Credit Card for law school Forum

[jdubb990]

Do you guys think there is a particularly good credit card for cash back bonuses in law school? If I'm going to be taking out loans for living expenses, I figure why not use a credit card to get cash back. Books are going to be expensive, and I'd like to benefit from purchasing them with some cash back rewards. Also, I figure I'll need a new computer, and smaller things like office supplies and basic necessities like food and gas. I've only had one retail credit card before, paid it off in full. Checked my credit history/report recently and I have a 743, so I guess I'd get approved for any of them. I always pay off in full and early so interest doesn't accrue, so debt isn't an issue here.

Any suggestions? I've been looking at this Discover More Rewards card, its kind of enticing.

[oberlin08]

Do you guys think there is a particularly good credit card for cash back bonuses in law school? If I'm going to be taking out loans for living expenses, I figure why not use a credit card to get cash back. Books are going to be expensive, and I'd like to benefit from purchasing them with some cash back rewards. Also, I figure I'll need a new computer, and smaller things like office supplies and basic necessities like food and gas. I've only had one retail credit card before, paid it off in full. Checked my credit history/report recently and I have a 743, so I guess I'd get approved for any of them. I always pay off in full and early so interest doesn't accrue, so debt isn't an issue here.

Any suggestions? I've been looking at this Discover More Rewards card, its kind of enticing.

You get better interest rates via PLUS loans. Someone please correct me if I'm wrong..

[Icculus]

You get better interest rates via PLUS loans. Someone please correct me if I'm wrong..

Do you guys think there is a particularly good credit card for cash back bonuses in law school? If I'm going to be taking out loans for living expenses, I figure why not use a credit card to get cash back. Books are going to be expensive, and I'd like to benefit from purchasing them with some cash back rewards. Also, I figure I'll need a new computer, and smaller things like office supplies and basic necessities like food and gas. I've only had one retail credit card before, paid it off in full. Checked my credit history/report recently and I have a 743, so I guess I'd get approved for any of them. I always pay off in full and early so interest doesn't accrue, so debt isn't an issue here.

Any suggestions? I've been looking at this Discover More Rewards card, its kind of enticing.

You get better interest rates via PLUS loans. Someone please correct me if I'm wrong..

I think OP point was to use the card to get cash back, and pay the balance off in full at the end of the month with loans...thus no interest charges. From what I have heard, Discover is pretty good.


Edit: Spelling

[underdawg]

PLUS loans give you rewards?

the discover card is cool but they jerk around that 5% cashback category every 3-4 months, sometimes with little notice. the best one is this:

https://www.citicards.com/cards/wv/popu ... cale=en_US

the "forward" one. 5% cashback on books, and btw amazon counts as a "bookstore," so i think any crap you buy from there would count. and you can get just about anything from amazon. also 5% at restaurants which is another pretty big student expense (if only it was 5% for groceries too!)

i have a amazon credit card and it only gives me 3% on amazon purchases. i am kind of a little upset about the way this all worked out for me

enjoy these while they last, what with all the new credit card/bank regulation stuff going on.

[JG Hall]

.

[ozarkhack]

Discover is terrible.

I've had one for 10 years and they won't knock down my interest rate any lower than just under 16%. (I have pretty darned good credit, too.) This of course isn't a problem if you pay off every month. But sometimes, life happens and you don't. ... Also, it's not always accepted.

[dood]

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[dood]

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[jdubb990]

Yes, I meant using the cash I get from loans to pay off the credit card bill before interest on it accrues each month. I know I won't be able to work much, if any, so I figure why not try some way to save some money. It seems like a good use of credit. I have looked at rewards programs, but I want cold hard cash savings, going into an account that accrues interest and makes money for me. Do many law school students do this type of thing? It just seems pragmatic.

[sk08]

I've been happy with the Capital One No Hassle Rewards. I think it's 1% cash back on all purchases and 2% on groceries & gas. I just apply the cash back to my balance but you can get it in the form of a gift cert. or check.

edit: and there is no annual fee.

[oberlin08]

I misunderstood what the OP was trying to do. My apologies

[andreea7]

The Best Credit Card Sign-up Ever:
http://bucks.blogs.nytimes.com/2009/11/ ... onus-ever/

I paid for my book and health insurance with this credit card, got the 100K in miles, paid the balance immediately with student loan refund check. The miles are usable on AA; 25K for domestic round trip...I used 2 round trips already, probably going to Europe with the other 50K. You need to monitor sites like frequentflier.com or slickdeals.net to catch these specials. Without catching a special, AMEX typically has the best rewards + prestige + ease of use (i.e. more widely accepted than Discover) + unbeatable customer service.

Awesome awesome! thanks

[SaintClarence27]

Yes, I meant using the cash I get from loans to pay off the credit card bill before interest on it accrues each month. I know I won't be able to work much, if any, so I figure why not try some way to save some money. It seems like a good use of credit. I have looked at rewards programs, but I want cold hard cash savings, going into an account that accrues interest and makes money for me. Do many law school students do this type of thing? It just seems pragmatic.

I've accrued some debt due to being unemployed, so I won't be able to do this during law school, but I did it during undergrad and it worked great.

[jdubb990]

PLUS loans give you rewards?

the discover card is cool but they jerk around that 5% cashback category every 3-4 months, sometimes with little notice. the best one is this:

https://www.citicards.com/cards/wv/popu ... cale=en_US

the "forward" one. 5% cashback on books, and btw amazon counts as a "bookstore," so i think any crap you buy from there would count. and you can get just about anything from amazon. also 5% at restaurants which is another pretty big student expense (if only it was 5% for groceries too!)

i have a amazon credit card and it only gives me 3% on amazon purchases. i am kind of a little upset about the way this all worked out for me

enjoy these while they last, what with all the new credit card/bank regulation stuff going on.

