Posted on January 9, 2010.
What is unsecured credit card for a better student? My daughter turned 18. Gets a credit card to build his credit a good idea? If yes, which?
Bank of America student card is the best.
But it should not have a credit card to prove his solvency. Stable income with low duty is sufficient to prove solvency.
Yes, the construction loan is a good idea at any age, from a low credit score affects mortgage rates, auto insurance costs, etc.
A card best student that I know of is Citi mtvU because it has 5% of awards in restaurants, bookstores, movie theaters and video rental stores. In fact, it is the only credit card that has 5% of awards in the categories. (I wish I could get it.)
Assuming that your daughter is financially responsible, the best strategy for using a credit card:
1. Find the best credit card reward (s) for its expenditure profile (which it would normally buy each month)
2. Funnel most or all of its expenses with its normal credit card reward (s) without max'ing to
3. Always pay the balance in full and on time
In this way, it will:
1. Build your credit quickly
2. Avoid interest and fees
3. Earn rewards for its high normal spending
You can use this calculator to see what rewards a handful of student cards, rewards credit (including Citi mtvU) will pay him more awards for its normal expenses:
http://www.creditcardtuneup.com/?card_ty ...
Good luck!
I love to discover. Or let a "store" card. My first cards were Sears and Macy's. You still have the Sears, but do not use it because they charge exorbitant interest! It's nice to have if we ever need it, though.
I do not think it hurts for her to have a map but remember, if she uses, she really did not do to strengthen his credit, told him to pay more than minimum payments! Otherwise, it will sink back into the boat like so many other people there!
Do not make her a credit card. A large number of serious young college debt this way. If you want to do the thing the credit card visit your local bank or credit union and open a secured credit card with a limit on it manageable for help in learning to live within its means.
