Credit Card Advice

[derek]

Got a friend who was asking me about Credit Cards - what is the best one for a student?

[dino]

Got a friend who was asking me about Credit Cards - what is the best one for a student?

Every credit card that you don't get is the best one!

[Queenie]

Got a friend who was asking me about Credit Cards - what is the best one for a student?

Every credit card that you don't get is the best one!

Amen!!

[Rock Monster]

Every credit card that you don't get is the best one!

Amen!!

agreed

[airhornahole]

I adviced my intern to get a credit card for use during work terms. For business use only. This way the company reemburses him and he can build credit. Tell your friend 1) to get one with points for something they are interested in, ie airlien miles, GM card, etc. 2) to get a very low limit established and leave it there. 3) only use it ot pay for stuff when they are guarenteed to pay it off.

Another thing I told my intern was to leave the credit card at home with mom and dad during school terms.

[providencecrow]

When i was in college i had a Citi Bank mastercard for students. That thing was great, it had a low limit so i couldn't get my self in over my head (i think it was around 500 dollar limit, might have been a little more) and it also had a relatively low APR, at around 12%, which for a first time credit card is exceptionally low, everyone else was offering me around the 25% range.

I have no idea if citibank still offers this card or not, but definitely worth looking into.

[fustercluck]

CASH IS KING. You do not need a credit card in college! A good debit card will do fine.

[potthole]

I got a Citibank student card during college. It's a Visa, and like crow mentioned, the rates were pretty low. To help build credit, I used it on a regular basis to fill up on gas, but that's all. I figured gas payments were something I could pay off in full without a problem, and using the card a little bit would help to give me some sort of positive gain in the credit score.

[Allyson]

I always used my debit card in college. I had a credit card - a Chase Visa - but I rarely ever used it since I didn't get my bill sent to the dorm. Debit is the best way to go in college unless Mom/Dad will be paying the credit card bill. I use my card now that I've graduated and I love it, I get 1% back on everything.

[airhornahole]

Seems like the person either has to have alot of self discipline with a card or no card at all. Depending on this persons tendancies, you can provide different advice. I know people who got into alot of trouble with credit while in college and some that had no problem at all. It's all about self discipline.

[Biff]

CASH IS KING. You do not need a credit card in college! A good debit card will do fine.

QFT

Debt is slavery.

[dino]

CASH IS KING. You do not need a credit card in college! A good debit card will do fine.

QFT

Debt is slavery.

Yes it is.

If you're only looking to build up your credit rating then there are better ways to do it. Take out a very small loan and make a moderate purchase of some sort of tangible asset that you will still own after you pay it off. You will still have that asset to show for it and your credit will show you can take a loan and pay it off as promised.

It sucks a donkey dick to use your credit card for a tank of gas or a dinner and a year later you're still paying for those mashed potato's that you crapped out a day later.

[derek]

The person has lots of discipline. He just wants on that has low APR and can use it for gas and groceries, pay it back right away, hopefully cash-back on gas, and build credit.

[fustercluck]

If you are going to get a credit card, have the bill sent to your parents house.
1. No keg, porn, or bong purchases if mom is going to look at it
2. Roomate "lost" it from the mailbox to the dormroom
3. Mommy can kick your ass if you start spending to much
4. Extra set of eyes doesn't hurt when reviewing your bill

[derek]

Lol I'll make sure i'll tell him that. It really isn't me when I say a friend, I already have great credit, but from a car loan.

[Allyson]

Yep when I was in college I had the bill sent home and Dad paid it. I only used it for groceries/necessities and gas though. All other personal expenses I put on my debit card.

Debit: I have a checking account and debit card with Sovereign Bank and earn a tiny interest rate, like 0.1%

Credit: I have a Chase Visa card that I opened when I turned 18. I earn 1% back on everything I use the card for, and can redeem it in the form of cash or gift cards. Some places have an agreement with Chase and you get 5% or 10% back. Not sure about the APR, I always pay off my bill every month so it doesn't affect me.

[fustercluck]

I always pay off my bill every month so it doesn't affect me.

AWESOME! This is how it is supposed to work.

[potthole]

I always pay off my bill every month so it doesn't affect me.

AWESOME! This is how it is supposed to work.

I can beat that. I pay off my bill each week I get paid.

[fustercluck]

Not good. You don't earn any interest on your money if you give it to them right away.

[potthole]

Interest on my money?

[fustercluck]

You do earn interest on your checking account right?

[potthole]

Nope.

[Biff]

Get an ING account and pay bills from that. They even have a debit card.

[potthole]

I wonder if the moneymarket account the wife and I have can get a debit card attached to it. Humm, might need to inquire about that. If not, it's ok. We don't really mind not getting interest on our checking account. We've got the moneymarket and a Roth IRA that both get some pretty solid interest levels.

[providencecrow]

You do earn interest on your checking account right?

You must be thinking savings account. i dont know of any banks that offer interest on checking accounts.

[dino]

You do earn interest on your checking account right?

You must be thinking savings account. i dont know of any banks that offer interest on checking accounts.

No, it's checking. they're typically low interest rates but bank of america, wachovia, Ing and quite a few others,

[providencecrow]

You must be thinking savings account. i dont know of any banks that offer interest on checking accounts.

