Best Student Credit Card

[TheFuteballer]

Hey everyone, I am going into University this coming september and would like to have a credit card, mostly to just gain a credible credit history.. however the problem is that I won't be 18 until a while from now. Will I still be able to get a student credit card?

the reason why I would need one is I'll be living away from home and if the time comes that I want to buy something off ebay or the net, then it becomes a real hassle having to go to my parents everytime...

Anyways, I'm looking for a card with useful rewards (I know Presidents Choice card is good but what I am gonna do with discounts to groceries? I'm under a meal plan! ) and basically the best card I can get, what do you guys have in mind?

[blink]

If you aren't the age of majority yet, you will need a co-signer.

With a co-signer, I imagine it would be easy to any credit card. The citibank Enrich with its cash back would be nice.

You should be able to get a student Enrich card, after you are the age of majority (I am not sure whether it is easy to get without any credit history though).

Otherwise, the President's Choice m/c is not bad b/c you can also convert your points to movie tickets, chapters gift certificates, etc... although it is tough to get without any credit history.

Sometimes it is worth sucking it up for your first credit card - go with the closest bank - and then after 6 months, try for something like the cards mentioned above.

[TheFuteballer]

so how does the co-signer thing work? does the credit card go under that persons account but the card is in my name?

[gedwards]

It basically means that someone (likely your parents) would need to sign and guarantee your application. That means if you do not pay your bill they become responsible to pay the bill. You would need to check with the specific credit card company to see if this is possible as some may not issue cards to anyone under 18 even with a co-signer.

Another option (for those cards that allow it) is to have your parents add you to their credit card account. This way a seperate card would be sent to you to use but like the cosigner option ultimately your parents would be responsible if you do not pay.

Have you looked into paypal and having it hooked up to your bank account? That could be one option for buying things online and the funds would come out of your bank account like a debit card instead of a credit card.

[gedwards]

To answer your other question - yes a co-signed card would be in your name. It is your card like any other credit card the only difference is that the co-signer takes responsibility if you don't pay. However failing to pay would impact your credit rating.

[TheFuteballer]

i see..


as for PayPal, I currently have it linked to my bank account but I personally would rather use a credit card as you get a bit more safety I believe

so theres absolutely no way of getting my own credit card if I'm under 18? that sucks.. guess I'll just have to wait then..

[Dibble]

i see..


as for PayPal, I currently have it linked to my bank account but I personally would rather use a credit card as you get a bit more safety I believe

so theres absolutely no way of getting my own credit card if I'm under 18? that sucks.. guess I'll just have to wait then..

Yes, you have to be the age of majority to get your "own" credit card.

HOWEVER, you should check what's called a "pre-paid credit card" which is basically like a giant giftcard (you load it with your own money) and u can use it just like a credit card. Instead of having credit to pay for purchases, you pay for things with money you already have on it.

I believe you don't need to be 18 to get one of those.

[Tofu Drift Shinji]

TD will issue you a TD Green Visa if you have an account with them and can prove that you are enrolled in a university (bring them a letter of acceptance or timetable or the like). They gave me a TD Green Visa no questions asked a year after they first offered it to me (after I got into university) and I had initially declined when I started university.

The PC Financial Mastercard is great and not just for free groceries. You can use your PC Points earned from the PCF Mastercard for free gift certificates to Chapters/Indigo, movies (IIRC) and Roots GCs too, among other things. You can always give free groceries to your parents. I'm sure they wouldn't mind

I considered switching over to PCF Mastercard from my current TD Green Visa (no benefits, but they offered to up my credit limit just recently), but am not sure whether I want to do that or not as, I find, Visa is more widely accepted than MC even though places usually take both.

[xt21]

I got a 2000 dollar credit limit on mine, it can get quite tempting at times

[Capt.]

Do I have to have a PCF account to get a credit card from them?

[blink]

Do I have to have a PCF account to get a credit card from them?

No. The bank accounts and mastercard are offered by separate companies.

[FearSonic]

Bringing up an old topic.

I'm guessing the concensus in this topic is that PCF Mastercard is the best credit card for students? Any other suggestions? My mom suggested getting the Scotiabank Student VISA just to build up credit first.

[Drew_W]

BMO Mosaik as well...

If you really want a card, MBNA hands them out like coupons.

[atforum]

If you really want a card, MBNA hands them out like coupons.

and they snatch money back like hell. Bad rates !!!

[blink]

Bringing up an old topic.

I'm guessing the concensus in this topic is that PCF Mastercard is the best credit card for students? Any other suggestions? My mom suggested getting the Scotiabank Student VISA just to build up credit first.

If you have no credit history, it is unlikely you will be approved for a PCMC. Get any card to build up your credit history first, and then apply for the PCMC in 6-12 months.