My First US Credit Card!

Woohoo! Got approved for this card! Now I can start building my credit history here (so nerdy, but I really, really needed this)!

Comparison table with other cards on this link.
Further info on highly-rated student credit cards here.

Some of my stipend-receiving Chinese classmates had been approved for credit cards late last year, and I had been hankering for one since then. It's hard to move around the US without a credit history -- landlords check it to rent you apartments, banks check it to determine the interest rates they give you for loans, etc, etc. Some landlords even require credit histories of six months, to see whether you are that reliable when it comes to paying off credit. I had to have one, and I had to have one fast.

Enter the Discover card. I had actually applied last year for a credit card with the local credit union, but had been rejected since I don't have a stipend, and the income I receive from my part-time job wasn't deemed sufficient enough to cover credit payments (sad, I know). But I'll be doing my internship over the next few months, and the income I'll be receiving can serve as a guarantee of sorts (kind of flawed reasoning right there, but I'm not complaining). Aside from my offer letter, the credit union wanted a copy of my I-20 and passport. Discover, on the other hand, just asked me about the income I expected to receive this year, plus a scanned copy of a document validating my address. Applying for Discover was all online, so it was really easy and convenient. I received their reply a couple of days after applying, and my card was on the way!

I'm not really partial to credit cards, but if I receive cash-back offers on purchases I make, then it's free money for me. More so if I get money back for paying on time, like Capital One offers on its Journey student card. The cash-back amount might be really small, but it does build up over time. A lot of barya together can be worth hundreds over time. And a credit card will be handy if ever I find myself in a financially tight spot. I'll just make sure I can pay back anything I charge on it since the interest rates get pretty steep later on!

To be honest, I very much prefer a cash system like the one in the Philippines. With cash, all you really worry about is having a lot of money with you that could get stolen, especially during registration days and you have to pay full tuition. With credit, you don't have to worry about this, but you never know when someone has stolen your credit info -- or even identity -- online. And what precaution could you take against that?