Good Effects of a Student Credit Card

May 20th, 2011 by admin

Credit was used way back in 1920’s, but it was not until in 1950 that credit card came into existence. All thanks to Diners Club who issued their first credit card to pay off restaurant bills. Not long after, it evolved into something bigger and larger. Now, billions of people worldwide are using credit cards as part of their way of life.

From billions of people, ten to twenty percent of those are students. Before, credit issuers shun young students, particularly college students to avail of such credit cards. Nowadays, bank company representatives are the first to chase students to sign their credit card applications. They visit schools and campuses, hoping they will be lucky finding potential and young credit card holders.

A lot has been said that a student credit card will not fully help realize the student’s needs. However, that is not the case. It is advantageous when used for the right reasons; and wrong if used for the wrong ones. Depending on the end-result of a student card holder, the card can be an asset or a liability.

Students must have a lot of things in mind when it comes to expenses and budget. Once they enter universities, they stay at dorms and become away from the family. This also means having freedom and making his or her decisions. Probably, getting a student credit card is one of the choices as well.

Spending money will be a major concern for every student. With the help of a credit card for a student, they will learn how to finance their expenses. Take note that having one comes with greater responsibilities – you have to realize that once you have your own credit card, you have obligations to fulfill. You pay for the bill with extra fees every monthly. And you can’t just cut out your credit cards whenever you want to. You are under contract for one or two years until it ends.

One main suggestion for students is to set a credit limit of your choice. With a limit, you’ll get to spend only when the need arises. You may only need your card for emergency situations, especially when it involves school matters. That’s one benefit that you get on a student credit card.

Do not be taken away from the negative feedbacks that you have heard. Yes, they may be evil unless if used wrongly. When you maximize the card wisely, you will earn rewards in the end. So start using student credit cards now and spend thriftily!

For More Info See: College Student Credit Card Debt

What’s a good website to apply for student credit cards?

I want to get a student credit card, one with a smaller limit, just to be able to build credit so I won’t have issues buying my new car once my lease is up next year, as well as with other things, such as cell phones, houses, etc. What would be a good place to apply for a card that doesn’t require good, or any, credit?

Answer
if I were you I would find out what my credit score is before I go getting credit cards. www.annualcreditreport.com allows you one credit check per year mandated by the govt. if your credit is good enough dont bother getting credit cards. have as few of those as possible as im sure many will tell you on this site

Tags: , , , , ,
Posted in Student Credit Cards | Comments Off

The Benefits Behind a Student Credit Card

May 17th, 2011 by admin

Owning a student credit card has many benefits, especially a reward credit card. It enables you start a good credit history that will be very helpful once you get out of college. Once you face the real world, many companies will be asking you to supply a credit history, and you’ll be thanking yourself for doing the right decision.

Many college students should know what a good credit standing will do to you in the future. It gives you many advantages like getting a loan for a car or house, and many more. When you want to apply for a job, interviewers ask for your credit history to determine your spending habits. If you have a good credit standing and you pay your dues on time, which is a big plus to your resume.

Another reason why a credit history is because it helps you apply for another credit card. Credit card companies will check your performance based on your credit standing and how well you used your previous student credit card. If you have a low credit score, this will hinder you from getting those benefits. It will also limit your financial options. Your low credit standing will have a tremendous impact on your financial future.
To earn a good credit history, pay your bills on time. Apply for a student credit card to get a good credit rating. Try to make sure that you don’t exceed the credit limit and let your outstanding balance build up. If possible, pay off the balance each month so that excess fees won’t pile up on the next bill.

While you are looking for a student reward credit card, pick those that offer the best incentives on every purchase that you make. There are many credit cards out there that award you with points or a 5% cash back on all charges from restaurants, book stores, grocery stores, gasoline stations, ticket airlines, movie theaters, video rentals, and more.
Select those student reward credit cards that give you rewards on your points or for paying on time. You can redeem your points depending on the company’s offers: exchange them for gift cards, CDs, airline tickets, free gas, and possibly, tickets to musical performances or awards.

Determine the type of cards that fits your needs and the type of rewards that you want to earn. Be better off with a student credit card that offers the lowest APR to save you more money on spending. Do your research and be sure that you manage your credit card wisely for a greater future ahead.

