Protecting your assets with student credit cards

There are always going to be several things to remember as you start to work with your credit card debt. First of all, think about all of the various things that you can do to make sure that you protect your credit, even as you start with some credit cards as a student. 

First of all, it is important to remember that when you are a student you are probably going to be offered several types of credit cards, and you will probably think that they sound like good deals. You must be sure that you are reading the fine print on all of those credit cards, and that you are able to get as much out of them that you can. Take them to your parents and be sure that you are reading all of the fine print. Remember that what seems like a good deal now might end up not being a very good deal in the end. It is important to remember that you should be focusing on what will happen in the future with your credit cards. Always be sure that you are doing all that you can do this. 

Next, you want to look at what the interest rate is going to be on your card, and what it will be in the future. These are all things that you must think about, because if you aren’t able to think about them you might find that you are paying much too much when it comes down to it. Therefore, think carefully about what you are going to be paying for your credit cards with the interest rate and remember that this means that the things you buy with your cards will be more expensive in the long run. Remember this when you are getting ready to have your credit cards and to make the most out of them. 

Also, you want to be absolutely sure that you are always going to be paying your bills on time and making payments in the best way for you. Always remember that these payments will be very important to you, and you should be sure that you will make them. Be sure you make your payments on time, be sure that you are paying more than you are supposed to pay each time you do. This will be the best way to save your credit and to make it into what you want it to be.

Secured student credit cards – 5 things you should know about these before you apply

Most students go for secured student credit cards because they find this is the easiest way to get one. There are many, many advantages attached to this type of cards, as well as pitfalls and you need to know about both before making up your mind about which one and which type you should apply for:

1. The fees – when it is the matter of secured student credit cards, this means you have made a deposit, which would be one hundred per cent of the sum you want to load the cards with or two hundred per cent. This depends upon the student credit cards providers. The fees they charge is very important because unless you are sure about the sum and frequency, you would all of a sudden discover that these fees totally consumed your deposit.

2. Rewards they offer – most providers offer a number of reward points when you use the student credit cards. Take some time to research what are the best offers in the market. These rewards could be changed into cash-back, gifts, payment of fees, and the like. You need to choose the providers, which offer the best possible reward system.

3. Rate of interest – you need to keep in mind here that you have made a deposit when using secured student credit cards. In other words, you are using your own money. Therefore, logically speaking the rates of interest should be extremely low. Whether it is the processing fee, rate of interest or any other fee, these should be reasonable since they are not actually offering you credit; rather they are enjoying the deposit you make so you could use student credit cards from their bank/financial institution.

4. Acceptance – though this is not a real big issue, since most secured student credit cards are accepted not only nationally but also internationally, you need to look into this matter and get such an assurance. In many cases when you assume something and take it for granted, it turns out to be wrong. Therefore when you apply for any type of secured student credit cards do not forget to ask about their acceptability.

5. Introductory offers – as a student you should understand that you are a very valuable customer to the secured student credit cards. Just imagine if 100 or 1,000 or 10,000 students deposit US $5-10,000 in a bank towards the deposit for secured cards; understand that numbers count. Allow yourself to be wooed by gifts, discounts, fee waivers, and so on.

The Credit Report Card

If you think that the report cards will stop coming after high school and college, it’s time to think again. If you have ever bought a cell phone or a cell phone plan, if you have purchased a car on credit, if you have a credit card, or if you have any bills that you pay (or don’t pay) on a consistent basis, you have a credit report card. 

There are three companies in the United States that supply credit reporting for various banks or lending agencies. These are Experian, Equifax, and Trans Union. When you apply for a credit card, the credit card company will check your credit report through one or the other of these agencies. If you apply for any loan or try to rent a place to live, you will also have your credit checked to make sure that you are a good credit risk. Credit scores can range from 300 – 900 points and to be a good credit risk, it is necessary to stay in the upper range of this scoring system. 

Therefore, as you think about the loans, credit cards, and bills you will encounter during your college years, you will need to think long and hard about how to pay those loans and bills for which you are responsible. If you take on more than you can pay or if you pay your bills late, your credit record will reflect this and you will become an increased credit risk. 

Living frugally is not something we have been taught to do on a consistent basis. Advertisements entice us to spend more and more money, sometimes causing us to put things on credit cards even when we are not sure where the money will come from to actually pay the bill. 

Students in a college or university setting expect to learn and stretch their minds in an assortment of subjects – biology, math, humanities, etc. You might want to allow the learning to also take place in the world of finances, bill paying, and handling credit responsibly. Credit cards are a great invention for those who use them wisely. Be one of those who fit into this category, coming out of the college and university setting with your credit rating in tact and ready to take on larger responsibilities as you explore the career you have chosen to pursue.

Other Ways to Get Credit

Usually when you think of getting credit, you think this means getting a credit card. But there are other ways to build a good credit history other than the Plastic Road. Here are some suggestions that, as you grow older and more experienced, you’ll want to consider.

1) Open a bank account. A checking account is good; a checking plus savings account2) is even better. While future lenders might not decide to extend to you a loan based solely on a checking account, the lack of one might tip them in the other direction.

2) “Borrow” someone else’s credit history. No, we’re not talking identity theft here. Rather, you can ask someone (a parent, for instance) to add you to their card as an authorized user. Or for a more extensive loan, to co-sign it for you. Thousands of people have found that a co-signer is the fastest way to get a loan that you might not get any other way. Plus the loan payments will show up on your reports with Experian, Equifax and TransUnion–which will be a boost to you in the future. Keep in mind, though, that defaulting on the loan will hurt you, but even worse, will hurt your co-signers chances at securing future loans. 

The fastest way to establish a credit history can be to “borrow” another’s record, either by being added to a credit card as an “authorized” or joint user or by getting someone to co-sign a loan for you. 

Having a co-signer can allow you to qualify for loans you might not otherwise get. The loan will show up on your credit report and, if you pay it off responsibly, will help boost your credit score.

