Obtaining a College Credit Card

I really want to start building my credit score, and I heard that getting a credit card in college is one of the easiest ways to do that. Can anyone give advice on the easiest college credit card to get and some things I should consider when applying?

Beginning your journey to a solid credit score in college is a great initiative. When looking for a credit card, look for options that are designed for college students or individuals with little to no credit, as these typically have lower credit score requirements. Companies such as Discover, Capital One, and Citibank often offer student credit cards with decent benefits.

When choosing a card, a few things to consider are:

1. Annual Percentage Rate (APR): This is the interest you'll owe on balances carried from month to month. As a college student, you might want to seek a low APR, as this can affect how much you owe in the long run.

2. Annual fees: Some credit cards charge annual fees just for holding the card. Try to go for a card without an annual fee, especially while you're still learning how to manage credit responsibly.

3. Rewards and Perks: Some cards give rewards on purchases (like cash back, points, or miles), especially categories that are popular with students such as gas stations, restaurants, or bookstores. These rewards can also incentivize genuinely productive habits like paying your bills on time with things like statement credits or even a lower interest rate!

4. Grace Period: This is the period during which you can pay your balance in full without accruing any interest on your purchases. College student-oriented cards sometimes have long grace periods.

Remember, the key to building a strong credit score is to use your card responsibly. This includes paying your bills on time, not maxing out your credit limits, and ideally, paying off your balance in full every month.

Also, federal law requires card issuers to check whether you have an independent income or assets to make at least minimum payments, meaning you might need a cosigner or to demonstrate proof of certain types of income.

It's a great thing you're thinking about building your credit score now, as this will definitely pay off down the line when you want to apply for a larger loan or even rent an apartment. Do remember to spend responsibly!