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I need a credit card, which one?

fireshot91

fireshot91

macrumors 601
Original poster
Jul 31, 2008
4,721
1
Northern VA
So, I'm 17 - yes, that means I can't have a credit card.

But I need one, for various reasons. So, the next best thing: A debit card that I can use as a credit card.


Which banks would have those? I know Suntrust does, but I'm leaving them since they require me to have a minimum balance of $500 at all times.
 
Well, I don't mind a minimum reserve. It's the fact that it's $500. Yeah, I know it's not a lot, but most of my money is in CDs, so I can't just transfer it.


A checking account that has a minimum balance of $100 would be perfect...but I can't find any banks/CUs that have them.
 
Do you have pre-paid credit cards in the US? They're very popular here in the UK.

It's a regular Visa or Mastercard - but you need to put money on it in advance, and you can only spend the stored money.
 
I was in the same position as you. I decided on a credit union and went with Navy Federal. $5 got me a checking account, a debit card, and cheques. Best of all, there was no minimum deposit, no cheque use fees, no debit use fees, and up to $20 ATM fee refunds per month. If you're eligible to join, I can't recommend them enough.

Although I know many places require you to be 18.
 
pellets007 said:
I was in the same position as you. I decided on a credit union and went with Navy Federal. $5 got me a checking account, a debit card, and cheques. Best of all, there was no minimum deposit, no cheque use fees, no debit use fees, and up to $20 ATM fee refunds per month. If you're eligible to join, I can't recommend them enough.

Although I know many places require you to be 18.
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Yeah, most of the people in my area have NavyFed accounts, but nobody in my family is a part of the armed forces. So, not really eligible.



And yes, firestarter, we do have prepaid credit cards, but those don't fancy me much. If you lose your card (Or your wallet, or something), the money is essentially gone.
 
fireshot91 said:
Yeah, most of the people in my area have NavyFed accounts, but nobody in my family is a part of the armed forces. So, not really eligible.



And yes, firestarter, we do have prepaid credit cards, but those don't fancy me much. If you lose your card (Or your wallet, or something), the money is essentially gone.
Click to expand...
They recently added Department of Defense and some other gov't departments I believe. I can't recommend them enough either. It's probably the best CU/bank in the country.
 
QuarterSwede said:
They recently added Department of Defense and some other gov't departments I believe. I can't recommend them enough either. It's probably the best CU/bank in the country.
Click to expand...

Still doesn't make me eligible :p. My entire family is in the private sector.

And I have no doubts about them being the best, I've only ever heard good things about them.
 
firestarter said:
Do you have pre-paid credit cards in the US? They're very popular here in the UK.

It's a regular Visa or Mastercard - but you need to put money on it in advance, and you can only spend the stored money.
Click to expand...

Yeah we have those but i don't think they help build your credit history and help your score, because technically they are not "credit" cards.
 
likemyorbs said:
Yeah we have those but i don't think they help build your credit history and help your score, because technically they are not "credit" cards.
Click to expand...

True. But here I don't think that a loan agreement with a minor is legally enforceable... so while a 'proper' credit card is better in order to build credit history, a 17 year old couldn't have one.
 
firestarter said:
True. But here I don't think that a loan agreement with a minor is legally enforceable... so while a 'proper' credit card is better in order to build credit history, a 17 year old couldn't have one.
Click to expand...

That's true, i totally missed missed the fact he's 17. Regardless, if the OP absolutely MUST have some sort of card right now, he's better off going to the bank and getting a debit card than using one of those prepaid ones. A debit card from the bank would be free, i'm pretty sure the prepaid card companies charge fees, right?
 
Try to get a credit card that has a rewards program and no annual fee. That way you build up points that can be exchanged for gift cards/merchandise/flights/etc.

I have two Citi CCs and am part of their Thank You Rewards program. I've earned a bunch of free flights and gift cards over the past 4 years. I currently have enough points sitting in my account for a round trip flight to pretty much anywhere.

Having a CC and using it properly is a great way to learn how to spend responsibly and to build up your credit.

