At the age of 18, I was ready to establish a credit history. While living in my college dorm, I received all manner of credit card applications in my student mailbox. College students are bombarded with tons of credit card offers, many of which are misleading and can get you into trouble. Credit card companies show up at campus events, offering free t-shirts in exchange for completed credit card applications. I actually knew one kid who had seven t-shirts that were freebies for signing up for credit cards! How scary... Having been forced to take a personal finance class for my major, I was learning a lot about credit cards--interest rate fluctuations, fees, penalties, etc. I felt like I was pretty well equipped to apply for my first credit card, so that's just what I did. I began my quest for credit by rummaging through all the credit card offers I had accumulated over the semester. Then I sat down for a couple hours of exhilarating reading--the terms and conditions of various student-targeted credit cards. All of the offers, for the most part, had a zero interest introductory period of six months, following by a regular rate of around 10.99% to 14.99%. I obviously chose a card with the lowest regular APR that I could find, even though the plan was to have the balance paid off by the end of the introductory period. Just in case that wasn't possible, I didn't want to get killed with interest. Credit cards for college students have some pretty nifty rewards, I must say. One card I found gave a 3% rebate on purchases at grocery stores, drug stores and gas stations. Another one even offered VIP passes to MTV spring break! I knew I didn't want to be caught dead drinking margaritas and shakin' my tail-feathers on national television, so I opted for the one that offered rebates and discounts instead. Once I found the card I was looking for, I filled out the application, then prepared myself to wait several weeks before getting my new card. I wasn't too concerned that I wouldn't get approved--heck, I had been working the same part time job for two years, so I figured that would help me tremendously. I would have liked to get one of those instant approval credit cards, but I knew I had to have good, long-standing credit to qualify for one of those. I just had to be patient. When I finally got the card, I learned that I had a relatively low credit line, but I knew that to be the case for most first time cardholders. I did, however, have enough credit to pay for my second semester books, which cost several hundred bucks. That was the only expense I put on the card, apart from some brake work on my car, so I was able to pay the balance off before the interest kicked in. I instantly got an increased line of credit, and started getting more "adult" credit card offers in the mail. I was so proud of myself, and my personal finance professor was happy with me, too.
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Written by Kacy Suther. Get an instant approval credit card and other credit card offers for low interest credit cards. Credit card applications available online at credit-card-depot.com .
Mon, 30 Jun 2008 22:15:11 - 100%
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