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What's a good credit card for someone with no credit?

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    What's a good credit card for someone with no credit?

    Right now I just use a debit card, but I'd like to build some credit or maybe even get some rewards. I have a cc now but I don't think it offers very good rewards. What's out there for young guys like me?
    -------7-23-04----------
    C5/6- Workin' on Recovery
    www.darrentempleton.com
    www.pushtowalknj.org

    #2
    How young are you?

    I started with an AMEX student card in '98 (I was 18) w/ a $200 limit.

    I'll turn 29 this year. To this day, that card is the only credit card I've ever had. It's now an AMEX Blue. The limit is well over $20k now w/ an APR still under 10% & no annual fee. AMEX has been a great company to go through. No, they're not accepted everywhere, but if you don't have $ in a bank account to use via debit every so often, you shouldn't be racking up charges on credit anyway.

    Rewards are overrated; quality customer service & protection are much better perks, IMO.

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      #3
      I got a student Capital One CC when I turned 18 and to this day I have it. I also got my auto loan for my truck from Capital One a few years later because my credit was so good with Capital One. I currently do not use it, but it has close to a 20K limit on it now. It does not have the 10% interest Scott's AMEX card has that's for sure. Scott, how does your interest rate stay so low?

      You also might want to check with Wells Fargo. They offered me a student card last summer with a $1200 limit. I never use it, but it's my just in case card. The interest rate is lower, it protects my checkings if I were to over draft (never happen with me) it would take out from that CC, besides others incentives that I can't think of right now cause I never use the card.
      "Dream as if you'll live forever, live as if you'll die today." ~ James Dean
      http://www.kristi-allen.com

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        #4
        I started w/Am Ex too
        Get involved in politics as if your life depended on it, because it does. -- Justin Dart

        I shall not tolerate ignorance or hate speech on this site.

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          #5
          Originally posted by Kristi View Post
          Scott, how does your interest rate stay so low?
          Dunno. I pay my bill on time. That's about all I do. It must be the type of card.

          It's like 9.9%, still under 10 though.

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            #6
            Kristi, since it sounds like your credit is pretty good, you should be able to shop around and find a card w/ a low rate. And then a lot of people have had good results calling their card company, and getting the rate lowered, so that they won;t switch. (Me, I just switched.) We have 2 visa cards, both with rates around 10ish. THey are w/ credit unions. I found them to have the best rates around here.

            To the op, my son got his first card w/ amex too. A low max ($200) I think, but w/ good payment history, they kept raising it. He is still in school, and the max is $2K now I think. He found the big thing with them is you had to have SOME income, they denied him the 1st time, then approved it when he started a work study job (10 hours a week or so ..... certainly not big bucks.)

            If you already have one card, you should be able to apply for another. But the rewards don;t mean much, if you are using them all up paying interest fees!
            T7-8 since Feb 2005

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              #7
              sj - I actually have a new card with 0% interest for a year. That totally rocks. I do need to call Capital One and either cancel the card or get a lower interest rate since I am not using it at all. I'm being really good though with either paying with a debit card or in cash as of late.
              "Dream as if you'll live forever, live as if you'll die today." ~ James Dean
              http://www.kristi-allen.com

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                #8
                If you don;t use it, and are keeping it as an emergency sort of card, it really isn;t a big deal what the rate isl 17% of 0 is still 0. Wouldn;t hurt tho to try and lower it.

                Good thing too of course, is to try and pay off your balance every month, then you aren;t paying any interest either. Because that eats up any rewards you might be getting and more.
                T7-8 since Feb 2005

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                  #9
                  Kristi, don't close the credit card account that can actually lower your credit score. If you don't use it just cut the card up but don't close the account.
                  A fanatic is one who can't change his mind and won't change the subject. ~Winston Churchill

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                    #10
                    Originally posted by Scott Pruett View Post
                    How young are you?

                    I started with an AMEX student card in '98 (I was 18) w/ a $200 limit.

                    I'll turn 29 this year. To this day, that card is the only credit card I've ever had. It's now an AMEX Blue. The limit is well over $20k now w/ an APR still under 10% & no annual fee. AMEX has been a great company to go through. No, they're not accepted everywhere, but if you don't have $ in a bank account to use via debit every so often, you shouldn't be racking up charges on credit anyway.

                    Rewards are overrated; quality customer service & protection are much better perks, IMO.
                    I'll be 23 in March. My father has used AMEX for a long time and he always uses it unless he can't.

                    Right now I don't actually feel the need to pay for things with credit. I have a checking account and receive my ssdi each month. I don't use my entire check usually so I am trying to save. The reason I haven't really used a credit card is I don't need to, but I know I'll need credit.

                    Scott, doesn't AMEX have a good rewards program though?

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                      #11
                      AMEX does have good rewards, yeah.

                      You can use a credit card & just pay it off every month, which will still help build credit, all while offering you buyer protection. I use mine this way, although recently I've had to carry a balance on the card due to some big life expenses. Also, AMEX is much easier to deal with if someone gets hold of your card number vs. filing a claim through a bank when funds have been withdrawn from your account.

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                        #12
                        Check out Chase Freedom card. 3% cash back (not points or anything) on the 'biggest' catagory of stuff, 1% for everything else. It adds up

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                          #13
                          I have 4 credit cards and superior credit.
                          Have not used them in like 4 years.
                          3 out of 4 they have cut my credit cards more than half.
                          I called and they said since I don't use them they are trying to get people that use them off there accounts.
                          After I complained they up them to half what I used to have.
                          What I have herd that they are doing this to a lot of use now even if you use them and pay them off before you have to pay any interest.

                          Art
                          Art

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                            #14
                            Do some shopping around [to the OP] based on what you spend the most cash on now or a special area you throw your cash into then decide. We have a hotel chain Visa and we use it when visiting relatives. Between all the extra points in that use plus a point for every other dollar we have had 5 free nights in Rome, Italy; just got back from 3 free overnights in New Orleans French Quarter and we almost always get a free night before a cruise this way since we prefer flying in the afternoon before. It has a low interest rate and no annual fee and we pay our cards off each month.

                            But we're older and married and both have separate bank cards as well as a joint card through AMEX. My first was a Master Charge, before it became MasterCard, with a $500 limit with my Dad as cosigner at 17. When I called them to see about uping my limit at 22 when I first went to Europe I found they had already removed my Dad's name from the account. No problem getting them to up it to $3K. Now I rarely use that card because the original bank sold out to a new company and I swear the place to remit to changed monthly. I buy a few small things about once a year so it stays active and make sure to double check where the check goes that month. But as someone else said; don't call and cancel because your credit can actually go down. I got another through a military organization with low rates and no yearly fee and I can chose what I want my points to go to. If you plan on paying off balances monthly look for no annual fee. And AMEX has both a revolving credit card and a due monthly charge card.

                            BTW, you can sign up for frequent flyer deals without having their card. We are members now of British Air [American is one of their parners] and Southwest.

                            Whichever card or kind of card, credit or charge, you choose read all the fine print before signing it. You can get royally reemed by taking cash advances on interest because cash runs higher and the interest begins the day you get the advance with most while most charge balances give you a 25 day grace period.
                            Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow."

                            Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

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                              #15
                              One thing I want to add, is it isn;t hard to get the limit raised, if you have a good payment record. My daughter is a college student. She got a card with a $500 balance about 18 months ago. Max they would give her. Just recently she asked to have it raised, as she is studying abroad. No problems. They upped it to $2000.
                              T7-8 since Feb 2005

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