What's a good first credit card?

[Aspyred]

Hey guys,

Looking for a good first credit card. So far, I've heard things like "no annual fee", "cash back" and things like Air Miles are good things to look for. I've also seen a student cards with from my bank as well as campus cards, but I'm not sure if they're often any good or not (they seem somewhat gimmicky).

TD Bank's TD Rebate Rewards Visa Card (http://www.tdcanadatrust.com/tdvisa/rebate.jsp) is the one I'm looking at right now, with up to 1% cash back with no annual fee. Interest is at 19.75%, but I'm not looking at keeping a balance. Sounds alright to me, but I don't know if there's better fish in the sea.

I've heard that if you cancel your first credit card, it can negatively impact your credit score moreso than with subsequent cards, but whether that's true or not, I'd like a good, solid first credit card.

What do you guys recommend? I eagerly await any and all responses. Thanks : ) .

[brunes]

This topic has been copvered umpteen dozen times.

1) First read this srticle:

http://www.redflagdeals.com/deals/main.php/articles/credit1/

2) Further questions, try a few searches in this forum

3) If you have further nanswered questions post :)

EDIT: Also, check out http://www.canrates.ca

[Aspyred]

Thanks for the link, appreciate it!

Anyhow, looking though that, I notice blurbs about extra warranty and things like price protection. How do credit cards enable one to get extra warranty on items brought through it?

For example, comparing the BMO Mosaik and the TD Rewards card, though TD does offer a slight bit more in terms of cash-back, the Mosaik gives a doubling of product warranty in some cases, which makes me lean towards them.

Also, because I do bank at TD, I would assume it makes it slightly easier for me to get a credit card there/manage my expenses. What are some disadvantages (if any) of getting a credit card from a bank you don't belong to? I mean, there must be some inconvenience involved, but in what way?

[simms]

Actually sometimes for your first card it's easier to get your first card at a place like MBNA over TD. It depends on the bank. Some people here have been rejected from PCMC, but I doubt anyone has been rejected from MBNA. They usually run promos during the year on student campuses.

Not the best CC by far, but possibly a limited starting option. You may want to try to apply for your TD and then if you get rejected look at your options.

The best cards out there are
-AMEX 2% gold (but I don't think you qualify for this one yet),
-PCMC,
-Citi Enrich Plat. 1% Cashback./Citi Drivers Edge (3% back on a used/new car)
-Some people like MBNA Starwood, but some people find that card worthless...

Warranty and frills like that are 'nice to have', But coverage should be fairly standard especially when you're starting out.

[Shadow Rider]

Your bank will usually send you an offer for a pre-approved card for around $1000. If you get that then it becomes really easy to get credit cards after that first one. Then you can pick and choose pretty much whichever rewards card you want and never use your first credit card. The first credit card is always the hardest to get, after you've established that initial credit, the offers come in like junk mail.

[bill2k7]

I'm in the same boat as you. I took a look at CITI's Enrich card because it has a 1% cash back. THe only problem is that it needs a 15,000 income. I clicked on the regular mastercard from them in hopes that I could eventually upgrade, but even that card needs 15000 income.

Why does CITI even bother to have a "Student" option when the minimum income is still 15 000 for the lowest card?

I think that would eliminate most students from applying, like me.

[Alvito]

dont buy things on credit. use your CC for buying online, and only spend what you can pay at the end of the month.