Get Smart About Credit Day 2024 is on Wednesday, October 16, 2024: Can i apply for a student credit card right now if i turn 18 in 10 days ?

Wednesday, October 16, 2024 is Get Smart About Credit Day 2024. Get Smart About Credit Day Get Smart About Credit Day

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Bankers and members of the credit history industry offer talks and discussions at schools, colleges and work environments regarding the significance of excellent financial management.

No, you have to BE 18. Wait at least the 10 days to apply. Are you actually a full time college student already? Student credit cards are for FULL TIME college students who are at least 18 years old (you don't have to be 21).

I recommend the Discover student card. On the Discover application under "other income", you can list things like grants, scholarships, stipends, even student loans. You're only allowed to use student loans for school and living expenses, but since it's a good idea to use a credit card to buy something that you need anyway (such as paying for your groceries once a month), then you should have no problem. If you don't already have a savings account (not just checking), I would make sure to open one before applying. Not only should you be in the habit of paying yourself first, but it will look better on the application.

My daughter loves her student Discover card. If you use her referral link here: , you'll get $50 cashback bonus when you make your first purchase and you'll get cashback bonuses for everything that you purchase.

There's no annual fee and the APR (annual percentage rate) is fairly good. It ranges from 12.99 to 19.99%. But, it really doesn't matter how much the APR is if you pay your balance in full each month. As long as you pay in full, you'll never pay interest.

If you use a credit card wisely, it can be a great tool. But, you can also ruin your credit, so whichever card you end up getting, just be certain to use it the right way. Use it for convenience (paying at the pump, making reservations online, etc.) and to build credit. Don't use it to buy something that you can't afford.

Use it at least once a month for something that you need to buy anyway (gas, food, etc.). Set that money aside immediately so that you have the full amount when the statement arrives.

Pay in full, but don't pay before the statement prints. If you pay before your cycle closes, then “zero” is going to be reported to the credit bureau as your usage, which won't help your credit score at all. Keep your utilization at, or below, 30% of your available credit to develop the best credit score. In other words, if you have a $500 limit on your card, you shouldn't have more than $150 in use when your cycle closes.

Just don't let temptation to get to you!! It's too easy to spend money that you don't have. Be smart, and a credit card can be a wonderful tool, both to help build credit and for convenience.

ADDITIONAL NOTE: Sometimes the Discover link that I gave doesn't open correctly in Firefox. If it doesn't say anything about the $50 bonus, then try opening in a different browser. The link that first opens should be for a student card. However; if a non-student wants to get this same deal, it will convert to regular as soon as you list something other than “student”. Just make sure that you're seeing the reference to getting your $50 bonus.

Credit cards and loans?

Very smart thing to do. Nothing like saving $4,000.00 in interest.

Just be careful with your credit cards and don't go nuts and run up your balances again and you will be fine.

You can always use your cards for everyday things like gas and food being careful never to exceed 30% of your credit limit in any given month and pay them off in full before the due date.

How does a credit card work? ?

Hi Jay,

You're smart to be cautious about debt. It's VERY easy to fall into the debt trap. A cell phone contract won't do a whole lot to build up your credit. A credit card used wisely CAN help alot. You're young and will need to build up what's called credit history. It's much better to have one credit card that you have for years and years than to open and close cards. Getting a credit card can now could also help you get a car or home loan later.

My advice would be to NOT get any card through a specific store like Apple, a gas station, a department store... that kind of thing. Instead get a VISA or Mastercard that you can use anywhere. Try to find one with a "fixed rate" which these days is much harder to get. Credit cards will have either a fixed or a variable rate. Variable means they can change the amount of interest you pay (the %) whenever they want. Fixed rates (although they can still change with warning) are much more stable.

Cards in general work like this....you only pay when you charge something. If you buy a computer for $1000 you have (about) 30 days to pay it off. That means if you pay the balance in full (the whole thing) at once you pay zero interest. You only pay interest when you "carry" a balance or go beyond 30 days without paying the entire amount. So let's pretend that you paid $400 in month 1. You'll get a bill in month 2 for $600 (the difference) plus the interest.

Check out this website. It's a great resource for finding credit cards because you can search for one with the lowest rate. BTW, you want a low APR not a low "interest rate". The two terms are often used interchangeably but APR is a more accurate number (because it's supposed to include misc. fees).