What CC is for me?

Veelyn · Jun 12th, 2008, 02:14 PM

I was hoping you all could give me some opinions on which CC is/would be good for me. [Or which CC you really like/dislike]

About me: I've been holding off on getting a CC for as long as I can since my parents are in debt [for a large amount of $, so I've never really looked into getting one bc of this reason], but I figure since I am going back to school soon, I will need one, plus I want to build my credit. I'm soon to be 19 with a full time job. I currently make approximately $1,000.00 a month. I also have a car payment I make every month in the amount of $275.00. Other than that, I have no debt or other payments. [But since I live at home still, I usually give my mom $100/month]

I've heard about the cards that give you cash back or rewards, but know nothing about them and I don't know if I even really need that? And there are so many kinds I don't know where to start.

TIA for anyone who has any advice.

kbell · Jun 12th, 2008, 02:37 PM

I would go with the lowest interest rate card. Some of those rewards cards have higher interest which to me isn't worth it. If you don't have any established credit you may not have that much of a choice. Also - being a student with limited income, I'd request a very low limit so you don't ever get yourself in too deep.

Veelyn · Jun 12th, 2008, 03:06 PM

Thanks Kbell!

jixiang · Jun 12th, 2008, 10:51 PM

Hm, if you're in a larger school, they might have credit unions associated with the schools that offer credit cards? I went to Purdue, and their credit union there gave me a low-limit credit card (I think $1000?) and had a lot of nice services for free (overdraft protection, no monthly fee, etc). Unfortunately, they didn't have rewards. It wasn't my first card, but I think it would have been a great starter card (the low-limit guaranteed that I wouldn't spend too much and that I could pay it off every month).

If you make sure to pay it off every month on time, the interest rate shouldn't really matter, but I've never had experiences with that :-/

Now, we use Chase Freedom Rewards Visa. They give you 3% back on something like, the top 3 categories of purchase? Like, if I spend the most on groceries, department stores, and electronics one month, I'll get 3% back on those purchases. They also have a nice system where you get "points" instead of money, and you can exchange 200 points for a $250 check from them.

Veelyn · Jun 13th, 2008, 12:47 PM

Thanks for the info jixiang!

juneping · Jun 24th, 2008, 03:22 PM

get amex...it's very good buyers protection plan and reward program is pretty good too. it's hard for some to get approved but i had no problem.
it doesn't seem matter to you now but once you buy something it's defected and the store won't take it back?!...then it becomes your life saver...well for my case.

blessedb318 · Jun 24th, 2008, 07:28 PM

If you don't plan to carry a balance, I'd say go for a rewards card. That way, regardless of what the interest rate is, it won't cancel out the benefits of the card.

akemibabe · Jun 24th, 2008, 09:07 PM

go to Bankrate.com they have lists of various credit cards out there and all the rewards it offers and interest rate. You can just get on the website and look through the list then select the one that best meet your needs.

Lanier · Jun 24th, 2008, 10:57 PM

Quote:

Originally Posted by juneping

get amex...it's very good buyers protection plan and reward program is pretty good too. it's hard for some to get approved but i had no problem.
it doesn't seem matter to you now but once you buy something it's defected and the store won't take it back?!...then it becomes your life saver...well for my case.

I agree - I love my AMEX Blue card

Veelyn · Jun 25th, 2008, 10:22 AM

Quote:

Originally Posted by akemibabe

go to Bankrate.com they have lists of various credit cards out there and all the rewards it offers and interest rate. You can just get on the website and look through the list then select the one that best meet your needs.

Thanks. I'll go look at that!

CivicGirl · Jun 25th, 2008, 10:47 AM

If you have no credit history, it's going to be hard for you to get approved for a great rewards card or AMEX. I had my first credit card in college through my bank, Wachovia, which had no rewards. As I built up my credit history, I moved on to AMEX Blue Rewards and Chase Freedom Cash. They're both very good cards with good reward programs. My bf has no credit history and he was rejected from one of the top cards the other day lol. He then showed me this site (check "limited history") and I believe he applied for the Capital One Standard Premium card and was approved!

Personally I think if you plan on paying off your balance every month, you shouldn't worry about credit cards' APR when doing comparisons. Also, it's advised that you use a low percentage of your allowable limit (I believe under 10%) -- meaning, if your max limit is $5000, you shouldn't spend more than $500 per month, because this helps with your credit rating.

I hope that helps some!

pinkdiamond · Jun 25th, 2008, 12:07 PM

just put your petrol on it and pay it off in full every month. that will help you build up a good credit score for the future. if you only use it for that one, necessary expense you will be more disciplined.

Veelyn · Jun 27th, 2008, 11:21 AM

Thanks ladies!