See: College Student Credit Card Debt

Best student credit card for customer service?

I’m a college student, and will like to build up my credit. I’m pretty smart when it comes to my finances, so please do not say “Do not get a credit card”. I’ve had a bad experience with Chase mastercard customer service and would like some suggestions on other credits cards. I’m looking for a reliable company that won’t give me crap.
Thank you!

Answer
There are some good ones out there specially if you are a student, check out www.fastcreditcardapprovals.com under student cards these cards have no annual fees and have low interest rates.

Tags: , , , , ,
Posted in Student Credit Cards | Comments Off

Student Credit Cards How May Them Help Your Kids With Academic Expenses

May 14th, 2011 by admin

If you have kids attending college, you probably know better than anyone how often do young people run out of money before the ending of the month or how difficult is for them to get along with a monthly budget when they have so many things to pay month by month. There are those well known academic expenses including tuition, fees, books and library supplies. Then of course they have to eat and get dressed. Ok, so far we could estimate a monthly amount and help them to develop a strategy on how to maintain within that budget.

Then we can start counting those unexpected expenses like cars breaking down, medical emergencies or any other kind or unexpected situation in which your kids have to spend money out of what they have programmed.

Talking With Your Kids About Credit Score

Student credit cards are offered by creditors to college students to help them solve these kind of situations. Of course credit cards are what they are, just credit cards, even these ones that have been specially designed for students.

If your kids are already in college, they would probably have already been offered to apply for a student credit card. If they don’t have their own, or an extension of yours, a student credit card may be a good option for your kids to start a good credit score.

Assuming a responsibility on their expenses, paying bills on time and developing sense to manage a certain amount of credit will help your kids acquire a good financial behavior and they will be rewarded with a good credit record.

Knowing this may give them an idea on which way to take in the future. A good credit score is the main door to any kind of loan they would like to obtain, like car loans, mortgage loans, or personal loans. Even if they are thinking about applying for a private student loan in the near future, having already any good credit record like maintaining a student credit card will make easier their way into approval.

Some Advantages Of Student Credit Cards

They are easier to obtain than most of credit kinds for students. You may apply even if you don’t have a job.

Student credit cards  offer the possibility to face some of the academic related expenses, such as books.

Same as any credit card, they can be used to do online shopping, paying your purchases in several monthly payments and they also apply for many rewards and benefits, depending on the credit company.

Carrying a credit card is always safer than carrying cash. Facing a theft or an eventual lose, just calling the credit company will maintain your account safe. You may have to be responsible for the first $100, but this will depend on the situation.

They also offer a good source of fast money in case of an emergency.

Some Disadvantages Of Student Credit Cards

As we said, a student credit card is still a credit card, and credit companies tend to offer high amounts of credit to students, even if they don’t have a job.

As they can be used as well as regular cards, it’s difficult sometimes to refrain the desires of buying everything. Having access to a high amount of money, may be a bad thing if you don’t develop a good financial behavior. If you are not careful with your student credit card, you may find yourself into debt sooner than you can imagine.

Paying your bills out of term is another way to get into debt. Even when student credit cards don’t have annual fees, interest rates and penalties due to late payment may be slightly high.

A Few Tips On How To Be A Good Credit Card Holder

Use your credit card wisely, try to maintain your expenses within an amount you know you will want to pay.

Don’t do late payments in order to avoid penalties and high interests.

Try to keep a record of your credit card purchases, even those ones that are not related with academic expenses. This will help you to control your debt, and will avoid paying for undone purchases.

Lara Sawyer is a professional loan advisor used to solving bad credit problems and helping people secure home loans, carloans, personal loans, unsecured credit cards, home equity loans, refinance mortgage loans and plenty of other financial products. Whether you want to learn more about Personal Consolidation and Online Bad Credit Loans or find information about other loan types, just visit: http://www.fastguaranteedloans.com/

What is the easiest student credit card to get?

I’ve already applied for 2 other cards and have been denied because I have not “revolving” credit history. But they weren’t student credit cards, which is what I guess I should have applied for first. Anyway what would be the easiest student credit card to get? Share your experiences please.

