Getting A Student Credit Card

Guest: seltar
Post subject: Getting A Student Credit Card
Posted: Thu Jul 21, 2005 4:51 pm

Hi all,

I found this site a few weeks ago and have perused it at my convenience, and I've really learned a lot about credit. So thanks for that. I've got just a few miscellaneous questions about credit.

For a long while I've wanted to get my first credit card but the time didn't seem appropriate, but now I think it's time. Here's my situation. I'm 19 years old and will be returning to college as a sophomore at the end of next month. As this will be my first card, I don't have any credit history (building a good credit history is the main reason I want a card). I've had a Chase MC since I was 16, which is attached to my parents' account, and I hardly use it. So I know I will be responsible with my own card. I get several "pre-approved" offers each month but I never apply because they require minimum income levels that I don't have. I'll have a job on campus but can realistically only make like $1000 in an academic year (both due to time constraints as well as employment rules by the college).

So I've been looking at student cards. The one featured on cardratings.com (Citi mtvU Platinum select Visa) looks pretty good but so does the Chase Platinum for Students (MasterCard) that someone mentioned in a different thread. I really don't know what's better. Anyone have ideas? Both APR rates look really high (approx. 16%) compared to the offers I am sent in the mail (7.99%, stuff like that). Is that normal?

What is a minimum finance charge on purchases? The Chase MC is a $1.00 charge. Does that mean I pay $1.00 every time I use it?

And finally, how long does it take to get approval? I'd like to time it so that Citi/Chase can offer me a card as I return to campus.

Thanks for any advice you can give!!

---

CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

---

Guest: maddybeagle
Post subject: Getting A Student Credit Card
Posted: Thu Jul 21, 2005 9:13 pm

What is a minimum finance charge on purchases? The Chase MC is a $1.00 charge. Does that mean I pay $1.00 every time I use it?

- no it means when you do carry a balance, the min. finance charge will be 1 buck. This really doesnt mean much except if you have balances for 1 day at the end of a cycle. I only know this because I did a balance offer on a 1.99% card and they charged me the min. finance charge because the interest would have been lower. just another cc game.

I dont know about college students getting cards, a lot of card companies target them as a whole. I est. credit once I was in the work force and had several years before I bought a house (the only real reason you need credit).

Guest: cled
Post subject: Getting A Student Credit Card
Posted: Thu Jul 21, 2005 11:46 pm

- no it means when you do carry a balance, the min. finance charge will be 1 buck. This really doesnt mean much except if you have balances for 1 day at the end of a cycle. I only know this because I did a balance offer on a 1.99% card and they charged me the min. finance charge because the interest would have been lower. just another cc game.

I dont know about college students getting cards, a lot of card companies target them as a whole. I est. credit once I was in the work force and had several years before I bought a house (the only real reason you need credit).

i would suggest first to go and see how your credit report looks(www.myfico.com)-

check to see if everything is correct, scores are good-

if that is the case, you may go ahead applying for new cards-

Guest: seltar
Post subject: Getting A Student Credit Card
Posted: Fri Jul 22, 2005 10:39 am

Can anyone tell if the Chase MasterCard requires a minimum income? For the life of me, I can't find it in their disclosures or FAQ.

The site is http://creditcardsatchase.com/portal/index.jsp?pgTitle=pg_card_features&card=student

Guest: rain
Post subject: Getting A Student Credit Card
Posted: Fri Jul 22, 2005 2:30 pm

Student cards generally don't require any minimum income. I went to that site and didn't see a min. income requirement. If you apply for cc, I find you generally want to look below the summary box for income requirements, but even this requirement is usually so low, everyone qualifies...

Btw as a student, your scholarship counts as income.

Guest: maddybeagle
Post subject: Getting A Student Credit Card
Posted: Fri Jul 22, 2005 10:12 pm

Quote:
i would suggest first to go and see how your credit report looks(www.myfico.com)-

check to see if everything is correct, scores are good-

if that is the case, you may go ahead applying for new cards-


I dont know why you are saying this? if he doenst have any credit history, why would he look up his credit score? - Note that I do know a friend that was able to use good credit through college (and paid off books etc. with).