My son just turned 20, is a full time student, lives at home, and works 30+ hours per week. He wants to get his first credit card. He manages to save some money each month so is in good shape financially. This site lists only an Amex Blue as a card for students. Is this a good choice? What others would you suggest for someone in his position? I assume he has no credit file at all.
I want to piggyback on what Tom is asking. I'm starting on my Masters in July. Would I qualify as a student for a Amex Green?
What he is looking for is something that he will probably get approved for, seeing this is his first try. Are the Citi and Providian good bets? I see some posts today about how great AMEX is. Is that recommended by others who have it? Tthe AMEX is being promoted on campus heavily so I think they must be at least reasonable with students. What I am concerned about is a company that encourages everyone to apply, then picks only the best of the best. I don't want to start him off with a bunch of denials.
I think the Citibank student card and regular Providian card are good for people who are just starting out. I remember a couple of years ago when I was in college, I applied for a few prime cards and was rejected. Later Providian called and approved me for a regular Visa card. I used this card for just a few months and then was approved for MBNA Platinum, Discover Platinum, and AMEX Blue. I think Providian is great for people who are building or rebuilding their credit. By the way, I got the Citi student card after the Providian.
I am currently a student, full time, and Amex picked me up for the Green Card. I think Green is the best bet, if you want him to build a solid financial foundation. Since he already seems responsible with his money, the Amex Green would require him to pay in full each month, with no interest. However this card does carrry a annual fee. Which meabs no pre-set limit. The Amex blue is great if he wants to carry a balance. I believe that the current rate is Prime+5.9%. I am unsure if this card carries an annual fee, and I am unsure of the limit that most students receive. Citibank has a card for students and there standards for approval are some what leniet. I am unsure of the limit, but either Erica or PSUGirl do carry this card. While going through the approval process for the Amex Green, I drilled the rep. who was looking at my application. He stated that in Amex's opinion, "No credit is better than Bad credit." And aslong as you are in school fulltime, you have a great chance of receiving an Amex Student Product. I hope this helps,
Another alternative, if you want him to start off with prime credit, is to add him as an authorized user on one of your prime cards. Then after 6 months, he would have established some credit history. And can they apply on his own. Just my thoughts