Answer
I would have to say Discover or Citibank check out www.fastcreditcardapprovals.com and go under student cards.

http://fastcreditcardapprovals.com/

Tags: , , , , , ,
Posted in Student Credit Cards | Comments Off

Instant Student Credit Cards

May 11th, 2011 by admin

Instant Student Credit Cards

Instant student credit cards can be a great tool for anyone heading off to college.  Many parents like the idea of their student having a credit card in order to pay for any emergencies that may pop up as well as for everyday incidentals.

In addition to these reasons, there are a few more advantages to obtaining instant student credit cards.  Some of the most common benefits are as follows:

Instant student credit cards give students another source of funding in addition to simply relying on student loans.  Because some students are only able to get enough money to pay basic tuition, room, and board, a credit card can offer a bit of extra cash flow to help cover other expenses.
Instant student credit cards teach students how to budget, and manage their money.  Students learn the importance of not spending outside of their means, as well as how to repay balances on time.
Since instant student credit cards are designed for students who have little to no credit history, they are a great tool for building a strong credit history and score for the future.

Because not all credit cards are created equal, and many are not intended to meet the needs of students, instant student credit cards provide many distinct advantages.  These cards are made just for students, and offer fast lines of credit in order to place the card easily within the reach of younger individuals.

These cards were created as a way not only to provide funding for students, but also to attract a younger clientele to the banks.  Since the need for young individuals to build their credit sooner has never been more important, the banks realized they could make things much easier by offering simple, basic, applications to a college based audience.

If you are considering applying for any of the various instant student credit cards, you should not just rush out and take the first offer you find.  Instead, you should remember that credit card companies know you are new to the world of credit and are eager to obtain a card.

This combination puts younger people at a higher risk for overspending and defaulting.  The result is higher risk potential to the card issuers, leading to higher interest rates.  Take a bit of time to shop around and compare offers.  Find out if there are any introductory offers, cards that offer lower interest rates over a longer period of time, as well as all of the applicable fees.

Instant student credit cards can really be a beneficial option for college aged people.  Contrary to the belief that putting a card in a young person’s hands will only increase the chances of accumulating debt, they can actually work the opposite way.  When students learn the benefits and dangers associated with a card, they learn early on how to handle expenses and their credit in a way that promotes overall financial responsibility.  These lessons are sure to last a lifetime.

Aubrey Clark is an Author and editor for Direct Banc, which features Instant Student Credit Cards, and other Low Interest Rate Credit Cards.

Where can you go to get instant same day approval on student credit cards?

Answer
here, go under student card http://www.bestcreditrates.net , hope this helped u out.

Tags: , , , ,
Posted in Student Credit Cards | Comments Off

How a Student Credit Card Can be Beneficial

May 8th, 2011 by admin

There’s no denying that the popularity of college student credit cards is on the rise. These days, both parents and students prepare for college by getting a student credit card. Usually, parents provide their kids with student credit cards because it is a more convenient way of giving financial support. Still, there are working students who can afford to get a college credit card on their own.

Credit Card for College Students – How Beneficial

Primarily, student credit cards are designed to help young people establish their own credit history as early as possible. Even while in school, students with credit cards are already starting to build up their credit scores- certainly an important preparation as they enter the corporate world.

Nevertheless, building a good credit history would greatly depend on how a student handles his or her student credit card account. Needless to say, a student may be able to establish an early credit history but because of frequent late payments or maximizing their credit limit, there is also the danger of developing a poor credit score or bad credit history.

Therefore, before opening an account, students must first be made aware of their responsibilities as student credit card holders. Parents can play a big role in teaching and training their kids on how to handle their finances effectively. Of course, setting a fine example to their kids is crucial as kids often look up to their parents for learning.

Help Your Student Choose

If you’re a parent, help your kids understand the specific factors that should affect their choice. For instance, does the student credit card report to the major credit reporting agencies? Since you’ll be using your student credit card to build credit history, you need to make sure that your payments would be reported to the credit bureaus accordingly.

