Should I go for a student credit card or a regular credit card?
I am a college student trying to build my credit history. While shopping for credit cards, I notice that banks offer student credit cards for college students. Should I go with the student cards or with the regular credit cards? Is there a difference? I saw that some of them have a higher APR than the regular ones. Since this will be my FIRST credit, I may not have enough credit history.
Since you do not have a credit history, I’m not sure that you would qualify for a regular credit card. My suggestion would be for you to start with the student credit card. I don’t know how much you plan to use it, but the best thing would be to make payments ON TIME and make more than the minimum payment. After a year or two with that, you should have some credit history to seek better cards.
If you’re just trying to build credit, I’d probably recommend getting the student credit card. Try to pay off the entire balance each month, and that’s probably the best way to build credit as quickly as possible. The student ones are built exactly for someone like you.
I suggest you get a card with no annual fee, sufficient credit limit and some sort of rewards program. The student cards I’ve seen usually don’t fall into this category.
Get any card that someone is willing to give you at first. Make sure you pay every month on time. Keep the revolving debt below 40%.
Step 2 in building credit is to have an installment debt. School loan, car loan etc. The account bust be at least $2400 and for at least 24 months. Lenders love to $2400 loan (or higher) and a 24 month on time payment history.
Step 3, get one other account. Lenders love to see 3 accounts with 24 months of on time payments and at lease one or more accounts with $2400. With this in place you can get most anything on credit.
Without a strong credit history it will probably be easier to get the student card although most likely it will have a higher APR and fees. You should base your desicion more on the APR because it can really vary from card to card. If you dont plan on carrying a balance (which is the smartest thing) the APR may not matter as much. Also check if there are annual fees and what happens when you make a late payment. A lot of cards can almost double the interest for one late payment so be cautious! Remember that it’s borrowed money not free money. Once you get some history and keep it in good standing you will be able to get better cards so just keep one or two until then.
Go for the student credit card, since you have no history a regular credit card would most likely be turned down. Also once you have your credit card, use it wisely, do not bring it to the limit, pay on time and more than the minimum, they will most likely increase your limit after 6 months to a year of good payments. this will help get your credit history better. Just remember to use them wisely and keep your balance low.!!!!
Here you can find the best credit card for you with all the details
Student credit card, but use it wisely because Recently I borrow $6000/=from my platinum credit card, I found there is a finance charge $180/= above the 24% interest, it look like loan sharks are more better..
leave credit cards alone - you need to have a steady income from job. If you do want a credit card - get one low interest and a limit that you can pay - I got mine at bank - got a co-signer - my limit is 2,500.00 - because that’s what I can handle paying. Leave it fixed at the amount you can afford to pay. But seriously, I would not get a credit card in college - unless your education is PAID in full!