›
To take part in discussions on talkSFU, please apply for membership (SFU email id required).

Which student credit card do you have?

ofikey
edited November 2013 in General
Been looking into getting a student credit card - i know a lot of people seem to have the scotiabank scene visa - but i dont go to the movies that often - was looking for something with cash back? But everything has a catch ;)

How did you choose your student credit card? What do you like/dislike about it? 

Comments

  • 112233
    BMO student MasterCard has cash back, no fees, and you get an SPC card which gives extra savings at tons of stores/restaurants. There really isn't anything I dislike about it
  • BestFarmvillerNA
    I know a friend of mine who went sotiabank scene visa, watched the five free movies he was provided with, and literally never used the card lol. in my opinion, go with a credit card with your bank in which your savings/chequing account is with. Its much easier to pay off my debt that way. Or, make the smart decision of not getting a credit card.
  • iStudent
    Vancity, pretty much coz i have vancity bank account too. And, they approved me even though I have no job or any income. No cash back though :/ just useless points
  • BeAnBeAnBeAnBeAn
    @BestFarmvillerNA It could be a dumb decision of not getting a card. I think there was already a discussion about this but building your credit early little by little is super important plus the rewards. But if you're dumb and don't know how to manage money then maybe it is a smart decision to not get a credit card.

    Points are basically like cash-back though because they have a $ value with it. A lot of the cash-back programs are like 0.5% but with points it's often a 1:1 ratio and 1,000=$10 so you get double than the cash-back that you can spend at your favourite store. So just be careful whichever rewards program you choose, do the calculations first and see which rewards program is higher. Interest rates shouldn't matter if you pay off your balance each month. I don't see how you would need to accumulate CC debt as a student.

    I think your best bet is to go with a credit card with your bank because they know you better and you'll have a higher chance of getting approval plus they have instant access to your account assets. But if not, I'd recommend a gas station credit card= free gas and car washes and snacks and stuff (snacks are rip-off though) :D
  • BeAnBeAnBeAnBeAn
    Oh and you might want to look into credit cards with complimentary travel insurance (usually 2 days) if that's your thing and you like to travel a lot. I know Coast Capital Savings has a student card with cellphone insurance and travel insurance but no rewards program. They have a classic one with travel insurance and 0.5% BONUSDOLLARS rewards program. (not worth it compared to retailer/gas station rewards which is like double the points ratio and often have bonuses e.g. 3x points on extra-grade gas).
  • 112233
    Getting a credit card is the smart choice. How else are you going to prove you have good credit? Being an idiot with a credit card is the dumb choice.
  • BeAnBeAnBeAnBeAn
    @112233 which is exactly what I said...
  • 112233
    Im agreeing
  • BestFarmvillerNA
    Meh, i am merely pointing out the fact that even if you are not an idiot, the feeling of having a "debt", regardless of how small these banks allow you to get into, feels like crap. sometimes, due to mistakes/accidents, you may not be able to pay it off in time/at all for a long time. That just puts a burden on you whenever you buy something, even if the cost of such is miniscule. Or, there is always that nightmarish option of you being completely dependent on your credit card (in which you call those people "idiots"), and forcing practically all of your paycheck to solely pay off the credit card debt on a monthly basis. Sure some of them may be idiots, but there are those who have truly became like that accidentally, or by force.

    But you are right about the building good credit early though. However, I was told that there are other ways to build credit at our age, even if we dont apply for credit cards. If you are getting a credit card solely to better your credit standing for the future, i'd suggest googling some methods without applying for a credit card first.
  • ezc
    edited November 2013
    I think the important thing is to treat a credit card as a method of payment not as a source of income.  If you don't have the money to buy something, then don't buy it, whether you're using cash, credit, debit, etc.  If it's a necessity then it's better to take out a loan with a good interest rate than to charge it to a credit card.

    If someone is late paying credit card balances every month, then they have poor spending habits.
  • BeAnBeAnBeAnBeAn
    @BestFarmvillerNA Yes there are other ways such as if you pay recurring bills e.g. a monthly phone bill. That goes towards your credit also. But if you can handle all that's good. 

    I personally use my credit card for everything while my debit card collects dust and I use it like twice a month. But I always pay the full balance each month for like years so I've never paid interest before. Just use it like your debit card and only spend how much you know you have and don't go over you should be fine. Basically what ezc said. One strategy someone told me is to just put in what money you're willing to spend into your credit card so your balance goes into negative and only spend until it gets back to 0 or a positive balance.
  • ezc
    edited November 2013
    Just to add, I also think credit cards are safer than debit cards.  If someone steals your debit card/info, they're taking money right out of your account.  If someone steals your visa card/info, they're taking money from the bank.  It's a lot easier for you to get off the hook for the later.  

    Also, last time I was at TD, the teller happened to mention to me that when you use your debit card, the info is stored on the device indefinitely, whereas that's not the case with credit cards.  So if someone steals those card devices at a store, your debit information is still on it.  Not sure how accurate that is (I only know the basics of how the visa network works), but that's what she said.
  • chh05chh05
    TD Visa, the student credit card. I have a $500 limit and was preapproved because I've been with TD forever.
  • Annie

    Good advice from folks above about never carrying a credit card balance, especially as a student.

    Have a looks at a couple of posts from PF blogs.  Student cards:

     

    http://myuniversitymoney.com/the-best-student-credit-cards-in-canada/

     

    and best low-rate cards:

     

    http://www.moneysense.ca/debt/credit-cards/canadas-best-low-rate-credit-cards-of-2013

  • BeAnBeAnBeAnBeAn
    Yes I agree with ezc. Credit cards are definitely much more safer. A lot of them have fraud protection. So as soon as you realize you lose your credit card or suspect fraud call the 1-800 number and anything that is purchased after you are not liable. But with a bank, once the money is gone, it is gone. CDIC insurances only apply to deposits which bank lose through investing practices/bankruptcy shit like that.

    Rates shouldn't matter if you're paying off your balance monthly. Most start at 19.99% anyway.
  • ofikey
    Thanks for all the advice and links, very helpful! I'm fairly decent with my spending - a majority of it goes towards food hah. i wanted a cc to track my purchases more easily, collect some points/cashback and build up my credit while im at it. I hate using my debit everywhere for the same reasons mentioned above so a cc seemed like a good alternative.

    I did see this article as well:

    Was going to go for the capital one vibe mastercard initially.

Leave a Comment