What are the costs of the credit card? Naturally, a student credit card with a low rate of interest is what you want. However, a low APR does not always guarantee the best deal. Aside from the APR, you’ll also want to check out the rest of the fees that your college credit card charges. Consider these questions when doing your search for a potential student credit card:

Does the credit card for student carry an annual fee?
If yes, is it reasonable?
Is there an over the limit charge? If yes, how much?
How much is late penalty fee?
Does it provide a sufficient grace period? (usually credit cards provide 25 days while other provide as long as 30 days of grace period) Remember, a longer grace period gives you more time to pay back your balances without incurring the additional interest payment.

Considering the above points means taking more time in searching and comparing different student credit cards. Don’t sign up for the first credit card offer you receive in your mail just because it sounds like a great offer. Remember, the only way you can be sure of your choice is by doing comparisons and by understanding the details of the fine print.

Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on credit cards for bad credit,credit cards for good credit and other credit-related issues. Its main objective is to help people build good credit. Copyright © 2008

What credit cards are made so that you are instantly approved or denied?

I preferably need a studen credit card (to build up my credit-seeing as how I do not have any line of credit). I just need to know which credit cards/student credit cards instantly approve/deny you or at least you find out some sort of answer within a few hours.

Answer
Actually most of the companies allow you to apply online instantly. But you have to find the right card that you can apply for. To do this, goto the following site and find the card you want in student section and apply online. This site only has cards that you can apply and get a decision instantly. Good luck!

Tags: , , , ,
Posted in Student Credit Cards | Comments Off

Things You Should Know in Applying Student Credit Cards

May 5th, 2011 by admin

Having a student credit card can be an efficient tool for college students especially for emergency school expenses. But applying for a student credit card can be a challenge for first time credit card holders. Many students have been prone to sign up in a rush especially if the offer is too enticing to resist. Some students have found themselves with a student credit card company that does not give great service at all. In this article, let us discuss some tips you should remember about credit card applications for college students:

Study your choices. Before you go and submit a credit card application online, make sure that it is the student credit card you seriously want to own. Don’t get easily lured just because a student credit card has a low introductory offer or rewards. Take your time in studying the different factors about the student credit card including the APR, penalty costs, annual fees, the grace period, and other terms and conditions. Compare each student credit card not just based on its best features but based on all the things it has to offer.

Check out credit card reviews online. Another way to make sure that you’ll pick the right student credit card is by reading what other people have to say about it. There are credit card reviews available online which are written by other cardholders who have personally used the card. Reading these reviews will help you avoid ones that give a really lousy customer service. You may also visit credit card review web sites that present the best and worst features of each student credit card in the market. This helps you narrow down your list of choices to just two or three credit cards.

Consider the rewards offered. After checking out the interest rates and costs, don’t forget to consider the types of reward offered. You can make the most out your student credit card if it gives you the right rewards program that fits your lifestyle. For instance, some student credit cards give cash back bonuses while others offer gas rebates and travel discounts. Choose the one that you tend to use most often.

Check the details you input online. Most student credit card applications are submitted online. Make sure that all the data you fill-in are true and correct. Basic information you will be asked to input are you full name, date of birth, citizenship, residence, Social Security number, phone number, and the person to contact for reference. Information about your college will also be required.

Read the terms and conditions. When signing up your student credit card application, it asks you if you do agree with the terms and conditions of your card. Don’t simply sign without actually reading the complete credit card policy if you don’t want to be stuck with a student credit card that imposes unreasonable conditions and hidden fees. If you have questions, call up the credit card issuer and make sure that you get clear answers to your questions.

Samantha Wilson is a consultant for credit cards for students. For years she has written student credit cards articles that would help build student credit. For more info, visit: www.buildingcreditforstudents.com

I got denied for student credit cards many times!?

I applied for my first credit card (I’m 19) but got denied many times either on the grounds that I have no credit history or they cannot verify my information. I tried to access my credit report but can’t!

I’m not sure what is wrong.. I typed in my SSN correctly and I have never had a credit card before..

Is there something wrong here?

Answer
If you have never had any credit, then you do not have a credit report.

