If you're like most Americans,
you probably got your first credit card when you were in your 20s.
Not exact matches
It's usually not difficult to
get a
credit card for the
first time, though the
credit limit will
probably be low.
If you end up with additional debt from, say,
credit cards, you should
probably try to
get rid of that
first, as it's almost certainly at a higher interest rate than a subsidized student loan.
While it may be tempting to
get a quick discount on your
first purchase with a store
credit card, a standard cashback
card will
probably be more valuable in the long run.
That purpose is defeated if after you
get the loan, you go onto accrue more debt through continued access to old accounts and
credit cards, which
probably led you to want to consolidate your debts in the
first place.
Often when people
get in financial trouble, the
first thing they do is start cashing out their RRSPs, and if they were aware of the law, they'd
probably come to talk somebody like you or I sooner, and that money would still be there for them in the future, as opposed to cashing it out to give to a
credit card or a line of
credit, and then having to come see me anyway.
While it may be tempting to
get a quick discount on your
first purchase with a store
credit card, a standard cashback
card will
probably be more valuable in the long run.
As you are
probably aware by now, American Express is offering their highest sign up bonus ever for their Starwood Preferred Guest
credit cards (personal and business versions) with a chance to
get 35,000 bonus Starpoints after you use your new
card to make $ 3,000 in purchases within the
first 3 months.
As a student applying for your
first credit card, there are
probably three things at the top of your mind: building your
credit history, finding a
card that will deign to accept you and your limited
credit history, and then, perhaps,
getting some cash rewards out of it too.