If you default, however, you won’t be the only one who suffers. The co-signer has basically promised to make good on this account, so any delinquencies will show up on her credit report as well. 

3) Apply for an installment loan. Financial experts agree that the path to the best possible credit score includes getting different types of credit. this means credit cards, lines of credit, and installment loans (i.e., car loans, personal loans, college loans, mortgages, etc.). get the best credit score, you need a mix of different credit types including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages). So while it’s certainly a good thing to receive grants and scholarships to pay for school, a school loan will be beneficial to your future.

Information About College Students and Credit Cards

In 2001, The General Accounting Office of the United States (GAO) released a major study of the habits of credit card use by college students. This study was released in response to a request from Congress asking for more information on this subject in order to discern whether new legislation would be necessary. 

Some of the findings of the GAO include:

• 64% of college students have at least one credit card.

• 37% of these credit cards were acquired by mail, either through direct marketing campaigns or through fliers used by campus book stores or other solicitors.

• 24% acquired their cards through an on campus display or through some kind of personal solicitation. These vendors are often present on orientation or enrollment days, and they often pursue students aggressively to get them to apply for cards.

• 25% acquired their cards before they ever went to college, either as working adults, as high school seniors, or because they were provided by parents.

• 55% acquired their credit cards in their freshman year of college, leaving only 20% who may have acquired their card or cards later in their college career.

• 59% report that they pay their balance in full every month.

• About 15% admit to carrying a balance greater than $1000 from month to month.

• Students who were responsible for paying their own credit card balances, who then obtained such cards from campus tables, had nearly three times more cards than those whose parents shared responsibility for the cards (2.6:1).

• More students in the above category–responsible for their own cards—carried balances of over $1000 than those who weren’t.

• 15% of students held full-time jobs when they applied for their cards.

Of course, these studies used by the GAO have some caveats and limitations. For example, they rely on self-reporting by students, and do not attempt to verify that reported information. It is possible that students exaggerated the frequency with which they paid their monthly balance in order to make themselves look more responsible. It’s also possible that students simply did not remember accurately what their balance was or when they last paid it. However, the GAO relies on the reported data since it comes from the students themselves, who are considered to be the best judges of their own experience.

Student Credit Cards - Similarities and Differences

Student credit cards are also known as college credit cards. Student credit cards are a more popular descriptive term to use referring to young men and women attending college. Students get to learn about student credit cards in the real world credit card usage prior to graduation and taking on a full time career or job. Typically, for most college students this is their first time in using a student credit card. However, there are older students that might all ready know about student credit cards or have other type of credit cards that they use for other things. The younger students might also have a credit card account that is linked to their mom or dad’s credit card but this will be truly their first time in acquiring about a student credit card.

Student credit cards are used as regular credit cards but the main difference is that they are used for school. The other difference is that college students do not know how to really use a student credit card and go on a spending spree. They do not realize that they have to pay back the money they use. Therefore, college students are at risk and their credit rating is poor because they have trouble with their credit cards. They also do not realize that they are in trouble when they apply for other credit cards later on after college life. For this reason, usually a parent or guardian will co-sign for their student credit cards so they do not get into trouble. The good thing about student credit cards is that the credit assigned to college students is lower than that of issuing credit cards to working adults. 

Actually, credit cards for college students are still undergoing training so to speak on how to manage credit cards and not overspend. They should be taught on how to use a credit card and that having a good credit history now is better for later on after graduation when they apply for other credit cards. 

It is a fact that college students are dangerous with credit cards. They are not aware of the trouble they can get themselves into when using credit cards. Students can be responsible and they know how to use a college credit card and learn about what it means later on in life if they overspend their credit. They should know that a good credit history is better to start with now while they are in college then learn that they cannot apply for other credit cards because of their overspending.

Student Credit Card Reviews

As you go about considering what student credit card to obtain, you may have run across advertisements for a low APR student credit card that is offering a 0% APR. In this regard, you may be wondering what 0% APR is all about and whether a student credit card with a 0% APR is right for you. Through this article, you will be presented with some basic information to help you understand what a 0% APR is all about. In addition, you will be presented with the pros and cons of a student credit card that is offering 0% APR to determine if such a card is right for you.

You may have heard the term 0% APR but not fully understand what 0% APR is all about. In simple and direct terms, 0% APR stands for 0% annual percentage rate. This refers to the interest rate that is (or, in theory is not) being charges on a particularly credit card for a particular period of time. In other words, a credit card company many offer a 0% APR to a customer for a set period of time. During that period of time, the customer can use the credit card and carry over balances from month to month without incurring an interest charge.

Of course, on the surface, anyone would like the prospect of saving money on the use of a credit card by not having to pay interest over the course of at least some period of time. However, when all is said and done, there tends to be a number of “strings” attached to a typical offer of 0% APR. It is important for you to understand the requirements associated with such a deal before you in fact end up signing up for such a student credit card. 

As mentioned a moment ago, in most instances a credit card company will offer a 0% APR for a set period of time. What sometimes is the case is that the interest rate that ends up being in place after the initial period of 0% APR is higher than what you will find on comparable student credit cards available on the market today. In other words, while you may end up saving a bit of money on a 0% in the beginning, during the initial months you have a certain credit card, you will end up paying more on interest over time due to the higher APR charged by the credit card company after the initial period comes to an end.

There may also be some other hoops that you do have to jump through in order to realize the benefits of an annual interest percentage rate that is set at zero. In other words, you need to digest all of the finer points associated with a 0% APR offering before you make a decision about that particular credit card. You must consider whether or not you will realize a true savings to yourself by taking up a student credit card that is promoting a 0% APR.

Student Credit Card Myths

You may be very confused about what is fact and what is fiction when it comes to student credit cards. Indeed, in this day and age there actually are a good deal of myths surrounding student credit cards. Through this article, you are presented with a discussion of the myths surrounding student credit cards in order to make you a better credit card user and financial consumer.