How to use your card properly: never spend more than you have in the bank, and always pay off your entire balance each month when it is due.


firestarter said:
True. But here I don't think that a loan agreement with a minor is legally enforceable... so while a 'proper' credit card is better in order to build credit history, a 17 year old couldn't have one.
Click to expand...

I got my first CC when I was 17.
 
likemyorbs said:
... i'm pretty sure the prepaid card companies charge fees, right?
Click to expand...
Depends on where you buy them. AAA doesn't have a surcharge for prepaid Visa cards. Of course you have to be a member to buy one.

Surely said:
Having a CC and using it properly is a great way to learn how to spend responsibly and to build up your credit.

How to use your card properly: never spend more than you have in the bank, and always pay off your entire balance each month when it is due.
Click to expand...
Good advice.
 
Bank of America has an 'eBanking" checking account that does not have minimum balance restrictions or any monthly fees (as long as you do all of your banking electronically). It comes with a Visa debit card. I got one at 17 and didn't need my parents to co-sign on it. Restrictions may vary from state to state, though.
 
Surely said:
I got my first CC when I was 17.
Click to expand...

How? :eek:

I've applied for two so far and I've been denied both times for lack of credit score. Short of getting a secured credit card, how does one accumulate enough credit score to earn trust with a CC company?
 
pellets007 said:
I've applied for two so far and I've been denied both times for lack of credit score. Short of getting a secured credit card, how does one accumulate enough credit score to earn trust with a CC company?
Click to expand...

What i did was waited for my 18th birthday, and i went to the bank i had my checking account with (PNC) and applied for a credit card with them. I got approved and had a $300 credit limit, within one year i was getting credit card offers in the mail every single day with $4,000 limits. Building credit is actually a pretty quick process.
 
pellets007 said:
How? :eek:

I've applied for two so far and I've been denied both times for lack of credit score. Short of getting a secured credit card, how does one accumulate enough credit score to earn trust with a CC company?
Click to expand...

I honestly don't know "how".

I was at a Maple Leafs game back when I was living in Toronto, and there were CC reps giving away t-shirts if you apply for a card. So, I applied, got my t-shirt :p, and a few weeks later a CC arrived in the mail with a $500 limit.

It's quite possible that I was approved because I was on my dad's payroll at the time. I did some work at his office throughout the year, and received a salary for it.
 
steve2112 said:
That wouldn't work now. Thanks to the Credit CARD Act of 2009, nobody under 21 can get a credit card without a co-signer.
Click to expand...

What if you get one of your parents to co-sign it, assuming they have their own account at the same bank but independently from yours, because how i see it a co-signer is just a measure of security and nothing else.
 
steve2112 said:
That wouldn't work now. Thanks to the Credit CARD Act of 2009, nobody under 21 can get a credit card without a co-signer.
Click to expand...

Ah, true enough. However, I'm not sure if they have an equivalent in Canada yet.

maril1111 said:
What if you get one of your parents to co-sign it, assuming they have their own account at the same bank but independently from yours, because how i see it a co-signer is just a measure of security and nothing else.
Click to expand...

Yes, you could get one of your parents to co-sign for you (if they trust you enough ;)).
 
maril1111 said:
What if you get one of your parents to co-sign it, assuming they have their own account at the same bank but independently from yours, because how i see it a co-signer is just a measure of security and nothing else.
Click to expand...

Well, it does say cosigner, so that should work. Usually, though, a banking asking for a cosigner means the bank thinks the person applying can't pay it back.
 
steve2112 said:
Well, it does say cosigner, so that should work. Usually, though, a banking asking for a cosigner means the bank thinks the person applying can't pay it back.
Click to expand...

Well, see, I don't even mind that. It doesn't matter what the bank thinks, cuz I know I can pay it back.




I guess I could get one of my parents to cosign on it. How would that work, would they get one card for themselves, and I'd get a separate card?
 
fireshot91 said:
I guess I could get one of my parents to cosign on it. How would that work, would they get one card for themselves, and I'd get a separate card?
Click to expand...

Only if they wanted a card on your account (or if you wanted them to have one). Basically, they sign as a guarantor for you, and if you abuse the card and don't make payments, it affects their credit as well as yours.

They would be responsible to pay it back if you F up.
 
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