Tags: , , , , , ,
Posted in Student Credit Cards | Comments Off

Is a Student Credit Card Right for You

May 2nd, 2011 by admin

The life of a student is synonymous with being short on cash and needing to maintain a tight budget in the minds of many individuals. With books and tuition to cover on top of just day to day expenses, it’s easy to see how that can be the case. When used prudently and sparingly, a credit card can go a long way in regards to making managing a student budget a little bit easier. However, it’s important to make sure that it’s the right credit card! Student credit cards are a new breed of card designed especially to meet the needs of students and help them build a good credit rating that will benefit them later in life. The question, of course, is whether or not one of these cards is right for you.

How is student credit different from regular credit?

To qualify for a regular card, an applicant needs to have a steady income and an established job.  This isn’t the case with a variation meant for students, as credit providers that offer student credit understand that many students either go to school full time or don’t enjoy a long term employment situation. These cards also do not come attached to any annual fees to help make them easier to maintain and use as well. In addition to this, student credit cards are meant to be used to manage college expenses and typically feature a lower credit limit than regular credit cards – somewhere around $1,000 – which is ideal for covering the costs of items like school books.

What is the advantage of applying for a student card instead of a regular card?

Student credit cards are designed specially to help students manage their expenses while allowing them to build a stellar credit score that will benefit them later in life. These days, good credit is necessary for everything from being approved for an apartment, to getting a car loan, to even landing certain jobs so the sooner a good credit rating is established, the better. Student credit programs also often come attached to rewards and benefits from financial institutions that can help make the journey through the school system smoother. A lower credit limit, online access, and stellar customer service all ensure that the card is easy to manage and use as well.

How can I apply for student credit?

The easiest way to apply for a student credit card is by filling out an application online. However, be sure to adequately consider and determine your individual needs before hand, as each program is different. Luckily, the convenience of the internet makes researching and comparing different programs a snap as well. Read over the terms and conditions of each card carefully. Then once you find the one for you, fill out an application and you could find yourself approved for credit within minutes! It really is that simple.

Building good credit and learning to use your credit to manage your everyday expenses is an important step in every modern life and student credit cards are the perfect way to get your life, your budget, and your credit score off to a great start right from the get-go.

Before you head off to college, take some time to compare student credit cards. Here are some of the best student credit cards online. If you are done college, consider applying for cash back credit cards instead.

If I could, what would be best to pay of first: Student Loans or Credit cards?

I owe about $10k in credit cards and about $50k in student loans. I feel I should ditch the credit card debt first since I can claim my studen loan interest on my taxes. What do you think?

Answer
Get rid of the credit card debt first. It’s probably a higher interest rate than the student loans, it’s not tax deductible and it could have more of an impact on your credit score.

Frankly, I can’t think of a single reason why you would want to pay off the student loans first. There’s just no advantage to doing it that way.

Tags: , , , ,
Posted in Student Credit Cards | Comments Off

All You Need to Know About Student Credit Cards

April 29th, 2011 by admin

Student credit cards can be beneficial to provide cash for students who need the money immediately while providing convenient of cashless purchases like standard credit cards. But, it can also lead a student to get into a debt problem if they don’t use it responsibly. Therefore, if you are interested in applying one of these cards, you have to understand the pros and cons of owning one of these cards.

Which credit cards should students go for?

College students are huge and profitable market for finance companies. They try to lure these students with very attractive offers like lowest interest rates, free application with zero annual fees. But, some of these offers come with hidden costs or high interest rate after the promotion period. You have to read the details of fine print in the agreement before you sign up any offer. It is advisable to go for the reputed companies, which have been offering student credit cards with proven tracked records.

What are the basics of student credit card?

Most often, student credit card is the first credit line for a student. Many of them are inexperienced and over enthusiastic to own the plastic card that may cause them to use the card haphazardly. Survey results found that an average college students cross a credit limit of USD7,000 and more than 60% of students owns more than one card. These students can be trapped into a debt problem if they or their parents don’t have ability to pay the bills. Therefore, students should beware of the seriousness of jeopardizing their credit history that will affect their future credit worthiness. These cards are not an alternative to a study loan and they should not use it to cover the education cost. Alternatively, it should be used as the substitute for pocket money or when they need immediate cash for urgent matters.