Did you mean the college student card? I looked into it and it caps off at $300 cash back. Do you have this card? And if so, did you reach the maximum $300? I'm just wondering how quickly I would reach that, or if I would at all. I know everyone's spending is different, just curious. I don't really know how much money I'll be spending because I'm moving to an unfamiliar city so its hard to predict.

[underdawg]

i meant this one:

https://www.citicards.com/cards/wv/card ... reenID=960

doesn't seem to be a student card. i don't have this, i have an amazon/chase rewards card which has no limits but is 3% for amazon, 2% for dining out/gas, and 1% everything else.

the citi one maxes out at 75k rewards points for the 5% thing, but that would mean 15k, which you probably shouldn't be spending as a law student anyway.

also i realize i've been loose with the term "cash back." but if the card gives you a gift certificate for a place you were already gonna buy stuff from anyway (you can get casebooks on amazon for example), then isn't it all the same really? (my card actually does do cashback tho)

[SpaceDawg]

i meant this one:

https://www.citicards.com/cards/wv/card ... reenID=960

doesn't seem to be a student card. i don't have this, i have an amazon/chase rewards card which has no limits but is 3% for amazon, 2% for dining out/gas, and 1% everything else.

the citi one maxes out at 75k rewards points for the 5% thing, but that would mean 15k, which you probably shouldn't be spending as a law student anyway.

also i realize i've been loose with the term "cash back." but if the card gives you a gift certificate for a place you were already gonna buy stuff from anyway (you can get casebooks on amazon for example), then isn't it all the same really? (my card actually does do cashback tho)

That looks like a good one. I have a Citi cash rewards card. I wonder if I could change it to this one or if I have to re-apply.

[romothesavior]

Okay... this is going to sound stupid, but I have never had a credit card due to my horrible spending habits. Getting one has never even crossed my mind until recently. But my question is: if you pay off the balance of the card each month, you don't have any interest or charges right? You basically just end up paying for the cost of the good or service, and then you get some reward (if you sign up for a card that has a rewards program)? Is that right?

[Mike12188]

The Best Credit Card Sign-up Ever:
http://bucks.blogs.nytimes.com/2009/11/ ... onus-ever/

I paid for my book and health insurance with this credit card, got the 100K in miles, paid the balance immediately with student loan refund check. The miles are usable on AA; 25K for domestic round trip...I used 2 round trips already, probably going to Europe with the other 50K. You need to monitor sites like frequentflier.com or slickdeals.net to catch these specials. Without catching a special, AMEX typically has the best rewards + prestige + ease of use (i.e. more widely accepted than Discover) + unbeatable customer service.

Awesome awesome! thanks

It's no longer 100k, they changed it to 30k I just looked into it. The 100k you got is awesome though.

[SpaceDawg]

Okay... this is going to sound stupid, but I have never had a credit card due to my horrible spending habits. Getting one has never even crossed my mind until recently. But my question is: if you pay off the balance of the card each month, you don't have any interest or charges right? You basically just end up paying for the cost of the good or service, and then you get some reward (if you sign up for a card that has a rewards program)? Is that right?

Yes. If you pay it off within a month there are no extra charges. Have you ever thought about getting a low-limit card? Capital One is sort of infamous for their lower limits. Then you could cap your spending but still build credit.

[mountaintime]

Amazon.com Chase credit card: 3% cash back for amazon purchases, 2% for restaurants gas stations and drug stores, 1% everywhere else, 2X for the first 90 days, no annual fee, plus $30 (or is it $40?) off your next amazon purchase (I signed up for this right before buying a bunch of PTs and PS Bibles on amazon).

I think all these chase reward cards are pretty similar. just be sure to pay your bill on time.

[Matthies]

Hi since you are all on TLS in means that likely 75% of you are pretentious duchbags. So I have an offer that will appeal to your mammalian desire to show off, join the American Bar Association as a student member for $25 then get an ABA credit card to flash to all the UG chicks at the bar. --LinkRemoved--

[romothesavior]

Hi since you are all on TLS in means that likely 75% of you are pretentious duchbags. So I have an offer that will appeal to your mammalian desire to show off, join the American Bar Association as a student member for $25 then get an ABA credit card to flash to all the UG chicks at the bar. --LinkRemoved--

It says students not eligible. Bummer...

[Matthies]

Hi since you are all on TLS in means that likely 75% of you are pretentious duchbags. So I have an offer that will appeal to your mammalian desire to show off, join the American Bar Association as a student member for $25 then get an ABA credit card to flash to all the UG chicks at the bar. --LinkRemoved--

It says students not eligible. Bummer...

Stduents are not elgiable for the 2 for 1 airline tickets, but there is a link for students to apply for the card, so i think that studnets part just applies to the 2 for 1

[romothesavior]

Ah, well then I might have to score one of those.

[andreea7]

Hi since you are all on TLS in means that likely 75% of you are pretentious duchbags. So I have an offer that will appeal to your mammalian desire to show off, join the American Bar Association as a student member for $25 then get an ABA credit card to flash to all the UG chicks at the bar. --LinkRemoved--

It says students not eligible. Bummer...

Stduents are not elgiable for the 2 for 1 airline tickets, but there is a link for students to apply for the card, so i think that studnets part just applies to the 2 for 1

Ah, my pretentious duchbag heart is so happy looking at this ABA credit card