Looking into first Credit Card

[jeeper07 5,000+ posts]

after looking around more that citi card only had 5% back for 6 months.... i think this card is better for me http://www.discovercard.com/student/?aicmpgn=0801_hmc_cc_stud_img

 

[lilmaniac2 5,000+ posts]

Not quite for "no reason." Since the loans are subsidized, I technically have to pay off less money in 3 years due to inflation. That, and I can use the money that I have right now to make more money via investments. That, and if I ever need to get a new car or incur some major expense, I have money on hand. That and when I do pay it off, my credit score will rise. Taking the loan benefits me.
Also, CC debt is a type of loan. The financing is done differently in that you don't have a set amount you are supposed to pay every month, but it is very similar otherwise.

See your borrowing it to subsidize your investments, which is smart.

Credit Card debt is retarded. Carrying a balance at 20%+ interest rate that accumulates every month is dumb.

So i will reiterate Credit Card debt is alot different than a loan, especially a subsidized one.

 

[Flipx99 5,000+ posts]

yes and no, chad.

Both are technically loans...but you are right how they differ.

 

[SSS 18734 5,000+ posts]

Credit Card debt is retarded. Carrying a balance at 20%+ interest rate that accumulates every month is dumb.

So i will reiterate Credit Card debt is alot different than a loan, especially a subsidized one.

True. Interest rates on credit cards ****, which is why I always pay off the entire balance. I still don't understand why people go into credit card debt just to buy unnecessary items. They're shooting themselves in the foot.

But it is still in its essence just a loan. Just more flexible in terms of repayment, and with sky-high interest rates //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[lilmaniac2 5,000+ posts]

yes and no, chad.
Both are technically loans...but you are right how they differ.

They may be loans, but the manner in which they differ is the reason why one sucks and one makes sense.

 

[cman9012 10+ year member]

after looking around more that citi card only had 5% back for 6 months.... i think this card is better for me http://www.discovercard.com/student/?aicmpgn=0801_hmc_cc_stud_img

I'm thinking about getting this also. It's looks pretty good to me any other input? Also how long does it usually take to get approved and to get the card?

 

[jeeper07 5,000+ posts]

im gettin the citi card. platinum student dividend card

 

[Louisiana_CRX 5,000+ posts]

i just filled out an application and sent it in saying I was pre-qualified...for a new Visa //content.invisioncic.com/y282845/emoticons/veryhappy.gif.fec4fed33b4a1279cf10bdd45a039dae.gif

 

[Lugnutzk 10+ year member]

My first credit card was a Citi student card. It's a good way to get your credit started. Once I got the card and started using it a little bit, I started getting approved for other things.

 

[Rookie_80 10+ year member]

AMEX for students

Citi cards

 

[Proximity 10+ year member]

If you pay off the balance at the end of the month, apr doesn't matter. Mine can be 5,000,000,000,000% for all I care. I care about rewards and grace period. If you plan on carrying a balance, then APR should be a concern.

So if I charge something on the card and pay it off on the next due date, there's no interest on it?

 

[xxBURT0Nxx 10+ year member]

correct... as long as you pay off your cards balance on or before the due date every month you don't pay intrest. Now depending on the card, if you don't pay off the full balance every month you may only pay intrest on the remaining balance (you owe $200 but pay $125 so you only pay intreset on $75 instead of $125,) Others you might pay intrest on the entire balance. Other cards will have maybe a 12 mos. no intrest period, in that period you don't have to pay the entire card off, and you will have no intrest, but after the no intrest period, if you haven't payed off the balance you usually accrue intrest from the original balance each month so it will add up quick.

 

[sneakfreak864 10+ year member]

dont get bank of america, they ****...asss

 

[Proximity 10+ year member]

^ why, that's actually what I was looking at..haha

I don't really give a shit about rewards or anything like that, there's nothing good and if I really wanted something I'd just buy it myself. I just want something to pay for gas that I'll pay off every month.

 

[bk12321 10+ year member]

its a great idea to get a student CC to get ur credit up... after all if you arent paying for ur car in ur name (at your age) u probably dont have any/much credit at all, i cant think of a whole lot else that gives u credit at that age

i dont have one but i intend on getting one sometime, just in case i need to get a house some day lol

i paid for my car in my name tho so my credit is good, but it never hurts to bump it up more