Students above the age of 18 years are eligible to apply for a student credit card. Generally, the credit limit ranges from $500 to $1000. There are many benefits, which are not found in a standard credit card. These benefits include:

1. Lower interest rate. The interest rate can be as low as 10%, which is much lower than the 18% of standard card.

2. No credit history needed. Some issuers may require the parent to co-sign the card in order to minimize the risk of students not paying their bill payment on time.

3. The best student credit card offers may come with 0% APR. So, you should search and compare a few offers before finalize the one that you think it is the best for you.

4. Most student credit cards are come without an annual fee. You can use the card to avail gasoline, book tickets or purchase online.

Although there are many advantages, which partly mentioned above, there are some disadvantages that you should know before owning the card. Since the student credit cards can be used in the same way as other card are, the lack of experience in using it may cause the students fail to manage their finances competently and get caught into a debt problem. Therefore, you should use the card responsibly and make payments on-time to avoid the risk of trapping into a debt problem.

Summary

Students will benefit on the convenient of getting a student credit card, but they have to use it responsibly and manage their finance properly while enjoying the advantages provided by the card.

Visit Cornie Herring’s website at http://www.studykiosk.com/CreditBasics to find more debt relief resources on the option available for you to get rid of debt. Learn how debt consolidation, credit counseling and other debt solutions work in helping debtors to resolve their debt issues.

Is it smart to pay off current credit cards with student loan?

Single parent, enrolled in college. I have current credit card (high interest). I am trying to figure a budget so I know how much I need to apply for (student loans). I have qualified for Pell Grant, but this will not be enough to live off of. I will work part time and attend school full time. Please help with any advice or experiences you have.

Answer
Absolutely, you should pay off your credit card with lower-interest rate student loans.

Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then.

Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;) . Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here’s the web page: http://lendersrated.com/studentloans.htm

Hope it helps you…
karateross

Tags: , , , , ,
Posted in Student Credit Cards | Comments Off

Pros And Cons Of Student Credit Cards

April 26th, 2011 by admin

Students usually find it difficult to acquire the regular credit cards since more often than not they are required to be cosigned by guardians. No doubt, this step is convenient for the guardians but at the same time it creates hurdles for the students. However, with prepaid student credit cards life has become relatively easier for students, who need to have a little cash to spend.

These student credit cards are collecting fame because they do not require students to get them cosigned by the parents. This helps them taste the feeling of independence. However, prepaid credit cards are used in a different manner than the regular credit cards hence you have to make sure that you understand about the cards, before you decide to use them.

The student cards are such credit cards where you have to put in your own specific amount of money, and later will be spending only what you have put in. Canadian student credit cards are unlike Canadian regular credit cards as these prepaid credit cards are not meant for using cash on loan rather it allows you to spend as much as you have put money on it. For example, you have put $300 on your prepaid credit card, now this means that the card is only $300 worth so you have got to use only this amount. So, this means that you only get to use the money that you earlier on preserved on your prepaid credit card and cannot use it like the usual credit cards. Once you have used the entire amount you initially deposited on it; you need to refill your card in order to use it again.

There are several benefits of such student credit cards. The predominant one is that you are saved of debts owing to these prepaid student credit cards. In addition, you can deposit as less an amount of money as $75 on these credit cards.  This has made really easy for the students who usually possess less amount of money to put on the credit cards.

Moreover, another advantage of these types of credit cards is that they aid the students in establishing good credit history. So, all those Canadian students who are serious about acquiring good credit scoring, you had better go for a prepaid credit card. You can easily get such credit cards without having to brood over your previous credit scoring or low finances. However, with the usage of these types of cards your good credit score will surely be reported to Equifax Canada and TransUnion.

Apart from this, these credit cards are a great way to master the art of money handling. As you will be depositing money on these cards, so you will learn to be careful about its usage as well. Moreover, the usage of these prepaid credit cards will make you responsible regarding money matters. These credit cards are no wonder, best for taking care of your routine financial issues plus unlike cash, carrying these cards is extremely convenient. But, you have to be 18 years old and should be a Canadian citizen in order to avail the services of such credit cards in Canada. 

