Getting a credit card for medical school?

[NYankees]

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I just graduated from college and wanted to get a credit card for medical school (I don't plan on using it that much but its nice to have a back-up to a debit card just in case and also developing my own credit history--this would be my first credit card). Thing is I don't have a job and obviously won't have one in medical school so I don't know if any credit card company will issue me a credit card. Does anyone know how it works if you don't have a job but are in school..can you still apply for a credit card? Anyone have any recommendations on student-friendly credit cards? My parents credit isn't that great so even if they could get me a credit card under their account the interest rate would be insanely high.

 

[Zona Pellucida]

Got one as soon as I graduated high school to start building up some credit (had no job either, but a decent amount in savings). I only use it a couple times a month; just go to the bank and talk with someone.

 

[NotAsking4Much]

Yep course you can. In fact, credit card companies love issuing them to college kids because they're banking on you overspending and incurring the crazy interest that either you or your parents end up paying.

Here's a good link: http://www.creditcardguide.com/student_cards.html.

I personally like the Citibank ones. But whatever it is...PAY IT ON TIME! Banks are very unforgiving, esp. nowadays with the whole financial reform.

 

[painmd87]

My parents credit isn't that great so even if they could get me a credit card under their account the interest rate would be insanely high.

My advice is that the interest rate should never matter. Unless there is a catastrophe in your life, you should NEVER accrue interest on your credit card. Pay it off every month, no matter what. Spend only the money you actually have.

You might see this as more of a debit card-way to use it, but remember that you're building credit so that you can finance things in the future (i.e. car, house). By charging $200 a month and paying $200 a month, you are building a credit history so that someone in the future will say "Oh, yes, NYankees is good with credit, I will loan him/her money at a low rate."

Your plan will backfire if you run up debt, don't pay it off, or default, or do a debt-settlement plan (they demolish your credit).

If you have the discipline to study medicine and make it through school, you should have the discipline to live within your means, pay your bills, etc. What's the saying? "If you live like a doctor when you're a student, you'll live like a student when you're a doctor." Or something like that.

 

[mvenus929]

By charging $200 a month and paying $200 a month, you are building a credit history so that someone in the future will say "Oh, yes, NYankees is good with credit, I will loan him/her money at a low rate."

If you're just using the credit card to build credit, don't charge more than 1/2 of your credit limit each month, even if you do pay it all off. This can be an issue with some cards (I was issued a card a while back, by mistake, that only had a $300 credit limit), but this will ensure that no matter when the credit card company reports your spending to the credit bureaus (they do so each month, so your balance is reported at some point), it won't reflect poorly on you.