Student Credit Cards

[latkingz781]

Well I think I should get a lap top with a credit card to build credit. I'm not gonna use it for anything else. So I would like some feedback and ideas for the best student credit cards. It would really help if anyone had any experience with this also. Thanks!

[heroincredible]

I suggest going to your bank and talking to them about getting a student credit card. My bank hooked me up with a visa that has a $1000 limit and no yearly fees. Just make sure you pay it off each month.

[mike_v_s]

Originally Posted by latkingz781

Well I think I should get a lap top with a credit card to build credit. I'm not gonna use it for anything else. So I would like some feedback and ideas for the best student credit cards. It would really help if anyone had any experience with this also. Thanks!

Honest opinion that I know will fall of deaf ears: there is no such thing as a good student credit card. Every single student that gets one says the same thing. "I'm only going to buy (books/computer/tuition etc...) with it". Bull.

You're gonna do what you want, but you asked for the opinion.

Mike

[Indiana Mike]

credit cards suck a**

I don't have them anymore .

I have a debit card , that functions as a credit card for rental deposits , hotels etc... , and pay cash for everything except for my house.

No , I am not a Dave Ramsey student.

My income is not constant so I have no guarantee I can pay them off every month . I support five people . I have a fluctuating workload which means my income has extreme highs as well as extreme lows . I don't risk it.

Credit cards , in the USA at least , are designed so you lose unless you play the game with intense precision .


Be careful.

[tplyons]

IF you use it like a debit card, and only spend money you already have, it's a great way to build credit. If you keep track of your spending and be responsible, it's wonderful.

IF you give in to the dark side of credit, buy stuff you don't need and can't afford, it's a great way to ruin your credit.

Four years with the same card here... I've done over $40,000 in purchasing, and have never carried a balance. My credit rating is in the highest tier because of that.

At 21 years old, I have credit card companies throwing themselves at me, being low risk, with rates better than you could imagine. I bought a brand new Harley purely on credit, no down payment, and got the lowest rate and they were willing to lend me up to $18,000, when I asked for $9,000.

Credit is wonderful, IF you play their game. If you don't play by the rules, you lose, and you lose big. If you do play by the rules, the payoff is great.

[UnsungZeros]

Originally Posted by tplyons

IF you use it like a debit card, and only spend money you already have, it's a great way to build credit. If you keep track of your spending and be responsible, it's wonderful.

+1. Credit is great, but don't spend money that you don't have.

[tplyons]

By the way, this is the card I recommend people.

Bank of America® Student Platinum Plus® Visa® Credit Card
http://www3.bankofamerica.com/credit...&router_flag=y

Beware the prime plus 10.99% APR though, that means you're effectively paying 15.99% on everything you don't pay off within a month.

[Bad Brains]

Never get a credit card. Their main goal is to rape you into debt so they make a profit. They don't want to help you, and they aren't your friend.

[latkingz781]

uhh, now I don't know what to do

[Visirale]

Originally Posted by mike_v_s

Honest opinion that I know will fall of deaf ears: there is no such thing as a good student credit card. Every single student that gets one says the same thing. "I'm only going to buy (books/computer/tuition etc...) with it". Bull.

You're gonna do what you want, but you asked for the opinion.

Mike

And I'll disagree. I'm 19 and have had my car for about a year and a half now and I have credit that blows about 70 or 80 percent of the country out of the water.

Just use it like cash. Buy stuff and immediately pay it off. It's easy. If you have no self control, you'll bury yourself. If you are able to control your own spending, you can build your credit up.

And just TRY to buy a house or a car after college with no credit...

[latkingz781]

So if I only get the laptop ONLY. And just pay if off in monthly payments, will I be in the clear? As long as I make good payments each month?

[Visirale]

Originally Posted by latkingz781

So if I only get the laptop ONLY. And just pay if off in monthly payments, will I be in the clear? As long as I make good payments each month?

It's better to pay it off in full right after you get it.

[Bad Brains]

Originally Posted by Visirale

Just use it like cash.