Jun 12th, 2008, 02:14 PM	#1
Veelyn Its Not That Serious Joined: Oct 2007 Location: You can find me in the CELEB section or in RAOKville! Posts: 5,124	I was hoping you all could give me some opinions on which CC is/would be good for me. [Or which CC you really like/dislike] About me: I've been holding off on getting a CC for as long as I can since my parents are in debt [for a large amount of $, so I've never really looked into getting one bc of this reason], but I figure since I am going back to school soon, I will need one, plus I want to build my credit. I'm soon to be 19 with a full time job. I currently make approximately $1,000.00 a month. I also have a car payment I make every month in the amount of $275.00. Other than that, I have no debt or other payments. [But since I live at home still, I usually give my mom $100/month] I've heard about the cards that give you cash back or rewards, but know nothing about them and I don't know if I even really need that? And there are so many kinds I don't know where to start. TIA for anyone who has any advice. __________________ Saving up for Chanel!

Jun 12th, 2008, 02:37 PM	#2
kbell Member Joined: Aug 2007 Location: MA Posts: 1,933	I would go with the lowest interest rate card. Some of those rewards cards have higher interest which to me isn't worth it. If you don't have any established credit you may not have that much of a choice. Also - being a student with limited income, I'd request a very low limit so you don't ever get yourself in too deep. __________________ Is it football season yet? All out ban in progress

Jun 12th, 2008, 03:06 PM	#3
Veelyn Its Not That Serious Joined: Oct 2007 Location: You can find me in the CELEB section or in RAOKville! Posts: 5,124	Thanks Kbell! __________________ Saving up for Chanel!

Jun 13th, 2008, 12:47 PM	#5
Veelyn Its Not That Serious Joined: Oct 2007 Location: You can find me in the CELEB section or in RAOKville! Posts: 5,124	Thanks for the info jixiang! __________________ Saving up for Chanel!

Jun 24th, 2008, 03:22 PM	#6
juneping couch potato-ing Joined: Jun 2007 Location: NYC Posts: 1,562	get amex...it's very good buyers protection plan and reward program is pretty good too. it's hard for some to get approved but i had no problem. it doesn't seem matter to you now but once you buy something it's defected and the store won't take it back?!...then it becomes your life saver...well for my case. __________________ wish list: purse ban until the cc is paid off

Jun 12th, 2008, 10:51 PM	#4
jixiang Member Joined: Mar 2008 Posts: 72	Hm, if you're in a larger school, they might have credit unions associated with the schools that offer credit cards? I went to Purdue, and their credit union there gave me a low-limit credit card (I think $1000?) and had a lot of nice services for free (overdraft protection, no monthly fee, etc). Unfortunately, they didn't have rewards. It wasn't my first card, but I think it would have been a great starter card (the low-limit guaranteed that I wouldn't spend too much and that I could pay it off every month). If you make sure to pay it off every month on time, the interest rate shouldn't really matter, but I've never had experiences with that :-/ Now, we use Chase Freedom Rewards Visa. They give you 3% back on something like, the top 3 categories of purchase? Like, if I spend the most on groceries, department stores, and electronics one month, I'll get 3% back on those purchases. They also have a nice system where you get "points" instead of money, and you can exchange 200 points for a $250 check from them.

Jun 24th, 2008, 07:28 PM	#7
blessedb318 Member Joined: Mar 2008 Posts: 23	If you don't plan to carry a balance, I'd say go for a rewards card. That way, regardless of what the interest rate is, it won't cancel out the benefits of the card.

Jun 24th, 2008, 09:07 PM	#8
akemibabe As You Wish Joined: Sep 2007 Posts: 1,086	go to Bankrate.com they have lists of various credit cards out there and all the rewards it offers and interest rate. You can just get on the website and look through the list then select the one that best meet your needs. __________________ Want:

Jun 25th, 2008, 10:47 AM	#11
CivicGirl wahoowa Joined: Feb 2008 Posts: 150	If you have no credit history, it's going to be hard for you to get approved for a great rewards card or AMEX. I had my first credit card in college through my bank, Wachovia, which had no rewards. As I built up my credit history, I moved on to AMEX Blue Rewards and Chase Freedom Cash. They're both very good cards with good reward programs. My bf has no credit history and he was rejected from one of the top cards the other day lol. He then showed me this site (check "limited history") and I believe he applied for the Capital One Standard Premium card and was approved! Personally I think if you plan on paying off your balance every month, you shouldn't worry about credit cards' APR when doing comparisons. Also, it's advised that you use a low percentage of your allowable limit (I believe under 10%) -- meaning, if your max limit is $5000, you shouldn't spend more than $500 per month, because this helps with your credit rating. I hope that helps some!

Jun 25th, 2008, 12:07 PM	#12
pinkdiamond Member Joined: May 2007 Location: london!!! Posts: 254	just put your petrol on it and pay it off in full every month. that will help you build up a good credit score for the future. if you only use it for that one, necessary expense you will be more disciplined.

Jun 27th, 2008, 11:21 AM	#13
Veelyn Its Not That Serious Joined: Oct 2007 Location: You can find me in the CELEB section or in RAOKville! Posts: 5,124	Thanks ladies! __________________ Saving up for Chanel!