I like to write about finance, credit, debt, banking and loans.

What’s the advantage of getting a student credit card as compared to a regular credit card?

Besides the fact that a student card is easier to get without a credit history.

Answer
There really isn’t any advantage, especially with the new laws that people under 21 must prove sufficient income to qualify for a credit card or have a parent co-sign. It is no longer easier to get student cards.

Student cards tend to have lower limits. But otherwise, they’re pretty much the same as regular cards.

Tags: , , , , ,
Posted in Student Credit Cards | Comments Off

How Will Student Credit Cards Help My Teen

April 23rd, 2011 by admin

In countries like USA, Canada, and the UK where college education is expensive, a student credit card proves to be handy in the event of a huge cash crisis. Student credit cards are useful in situations when students desperately need money to pay off their expenses. Major credit card companies like American Express, Visa, and MasterCard offer student credit cards with various incentives. Many credit card companies offer student credit cards with low interest rates and good offers.

Choosing a Good Student Credit Card

Any credit card company that issues a student credit card with low or no interest is good enough. Look for the best student cards – those that lend money at a cheaper rate and for a longer term. Most credit cards offer funds starting at the rate of 19% and higher for students. A personal bank loan can even be in the range of 6%, provided you are eligible for it. Several on-campus sources like student unions, departments, and the university itself along with some private sources, offer scholarships and hardship bursaries.
Many students prefer to own more than one credit card which has its own pros and cons. However, some naïve students pay interests that are as high as 20%. They need to be educated on how to negotiate a good rate, opt for a 0% balance transfer etc. In short, this card, like any other, should be used intelligently and economically.

Tips to Use a Student Credit Card

Plan, plan, and plan your budget – Spending can be controlled by planning a budget, thus preventing bad credit. A credit card statement is the best way to decide your budget. List all the weekly and monthly expenses like food, books, bus fare, etc. and prioritize your expenses.
Stick to the budget plan – use the card only for unavoidable expenses. Plan the budget well in advance and follow the planned weekly and monthly expenses as you decided. Pay the balances on every statement, in time, and prevent debts from building up.
Use your credit card for major purchases – Use the credit card only for big buys and long-term purchases like furniture and books. Some credit cards for college students charge higher interest rates. Hence, to prevent debts and a bad credit record, credit cards for college students need to be used carefully.
Avoid overuse – Use the card very cautiously. Avoid overspending, for example, buying CD’s on the internet and spending on beers and sodas for friends.
Avoid any help from your parents – Understand your responsibilities and control your spending habits. Use available financial resources judiciously. Parents should stop paying the debts of their wards and teach them to use credit cards intelligently. This also helps in encouraging their children into taking their own responsibilities. Parents can also put a limit on the card to curb splurges.

Effect of a Credit Report

Many employers check the credit report of fresh graduates. Good credit history always helps in getting good job offers. Keep the credit record debt-free before appearing for job interviews. A better alternative to a credit card for a college student is a prepaid debit card. This keeps you out of debt because it sets limits on your spending.

Some parents oppose the idea of providing their children with student credit cards. But these cards help a student learn to be a good manager of available finances. Credit cards for college students help students in obtaining practical experiences of managing available finances. Parents should educate their child about the risk involved in using credit cards. Make them aware of the threats of a debt, even before they enter college. To be on the safer side give them a prepaid debit card to help them avoid a crisis. Therefore, student credit cards actually help the growth of a young individual into a mature one.

For more information on student credit cards, Kim Stevens recommends that you visit CreditCardAssist.com.

What’s a good website to apply for student credit cards?

I want to get a student credit card, one with a smaller limit, just to be able to build credit so I won’t have issues buying my new car once my lease is up next year, as well as with other things, such as cell phones, houses, etc. What would be a good place to apply for a card that doesn’t require good, or any, credit?

Answer
if I were you I would find out what my credit score is before I go getting credit cards. www.annualcreditreport.com allows you one credit check per year mandated by the govt. if your credit is good enough dont bother getting credit cards. have as few of those as possible as im sure many will tell you on this site

Tags: , , , , , ,
Posted in Student Credit Cards | Comments Off

« Older Entries
Newer Entries »