Student credit card with a limit

Anonymous · ‎07-06-2011

Looking for some advice on what credit card to get for a new college student. No credit record, does have a part time job, had it for several years. He does have a bank account. I want to put a limit on it of $200 or there about. Trying to figure out if that is even possible.

I have researched the college credit cards, but am trying to figure out if it is worth it to even try getting one from PenFed since we have a card there, but I don't want to co-sign. Called them already and they said they can't tell me if they would be able to issue this credit card and i don't want to start my DS credit history with a credit card denial. Also, their minimum limit is $500.

I would also like to make this a rewards card, preferably cash rewards and of course no annual fees. since most likely we will end up paying most of the bills, the APR may or may not be important. We never keep balances and told him that he has no choice but do the same. I believe he is responsible to do just that, but he is 17 so will see.

Any pertinent advice would be appreciated. thanks

smc733 · ‎07-06-2011

You have to be 18 to open a credit card in your own name. You also need proof of income to repay if you're under 21, so if he doesn't have his own job with steady income, he must be denied without a guarantor.

Furthermore, most companies won't issue cards with limits lower than $300 or $500. Very unlikely to get rewards on this type of card, especially if you're looking for one with no annual fee.

AndySoCal · ‎07-06-2011

Here is link to site that has a list of credit companies that offer student credit cards. See any of these meet the need

http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?classificationuid=4&childcatego... Type&ec_id=&af=&ac=&ic_id=CR_searchCreditCards_credit_cards_StudentCards

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Anonymous · ‎07-06-2011

As a student myself, I feel obligated to answer. Personally I really like my citi student cards. With no prior history I was approved for the forward and about 3 months later the dividends platinum select for the same limit.

Personally though, I perfer my Amex Zync. It may be a good first shot since he would have to pay in full each month. It would be a good idea to get him in that habbit before starting with a revolver.

The Amex Zync or the Citi Forward would be my suggestion. You should wait until he is 18 though. Currently you would have to be joint on the card if I remember correctly.

Another option would be adding him as an AU on your card and limiting his spending to around the $200/month until he is 18. Plus the AU would report (make sure it reports before adding him) helping him with approval at 18 if the account has good history and low util.

trumpet-205 · ‎07-06-2011

If you add him as AU on one of your card, then you probably can put a spending limit on it (this depends on each finical institution).

If he applied on his own, you cannot impose a limit on his card since it is not yours.

When starting a fresh,

* You as a parent either have to cosign it, or

* You add him as an AU on one of your card, or

* Let him apply secured credit card, or

* Let him apply one of Capital One's card (average credit version), or

* Let him apply Citi Forward/mtvU, or

* Talk to local CU and see if they can offer a card to him.

Avoid First Premier and Credit One. Forget about AMEX Zync since AMEX will automatically deny applicant with less than 6 months of history.