No, it's checking. they're typically low interest rates but bank of america, wachovia, Ing and quite a few others,

Well then it looks like Bank of America gave me the old screw job. Recently i have been rather disgruntled with Commerce (although somehow its gotten better in like the last 3 weeks) and i went to check out what BoA was offering. They had a lower interest rate on savings, not open sundays, wanted to charge me 25 cents per check i wrote (which isnt many but right now im paying 0 cents), wanted to charge me 50 cents per ATM transaction that is not physically located in a BoA bank (even if it was a BoA ATM machine), and a bunch of other nickle and dime things i havnt had to deal with. There definitely was no mention of any interest rate on checking accounts.

Either their company policy varies from state to state, branch to branch, or they thought i was a gullabull, or at the very least a gullacalf. Either way my point is that woman was a total bitch and needs to walk into oncoming traffic.

[fustercluck]

Yes, my lowly Huntington Bank checking account pays interest. Like Dino said, it's not much, but it's something.

[Allyson]

Well then it looks like Bank of America gave me the old screw job. Recently i have been rather disgruntled with Commerce (although somehow its gotten better in like the last 3 weeks) and i went to check out what BoA was offering. They had a lower interest rate on savings, not open sundays, wanted to charge me 25 cents per check i wrote (which isnt many but right now im paying 0 cents), wanted to charge me 50 cents per ATM transaction that is not physically located in a BoA bank (even if it was a BoA ATM machine), and a bunch of other nickle and dime things i havnt had to deal with. There definitely was no mention of any interest rate on checking accounts.

Either their company policy varies from state to state, branch to branch, or they thought i was a gullabull, or at the very least a gullacalf. Either way my point is that woman was a total bitch and needs to walk into oncoming traffic.

I'm telling you man, you need to sign up with Sovereign! There are a bunch of them, the one that I go to is on 37W by Hooper Ave. I have a free checking account with no minimum balance and it earns a teeny tiny interest, but it's still better than nothing. You get free checks and there is no charge to write them, though I use online Billpay. All ATM transactions are free, even if they are not a Sovereign ATM - but you would have to pay the other company if they charge. I just use ATMs at QuickCheck, they are always free. The hours suck of course but that's how it is with every bank except Commerce.

[providencecrow]

Well then it looks like Bank of America gave me the old screw job. Recently i have been rather disgruntled with Commerce (although somehow its gotten better in like the last 3 weeks) and i went to check out what BoA was offering. They had a lower interest rate on savings, not open sundays, wanted to charge me 25 cents per check i wrote (which isnt many but right now im paying 0 cents), wanted to charge me 50 cents per ATM transaction that is not physically located in a BoA bank (even if it was a BoA ATM machine), and a bunch of other nickle and dime things i havnt had to deal with. There definitely was no mention of any interest rate on checking accounts.

Either their company policy varies from state to state, branch to branch, or they thought i was a gullabull, or at the very least a gullacalf. Either way my point is that woman was a total bitch and needs to walk into oncoming traffic.

I'm telling you man, you need to sign up with Sovereign! There are a bunch of them, the one that I go to is on 37W by Hooper Ave. I have a free checking account with no minimum balance and it earns a teeny tiny interest, but it's still better than nothing. You get free checks and there is no charge to write them, though I use online Billpay. All ATM transactions are free, even if they are not a Sovereign ATM - but you would have to pay the other company if they charge. I just use ATMs at QuickCheck, they are always free. The hours suck of course but that's how it is with every bank except Commerce.

Hmm ill check that sovereign bank out. The Bank of America that tried to bend me over the counter in case anyone wants to avoid it is the one across the street from the TGI Fridays by the Ocean County Mall on Hooper. What the hell quick check do you go to? The closest one i can think of is in asbury. WaWa is the place to go for free atm transactions

[Allyson]

Hmm ill check that sovereign bank out. The Bank of America that tried to bend me over the counter in case anyone wants to avoid it is the one across the street from the TGI Fridays by the Ocean County Mall on Hooper. What the hell quick check do you go to? The closest one i can think of is in asbury. WaWa is the place to go for free atm transactions

WaWa too? There is a QuickCheck right by my apartment in Atlantic Highlands, can't quite think of any off the top of my head in TR.

[providencecrow]

Hmm ill check that sovereign bank out. The Bank of America that tried to bend me over the counter in case anyone wants to avoid it is the one across the street from the TGI Fridays by the Ocean County Mall on Hooper. What the hell quick check do you go to? The closest one i can think of is in asbury. WaWa is the place to go for free atm transactions

WaWa too? There is a QuickCheck right by my apartment in Atlantic Highlands, can't quite think of any off the top of my head in TR.

Ah that makes sense. Yeah WaWa has free ATMs as well.

[jerseygirl]

WaWa too? There is a QuickCheck right by my apartment in Atlantic Highlands, can't quite think of any off the top of my head in TR.

Ah that makes sense. Yeah WaWa has free ATMs as well.

There's a quick check in Point Boro....if any one cares. :-)

[theprynce]

Got a friend who was asking me about Credit Cards - what is the best one for a student?

I got a CC to establish credit but you have to be responsible. I don't use it to pay any amount that I don't already have. If I couldn't just as easily reach in my pocket and pay for it or get it from my bank accounts then I don't use my CC.
All I really even use my CC for is my monthly car insurance payment and when I forget my debit card but only have it with me.

I would screw with it in college, though. Not unless they're going to use it well.

-=The Prynce