One common and disastrous myth associated with studentcredit cards is that having more credit cards is better for you — better for your credit history, credit score and credit report. Thus, many people obtain innumerable credit cards operating under this misperception.

Of course, there are some instances — very limited instances — for some people — a very limited number of people — where many student credit cards does prove helpful in creating a solid credit history. But, these are people who pay off each and every credit card balance each and every month without fail. These are people who have the financial wherewithal to manage and maintain multiple student credit cards without carrying over balances from month to month. If you are such a person, if you have the finances available to deal with credit cards and credit card balances in this manner, than you are a person who might benefit over time by having multiple credit cards. However, with that caveat noted and understood, it is vital to appreciate that the vast majority of people are not in this position and cannot manage their credit cards in this manner.

Another of the common myths is that it really is not a big deal to carry over balances from month to month. In fact, this can end up costing you a great deal of money. The truth of the matter is that the typical consumer is best served by paying off his or her credit card balance each and every month. In this way, you can avoid high interest fees along the way, which can add up to a great deal of money in not that much time.

Yet another widespread myth about student credit cards is that you can keep you financial house in order by only making minimum payments on your credit card balances. In fact, by paying only the minimum amount allowed each month on your credit card balances you will end up losing a great deal of money on interest payments over time. This can be one of the most costly decisions you could make when it comes to your credit card.

By understanding the myths that are associated with a student credit card, you will be in a better position to better decide not only what credit cards are best for you but to assist you in developing a plan to best use your credit cards in the most appropriate and responsible manner. You can turn your use of credit cards into a benefit rather than a liability. You will make credit card usage a positive aspect of you financial life.

Student credit card downside

A student credit card can be a very useful tool for a responsible and diligent college or university student. However, and unfortunately, there are many cases in which a student credit card and the use of such a credit card has not turned out well for students. In fact, many experts maintain that there actually is a crisis when it comes to student credit cards if students are not educated and informed about proper credit card usage. 

If you are considering getting a student credit card, it is important for you to closely consider how other young people have run into problems with their student credit cards. The fact is that by learning from the mistakes that other people have made in regard to the use of their student credit cards, you will be in a better position to utilize that credit device in a more appropriate and responsible manner. You will be in a better position to ensure that the student credit card becomes a useful tool for you … today and into the future.

Nearly 80% of all undergraduate college students today have at least one credit card. The typical student carries on average a credit card balance somewhere in the neighborhood o $3,000. The average balance amount that these students are carrying is on the rise all of the time.

A good deal of research has been undertaken in regard to when a student can start running into problems with student credit card debt. This research has demonstrated that if a student ends up carrying a credit card balance at the $5,000 level, he or she likely is to end up in financial trouble. In such a situation, a student will end up likely having a problem paying on the credit card account in a timely manner. As a result, the student will end up having to pay late fees and other charges. Moreover, it is likely that the interest rate on the credit card will increase significantly because payments are not being made on time.

In addition to the immediate problems just discussed, the student will also be faced with the fact that his or her credit history and credit reports and score will be seriously damaged because of the problems he or she is experiencing with the student credit card. 

With all of this in mind, if you are intent on getting a student credit card, it is incumbent upon you to deal with that card in a reasonable and responsible manner. For example, in the best of all possible worlds, you should make certain that you pay off your balance each and every month. While this not always be a possibility, you should then strive to make payments as much above the minimum payment as possible.

Of course, you need to make certain that you do not miss payments or make late payments. Missed and late payments can cause you very serious problems, as have been discussed in this article a moment ago.

Student Credit Card Deals and Card Offers

If you have decided to obtain a student credit card there are a number of factors to keep in mind. This certainly is the case when you are considering special offers associated with a student credit card. Through this article you are provided with an overview of what you should look at and consider when it comes to a student credit card generally and a special offer on a student credit card more specifically.

Of course, when searching for student credit card offers you will want to find a card with the lowest interest rate — not only at the time you apply for the card but also for the long term. However, there are some other factors that you might want to consider in your search for the most appropriate credit card.

Because of the stiff competition between student credit card deals in the 21st century, most credit cards carry “special car offers” and “deals” for those people who use the card. Indeed, many student credit card companies will end up on campus at the beginning of the term to try and sign up students. 

When these companies are attempting to solicit new card holders they will offer gifts as inducements to get people to sign up for these cards. Of course, it is important that you not apply for student credit cards simply to obtain a free gift.

A very common type of special deal is airline mileage that accumulates every time you make a charge on a card. Indeed, this type of student credit card benefit can be very useful to many students.

There are also student credit cards that offer to you a cash back program. You get cash back each and every time that you make use of the student credit card.

The universe of what is available in the way of credit card special offers has expanded greatly in recent years. Through the use of certain types of credit cards you can obtain everything from cash back offers to discounts at various retail outlets to complimentary hotel rooms. In some ways, the list of credit card special offers is nearly endless. Thus, when you are on the hunt for a credit card, spend the time looking around to find the card with added benefits that most suit your needs.

In the end, you will want to spend at least some time checking out what is available when it comes to different college student credit cards and the special offers that they make available to their card holders. By taking the time, you will be in the best possible position to identify and find the student credit card that will best meet your needs, goals and objectives. You will be able to find the student credit card that will best meet your needs not only today but into the future as well.

How to Choose Your First Time Credit Card

It can be worse to have no credit than it is to have poor credit. Having no credit can really limit your ability to get a mortgage, buy a new car, or even get that job you want. While it doesn’t make sense, you can’t get credit when you have no established credit. Your first time credit card could be a bit difficult to get. 

There are a few things you can do to establish credit. You can maintain a checking account and show you can handle it, your utility bills are paid on time and show the receipts, or any other receipts from regular monthly payments you have made. 

Before you send in that first time credit card application, you need to check out your credit report. This can be obtained free once a year. Do not submit too many credit card applications in a short period of time or your credit rating will go down. It will also go down if you have too many credit inquiries in a short time. 

