to do the same. If you have been used to keeping track of and reconciling a bank account you should have no problem doing the same with a CC. Do not let your spending on the CC exceed what you can pay off every month. The interest rates are horrible.</p>
<p>If you have difficulty keeping a checking account straight or remembering to record ATM withdrawals or checks then you should probably avoid a CC. Remember, as well as getting yourself in debt by overusing the CC and not paying it off monthly, you can mess up your credit rating for years to come if you make late payments. I have a friend whose D just started college and she decided against getting a CC because she cannot balance her checking account.</p>
<p>I got one through my parents account about a year ago, and when i turned 18 this summer, i got my own (a student card through citi). I have a 4500 limit, and all im using it for is to build my credit, so i just buy stuff with it every month and just pay the bill once it arrives (so i dont really have any experience with paying like minimum payments and things like that).</p>
<p>Oh, by the way, what credit card company (Citi, Discover, Capital One, etc.) would you guys (those who are reading this and would know) recommend? Thanks!</p>
<p>There are a lot of threads just like this and I've answered the specific card question a few times. In short, the MTVu Citi Card looks like the best thing for a student who doesn't have a FT job or existing credit history. I'm not a big fan of Citi, but the card is good. Whatever you do, make sure that you get an unsecured credit card; secured credit cards are worthless.</p>
<p>Never spend more than you have; Always pay your bill off in full on time. If you can't for some reason, at least make the minimum payment. It's best not to make that mistake at all, but if you have to do it, do it early since a lot of cards (including the MTVu Citi) give you 6 Months 0% APR which means you will owe no interest as long as you make you minimum payment on time.</p>