I’ll start by acknowledging that I love my metal Amex cards. They earn me points that help me travel, get me into airport lounges, and give me free food. Plus, they look and sound pretty cool when I put them down on a table.
But getting one of those flashy credit cards is part of the long game, and you won’t get there overnight. The coolest cards in my wallet certainly weren’t the first ones in my wallet. It took years of building up my credit profile and my credit score before I had any hope of being approved for one of those flashy credit cards. And honestly, having to wait and learn was probably a good thing.
Why do you have to wait?
I don’t blame you if you want the coolest credit card right off the bat. Unfortunately, if you haven’t spent time building up your credit profile and your credit score, the decision probably won’t be up to you.
In order to be approved for most credit cards, you need to have a solid credit profile. The flashier the card, the better your credit needs to be for you to be approved. That doesn’t just mean your score. A high score can help, but you need to have other things going for you too, like more than just a few months of history or your own cards - not just your parents’ cards. Many cards issuers will also require you to have a certain income, making them more or less off limits for college students.
You might want a flashy metal Amex, but if you’re in college, it’s pretty unlikely that you have enough of a credit history and enough of an income to be approved. That’s where Fizz comes in. With Fizz, you can build your credit score and your credit profile while you’re in college, even if you’re starting from scratch. Then, once you graduate, you can take advantage of your credit profile and use it to get the types of cards we’re talking about. You know, the flashy ones.
Why should you wait?
If you’re in college, you probably won’t be able to get a flashy Amex even if you want to. But there are good reasons to take your time with the process. Normal credit cards can be confusing, with interest rates and fees to keep track of.
Flashy credit cards can be even more confusing. Annual fees, credits for specific purchases, points, miles, and other benefits can be confusing to keep track of and utilize. Before you take the jump to an expensive, flashy credit card, you’ll want to make sure you can keep track of your own spending and rewards. And a Fizz card is a great way of doing that. With features like daily Autopay and SafeFreeze, you can make sure you know how to use a credit card before you upgrade. Plus, Fizz has lots of resources you can take advantage of to help you get more comfortable with your finances.
Another thing to remember
According to a 2019 Sallie Mae study, 25% of college students are authorized users on their parents’ credit card accounts. Your parents might make you an authorized user as a way of supporting you financially or as a way to try and help you credit score.
It’s important to know, however, that being an authorized user won’t give you the same kind of benefit that having your own line of credit will. When you’re an authorized user, your data is reported to credit bureaus as exactly that - an authorized user. And that doesn’t have nearly the same effect on your credit score as having your own account.
With Fizz, you get an unsecured line of credit for maximum credit building effect. You might think that relying on your parents’ card throughout college will set you up with a good score, but chances are that you’ll just end up behind others who built credit on their own.
The bottom line
Flashy cards from Amex and other companies are alluring, and they can provide great value. But as a college student, it’s important to start small and grow. Not only is it nearly impossible to be approved for a heavy-hitting Amex while in college, it’s also not the smartest path to try and take. Making sure you know how to manage your money and use a card on a daily basis are important steps to take before you dive into the world of flashy credit cards.
Fizz is here to help you take control of your financial future, and that includes helping you get whatever kind of flashy credit card you want one day. With Fizz, you don’t need a credit score, credit profile, or income in order to be approved. By connecting to your bank account, helping you stay on top of paying off your purchases, and keeping you from spending more than you have, Fizz helps you learn how to be responsible with money - all while building up your credit profile and your credit score. So what are you waiting for? Sign up for a Fizz card and get started learning and building your credit today!