Shelly Said:

Best College Student Credit Card?

We Answered:

American Express cards are excellent. Look for one with no annual fee. However, if you have no credit history, you will most likely be denied. When the time comes, apply for the Blue Cash card that gives you cash back if you spend over $6500 per year. AmEx also offers a Blue Rewards card which does exactly what it sound like. On top of no annual fees and excellent cash or rewards incentives, the perks of being an AmEx cardholder are fantastic. If you ever need to buy tickets on ticketmaster.com, AmEx customers often get access to pre-sale tickets before the general public. When it comes to many consumer electronics (like laptops, iPods, TVs, and cameras), American Express will extend your manufacturer's warranty for up to one year. There are many perks to being an AmEx cardholder, so apply for one of their cards after you establish some history.

You could also try to apply for a Visa with a rewards program. I have a Visa through Chase that donates to a charity and gives me points for most purchases. I have accumulated a very large number of points and could actually buy a Bose radio that is offered through their rewards program.

I strongly suggest a Chase card for rewards. Again, with no credit history, you face being denied.

I had to start somewhat small. When I was 18, I got my own Visa through Capital One and built my credit for a year. It was a painful year but I (my parents) paid off my balance every month and built my credit score up to the point where I could qualify for something much more convenient. You might have to accept not qualifying for one of the better cards until you establish good credit history.