Credit Cards - For new customers... Suggestions???

[packers11]

I'm 18, and I finally got a job this summer and have a lot of money to spend/save... I put a lot of the money in my saving account in the bank and have an ATM card, but there are some things online I would like to purchase but they mostly require credit cards and it is annoying to go through your parents every time so I was thinking of getting a credit card...

I'm going to college next year, and I think having a credit card could be very helpful...

How do I go along in getting one??? The Bank? Online? I want to make sure I find good rates, and benefits...

I could easily ask my parents about this and i'm sure they will help me, but I want to show them that I can do stuff by myself and don't always need their help...

Suggestions???

[MJZiggy]

There are a ton of student credit cards out there. I would start with the bank that holds your savings account and see what kind of rates they offer and fees they charge. (funny, I just went through this...) Always look at the fees vs. the rewards and if you're ever going to let a balance sit (very bad idea) the interest rate.

These days you can do it all online. Or you can do it the easy way and just order your Packer credit card... :)

[retailguy]

I'm 18, and I finally got a job this summer and have a lot of money to spend/save... I put a lot of the money in my saving account in the bank and have an ATM card, but there are some things online I would like to purchase but they mostly require credit cards and it is annoying to go through your parents every time so I was thinking of getting a credit card...

I'm going to college next year, and I think having a credit card could be very helpful...

How do I go along in getting one??? The Bank? Online? I want to make sure I find good rates, and benefits...

I could easily ask my parents about this and i'm sure they will help me, but I want to show them that I can do stuff by myself and don't always need their help...

Suggestions???


Don't get one, DON'T use one. Get a visa/MC debit card and you can use it anywhere you need to use a credit card. The last thing you need to add to your College experience is $2k in credit card debt, and if you get one, you WILL use it.

Don't believe the BS that you need a solid credit profile to buy a house. Pay your bills on time, get a good job after college and you'll be able to buy a house....

STAY AWAY FROM THE CREDIT CARDS!

[Merlin]

I only say this as a word of advice for you:

Keep going through your parents!

There are an increasing number of college students who max out several cards with high interest rates and only make the minimum payments every month. Normally you wouldn't get a credit card with more the $1000 credit limit at the most given your age, BUT if you have a good paying summer job and are making good money, then they may offer you a higher limit.

I know you aren't my kid but I will tell you what I told mine:

It's your responsibility to pay it off. If you default on it or miss payments, it's your credit rating, not mine. Just because you have money today doesn't mean you will have it tomorrow and it's too easy to whip out the plastic when you are in a bind. NEVER buy anything with a credit card that you do not have the money to pay off each month.

My son doesn't have a credit card, but he doesn't really have a job either so maybe that's why. He can't even manage his checking account without overdrawing it so if you are one of those types, then the credit card companies will want you!

[Partial]

I'm 18, and I finally got a job this summer and have a lot of money to spend/save... I put a lot of the money in my saving account in the bank and have an ATM card, but there are some things online I would like to purchase but they mostly require credit cards and it is annoying to go through your parents every time so I was thinking of getting a credit card...

I'm going to college next year, and I think having a credit card could be very helpful...

How do I go along in getting one??? The Bank? Online? I want to make sure I find good rates, and benefits...

I could easily ask my parents about this and i'm sure they will help me, but I want to show them that I can do stuff by myself and don't always need their help...

Suggestions???


Don't get one, DON'T use one. Get a visa/MC debit card and you can use it anywhere you need to use a credit card. The last thing you need to add to your College experience is $2k in credit card debt, and if you get one, you WILL use it.

Don't believe the BS that you need a solid credit profile to buy a house. Pay your bills on time, get a good job after college and you'll be able to buy a house....

STAY AWAY FROM THE CREDIT CARDS!

I will disagree with RG and say get a student card. Anyone in the US who attends a state university(whitewater, milwaukee, oshkosh, platteville, superior, etc) meets the minimum requirements for a low interest student card. I would set your credit limit at 500, and use it once a week on gas and pay it off every month by mailing in an automatic payment using online banking.

The only reason I have ever missed a payment was while at school my bills went to my house and I forgot to send one in. Now I just have it send in whatever the full balance is automatically every month.

Likewise, I would be smart and put 50% of your paychecks into a seperate bank account and don't touch it. If you don't have to pay for school and are rolling in the dough, save that money and put it into a CD for 5-6 years. Also, consider inquiring about the 401k plan of your company and see how much they will match. If they match 5%, put 5% into their savings program and get more money(they'd be paying you 5% extra for example) while saving more money.

[Tarlam!]

Partial, you're an angel.

Follow RG's advice. NEVER get a credit card. EVER!

[GoPackGo]

Partial, you're an angel.

Follow RG's advice. NEVER get a credit card. EVER!

don't get a card. Live cheap for your college years, graduate without debt, and you will be in control of your financial situation.