One thing that can boost your credit rating is to have a passbook savings account and ask the bank for a secured loan. They can keep the passbook until the loan is paid. You need to be sure the payments are kept current and made on time. It is also wise to make sure the bank reports to the credit bureau on the status of your loan. 

If you are a full time college student, apply for your first time credit card by making out an application for a student credit card. Card companies are more apt to issue first time credit cards to those who are interested in education because they feel these people are a bit more responsible. 

You can also get a first time credit card that is secured. This is where you deposit the amount you want as a balance into an account and this will be used when you use the card. You will still need to pay your payments on time to keep a good credit rating. 

You may also be added as an authorized card user to the account of another person who has a good credit history. This could be a parent or grandparent, this will help to show creditors that you are responsible and you can be removed once you are able to open your first time credit card account. 

Once you have opened your first time credit card account, use it wisely. It is important that you know your limitations or you will find your credit rating will be a mess. It is best to only use this first time credit card when it is absolutely necessary. It is also best if you are able to pay off the entire balance every month.

Don’t let your student drown in debt!

The world of credit cards is foreign to the beginning college student. There is a growing number of college graduates who are seeking help to avoid bankruptcy because of personal credit card debts. These student debts are unfortunately only minimally related to the actual expenses for college. For the most part, they are debts that were incurred for unnecessary items.

The rate of student debts has increased in part due to the intense marketing the credit card companies are focusing on college campuses around the country. Visit a college campus in the fall when all the freshmen are beginning their orientation. If you look around the common areas you will see a sea of folding tables, manned by credit card company representative that are grabbing students’ attention with giveaways and gift cards. 

These card that are being offered are usually ones with incredibly high interest rates, and usually grant the applicant large lines of credit that are not at all proportionate to the actual income of the student. This creates a situation where the student credit card debt rises along with their age. And the rise can be exponential when considering the loans already secured for the tuition.

Colleges need to take a proactive stance against student credit card debt. They are teaching the students what they need to know for a particular career, but they are not giving them the information they need to operate within that career’s prospective income. This is a sad fact, given the amount of money it takes to get the education in the first place.

Student credit card debt is draining our economy. It is a huge contributor to the recession we are facing. An entire generation was raised to think that instant gratification is only as far away as the next card swipe. There has been no concept of the action being linked to later stress and mounting bills.

Hopefully high schools, or even colleges will begin to add a life-skills type seminar for students getting ready to graduate that will inform them of these vulture-like credit card companies and the urge to express independence by running up the bills. If it became a commonplace idea that credit cards are a HUGE responsibility, perhaps student credit card debt will not continue to lessen the positive experience of gaining a degree.

Credit Cards for College Kids?

Looking for a credit card for your college student? Look beyond student credit card offers on campus, they may not be the best available for your student. There are important factors to consider when establishing a credit line. Be sure you know what you are signing them up for before you truly sign the dotted line.

Just about every college student establishes a credit line of some kind or another. Usually they use the cards to cover expenses that are left over after the loans and grants have been disbursed. In many cases this can be a welcome reprieve from needing to work more hours at a part-time or full-time job. 

There are other situations, though, where college students are establishing many different lines of credit through several student credit card offers from companies that come to their campus and running up their debts without really understanding the depth of what they are doing. Those cards give them a sense of freedom to go out and buy things without the feeling the reality of handing over cash for those luxuries. They wind up getting out of college with a mountain of student loans, and then personal credit card debts that they do not even remember building throughout school.

This can be avoided by the involvement of parents in their student’s finances. A single card for emergencies, car rentals, ticket purchases or books may be a necessary thing. Yet having the parents teach their student the concept of buying on credit is vital to avoiding disaster.

If it is put in those terms, students can begin to understand that the value they place on an item may not, in fact, be as high it will end up costing them. They may be charging the item on their card for the price they see on the shelf, but when it comes time to pay the credit card bill they will be paying up to 29% more for the item. This would mean that the meal they bought themselves and their girlfriend will cost them $20 in cash, or $25.80 on their credit card. The gas they fill their automobile with may cost them $2.99 at the pump if they pay in cash, but it will cost them $3.86 if they use their credit card. 

Compare several regular expenses with your student in a similar manner. Help them to see that there is a huge benefit to not accepting most student credit card offers. If they question needing to establish their credit rating, let them know there will be plenty of time to make that happen and plenty of needed items that will be put on a credit card to take care of that.

Considering your options for school credit cards

Student credit cards are something that you have probably thought of as you embark on your school career. Getting a credit card can be great because it will mean that you are able to get those concert tickets that you want, or even buy groceries for yourself if you need food and don’t have any cash. There are a few things that you should remember when you are looking for a student credit card. 

First of all, credit card companies will probably give most students a credit card simply because they think that they’ll be good prey. This means that students often get credit cards with high interest rates and don’t really know any better to be able to avoid it. This means that when you are looking for student credit cards, you want to look carefully in order to make sure you aren’t getting ripped off. Remember that it might be very easy for a company to offer you a credit card, and it might seem like something that you would like to do. But be sure that you have looked into what the interest rate is and talked to your parents about if they think it is a good deal. Remember, any thing that you buy on a credit card, if you don’t pay it back right away, you’ll be charged interest on. So, while it might seem like a good idea at the time, you might end up actually spending more money on things than you thought that you would. So, be sure that you research your credit cards and know what type of interest you are going to be looking at. 

Also, when it comes to your interest rate, be extra sure that you are using your card responsibly. One of the biggest things that you want to be sure of is that you are actually going to be paying back you bill on time. Even missing one month or so of your credit card payments can lead to major problems because it will mean that you are going to have a very high interest rate that seems to come at you from nowhere. So, be sure that you have looked into what your payments will be, and always be sure that you are making them on time. This is the best way to build good credit and to avoid having bad credit, which will follow you for years.

