First credit card, turned 18, any sugesstions?

[Decivox]

Hey guys,

Im not really new here. Ive been browsing the forums for over a month and havent really needed to post anything. I do now and need some help.

Ive just turned 18 and will be applying for a credit card. I dont need any lectures on responsible credit card use, I understand the whole concept.

What I do need help with is which credit card to choose. All of the rewards cards that are no fee on this site, often require 13 000 a year income. I am a full time student and on my T1 form when I got hired last year, I remember it saying that I made 9 500 something a year.

I hear that it isnt hard to get a credit card, but it is more difficult getting a first credit card to be a rewards card. Does anybody know of a rewards credit card that I can apply for and have a chance of being accepted? Cash back is preffered, but any rewards are better than none.

Thanks for your help ! :cheesygri

[tiger_handheld]

topic discussed:
http://www.redflagdeals.com/forums/showthread.php?t=584420

[sPiKyAZN]

I'm in the same position as you...I'm going to try for a credit card at the bank where my accounts are hopefully it'll be easiest there. I hear they're usually easier on students for credit requirements.

[joe1487]

Wow...sooo many threads about this...

Good free cards are the Citi Enrich card, the MBNA SPG card and the PC Financial Mastercard. When I turned 18, I applied all over the place (bad for my credit rating, I know), obtained 4 or 5 cards and then used them very responsibly (low balances, timely preauthorized payments, etc). Six months after turning 18, after I'd built a minuscule credit history, I obtained the card I now use primarily, my AMEX Air Miles card (1 for $20 for free). I think the best solution for most people is just to obtain one card and use it moderately, however.

Incidentally, I don't believe your bank is any more lenient than other institutions when evaluating your credit file. You'd do better to pick out the card you want and go for it rather than take a credit inquiry to get a card you don't want.

[Decivox]

Wow...sooo many threads about this...

Good free cards are the Citi Enrich card, the MBNA SPG card and the PC Financial Mastercard. When I turned 18, I applied all over the place (bad for my credit rating, I know), obtained 4 or 5 cards and then used them very responsibly (low balances, timely preauthorized payments, etc). Six months after turning 18, after I'd built a minuscule credit history, I obtained the card I now use primarily, my AMEX Air Miles card (1 for $20 for free). I think the best solution for most people is just to obtain one card and use it moderately, however.

Incidentally, I don't believe your bank is any more lenient than other institutions when evaluating your credit file. You'd do better to pick out the card you want and go for it rather than take a credit inquiry to get a card you don't want.

Those cards you recomended have income requirements I do not meet. I looked through the post the guy above suggested and found this card which doesnt look to bad.

http://www.scotiabank.com/cda/content/0,,CID10410_LIDen,00.html

[joe1487]

The L'earn card is an awful deal, as one has to tier up to 1% - with the PC Financial MC, for example, you get 1% right away. I have the L'earn Visa and had to submit documentation to substantiate my income before my application was processed, so I doubt that their requirements are any less stringent than other student cards.

It doesn't look like the PCF card has any income requirements. In addition to your employment earnings, do you have money coming in from your family for tuition or scholarships you could report as regular income?

[Shadow Rider]

Those cards you recomended have income requirements I do not meet. I looked through the post the guy above suggested and found this card which doesnt look to bad.

http://www.scotiabank.com/cda/content/0,,CID10410_LIDen,00.html

L'Earn is a horrible card. I applied for it twice in a month few years ago and was rejected twice :cheesygri Still, its terrible and I'm glad I got rejected or else I'd have another useless visa. Just go for a straight 1% card instead if cash back is what you're looking for. Oh and happy birthday OP.

[Decivox]

The L'earn card is an awful deal, as one has to tier up to 1% - with the PC Financial MC, for example, you get 1% right away. I have the L'earn Visa and had to submit documentation to substantiate my income before my application was processed, so I doubt that their requirements are any less stringent than other student cards.

It doesn't look like the PCF card has any income requirements. In addition to your employment earnings, do you have money coming in from your family for tuition or scholarships you could report as regular income?

The Presidents Choice card i dont think would suit me. I still live at home, therefore I do not buy groceries, or any presidents choice products for that matter, making the points useless (unless there is another way to use them I am not sure). The only non tiered 1% card I know of is the Citibank Enrich which has income requirements I do not meet, unless I actually apply through a branch and am able to get by with my student status and a lowered limit; which is just my speculation.. not sure if it can actually work like that.

[yomister]

i had my first cc a couple of months ago, heres what i would do:

-don't apply to pc mc, they tend to reject people without any credit history
-apply to citi enrich. Call in and ask the person that you're a student, and they should waive the income requirement. If they say no, tell them to ask their supervisor to confirm. Citi will then send you a letter asking for your phone bill (as long as it has the same address as your application address, its fine. It could be your parent's bill), and a government photo id. The whole process will take about 1-2 months, but in the end it will be worth it.

I got a $750 credit limit with no credit history

[cashinstinct]

Note that Citibank might give 750$ credit limit to people because they are student, even for people with a credit history of many years (because of the income part).