One of the hardest things about getting a credit card may not be your credit history, but finding your first credit card. Just like with anything else, the first time you do it, you'll be a beginner. Credit cards are no different.
If you are a college student, you might have an easier time getting a credit card. This will give you an edge because all of the big credit card companies, like VISA and MasterCard, offer credit cards just for students. If you're not a student, it will be harder for you to find the card you want.
When you apply for a credit card for college students, you'll want to make sure you've already applied to the school you want to attend. This is important because credit companies will want to know specifics about your college. Almost no one will be able to fake your information because every company will check it out if they think fraud is going on.
Almost every credit card you'll look at will give you something in return. You should ask yourself a few questions before you apply. You should figure out which rewards will help you the most. If you never take an aeroplane, a reward card from an airline won't help you at all. If you drive a lot, a card that helps you save on gas will be helpful.
The rewards on credit cards made for college students are really good. A lot of them range from getting cash back on your purchases to getting bonus points every time you spend a dollar. You might also find that some cards don't give you any rewards at all. Even if you don't think the rewards will help you, you should still apply for one because most of the time, these points will never expire.
When you apply for your first credit card, you'll find that the APR is very high. Rates like these can sometimes be as high as 20% to 30%. This is because the companies don't know anything about you. Just to make it clear. If you gave money to a stranger instead of a long-time friend, you would feel a lot less comfortable. The same goes for the credit card companies. Just remember that you won't have to pay the finance charges if you pay off your bill on time and in full.
Another thing you should write down is that as a student, a credit card company won't give you a high credit limit. Your limit will be anywhere from $500 to $1,000. Again, this is because you're new to the game and have to earn the companies' trust. Once you show that you can be trusted, your credit score and credit limit will go up.
When looking for your first credit card, you need to remember that you are the only one who can keep you from going into debt. When you use your credit card, you will have to be very responsible, because most companies will give you more money than you can handle, hoping you won't be able to pay it back. This is how they make money, of course. If you're a responsible person going to college, you should look into getting a credit card for college students.