College Expenses USING Credit Cards

In this day and age, a growing number of college students are relying upon student credit cards for a wide variety of purposes. Indeed, there are noticeable number of college students that are using their credit cards to pay for some of their university related expenses. If you are considering doing the same, you do need to understand the pros and cons that are associated with using a student credit card to pay some education related expenses.

Obviously, you do not want to fund your college education using a student credit card. Indeed, odds are that you will have nothing near the credit limit available to undertake such an endeavor. However, there are people who stretch their credit cards to deal with college expenses. You do not want to misuse your student credit card in this manner.

There are some appropriate college expenses that you can take care of utilizing your student credit cards. For example, you might want to purchase your books and classroom supplies using a credit card. This particularly can be an appropriate course to take if you are awaiting a student loan payment. However, you must keep in mind that when your student loans repayment times arrive, you need to pay off the balance on your student credit. The interest rate on the student loan should be lower than what you are paying on your student credit card.

Along the same lines, you may also want to consider paying certain student fees with your student credit card. But, as has been mentioned, you are going to want to make sure that you deal with paying down the balance when you do have funds available, perhaps from a student loans payment. The key is to not let the balance carry forward at a high level into the future because you will end up forking over a great deal of money on interest – which will make the use of the student credit card in the first instance a less than financially favorable event.

From time to time throughout your college or university career you may end up facing some sort of unseen expenses associated with your learning experience. A credit card ideally is suited to dealing with such emergency or unexpected situations. Therefore, it is always wise to make sure that you do not overuse your credit card to the point that there is no “room” available in the balance to deal with some sort of unexpected expenses.

Used appropriately, a student credit card can be a very useful tool to assist you in dealing responsibly with some of the expenses associated with your school experience. As has been noted more than once it in this article, the key is to use your credit card in a responsible and appropriate manner, even when you are dealing with educational costs and expenses.

Avoid the Credit Card Late Fees

Because credit card companies are in business to make money, they find ways to make sure that they are able to pay their bills and make a profit. Sometimes this happens through the finance charges that you are charged when you don’t pay the bill in full each month. Sometimes it is through a fee that the credit card company will charge you for carrying their piece of plastic in your wallet. Sometimes it is through the late fees they will charge when you don’t pay the bill on time in any given month.

On top of the finance charges you will incur when the bill is not paid by the proper date, you may also have to pay up to $50.00 for the privilege of paying your bill a few hours or a few days late. Therefore, it is in the best interest of the student who has a credit card to find ways to avoid those charges that you may incur as a result of not paying when they have asked you to pay. 

The first way that you can learn to make your payments on time might be to call the credit card company and ask them to change the date your bill is due. If you get paid on the first of the month and the credit card bill is due on the 21st, you might have a case of running of out of money before you run out of month. If you can get the lender to change the due date to the 7th or the 10th, you can get paid on the first of the month and write your credit card payment immediately, making sure that you have it paid on time.

You can and should get into the habit of paying the bill in full each month. This assures that the credit card is for your convenience as opposed to the credit card company using you to build their business.

Another thought you might consider if they don’t want to change the due date is to pay the minimum balance immediately when you receive the credit card bill. That way the bill will be paid and marked as on time and you will be free to gather more money to apply to the bill as the month rolls on. 

If you pay your bill by telephone or on the internet, you can save yourself the cost of the stamp as well as giving yourself a few more days to pay the bill. If you decide to pay via either of these options, you might need to find out the cut off time for the payment to be made and be sure to make the phone call before that time. 

Late fees are no fun to pay. $50.00 can buy at least part of a schoolbook. Be sure to pay the credit card fees on time so that you will have the extra for what is really necessary for the collegian.

A Lesson in Student Credit Cards

In today’s academic world, most students need a college student credit card and the offers for these are plentiful. Many creditors are very anxious to have the new college student apply for and get approved for a student credit card, because they realize that if they can strike up a good relationship with this customer at this young age, then it is highly likely that they will be there customer for life. 

But the ease of getting a college student credit card is also the bad news because many college students have not yet learned responsible financial management. The temptations when a student is away from home, living in the dorm or an apartment, are tremendous. You can easily spend a little and have a night out at the bar or dance club, chip in for a keg of beer, whipping out the plastic to get airline tickets for the spring break trip to Florida and the list goes on. What happens is that the student is tempted to view this as free money since there are not dollars bills floating out of his wallet at the time of the purchase, so it almost seems like they are getting something for free. But make no mistake about it, there is nothing fictional about the fact that this student has just racked up some charges on that college student credit card, and it will be a taste of stark reality when he starts to get calls from the credit card issuer asking for payments to be made on time.

Not all possible and available college student credit cards are right for everyone. You should avoid one that charges an excessively high interest rate, unless you know for a fact that you will be paying it off in full at the end of the month. Keep in mind that the credit card issuers are taking a bit of a chance on you, since you probably have little or no credit history established, and therefore the interest rate on virtually any credit card you are approved for is going to be higher than usual. Where the usual would be the rate that perhaps your parents would get approved for, since they already have a credit history established.

You need to be honest with yourself in that you can be financially responsible with your college student credit card and you are the only one that can answer that. If you were not sure, then perhaps a secured card would be the best place to start. This is where you make a deposit with the card issuer, say a bank or credit union, and then your credit limit is the amount of your deposit. This is actually a great place to start and to learn fiscal responsibility and to get used to getting into the religious habit of paying your credit card bill on time every month. You would learn about how the interest can add up, and unfortunately, how late fees can also add up. But it is a lesson that you will learn quickly, and the good news is that you will remember that for the rest of your life.

Credit Cards – Can You Have Too Many?

My 22 year-old son, gets at least 10 credit card offers every week. He already carries 4 cards and a gas card. It would be possible for him to get way over his head in debt. Thank goodness he is a cautious person and knows the value of credit and that a good credit rating can make or break your financial future. 

The more credit cards you have that carry a high balance, the worse your chances are that you will be able to get a lower interest loan when you are ready to buy a home, car, or start a business. You may not be able to get a loan at all, as lenders look will at your outstanding debt and many may feel that you are carrying enough debt. 

