I'm a uni student (young adult) looking to get my first credit card so i can start building up some credit history. What are the best options out there for me at the moment?
Which Credit Card Should I Get?
Ltjoyc8 on 24/08/2017 - 23:46
Comments
The one with the highest interest.
buy an 80k audi first
then get amex platinum charge card
Did you intentionally stuff up the reference?
IKR!
Unless you have consistent income, it's not who you want to choose, but rather who will choose you.
Best chances are basic no fee cc for student's, better chances of you go with your bank.
I went with 28 degrees for their purchase price protection, insurance, no annual fees, apple pay, and no currency conversion fees (I do a reasonable amount of online shopping from overseas). The interest rate is high, but I will not be accumulating interest so it does not bother me.
I'm also a student on part time work and got approved, so you could give it a go.
Gotta love their logic. My wife applied for this card because of the no OS currency fees. At the time, she earnt $130k pa, owned 75% of her house, no other debt and had never owned a credit card. Rejected!
I'm sure they're drooling at the prospect of you becoming a interest payer at some point in the future.
OP should go for the one with no annual fees, if they'll have him.
are you sure she hasn't maxed out some credit cards in her name that you don't know about.
Didn't come up in two subsequent house purchases (jointly with me) and two credit card applications - one of which was made when she had stopped work to have kids (rental/share income only).
Unless it's not her real name?
the banks automated credit check probably didn't believe she owned so much of the house.
I didn't either at first.
But the bank wouldn't have known how much it was worth. Just what was owing and what were the repayments.
Just didn't see her as a "revolver", aka an interest payer, I assume.
@Some Guy: I've worked in industries that run credit checks, and we often had 'referred' checks for people with unusual wealth which was, for a lack of a better word, unbelievable. We would request bank statements and the like to verify its true, at which point it would get turned around.
It is illegal for companies to offer lines of credit to people who cannot manage it. I think it's just a matter of either your wife had extraordinary circumstances and 28Degrees don't bother with seeking proof in order to push an application over the line (maybe they're cheap and don't want to hire staff to do it), or the off chance that there is, indeed, something besmirching her history (you mentioned no previous credit cards, but these things last on your history for 7 years, so it could've been something minor like a phone bill that people forget about when they port out of their carrier and don't finalise the bill, utilities bill etc). If it's not the latter, then I wouldn't be surprised if it's the former.
@Strahany: Yes we all know that it's illegal yet companies like Nimble still seem to exist and 28 degrees give out credit cards to students who work part-time.
It appears that a woman almost owning a house is incredulous, so here's the info. A small house in Rosanna purchased for about $330k in 2006 had a mortgage balance of about $80k in 2010. She'd been in a well paid job (gov, then private) for a number of years, was very committed to saving and so had a fairly sizable deposit (FHOG, lived with family etc). Nothing in her credit history, unpaid bills, HECS debt etc at all as far as we know - as I say, nothing has prevented us from gaining credit elsewhere since. Nothing extraordinary here (is there?) - other than she'd never owned a credit card and paid cash for her very modest cars.
Following her rejection, I also applied for the card and was rejected. At the time I was earning $107k, plus rental income on a Doncaster apartment that had a $230k mortgage, good credit history etc. Interestingly, I was recently rejected for a Macquarie card, despite an improvement in my debt level but we have two kids now, wife not working, so disposable income is much lower. AmEx and Citi have showered us each with cards nonetheless.
Why? In the hope that we become revolvers. There was a great Four Corners on it a few years ago. There's little money in interchange/transaction fees relative to interest from those who don't pay off in full each month.
Mum and dads!
The best credit card ever ! platinum bonus, no late charges and sometime you can even waived the payment~~
Most other people have answered your question already but if you're not earning an income (note: this does not need to be a salary), your options are extremely limited.
American Express cards tend to go by "household income" as opposed to "personal income", so it possible that if you live with a family member who earns an income that you could use their income to get yourself a card. In fact, having typed this, that is probably going to be your best bet.
If you're willing to share a bit more info about your situation, we can probably give you a more tailored suggestion.
what do you think you need from a credit card?