first time credit card?

Discussion in 'Teacher Time Out' started by silverspoon65, Oct 18, 2011.

  1. silverspoon65

    silverspoon65 Enthusiast

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    Oct 18, 2011

    My sister is looking into getting a credit card. This will be her first one, but she has decent credit because of her car loans.

    I have always gotten cards through my union or some other organization - if you don't have anything like that, which bank would be the best place to get a credit card through?
     
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  3. JustMe

    JustMe Virtuoso

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    Oct 18, 2011

    All I know is that I have one regular credit card. I got it when I was eighteen in college. It was a Verizon Visa card which changed to an American Express card a few years ago. I was a little annoyed because several places around here (small stores) don't accept Amex. I didn't want to cancel, though, in order to maintain the long-standing account for my credit score. I do earn points and cash those in for goodies. :)

    ETA: Through Citi.
     
  4. Chrissteeena

    Chrissteeena Companion

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    Oct 18, 2011

    I have a citi credit card that is my -major- card with the biggest limit (I had gotten it while a college student- they started me with a $500 limit and it soon ended up at $10,800). I also have a capital one, chase and bank of america credit card. I do, however, like my Chase Slate card the best.
     
  5. Ima Teacher

    Ima Teacher Maven

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    Oct 18, 2011

    I have two cards with Chase, which is also my bank. One is a Freedom card, which gives reward points I trade in for gift cards. One is an Amazon.com card that earns Amazon rewards or other rewards if I choose.

    Discover Card is a great "starter" card, too. American Express is good to start with a small credit line and increase as you prove to be responsible with it, but not a lot of places take it.
     
  6. BettyRubble

    BettyRubble Rookie

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    Oct 19, 2011

    My first was a student Visa Card I got through my credit union. Very low interest and I started with a $500 limit and increased to $1000 and eventually $2000 after I graduated. I didn't want anything higher than that as I wasn't exactly rolling in the dough. ;)

    I still have that one and I recently opened an Amazon Visa after our USAA cards stopped doing points rewards. I do all kinds of shopping on Amazon, including buying diapers and wipes, so I figured I'd at least use the points that way.
     
  7. amakaye

    amakaye Enthusiast

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    Oct 19, 2011

    I got a student Visa through my bank when I started college. Does she have any accounts at a bank? Sometimes you can get better rates/no fees, etc. if you go through them.
     
  8. Peachyness

    Peachyness Virtuoso

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    I have an Old Navy Visa card that I use for everything. I love it because eventually I rack up enough points and receive an Old Navy gift card.
     
  9. PCdiva

    PCdiva Connoisseur

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    Oct 19, 2011

    No matter what card she gets, make sure she knows to pay off the balance in full each month!

    Check to see what card is going to give the best offer for opening...usually citi bank will have bonus points for signing up that are equal to $50 or $100, chase is usually like $25- I have the Amazon.com one since I get 3% back on all Amazon purchases.
     
  10. Unbeknownst

    Unbeknownst Cohort

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    Oct 19, 2011

    I know I'll get yelled at for this ... but the Best Card is No Card.

    The habits you develop WITHOUT having a card is going to far exceed any of the "benefits" of a credit card (leveraging higher purchases with 0% financing, getting rewards and cash back, paying for "emergencies," building up credit, etc.).

    I've never used a credit card in my life, and I have 800+ credit rating and just qualified for a 3.5%, 15-year mortgage (the best rate our credit union offers).

    I'd tell your sister to do herself a favor and start learning the intricacies of cash-flow.


    .... Proceed with the yelling, I've heard it all before :)
     
  11. JustMe

    JustMe Virtuoso

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    Yell? No way. Whatever floats everyone's boat. :) My credit card has caused me no problems whatsoever and in fact only provides perks. But then, I'm responsible and financially healthy (thankfully).
     
  12. Miss.W

    Miss.W Companion

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    Oct 19, 2011

    Just wanted to mention, that you can have credit cards and still get good rates. I have credit cards, paid them all off, except 1 has a balance of a few thousand dollars. My credit score is around 750 and I just locked in my mortgage with a 3.25% rate. It is all about being responsible.

    I love my Barnes & Noble Mastercard and I earn points towards gift cards. Also I get a percentage credited back to my account if I used my B&N credit card for a B&N purchase.
     
  13. Ms. I

    Ms. I Maven

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    Oct 28, 2011

    I remember when I was 18, my mom was telling me to apply for every kind of card there was out there...I still don't know why she did that. She knew I was responsible to not max them out.

    Yes, of course look for the lowest intrest rate & if they give points for spending so you get something out of it, that's great. I used to love my Nordstrom Platinum Visa which gave you a $20 gift certificate for every $2000 you spent, which I know isn't great, but if you like Nordstrom, it's better than a kick in the shins.

    Nowadays, Nordstrom (just like Target) has their own debit card which gives you points/discount & the amount is directly debitted from your checking account, so it's not a credit card at all, but has the same benefits. Does anyone know what other stores have these new kind of debit cards?
     
  14. Irishdave

    Irishdave Enthusiast

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    Oct 29, 2011

    Put down the card and back away slowly

    FROM experience --- if you can live without a card, LIVE WITHOUT IT!
    Credit cards have high interest rates and fees up the ying-yang.
    I have two right now with very low limits and I am trying to get rid of them.

    I am willing to say there is no such thing as a good credit card!
    Since she has good credit why screw it up with a credit card?
    The two I have were supposed to be for emergencies.... yea sure
    AND if you (she) just has to have a credit card try one from a credit union they have lower interest rates lower fees
     
  15. cutNglue

    cutNglue Magnifico

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    Oct 29, 2011

    I haven't used a credit card in years. I never got in trouble with it but I also don't miss it.
     
  16. waterfall

    waterfall Virtuoso

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    Oct 29, 2011

    I would personally totally agree with the "no credit cards" but the problem is, I had NO credit because of this. I've never had one and have realized for years that I need to get one and have just been putting it off. I would love to continue to not have one. I think the idea is absurd- why spend money you don't have right now? I love my debit card- all the benefits of a credit card (don't have to carry cash, can order things online, etc.) but it's money coming right out of my bank account that I already have and I'm not paying interest on it or having to worry about keeping up with bills. The issue is though, that's pretty much the only way to build credit unless you take out loans on things. I've been very fortunate to never have to take out a loan, and I'm certainly not going to take out a loan and pay interest when I don't need to, just to build my credit. I was on scholarship in college, so no student loans. I inherited some stocks when I was younger from my grandmother, so I used that money when I moved out here to buy my car and furnish my apartment. I realize I'm extremely fortunate to have these opportunities and to have no debt at my age. However, I have absolutely NO credit because I've never had a credit card, which I know is going to be an issue down the road. I only got this apartment because I could prove that my salary covered the cost and I brought my mom to cosign if necessary (they were just really nice about it- technically I was supposed to have a minimum credit score to be able to rent). My next place might not be so forgiving. What I find irritating is that I've never paid a bill or rent late in my life, yet to my understanding that stuff doesn't get reported to credit- it only reports if you miss a payment.
     
  17. donziejo

    donziejo Devotee

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    Oct 29, 2011

    my favorite card in my chase slate card. I would not be without a credit card, debit card, savings account, and my stock portfolio. I'm older, but I so wish I had seen a financial planner years ago. Good credit makes life much easier and a credit card makes hotel reservations, car rental etc much easier. I don't use my debit card online or to make reservations etc....
     

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