The fewer credit cards you have, the more likely you are to gain the lenders confidence. The fewer credit cards you hold, the less your interest rates are likely to be. If you feel you do not have enough credit on your cards, ask the credit card company to increase the limit on your existing cards, instead of having multiple cards. 

The more cards you carry, the more likely the chance of falling into a pit of debt, you may have a difficult time getting out of. During the holidays, especially at Christmas, many people open new credit card accounts because the companies are offering special, seasonal rates. This is okay if you are able to pay these cards off in a short time, and then cancel them before the interest rate goes up. 

Every time a credit card account is opened you will lose 20 points on your credit score. The average person carries between 7 and 12 outstanding accounts, others carry as many as 50. It is not a good idea to carry more than six cards at one time. Just try to make sure you are getting a lower interest rate on your credit cards and you may want to look into a card that will give you rewards when it is used. You should also keep credit card balances at less than 50 percent of the total credit limit. Creditors do not like to see full limit accounts, they feel you are a poor risk. 

As a rule, you should always keep your payments on time and up-to-date, not have too much credit out at one time, not have your credit cards maxed out, and not apply for more credit than you need. This will assure that your credit rating will be in the pink and you are able to obtain that home or new car you have your eye on.

An Introduction to Credit Cards

On any given day most Americans receive at least one credit card offer in their mailbox. From the time a student nears high school graduation, and sometimes sooner than that, the credit card offers start rolling in. While receiving these student credit card offers can tempt just about anyone into applying for a card, it is important to first understand the responsibility of credit card ownership.

Having your own student credit card is first and foremost a privilege. In addition, it is also a convenience. A credit card provides its user with the ability to spend money with the swipe of a card and a flick of a wrist. It cuts down on the need for time-consuming check writing and the carrying money around town. Even better, it allows the user to pay for something even if he or she doesn’t have the money for it at the time.

But like all things that sound too good to be true, credit comes with a catch. This is not to say that credit is bad. That is not the case. Having a college student credit card and using it responsibly benefits the card owner in numerous ways. When a consumer uses credit, however, the money he or she spends has to be paid back. Because banks don’t lend money to people for free, interest is also charged on the balance of the credit card. This means that if you have a student credit card with a 20 percent APR and you buy a pair of shoes for $100, it will take seven months to pay off the purchase with a minimum payment of $15. 

Credit cards also have various fees associated with the use of the card. Some cards charge an annual fee of $30 to $50. Most cards will charge a $20 to $50 fee if you accidentally go over your spending limit. Your bill may also be subject to additional fees if you don’t bring your debt balance back to the credit limit within a timely manner. Credit is not something to play around with or take lightly.

Tips for Student Credit Cards

When it comes to looking at ways to help your children as they head off to school or even to teach them some basic money skills, Student Credit Cards can help. These make a great first time credit card. Many Student Credit Cards offer advantages that pre-paid credit cards cant. One advantage is that the user can earn cash back and rewards when they use their card intelligently. They help the user to build a good credit history, and offer easy reliable access to cash as well.

The introductory rates on Student Credit Card often begin at 0% for an average of six months. It will depend on the card whether this is applied to purchases alone or to other transactions such as cash advances and balance transfers. Depending on the type of service you want your Student to have will determine the type of card you get. 

Unlike some cards especially the prepaid you can earn cash back from 1% up to 10% depending on the card you get. Remember to look through the terms and conditions thoroughly before choosing any one particular card. This is where you will find out which card has the best setup, the highest interest rate and point reward system. There are even cards that will give you rewards for maintaining your GPA or Grade Point Average. As you look closer into the points system of the cards you will notice that some of the rewards are particularly nice. You could end up with tickets to concerts and planes, cash back and gift cards or even package tours such as the Studio Tours.

One way to ensure that you are using your student credit cards and college credit cards correctly is that you avoid credit card debt, by paying your statements in full and on time. Another thing to remember is that this is not an addition to your student loan but a way to build your future and have extra cash on hand from month to month. Some cards have a very high APR after their introductory trial period so be prepared and look for the best deal you can find. You may even find that 0% tempting but if you take a slightly higher percent now you save on the after introductory time. 

Looking into Student Credit Cards is as important as looking into the right student loan and college, know all the facts, as questions and determine the one that is right for you.

What exactly is credit

Credit is a contract in which you promise to pay in the future for goods, services, or money received today. Forms of credit backed by collateral (money or property you put up as a guarantee you will repay) are secured. If you do not repay as agreed, the lender will be able to repossess the collateral. Car loans and mortgages are examples of secured loans. Most credit and charge cards are unsecured, but there are some secured cards available for those who cannot qualify for an unsecured card. For example:

Debit card - allows you to access funds in your checking or savings account. It is accepted wherever the logo on the card is displayed. This is not a loan and using it does not establish a credit history.

Credit card (revolving account) - allows you to make purchases or take cash advances and pay back a portion of the balance you owe each month with interest. The minimum payment due is usually a percentage of the outstanding balance, typically 2 – 3%. Most credit cards charge other fees (i.e. cash advance fee, late payment fee, annual fee) in addition to interest.

Charge card (open-ended account) - allows you to purchase items or take cash advances and requires you to pay the entire balance in full each month. No interest will accrue if the balance is paid as agreed, but there is often an annual fee. Other fees may also apply (late fees, cash advance fees, etc.).

Installment Loan (close-ended account) - allows you to borrow the money you need up front (usually for a specific purchase such as a car, education, home, etc.) and then repay it over a specified period of time with interest. The payment is usually the same amount every month.

Why do you need Student Credit Cards

More and more often people are using credit cards to pay their bills, including rent, gas, utilities and of course their shopping, as time has changed more people simply feel safer using plastic than cash. Many credit cards offer fraud protection now, so if something does happen and their card is lost or stolen then they wont pay for it. Credit card protection is the first of the various things you want your card to offer, being safe and protected is smart. 

