To all the YF&Bers

[azurite]

Attention all college-age students, former students, and... young, fabulous, and broke people! (At least 18 or older)

What's your favorite credit card?
I'm 22 now, and I've yet to have a "real" credit card. My credit is already partially established by my student loans, my open bank accounts (including PayPal), and my contracts with T-Mobile and similar organizations. But it's not fantastic, and it's looking more like I'll need a credit card if I want to have my dream summer and travel around and see my friends.

I checked out BankRate.com and checked out some cards with low, fixed-rate APRs (the lowest was from Sovereign Bank, at 9.7 or so), low intro APRs, good rewards programs, etc... but I'm still not sure. What is your experience with credit cards?

I was contemplating the Citi mtvU Visa, which rewards students for a good GPA, paying off more than the minimum amount and regularly, and not having debt at the end of the year. Sounds pretty good to me. The new AmEx Clear sounded good too --no fees-- except the APR after the intro period is variable and can jump as high as 35%! So despite AmEx coming highly recommended for international use and protection, I don't know if I'd want it now. Besides, AmEx Blue for Students is supposed to be better for students. That's got the same variable interest rate, and my grandpa says banks are a better choice than credit card agencies.

What's your take?

Comments

[guardian-kysra.livejournal.com]

I've never had a credit card either. And - God willing - I will never have one. I owe enough to too many people to do the whole credit card debt deally bob. I agree with your grand-father banks are better to go through -- or just use your check/debit card.

HOWEVER, if you're dead set on doing the CC thing -- my dad always told me to go for an American Express card.

[tiamatv.livejournal.com]

(I realise that you have no idea who I am; I found your journal when I was scouring LJ for Full Metal Panic fic. ^^ Belated happy birthday, by the way!)

I got my first credit card when I was 23, for the sole purpose of establishing credit, so I sympathise. ^^; I got mine from a bank I've been with for years, though. The fees on AmEx, as you've noticed, can get a bit crazy.

Are you planning to use yours for large purchases over the summer, or for building your credit? Especially if you've never had a credit card before, you may have some trouble getting a credit limit high enough for the former...

[azurite]

Hello, and thank you!
I'm sort of torn between how I'm planning on using it initially; this summer I'd like to travel around the US and visit some friends, and I'm afraid my current financial situation wouldn't support that. But I don't want to be paying things back for infinity, since a) I have problems budgeting as it is and b) I already have student loans, so it might just be better to get something with a limit that can help me build credit.

[praiseofshadows.livejournal.com]

I think it's always good to have two credit cards: an American Express and then either a Visa or a MasterCard (for places that don't take AmericanExpress XD). Because AmericanExpress is the card you use when you know you'll have the money to pay off whatever you're purchasing by the end of the month, and Visa/MasterCard is what you use when you may or may not have the money to pay it off.

About what bank it's from -- I wouldn't worry too much; banks are forever selling your card to somebody else. I can't remember who my Visa was through originally, but now it's with CapitalOne. And it's best to keep the same Visa / Mastercard rather than transfering to another -- just because so long as your credit rating stays high your limit will go up. Seriously, I started out with $2500 on my Visa and now five years later, I've got $10000 (not that I'd like ever use the limit, but I like knowing if I really need it, I'll have the funds XD)

Hmm...anything else...it's always best to pay it off as soon as you can. I always try and pay off all my cards at the end of the month or at least pay most of it off. And if I absolutely can't pay them all off, I usually then just make the minimum on store cards and pay off the Visa.

So yeah...that's my incredibly inane comment on the world of credit cards XD

[schmollieollie.livejournal.com]

Howdy!
Your grandpa is right. They say it's better to go thru banks than thru the agencies because of fees. I"m actually in the same boat as you right now; I want to get one to establish some credit and raise my credit score. Keep me updated on this issue.

What else is crackin'? I Miss you!

[cutieme4u.livejournal.com]

I agree with your grandpa too. I've always been a fan of MasterCard, which since Wamu switched to using them, I currently have, but I have a friend who has AmEx (not sure if it's the student one) and he loves it. He recommends it to everyone he knows and I trust his opinion so I think highly of that one too.

[schmollieollie.livejournal.com]

Correct me if I"m wrong but it seems as if a lot of places don't take American Express?

[janimelee.livejournal.com]

Capital One Visa. The interest rate is a little high but you have an entire month to pay it off, and no yearly fee.

Ex. What you buy during the month of April, you have to pay the bill by June 1st.

[tresbon.livejournal.com]

Hey, I googled NSCS summit 2007 and your journal came up!

Are you still going? I definitely am and maybe I will see you there!

Tuyet (Kennesaw State in GA)

[azurite]

I certainly hope I'm going! My chapter and I are still working out the logistics of getting there, but beyond that, I'm really looking forward to going! See you there!