Best credit card to get for students?

6 Comment(s)

1. There really isn’t a best credit card overall, especially for students. However, be responsible and smart about whatever credit card you do decide to apply for. The biggest thing to look for would be a card that has no annual fees. Interest rates, if your responsible, shouldn’t matter. No matter how high an interest rate, if you pay off your card in full each month, will not accrue finance charges.

   Once you have your card, you can always call to lower your credit line. As long as you are responsible with the card though, a higher credit line will benefit your credit score so long as you don’t charge up to that limit just because you have that extra credit.

   Good luck!

   Navy Lifter | Jul 28, 2009 | Reply

2. Ask for a debit card at the bank where you handle your money. This is the best way to handle credit. If your good at banking, the bank will offer you a credit card with a very low credit limit. If your good at paying off the balance every month, they will up the credit limit.
   I really do not think as a college student you need anything more than a debit card. Its too risky for you at this time in your life.

   happydawg | Jul 31, 2009 | Reply

3. That’s like saying “I’m only going to use it for emergencies” .Life doesn’t work that way. If you HAVE a card, you WILL use it, whenever you feel like it, and it’s SO easy to run up debt. It’s a statistical fact that in 2007, 1 out of every 5 people filing for bankruptcy was a student. I even read a post here at YA who said the same as you, and ended up with $25,000 dollars of debt by age 19. He ended up with credit card debt as well as the debt from his student loan. Plus, It’s also a fact that once you graduate, or quit school and get a job TO pay down the debt, the student loan immediately becomes payable.

   So if all you want is to build credit, get yourself a secured card. The look just like regular credit cards, except the money they “hold” is money you put up from your checking account. Let’s say the bank gives you a $250 to $500 amount to start with. That means that they are trusting you to pay your bill at, or under that limit each month. If you stay below it and ALWAYS pay your bill on time, you will develop excellent credit from the very start. Pay that way for about a year,and then you can ask the bank to extend the amount: with excellent credit, they probaby will.

   But actual CREDIT card companies are like sharks swimming around you, just WAITING for you to slip up. If you get in deep, and can only pay interest, you’re trapped. You will end up treading water not really getting anywhere. A secured card from your bank is the best way to go, because you have a definite limit to use, and also because it looks just like a regular credit card. I suggest you talk to a manager or big wig in the finance department of your bank, and see what you can work out. You’ll be glad you did.

   Angel_Blue | Aug 2, 2009 | Reply

4. If you are going to use it to build credit, try using one of the pre-paid cards. Please remember this, when using a card, even if you pay it off every month, never use more than 50% of the credit limit. It will show that you can be trusted with credit. After having your first card for 6-12 months, get a second card, use only one, never over 50%. Follow those, never ever be late and you can sit back and enjoy your good credit score.

   Joe the Ice Cold Eskimo | Aug 4, 2009 | Reply

5. Since you’re planning to use your credit card responsibly to build credit, I’ll explain what I think is the best way to do that and how to pick the best card to do it with.

   As long as you don’t need to actually carry a balance, the best way to use credit card(s) is:
   1. Get the best student reward credit card(s) for your normal spending (I’ll explain better in a moment)
   2. Funnel most/all of your normal spending through your card(s)
   3. Always pay your balance in full every month and on time

   That way you will:
   1. Build your credit quickly
   2. Avoid interest and fees
   3. Earn great rewards (e.g. cash back, etc.)

   To see which student card will pay you the most in rewards for your normal spending profile, you can use this rewards calculator:

   A couple good ones are the Citi mtvU card and the Citi Driver’s Edge for Students card. See what the calculator says is best for your spending though.

   Big Brotha Mike | Aug 7, 2009 | Reply

6. If you don’t need to earn rewards then the Citi® mtvUTM Platinum Select® Visa® Card for Students is probably a good choice.
   You can find more information about it here;

   To research other credit cards geared specifically to students, take a look here:

   ApeepA.com | Aug 8, 2009 | Reply

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