Parents find that they feel more secure in their children heading off to college if they have something to fall back on such as a student credit card. Parents can keep track of the monthly expenses and also know that if something does happen then their children are not stranded. It is also a good way for students and their parents to connect as they go over the do’s and don’ts. 

Student credit cards and college credit cards are specifically geared towards young adults as they leave home and take a real step towards their future. The companies that offer them know that they are trying to build a solid credit history and offer first time credit cards. They have added features to help avoid credit card debt that many other credit card offers wont. 

When you ask the question why do you need student credit cards, the answer is simple, as young adults grow they need a card that can grow with them and that is what these cards do. Many of them have a good Intro APR and then a time period that allows the user to get used to having a credit card. There are things that you can do make this transition easier, such as setting a spending limit and sticking to it. Putting money away each pay period and add in a percentage of the future APR until you have reached that amount. This will help you to become accustomed to the new rate and also teach you more money management skills. Some also use the extra money they have saved to be extra special to themselves, and even applied it towards a trip that normally they wouldn’t have been able to afford. 

Having a credit card of any form doesn’t mean that you can simply spend when you want and not face the consequences later on. It means that you are showing to yourself and the world that you can be a responsible adult.

Creating A Positive Credit History

Your credit history stays with you wherever you go. Future loans, credit card accounts, employment, and housing all require a clean credit history. To start creating a positive credit history, let us first take a look at some basic credit facts.

This will help you see how to keep a clean credit history - establish a positive credit history - and stay out of any credit troubles.

VIEW the top student credit card offers.

Managing your money right from the start is the practical way to go. Always know the grace period, annual fees, cash advance fees, finance charges, and annual percentage rates (APR). If you intend to carry a balance on your account, you need to shop around for a lower APR, even if it will mean paying a higher annual cardholder fee. By researching what you are looking for you can choose the right credit card for you.

Always Keep track of your current purchases. Avoid large impulse purchases at all costs. Do not use a cash advance to cover your normal daily expenses. And remember the 20/10 rule: you must never borrow more than twenty percent of your current annual net income; and do not ever let your monthly credit card payments become more than ten percent of your monthly net income.

Exceeding your credit card limit is usually considered a violation of your account agreement and will probably result in some additional fees or penalties, or even the freezing or cancellation of your account.

For most credit cards, one can avoid finance charges by paying off the total balance within a reasonable time period. It is much like an interest free loan for up to thirty days: purchases paid off during this current billing period will not accrue interest.

If you can not pay off your total balance each month, you must at the very least, try to pay more than the minimum required payment. Otherwise, you will end up paying more than the original purchase price (based on pay back time and interest rate). There are many credit card worksheet tools on line that can help you figure out what your minimum monthly payment will be. I encourage you to use these tools. Always be sure to get your payment in by the due date to avoid a late fee as well as possible credit damage. It is almost guaranteed if you are even one day late you will accrue a late fee.

If you have changed your name, address, or job, notify your lending institution immediately. You do not want to risk any late payments. You should also contact your lender if for some reason you cannot make a payment on your account. They just may be able to arrange a special payment option that can help you avoid any credit problems.

Financial institutions will generally evaluate you based on the 3 Cs.

1. Character (credit history);

2. Capital (assets that can be used as collateral);

3. And capacity (your ability to handle the added debt based on your current income, debt, and expenses).

Using this knowledge to your benefit will almost ensure your will create a positive credit history for yourself.

College Students And Credit

Today, it is more important than ever to start building a positive credit history while you are young. There are many credit cards that are specifically designed for the college student with little or no credit history, and many will even reward you with the things you love most: cash, travel, entertainment, and more.

As a young college student you are ripe for starting your own life and all the worldly stuff that goes along with it. One of these very important issues is credit. I am sure you have realized if you have not been taught that credit and your credit history and score is the number one important thing you can create for yourself. This will lead to you being able to secure many different types of loans, jobs, as well as affordable insurance. The list goes on and on.

Being a young college student or one just ready to start college I am sure you have received many offers via mail, email or from the college of your choice. There are many offers out there for you to take advantage of. However, it is important to remember to not let them take advantage of you. It is very exciting to know there are companies out there willing to provide a student credit card to you. This is great but you only need one. Many will find there selves in much trouble if they accept an offer for more than one student credit card. You are in college and might have a part time job and you will not be able to keep up with the monthly payments if you have more than one card. You will also find yourself in debt very fast because you will be using those different cards and will not realize how fast your debt can add up. This is the start of a poor credit history and score.

To keep you on the right track look at the many different offers you have. They will offer many different types of perks and benefits. Look at the benefits that will most fit you and your financial needs. A zero percent interest rate for 6 months that jumps up to twenty-five percent interest is not a good deal in the long run. All those purchases you made in the first 6 months if not paid off will also jump to the twenty-five percent interest. There is a cap of interest rate for each state, check on the internet and see what the state you live in has capped it out at and make sure you are not being given anything higher. But more importantly, try to get a card that is much, much lower.

What is important at this time in your young life is to treat a student credit card with respect and use it with caution. Use it as an emergency tool and give yourself piece of mind knowing you have a way out if needed. This is how your new found credit will work for you. Always remember that what you do today in regards to your credit is going to affect you in the future so making smart choices is the only way to go.

Debt And A Student Credit Card

Despite the rising criticism about college student credit cards, now is a good time to get your first credit card and start building a positive credit history. As long as you will be able to pay off the student credit card each month. A graduate with thousands of dollars of debt is simply a bad idea, especially when you are also going to begin paying off student loans and still try to make ends meet on an entry level salary.

VIEW the top student credit card offers.

What you have to do is just be wise about any choices you make. If you plan to pay your college student credit card off every month the interest rate is not as important as it typically would be. However, what if for some reason you can not pay it off every month. Then the interest rate will make a huge difference. You will still need to look at all the qualities and benefits of a student credit card no matter what you think you may be able to do, emergencies come up and change plans all the time.

