vallottonw2
New Member
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| New Credit Card advice |
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I am a 20 year old student. I have no credit at this time but am in the process of building it up.I am a very responsible person. I don't miss payments on anything. I have a trust fund that pays for my college and draw from that and pay cash when my tuition is due. My question is, I have looked at creditcards.com and compared different cards. Other than wanting no annual fee's, and the lowest apr possible, what other things come into consideration. and if I pay off the entire balance every month will the apr even come into effect? I am not concerned with bonus cards or any thing of the type. I would use the card for small purchases and possible tuition payments and then immediately pay it off. Is this worth doing. Any card suggestions?
Will
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Fri Apr 18, 2008 1:23 pm |
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JamesKim
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Hi and welcome! This is pretty funny because I remember asking the same question on this forum.
I'm also 20 years old and a few months ago I wanted to build my credit. Apply for a card that does not charge annual fees, and all those mumbo jumbo %'s don't matter as long as you pay ON TIME. I suggest going to Bank Of America and apply there. I got approved right away with having no credit history so I was pretty surprised. Now I have a few other cards but those are department/retail cards. Just make sure to keep track of what you buy.
I think each credit card company has different policies of grace periods and other factors of late payments and such; you have to research and read up on their policies
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Fri Apr 18, 2008 5:12 pm |
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cbass1017
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Location: PA
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Hello all. I might suggest a card from Capital One Bank. They are pretty good about working with people that have very limited credit. My wife got a card from them to help repair her already damaged credit. They don't have any kind of fee's and offer a 20 day grace period.
I'm sure there are lots of other good credit cards out there. I have been really happy with my HSBC credit card. If you could get an interest rate in the low "teens" that would be great. And if you're going to pay your balance in full every month than why not get a rewards card. I know a lot of people who use rewards credit cards in place of their debit cards and then just pay the balance in full every month.
Either way you choose, best of luck to you! 
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Sun Apr 27, 2008 12:35 am |
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pf101
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Location: Portland, OR
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For the love of god, avoid CRAP1! There are about a million other cards that are better to get...
Personal Finance 101
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Mon Apr 28, 2008 4:12 am |
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Avino
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If you plan on using it to pay all of your bills, and then paying it off every month, I would recommend you get a credit card that has a cash back program or rewards and points program. I have a Chase Master Card with no annual fee and 11.99% rate. I use it and pay it off every month and have 16000 points. I can exchange the points for cash or merchandise listed on their website.
I use this credit card to pay for bills and gas and pay it off every month. Once I get to 25000 points I'll have a free airline ticket, and it only cost me the dicipline to pay it in full every month. Discover has a cash back program, and also no annual fee. So shop around for what benefits best suit you.
~A.
Also blogging @ avinos2cents.blogspot.com
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Mon Apr 28, 2008 3:43 pm |
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cbass1017
Contributing Member
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It sounds like some people out there really don't care for capital one bank at all. What can I say, I absolutely hate their TV commercials but my wife had very bad credit(low 500's) and they approved her for a credit card with an interest rate of 13.49% with no fees. I have to say that it has changed my mind about the company. They do report her account information properly to all three of the credit bureaus and it has really helped to improve her credit score.
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Tue Apr 29, 2008 1:43 am |
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No-Brainer
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There will always be someone with something bad to say about any offer extended on the Internet, it's just the demographics are SO HUGE that you can never please everyone. I especially love it when they just say "That's Crap" and no explanation at all.
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Tue Apr 29, 2008 4:02 am |
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pf101
Senior Member
Cash: $ 62.25
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Joined: 12 Sep 2007
Location: Portland, OR
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Well, if what Coaster said is true and Crap 1 really has started reporting credit limits then that takes away my main complaint. But, I still hate them for personal reasons.
When my credit was less than stellar I opened an account with them. $300 limit. Always paid in full, on time. Got another credit card at the same time (BofA). Over 5 years, my BofA credit limit was raised to $30,000. In that same period Crap 1 didn't raise my limit at all. I called and they said they only raise limits twice a year and you have to call at that time and request a limit increase because they're not automatic...but then the chick couldn't tell me when those 2 times were.
So, I sock drawered it and kinda forgot about it. 3 years later I get collection calls about an overdue bill from Crap 1. Now, I haven't even though of this card in years and certainly haven't used it. I'd also moved so somewhere along the line I stopped getting statements. I figured it was closed (I know, my fault!). Well, it wasn't. And during that time they'd changed my standard card into a card with an annual fee which, of course, hadn't been paid. By the time I heard about it it as 6 months late and the fees were well over the (still) $300 credit limit.
It took HOURS on the phone (and months of time) to get it straightened out. And then I closed the account. Or not... Several months later I start getting calls AGAIN. Yep, you guessed it. The card was never closed and again the Annual fee had been processed and I hadn't paid it. Again hours on the phone fighting. They found the note where I'd told the person to cancel the account but it still took a couple months to clear up.
So, that's why I hate Crap 1. Yes, I take responsibility for not appropriately handling the card. However, if they hadn't been such a crappy company to start with I'd have still been using it.
There are just many more cards out there that AREN'T tied to the reputation that Crap 1 has. Personally I have yet to meet a single person who has had a good experience with them. And in my line of work I've met a lot of credit card holders.
Personal Finance 101
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Tue Apr 29, 2008 8:39 pm |
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pf101
Senior Member
Cash: $ 62.25
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Location: Portland, OR
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You've got it! 
It's not just me though. I really have been told some horror stories that would make your toes curl. And if you look at complaint websites, usually crap 1 leads the pack for complaints.
Personal Finance 101
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Thu May 01, 2008 1:23 pm |
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tanmaysnv
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Location: Indore
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I got my first credit card as a freshman in college, so i should have a similar perspective.
Never buy anything with a credit card unless you have enough money in your bank account to pay off that bill at that moment. In other words, pretend like you are writing a check every time you use it, and if you don't have the money in your account, then you can't use your card.
Thanks
Tanmay Sasvadkar
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Mon Jan 25, 2010 7:44 pm |
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john vickers
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I couldn't agree more. Getting a credit ard was the biggest mistake I made and I ended up taking me over ten years to stop the credit cycle. I would advise you not to get one if you can help it.
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Mon Jan 25, 2010 9:20 pm |
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