[Partial]

Partial, you're an angel.

Follow RG's advice. NEVER get a credit card. EVER!

don't get a card. Live cheap for your college years, graduate without debt, and you will be in control of your financial situation.

I agree with your principle, but I don't think having a card constitutes debt. I think a "I must have it now" attitude generates debt. My best advice is to find a girl who is stingy and live in a very stingy manner yourself. You've got from 30-90 to live extravagantly. Saving money now will make you much more wealthy later on.

[packers11]

thanks everyone for the suggestions so far...

I'm looking into debit cards as some of you suggested...

I know debit cards take money out of your checking account and you have to have the funds to buy it so maybe it is a safer choice for me at this point in time...

But... Are debit cards accepted on a lot of websites???

[MJZiggy]

Debit cards are accepted wherever credit cards are.

[LL2]

I'll agree witht he majority....DON'T GET A CREDIT CARD! Unless you know you are extremely disciplined to pay it off each month. I got myself into CC debt and regretted it. You believe a lie when you say you'll pay it off quickly, but it never happens. Credit cards are evil!!! :evil: :twisted: :evil: :twisted:

[Partial]

Do you guys not use credit cards even now that you have jobs and whatnot? Debit cards don't have any theft protection on them, so I try to keep only 50 dollars in my checking account.

[Zool]

Do you guys not use credit cards even now that you have jobs and whatnot? Debit cards don't have any theft protection on them, so I try to keep only 50 dollars in my checking account.
I dont have any CC's. My debit card has a $500 limit and it does have protection against fraud.

[Partial]

Do you guys not use credit cards even now that you have jobs and whatnot? Debit cards don't have any theft protection on them, so I try to keep only 50 dollars in my checking account.
I dont have any CC's. My debit card has a $500 limit and it does have protection against fraud.

What company provides it? I was under the impression that Visa(at least through the two banks I have debit cards from) carry 50 dollars in protection and that is it.

What if you need to buy something more than 500 dollars?

[GoPackGo]

Do you guys not use credit cards even now that you have jobs and whatnot?

I don't use one unless I have a plan to pay it off and a really good reason to use it. For instance.... I use a Midwest Airlines CC to buy all of my gasoline. I get a frequent flyer mile for every dollar I spend. I have parlayed gas I would have bought anyway into free round trip airline tickets.

[Zool]

Do you guys not use credit cards even now that you have jobs and whatnot? Debit cards don't have any theft protection on them, so I try to keep only 50 dollars in my checking account.
I dont have any CC's. My debit card has a $500 limit and it does have protection against fraud.

What company provides it? I was under the impression that Visa(at least through the two banks I have debit cards from) carry 50 dollars in protection and that is it.

What if you need to buy something more than 500 dollars?Mine has $500 in protection. If I have to buy something over $500 I'll get a money order. There's nothing I really need over that much on a day to day basis.

If I cant pay cash for it, I dont need it.

[Partial]

Do you guys not use credit cards even now that you have jobs and whatnot?

I don't use one unless I have a plan to pay it off and a really good reason to use it. For instance.... I use a Midwest Airlines CC to buy all of my gasoline. I get a frequent flyer mile for every dollar I spend. I have parlayed gas I would have bought anyway into free round trip airline tickets.

I do the same except with a Discover Card because I get 5% cashback. I pay it off every month, though. I don't really think it takes discipline if you set up automatic bill pay and use it as if its cash.

[oregonpackfan]

Keep in mind that Credit Card companies LOVE college students! They know there are college students who will faithfully pay their monthly credit card payments but they are counting on the students who fall behind on their payments!

The Credit Card Companies know that most college students who fall behind on their payments will eventually be financially bailed out by their parents. That way the companies will reap the profits of the high interest rates on the payments the parents provide for their children.

If as a young adult consumer, you wish to "Stick it to the Man", or in this case, the Credict Card Companies, either do not get a credit card or get just 1 card. If you do get a credit card, may sure you spend a planned amount so that you can pay everything off the next month. Do NOT let those interest amounts(or CCC profits) carry over.

Good luck with your decision-making.

[Freak Out]

Be smart.....it is very easy to spend it and tough to pay it back.

[GBRulz]

I look at it from two different views. Back when I was going to school I racked up major CC debt and it took years to pay it off. Lesson learned is that as I got older I learned not to abuse CC's because of how much trouble they got me into.

Knowing what I know now, I would suggest not to get one at your age, but on the other hand you will want to establish credit for yourself.

I use a CC for every purchase made online simply for fraud protection. I used my debit card a few times and one time I had to dispute something through my bank, it literally took months to handle. Then I was deducted $50 for some kind of service fee. Each bank and card is different and I cannot stress enough to read all of the fine print. I would also stay away from cards that follow a universal default clause.