You need to compare interest rates, credit limit, payment terms, and any additional perks or benefits they will be offering you. Some benefits will be 0% interest rate for 6 months, 5% cash back on certain purchases, frequent flyer miles. The list will go on and on. Compare them and be smart about your final choices.

Once you have obtained the college student credit card, know how to use it. Yes, you just go purchase something by swiping your card. Well, yes you do, but what kind of purchases should you be making on this card. Pizza, CD’s, Coffee? These are all things you can live without. You need to treat your new college student credit card like it is an emergency tool. Your car breaks down, now you have a way to get it fixed. If you have already charged that card up, what good is it to you? You also want to build a positive credit history. If you are charging to the limit every month it is not benefiting you as far as building a credit history. You are showing them you have this much credit and you have to use it every month to make it. The credit card companies want to see you have some credit left over every month. This will help to build a positive credit history for you.

A student credit card can be a great tool for you or it could be a tool that causes much debt and grief for you. It is up to you how it will affect you. Listen to your parents advice and do your research and you will be fine. You are a young adult, use your maturity to benefit you not only for today, but help you become more financial independent in the future. You want to graduate with as little debt as possible so you can start to make those college student loans payments with out hurting your financial situation.

A College Student Credit Card Is A Good Thing

College Student Credit Cards! The benefits of a college student credit card are that they are very lenient with young people who have limited or no credit history. In addition, the rewards and benefits are tailored for the college student lifestyle, offering benefits like 0% introductory interest rates, rewards and cash back.

College student credit cards are a good fit for high school as well as college students. Choosing the right card to help benefit your and your financial need is the trick you need to perfect. As mentioned many different benefits and perks will be offered. However, not every benefit, reward, and perk is going to benefit you. You need to compare the offers and look at your life style and choose which college student credit card is actually going to benefit you.

As a senior in high school you probably started to receive numerous offers for a college student credit card and disregarded it. Being closer or actually attending college you need to think about this new credit options. A college student credit card will be the best tool every offered you to start building a positive credit history. I know you mom and dad have drilled into you how important your credit is. Well, you need to believe them. Everything revolves around our credit history and scores. If we have not done well in this department it is much harder to buy a car or a home or receive additional credit cards or any kind of financing.

So once you have received a college student credit card, treat it well. Use it like it is an emergency tool. Do not go charging everything on it unless you are able to pay it off each and every month. And let’s face it, you are in college, unless you have a trust fund behind you the chances of being able to pay it off every month are not very probable. Save your college student credit card for those item you have to have for school or your car breaking down. This will give you a great since of security as well; knowing you have a way out of a bad situation is good.

A college student credit card will be the easiest card every offered you. The credit card companies know and understand you have very little to no credit history and still want to give you this card. You need to prove yourself and show them you can handle the responsibility like the adult you are turning into.

Treat your college student credit card with respect and thoughtfulness. Each and every purchase you make with it should be thought about. The decisions you make today will (guaranteed) affect you in the future. Don’t you want to make life that much easier for yourself once you are done with school and are out in the big working world? This is your opportunity to show yourself you can do it. Get that college student credit card, start creating a positive credit history and keep making those good decisions.

A Student Guide to Credit Cards and Loans

Your college career aid and federal grants are just not covering all your expenses as a student. Many students today turn to student loans to finance their education and then, the next steps, are to take out a private student loan or obtain a student credit card. There are many places for private student loans and student credit cards, but the standard Federal loan is a Stafford loan, which is often easily obtained after filing the FAFSA. Most college finance offices will have information on this federal loan process. Remember, that these are loans and have to be paid back, so when you make your decision on how much to borrow and how to pay it back you will have to do some looking to find these answers. 

This includes comparing student credit cards before applying for one.

It is relatively easy to fill out a student loan application and be on your way to financing college. To a lot of people, this can be very tempting, and especially so, is this is their only way of being able to go to school. Most college loans do not require you to make payments while you are in school but credit cards require immediate monthly payments. You can borrow the maximum amount available from a student loan even if you cannot afford it. This really makes it hard to say no, but if you are determined to go to college that may sometimes be your only way to meet the full cost of college expenses.

There are five loans available that students should consider. The first one is the Federal Perkins Loan, the second is Federal Subsidized Stafford or Direct Loans, the third is the Federal Unsubsidized Stafford Loan, the Federal Plus Loan for parents to help their children go to college, and then the Alternative or Private Loans can be considered, if the rest of the other loans do not cover the total cost of college plus tuition.

There are a few things to consider before you take out a loan and they are to find out how much you should borrow, estimate your loan payment and never borrow more than you need, apply for loans right away, use student employment as alternative for borrowing, which is the work-study program and then consider options that will reduce your student loan payments. Electing to take on a student credit card can help cover smaller school expenses such as books, school supplies and other college related expenses.

A college education is one of the most important things you will care for in life and is usually your first step forward toward a career. In today’s economic climate student loans may not always be as available as they were in the past, especially private student loans. Taking on a student credit card is similar to a private loan, with the main differences being the credit cards often carry higher interest rates and require immediate repayment each month.

Limited Credit Cards

Limited credit? Do not lose heart! You can still be approved for a credit card. At Free-Credit-Reports.com we offer limited credit cards for consumers whose credit needs improvement. If your score is lower than 620 FICO points you should start improving your credit score with a credit card.You can start building your credit rating by applying for a secured credit card. Another option is an unsecured card for limited credit. No matter which card you choose be sure to make your payments on time. Be smart with plastic and boost your credit score!

Fair Credit Cards

If you credit score is between 620-660 FICO points you should consider applying for fair credit cards. These cards will help you to improve your credit history and become eligible for better offers. With reasonable rates and fees making payments won't be difficult if you plan your expenses.Compare fair credit cards we have selected for you at Free-Credit-Reports.com. Read the terms and conditions, compare fees and rates and submit your online credit card application. You are only one step away from good credit card deals - start improving your credit history today!