what is the best credit card for a first timer who wants to build credit?
I am very responsible with how I spend money, so please don’t lecture me on how credit cards are so dangerous. I’ve waited til I felt financially secure enough to get one.
I just want one so I can work on establishing credit. I want to make one or two monthly purchases and pay them off so I can have some credit. I just want to know what kind of card should I look into getting.
I know I want a card with low-intrest rates(who doesn’t) and no annual fees. I am also a college student. If you can give me any information on a card you think I should look into, please let me know. thanks a bunch.
June 29th, 2010 at 5:13 am
This might not be an answer you’re looking for but best way to get started is getting student credit cards. When I was in college, credit card companies would come and set up booths on the campus, look for those, they’re usually good deal.
Your on the right track, two things to watch out for: annual fees, “participation fees”, monthly membership fees, and get a low interest rate. You might have to choose between an annual fee or having a low interest rate.
Also, you can google it and try to get a student card. Don’t settle for any secured credit cards or any cards with participation fees.
June 29th, 2010 at 5:58 am
I got my first credit card from my bank. There is no annual fee and if you are like me and want to make one or two monthly purchases and pay them off so you can have some credit, this is the way to go. I got my first credit card from my bank (Washington Mutual) and it was a Visa card. Yes, the interest is high, but I pay mine off just as soon as the bill comes and that sounds like what you are going to do too. They first gave me a credit line of $500.00, then in time it increased to $700.00 and now I am up to $1,400.00. I did not sign up for participation fees or theft security. I opt out of those. On your statement they will give you a phone number to call and check on your balance. I know exactly at all times the balance of my card and if there was tampering I would know and report it to Visa immediately.
June 29th, 2010 at 6:08 am
First Financial Bank USA is the number one issuer of student credit cards and will EVERYONE a card.
http://www.1fbusa.com
Also, try your local bank. I know that U.S. Bank (not sure if they are in your area) will give someone with no credit a student credit card or alternative card for some one with no or bad credit. If you don’t have a U.S. Bank check other banks in your area.
http://www.usbank.com
June 29th, 2010 at 6:10 am
A student credit card is your best choice. It works the same way as a regular credit card but they are just marketed for college students. I got my first credit card as a student and now I have excellent credit.
June 29th, 2010 at 6:56 am
Any card without a yearly fee is fine…the interest rate should not be important if you are paying the card off in full each month.
I would start with ones offered by your bank.
June 29th, 2010 at 7:42 am
you might want to go here to compare them http://www.bestcreditrates.net
June 29th, 2010 at 7:50 am
You need to be honest with yourself – are you and can you be financially responsible with this college student credit card and you are the only one that can answer that. If you are not sure, then perhaps a secured card would be the best place to start. This is where you make a deposit with the card issuer, say a bank or credit union, and then your credit limit is the amount of your deposit. This is actually a great place to start and to learn fiscal responsibility and to get used to getting into the religious habit of paying your credit card bill on time every month, and to understand how the interest can add up, and unfortunately, how late fees can also add up. But it is a lesson that you will learn quickly, and the good news is that you will remember that for the rest of your life. Checkout a list of popular student credit cards at: http://www.credit-card-gallery.com/Student_Card.html and choose a best one according to your choice.
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