[packinpatland]

We use credit for everything. Pay it off each month. We're the customers they don't like. I can't tell you how many 'miles' we've accumulated and how many trips we've taken doing this.
The trick is...........no balance.

[LL2]

I look at it from two different views. Back when I was going to school I racked up major CC debt and it took years to pay it off.

Is that one of the negatives from living the high life of a partying sorority girl?

[Freak Out]

We use credit for everything. Pay it off each month. We're the customers they don't like. I can't tell you how many 'miles' we've accumulated and how many trips we've taken doing this.
The trick is...........no balance.

I do the same with my Alaska Airlines signature card..between travel and purchases my wife and I have racked up 300,000 plus in the last couple of years but you have to pay it off every month. I think the card has around a 19 percent interest rate. You have to be very careful with credit cards anytime....especially if you do not have the income to back it up. Another thing to remember is that a CC will count as debt...even if the balance is clear just because of the fact that the spending is there if you want it.

[retailguy]

We use credit for everything. Pay it off each month. We're the customers they don't like. I can't tell you how many 'miles' we've accumulated and how many trips we've taken doing this.
The trick is...........no balance.

You are in the 3% of the marketplace that "consistently" pays off their balances and doesn't go into debt.

With odds like that, it is just a matter of time before "life happens". I have DOZEN'S of clients that did as you did, until, a spouse lost their job, they got some unexpected medical debt, a car accident, whatever.... It happens.

It isn't worth the risk. Fly Southwest. Not on miles. :P

Oh, and by the way, they don't "hate" you. They're racking up .35 per transaction and 1.5% of each sale.... They'd rather have 19% over the next 20 years, but, the model works with those puny fees too! :P

[Bretsky]

I'm 18, and I finally got a job this summer and have a lot of money to spend/save... I put a lot of the money in my saving account in the bank and have an ATM card, but there are some things online I would like to purchase but they mostly require credit cards and it is annoying to go through your parents every time so I was thinking of getting a credit card...

I'm going to college next year, and I think having a credit card could be very helpful...

How do I go along in getting one??? The Bank? Online? I want to make sure I find good rates, and benefits...

I could easily ask my parents about this and i'm sure they will help me, but I want to show them that I can do stuff by myself and don't always need their help...

Suggestions???


Don't get one, DON'T use one. Get a visa/MC debit card and you can use it anywhere you need to use a credit card. The last thing you need to add to your College experience is $2k in credit card debt, and if you get one, you WILL use it.

Don't believe the BS that you need a solid credit profile to buy a house. Pay your bills on time, get a good job after college and you'll be able to buy a house....

STAY AWAY FROM THE CREDIT CARDS!


Don't buy the BS that if you have no credit you can easily get a home loan either. Somebody with no credit often ends up on a crappy program with a heightened interest rate. The Mortgage Brokers with all those No Doc Programs would love your advice :wink:

[Charles Woodson]

We use credit for everything. Pay it off each month. We're the customers they don't like. I can't tell you how many 'miles' we've accumulated and how many trips we've taken doing this.
The trick is...........no balance.

Idk about the no balance part but yea my mom does the same thing, we have easily a few million air miles. A few summers ago we used some for a trip to las vegas first class for 6 8-)

[Bretsky]

Do you guys not use credit cards even now that you have jobs and whatnot? Debit cards don't have any theft protection on them, so I try to keep only 50 dollars in my checking account.


I have two credit cards; I pay them off monthly.

I will continue to have them; Discipline is a key.

I'm a glass half full guy when it comes to credit; I don't automatically assume people who get credit cards will get into financial trouble. In fact most of the people I deal with would shred that belief.

[Bretsky]

We use credit for everything. Pay it off each month. We're the customers they don't like. I can't tell you how many 'miles' we've accumulated and how many trips we've taken doing this.
The trick is...........no balance.


:rock:

[packinpatland]

If Southwest would do away with their 'cattle call' boarding, I would fly with them more often.

As far as using a CC for everything, you do have to be disiplined. It is nice to pretty much pay one bill a month.

I've told my daughters that until they're more settled, pay with cash, stay away from cards unless they are debit.

[Freak Out]

No Southwest in AK....Alaska Airlines has the market cornered.....well, the other airlines like the $$$$ they can make here so they don't push it to hard.

[retailguy]

Don't buy the BS that if you have no credit you can easily get a home loan either. Somebody with no credit often ends up on a crappy program with a heightened interest rate. The Mortgage Brokers with all those No Doc Programs would love your advice :wink:


Ever hear of manual underwriting? It is still done, I can get any of my clients financed with 2 years current payment history that can be verified, with a VERY competitive rate. I didn't say NO CREDIT, I said NO CREDIT CARDS. There is a difference!

There are alternatives to the damn FICO score! :wink: