I'm trying to build my credit. I recently turned 18 and I want to apply for a reliable, low-interest rate credit card. Which one would you recommend from experience?|||I work in the credit card industry manually reviewing reports to either approve or deny credit to people that apply, so I would have firsthand knowledge of what you're looking for.
The ideal card would be one with NO annual fee, a 0% introductory and low (10.99%/max) APR, benefits program, and high starting credit limit. If you don't have much of a credit history, it will be much harder to try to get cards like this. What I would suggest would be to check where you do your banking to see if they offer what's called a "secured" credit card. These work pretty much the same as a regular card only that a security deposit which is used as collateral is placed upfront to determine the credit limit. For example, if you deposit $300, then you could purchase up to $300, and pay back $300. The deposit is used for collateral only when the account is sent to collections, but if you pay on time, usually after a year it's given back to you. 2 main benefits to secured cards is that it give you more control over the credit limit by adding to the deposit, and the deposit is sometimes linked to a savings account, which earns interest while you're building credit, so it's just not sitting there. The more you add to the deposit, the higher the limit, the better your score will get becuase 30% of your score counts on how much credit you have to what you're using. 2 more benefits from secured cards is that by you putting up the deposit with your own money, it makes you more disciplined in managing the card, especially since the deposit would be at stake, and it also helps to start up an emergency fund when you get the deposit back later on.
I also want you to be aware of some cards out there that target people that have trouble getting approved for credit, or trying to rebuild their credit. These cards are easy to get, but they're loaded with hidden fees that are charged which reduce your available credit and leave you with a bill to pay before you even get the card in the mail. Tribute, First Premier, and New Millenium are prime examples of this.
I posted several links to some secured card companies that I think would work out ok.
good luck!|||Forget Capital One, the way that they report will NOT help build a credit rating because every time you use it it appears as if you have it maxxed out. At least on their opener account with a limit of like 300 they do NOT report your credit limit and in not doing so it appears maxxed out.
DO NOT go wild applying for CC's or your score will suffer also.
In dealing with people with credit issues I have seen that Orchard is a pretty good choice. With no negative credit you should be able to get it without all the application and monthly fees usually associated with such cards and only end up with an annual fee of around 40 dollars. The interest is high but you do not care because you WILL be paying it off EVERY SINGLE MONTH and on time.|||i feel that being a youngster, we should try to avoid using credit card...especially at a very young age...you will tend to loose a lot of money in the future...did you know that for every one ringgit you spend, you are paying double amount of interest..i know its a joy to use credit card but remember that they are the main contributor to the national bankruptcy rate..i am not telling you not to take it, but think wisely k...|||It really depends on you as an individual. What card is right for one person may not be right for another.
I would go to a reliable site like http://www.rightcharge.org where you can compare several cards. Plus they have an online secure application process and are really easy to work with.|||This is an easy one. Since you don't have any credit you are considered to have "bad credit." Goto this website and apply for the New Millennium Bank Platinum VISA card. They don't check your credit history and you will be approved no matter your score anyways. You'll want to do this instead of applying for another card and then being turned down because this can actually hurt your credit score!
Check it out - The New Millennium Bank Platinum VISA Credit Card. It's the second one on the page.|||capital one sent me one when I turned 18 with no problem, but I think they have a high interest. That is usually the case when you are jsut starting out. Then as you build your credit, you'll get offers for cards with higher limits, benefits, and lower interest rates. Never get a card that requires you to pay a membership rate or anything like that.
I don't use credit cards though. Be careful. You don't want to get yourself in debt so early.
Edit: J W is absolutely right. That's actually exactly what I did. I know my credit card rate was ridiculous, but I only used it to pay bills and then I paid it off at the end of the month. I built up my credit this way and it does have some benifits. Some examples from my experience: no deposit on some utilities, cell phone, and even apartment. I get sent cards all the time and I sign up just for a bonus they give me. I have a card now that I get 5% back on all my purchases. Just be smart. I don't pay ANY interest. Young people tend to treat credit cards as gift cards. This money ads up and you will have to pay it back.
Also, if you find that you are not getting approved for visa/mc, you can always try a store card like Victoria's Secret and Macy's. These are pretty easy to get.|||Capital One with rewards and point.
http://bestcreditcardratings.com/no-cred鈥?/a>
or you can apply for a student credit card
http://bestcreditcardratings.com/student鈥?/a>|||I have a finance degree, I've worked for banks, mortgage companies, credit companies, and now I own a successful CPA business. You are SMART to get a credit card. Go on line find a visa or MasterCard for students...don't worry about the interest rate at all. What you do is only charge what you could pay for in cash on the card and then each month pay it all the way off....that way you are charged no interest and you build your credit. Listen to me credit is one of the most important things in your life and it take a very long time to build and a short time to ruin. With good credit you will be able to get a better car/house and save yourself much money/time/headache. If I was told this at your age I'd be twice as well off as I em now.
All the luck to you...let me know if you have questions|||When I was "getting started" I didn't have a credit rating (obviously) and some credit card companies would not give me a card.... so.... I searched around and got a Sears C.C..... bought a couple of things... paid the card off at the end of each month... That "credit rating" enabled me to then get a gas C.C.... I used that card and paid it off each month. That enabled me to get a Visa.... and so on. The trick to having a good credit rating is to pay off your credit cards each month. That means you need to limit your spending to essentials so you are sure you will have a zero balance at the end of the month. You accrue no interest payments that way too... All in all a good habit .|||Citi庐 Bronze庐/AAdvantage庐 MasterCard庐is by far the most widely used card. It is essential for regular travelers with average credit. Its reward program gives you an additional mile per $2 spent on the card. You can collect up to 25,000 miles annually, and can be redeemed for flights on partner airlines, hotel accommodations throughout the world, and car rentals. Additional benefits are: zero liability for unauthorized transactions, travel accident insurance and various Internet account associated services. The card does not charge any annual fee. But the drawback is the minimum APR cap for cash advances, set at 19.99%.
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