Hahahah.

I bet the millions of people in credit card debt were intending to do the same, ehh?

[Visirale]

Originally Posted by Bad Brains

Hahahah.

I bet the millions of people in credit card debt were intending to do the same, ehh?

Probably. But they lacked the fundamental responsibility needed to have one. Most of the population lacks self control and continually dig themselves deeper into debt, while others keep on adding to their net worth by spending wisely and responsibly.

[Bad Brains]

Originally Posted by Visirale

Probably. But they lacked the fundamental responsibility needed to have one. Most of the population lacks self control and continually dig themselves deeper into debt, while others keep on adding to their net worth by spending wisely and responsibly.

Exactly my point.

The credit card companies know this fact as well, and their goal is to make a profit off morons who lack self control. That's where they make their money. I tell people to do themselves a favor and not get one.

[tplyons]

Originally Posted by Bad Brains

Never get a credit card. Their main goal is to rape you into debt so they make a profit. They don't want to help you, and they aren't your friend.

It's a business. They make money off of you if you don't pay it off. If you do pay it off, they keep tempting you. It's a matter of self control.

Originally Posted by latkingz781

uhh, now I don't know what to do

Start off with a card with a low credit limit, say $1000 to $1500. Pay it off every month and don't give into temptation.

Originally Posted by Visirale

And I'll disagree. I'm 19 and have had my car for about a year and a half now and I have credit that blows about 70 or 80 percent of the country out of the water.

Just use it like cash. Buy stuff and immediately pay it off. It's easy. If you have no self control, you'll bury yourself. If you are able to control your own spending, you can build your credit up.

And just TRY to buy a house or a car after college with no credit...

Words from a smart man/kid. Four years with one card, never carried a balance. My credit will blow almost anyone out of the water. I'll have no problem buying a brand new car on credit when I graduate college in a year.

Originally Posted by latkingz781

So if I only get the laptop ONLY. And just pay if off in monthly payments, will I be in the clear? As long as I make good payments each month?

If you pay it off in monthly payments, you will be fine, as long as you make at least the minimum, it won't hurt your credit. But here's the caveat... this is where credit cards make their money.

For example: If your credit card has a 19% interest rate and you charge an $1100 computer, and only pay $100 a month, you'll be adding about 1.5% interest on every month. That $1100 computer is going to cost you $1197 and change, and will take 12 months to pay off at the rate of $100 a month. That's an extra $97 you're paying for that laptop, and that's WITHOUT buying anything else.

It may not seem like a lot, but you're also not adding anything to the card. Add in a video game in there, you'll be paying that off a while. This is how people get in credit card debt. Avoid this at all costs.

I couldn't find my financial calculator so my numbers are a little rough.

Originally Posted by Visirale

It's better to pay it off in full right after you get it.

Couldn't have said it better myself.

Originally Posted by Bad Brains

Hahahah.

I bet the millions of people in credit card debt were intending to do the same, ehh?

Buying on credit is tempting, but self control is a wonderful thing. Too many people get caught up in having to have the latest fads and whatnot. Once you get over temptation, credit cards are safe as can be.

Originally Posted by Bad Brains

Exactly my point.

The credit card companies know this fact as well, and their goal is to make a profit off morons who lack self control. That's where they make their money. I tell people to do themselves a favor and not get one.

You're doing nobody a favor by recommend they never build up their credit. Good luck buying a house without credit. Yes, they make a huge profit on morons that lack self control, so here's the lesson:

DON'T BE A MORON WHO LACKS SELF CONTROL.

I recommend everyone get a credit card, my friends who don't understand credit, I'll go over it with a fine-toothed comb the dangers of being a moron. I'll make up all kinds of Excel spreadsheets to explain how paying something off over time will slowly kill you. Interest builds on itself, and if you can avoid interest the first time around, you're set.

Let me reiterate: DON'T BE A MORON WHO LACKS SELF CONTROL.

