Feb 20

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Best Student Credit Cards with no credit – Choosing and Applying

Best Student Credit Cards with no credit
 A lot of financial websites that profit from credit card sales tout about your first credit card.

“How to get your first credit card?”

“Best Credit cards for no credit.”

“How to chose the best credit card out there?”

Most of these websites are either selling customers to these credit card companies or they profit from you getting that card, which probably puts you on the hook for the next few years… before you realize what a mistake you ended up doing. Trust me, I have been in the same path. That’s why I’m here, trying to help you.
First and foremost, don’t get a credit card. Period. Or even if you get it, as soon as it arrives at your home or dorm, put it in a locker somewhere where you don’t have access every now and then. This serves two purposes. It does help you in building your credit as you would have a card on file. And it still doesn’t put you on the hook because of those tempting purchases you made as you were lured by the available credit. That awesome looking Macbook that your dorm mate bought on credit for a 1000 bucks will eventually cost him way more than that. Just buy what you can afford and pay right then and there out of pocket… not out of credit. If you think about it, for that 1000 -1200 you can get 3 basic laptops … just saying .. don’t call me a grandpa :p

Only read further if you have already made up your mind and are looking for a Student Credit card

With all of the different marketing ploys and gimmicks used by credit card companies it makes it hard for students in choosing the best credit card for college. If you are however a student that is looking to make the choice of which credit card is best for you, making the right choice is incredibly important.  The following are some tips on finding just the right student credit card.
You want to pay close attention to the annual percentage rate, called the APR of the card.  Normally, there is a promotional rate that is designed to entice you. Students or for that matter, everybody should chose the card that has the longest promotional rate.  Look for cards that have 0% interest rates, some card companies will offer this promotion for up to six months. As of February 2011, citi is offering cards with up to 21 months 0% APR for both balance transfers as well as purchases. This can be very beneficial to your goal of limiting costs from carrying balances forward. But, credit card offers like this are very difficult for students to qualify owing to your probably short credit history.
You also want to check and see what your rate will climb to after the opening rate time expires.  In the case of student credit cards this can rise dramatically so you want to get a student credit card whoserate rise is the least.
Almost pay no attention to free gifts and bonuses.  Always remember the old saying that nothing in life is for free.  This cannot be more true when it comes to credit card companies as you will end up paying for all these rewards gifts of bonuses through fees and interest.  Do not pay attention to these offers at all while choosing your student credit card.
Make sure to consider the reputation of the credit card company when you are choosing a student credit card.  If you take an offer from a well known nationally recognized credit card company you’ll find that your credit will establish yourself more rapidly. Currently, Visa, Mastercard are the best companies out there, but Discover is coming out with some compelling offers too these days. I would give preference to the card companies in this order – Visa, Mastercard, Discover, American Express. Keep in mind that Discover is running a 5% cash back promotion currently on certain items and they change these items every three months. If you qualify for that, may be that would get the first preference.
Before you decide to apply for a student credit card make sure you check your credit report first.  You can get a free copy of your credit report once per year. If you want to do so twice within an year, you’ld have to pay to get your credit report.  Go over your credit report thoroughly to make sure that everything is accurate. Don’t just check your personal information. Also make sure any or all the accounts listed in the credit report are yours and there is nothing wrong. Most importantly check your FICO score.
Always be smart with your credit card.  You want to avoid making mistakes with this credit card that will haunt you for years to come.  This will all depend on how seriously you take the responsibility of having a student credit card. Remember that your student credit card is a tool for establishing a good credit report, not to make lavish purchases….. Good Luck and remember us 😀

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