First Credit Card Advice for Student

For just about anything you want to get off your chest about credit cards.
4 posts
helpchickenz
 
Posts: 2
Joined: Sat May 31, 2014 1:01 am
Location: United States of America

First Credit Card Advice for Student

Postby helpchickenz » Sat May 31, 2014 1:11 am

Hey everyone,

21 year old here who just got my real first internship starting this monday where i'll actually be making some decent income. My mom has been with AMEX for years, and she applied for me to be an authorized user on her credit card account, and it actually got approved. Got my AMEX green about a week ago. However, I am not sure if I really want this to be my first card, due to the annual fee of $95 after the first year, so I haven't even activated it yet. However, I know that it still impacts my credit score, having the card in the first place.

My question is, should I take advantage of the card for the first year where there is no annual fee to start building credit, then cancel it before the annual fee kicks in and switch to a different one? I'm not afraid to have a card w/ an interest rate because I plan to fully pay the interest at the end of each month, so I've been looking into other cards. Or should I immediately cancel this card, and apply for one of the either cards I'm more interested in without an annual fee attached?

Thanks for the info.

P.S. looking into the DiscoverIt and Wells Fargo Cash Back Credit Card if that matters. Chase Freedom looks good too, but not sure if I would get approved for that. Would canceling the AMEX hinder me from getting a new card for a while?


Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Tue Jun 03, 2014 9:52 am

If you are an authorized user on her card, then there shouldn't be any additional annual fee, and there isn't really an approval process to get you a card on her account since she is liable for all charges. I would keep the AmEx for now, but I would also get a secured card, in your name, to start building your credit so that you can later apply for something like Freedom or Discover. Being an authorized user on your mom's AmEx account won't really help you much since you aren't legally financially responsible for that card.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

helpchickenz
 
Posts: 2
Joined: Sat May 31, 2014 1:01 am
Location: United States of America

Postby helpchickenz » Tue Jun 03, 2014 5:56 pm

Thanks a lot. I didn't know that was how it worked.

Jayman2143
Green Member
Green Member
 
Posts: 5
Joined: Sat Jun 07, 2014 10:05 pm
Location: New Jersey

Postby Jayman2143 » Sat Jun 07, 2014 10:43 pm

I applied for the Capital One Journey card and was approved when I was 20 years old and in college. I had a small credit limit ($500) but I grew with it and I still have the card with a limit of $2,750 but I recently switched to Chase Freedom.

Check out the Journey card and see if it fits your needs/desires. It definitely got me on the right path.
My Cards:

Capital One Journey - $2,750 limit
Chase Freedom - $2,500 limit
Bank of America (BankAmericard) - $1,500 limit



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