I just got my first credit card. I didn't open a credit card with first doing my homework and actually informing myself on which credit card was best for me and how I should manage the use of my credit card. After all this, I settled on one, Journey Student Credit Card from Capital One. I want to share with you the 3 credit cards that I thought best fit me as well as some tips to keep in mind when you do get your card.
Credit Cards
1. Discover it for Students Card
Benefits:
- Annual Percentage Rate (APR) is 0% for the first 6 months then between 13.24% to 22.24%
- No annual fee
- 5% cash back on different categories each quarter (4 months)
- 1% cash back on everything else
- $20 cash back each school year you get a GPA of 3.0 or higher
2. BankAmericard Cash Rewards Credit Card for Students
Benefits:
- 0% APR for the first 12 billing cycles then between 13.24% to 23.24%
- No annual fee
- 1% on every purchase
- 2% on grocery stores and wholesale club stores (BJ's, Costco)
- 3% on gas
- All the above rewards are for the first $2,500 you spend each quarter
3. Journey Student Credit Card
Benefits:
- 20.24% APR
- No annual fee
- 1% cash back on all purchases
- Access to CreditWise from Capital One (helps you monitor your credit score)
- No foreign transaction fees
Tips
1. Pay on time! you don't want to go into debt for buying those beers and forgetting your pay date was the next day.
2. Pay what you spend in full. Never just pay the minimum, you don't even pay the interest rate with the $25 minimum required sometimes.
3. Avoid overspending. If your credit limit is $300 and you want to buy a pair of shoes for $350, you don't want to use your credit card, they are going to charge you more than your monthly tuition payment.
4. Don't let anyone use your card! This is common sense but It happens. Never give your credit card to your buddy, he might pay you later but he can still take the number and information and use it later. Keep it with you all the time.
5. Get only one Credit card. Don't go opening credit cards left and right with whichever retail store offers you one. Truth be told, you probably are on a budget so be smart and walk away.
