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If you are a college student chances are.. your probably broke. And being a full-time student working a minimum wage job doesn't exactly help much. There will be times you will need access to money that you don't have and that's when a credit card comes to good use. Credit cards are not as scary as some people make them out to be.
If you have no prior credit history and your looking to obtain a credit card, finding one may be difficult at first. There are many financial companies that offer student cards that help you 'build' your credit.
When looking for a credit card you essentially want to look for the following:
1.APR/Interest Rate- First time credit card users well almost ALWAYS have a high interest rate because they are considered a 'RISK'. To avoid paying interest always pay your bills in FULL and on time.
2.Fees & Penalties- Some credit companies charge annual membership fee; others don't. Along with other fees, you must read the fine print, they are usually straight forward.
3. Rewards- This is not an essential. Some companies offer it some don't, Credit card companies will give you 'rewards' for using your credit card often. Such as 1% cash back.
4. Reports to the Major Credit Bureaus- There are some cards that do not report to the 3 major credit bureaus. So even if you have never missed a payment in your life, your credit history wont indicate it because your credit card issuer does report such activity. So make sure you obtain a card that reports to all 3 credit bureaus so you can build proper credit history.
Discover card/ Capital One are both good cards for starters.
