Can you keep a student credit card after you graduate?

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Can you keep a student credit card after you graduate?

Postby credit_card_fonz » Wed May 08, 2013 10:06 pm

Is it okay to keep a student card long after you are no longer in college? I was already out of college and working, but I was sent back to take classes part time and while I already had one card, I applied for a Capital One Journey. No annual fee, 1% cash back, 25% monthly bonus for paying on time and they started me out with a $1,500 CL then gave me an auto CLI to $2,000 in 6 months.

I kind of felt like it was cheating because I wasn't a full time student but I needed a little more credit at the time and I liked the no AF, but I know I'll never get another CLI, ever. Still, it's a better deal than using a debit card. Myself I would rather use this card than Cap1's Cash Rewards card with the $39 AF.

I realize when you have some really good cards from Citi and Chase it would not only be foolish to waste an application for a card like this but it would also likely be declined, however when it comes from the early credit days, is it okay to keep using it?

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Postby agp » Thu May 09, 2013 6:27 am

I think it's usually until you are a certain age, not sure what Capital One's rules are. But there's no sense in keeping a Capital One card. Start applying for other cards so you can close your current one before annual fee hits.

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Postby Z06Biker » Thu May 09, 2013 3:24 pm

For about 7 years after I graduated USC, I continued to use my student ID for discounted movie tickets. But after a while, you sort of realize it's worth joining the rest of the grown-up world.
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Postby Bksuper » Thu May 09, 2013 10:27 pm

I don't know what Cap 1's rules are, but my impression from the CSR is that for my student Citi Forward and my student 1FB platinum card, I only needed to be a student to apply for the card, after I was approved I could keep the card even when I graduated. If you keep the account in good standing, the bank will probably continue to service it.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

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Postby credit_card_fonz » Fri May 10, 2013 4:19 pm

Cap 1 doesn't even ask if you are a student on the application, but the Journey card is marketed for students. This was back when I didn't know what I was doing and my credit wasn't so good and my only choice was to keep churning cards. Cap 1 was the only company who would give me a card, like so many I started with a secured card, but you know you'll have to churn that card because who wants to let the card company keep even a small deposit? I think at the time I could have choose the Platinum card for adults which had an annual fee, but since I was supposed to take some college courses I picked the Journey card because it had NO AF. The problem is when I finish my courses, I should have really switched to the Cash Rewards card for adults, and paid the $39 AF.

My reason for going with the Journey card, Cap 1 is noted for starting you with a low CL, giving you one small increase after 6 months then leaving you there for life. I didn't understand doesn't grow with you at the time, but as per other forums, they tend to stiff you with an AF low CL card then make you apply for a new card to get a CLI. At the time, I really didn't care if they gave me a $500 CL, it was NO AF. Looking back, I kind of wonder if I've been cheating Cap 1 out of their AF for the past few years because applying for the card wasn't exactly honest since I wasn't a full time student.

In all honesty the Cash Rewards card isn't even that great because with the $39 AF I think we figured you would have to spend $4,000 per year just to get your AF back. I had a friend who got one with a $500 CL and $39 AF just before I got my Journey and I didn't want to be in that situation. I think if I would have been smart, I should have tried for a secured card that "graduates" but when we get our earlier cards, secured, college, high AF with little or no perks and low CL, we don't think about that being our oldest card several years down the road.

I think Cap 1 puts you in kind of a bad situation of either having to take a card for college students or suck it up and pay the AF for the adult version.

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Postby astro26 » Sat May 11, 2013 9:14 pm

I would keep the card and convert to a better card in their portfolio. You have an average age of accounts (AAA) and you want that to be high.

Apply for several big cards when you have great credit and continue to keep the student card for 2-4 years after you have those cards. Then drop the student card. a 39 annual fee is worth it as long as you continue to build your credit card portfolio and are responsible. Besides a quick letter to the exec office can get the fee dropped every year or every other year if you use the card and are perfect with your payments.

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