And another word of advice: Know where every dollar you own is at any given point in time. I use Quicken to keep track of every dollar in cent in any of my accounts, every dollar I owe to a credit card, etc. I could tell you exactly who I owe how much at any point in my life by looking at my Quicken. This is how I have managed to pay not a single cent to a credit card company.

latkingz781, if you need any help, let me know. I'd be more than happy to explain the advantages and disadvantages of buying on credit. I've done quite a fair share of buying with one and could give you all the advice you want.

[latkingz781]

Originally Posted by tplyons

It's a business. They make money off of you if you don't pay it off. If you do pay it off, they keep tempting you. It's a matter of self control.


Start off with a card with a low credit limit, say $1000 to $1500. Pay it off every month and don't give into temptation.


Words from a smart man/kid. Four years with one card, never carried a balance. My credit will blow almost anyone out of the water. I'll have no problem buying a brand new car on credit when I graduate college in a year.


If you pay it off in monthly payments, you will be fine, as long as you make at least the minimum, it won't hurt your credit. But here's the caveat... this is where credit cards make their money.

For example: If your credit card has a 19% interest rate and you charge an $1100 computer, and only pay $100 a month, you'll be adding about 1.5% interest on every month. That $1100 computer is going to cost you $1197 and change, and will take 12 months to pay off at the rate of $100 a month. That's an extra $97 you're paying for that laptop, and that's WITHOUT buying anything else.

It may not seem like a lot, but you're also not adding anything to the card. Add in a video game in there, you'll be paying that off a while. This is how people get in credit card debt. Avoid this at all costs.

I couldn't find my financial calculator so my numbers are a little rough.


Couldn't have said it better myself.


Buying on credit is tempting, but self control is a wonderful thing. Too many people get caught up in having to have the latest fads and whatnot. Once you get over temptation, credit cards are safe as can be.


You're doing nobody a favor by recommend they never build up their credit. Good luck buying a house without credit. Yes, they make a huge profit on morons that lack self control, so here's the lesson:

DON'T BE A MORON WHO LACKS SELF CONTROL.

I recommend everyone get a credit card, my friends who don't understand credit, I'll go over it with a fine-toothed comb the dangers of being a moron. I'll make up all kinds of Excel spreadsheets to explain how paying something off over time will slowly kill you. Interest builds on itself, and if you can avoid interest the first time around, you're set.

Let me reiterate: DON'T BE A MORON WHO LACKS SELF CONTROL.

And another word of advice: Know where every dollar you own is at any given point in time. I use Quicken to keep track of every dollar in cent in any of my accounts, every dollar I owe to a credit card, etc. I could tell you exactly who I owe how much at any point in my life by looking at my Quicken. This is how I have managed to pay not a single cent to a credit card company.

latkingz781, if you need any help, let me know. I'd be more than happy to explain the advantages and disadvantages of buying on credit. I've done quite a fair share of buying with one and could give you all the advice you want.

People like you should be life teachers
+1

[Bad Brains]

Originally Posted by tplyons

You're doing nobody a favor by recommend they never build up their credit. Good luck buying a house without credit. Yes, they make a huge profit on morons that lack self control, so here's the lesson:

Well over here in these parts, we have a foreclosure crises. Why are so many people's houses being foreclosed on? Didn't their "credit" do them any good? Why did they attempt to "buy" something they couldn't afford? So many questions.....

[Bad Brains]

Originally Posted by tplyons

Let me reiterate: DON'T BE A MORON WHO LACKS SELF CONTROL.

And I completely agree.

However the large amount of people buying crap they can't afford with "credit" don't see the picture.

The idea and concept is rather simple and effective if used properly, the only bad part is most people don't. On the flip side, I can't blame the credit card companies getting rich off dumb people. Might as well take advantage of them.

[i_got_a_mohawk]

I have a great student account, I dont need a credit card, tho I see the sense in using one to get a credit scoring.

I've got a £3,000 overdraft limit that is 0%, only get charged if I go over £3,000 (which I have never even gone near to going over!)