Credit card for college students has high annual fee and interest rates. Student credit card does not require a co-signer, since the credit limit is low and if the limit is breached you must have a co-signer. This co-signer will be responsible for the payment. Student credit cards are available online, and one can choose according to the needs of the credit card.
Leading student credit cards offer 0% APR up to six months on balance transfers, cash advances and purchases, enabling you not to default on your credit card payments. But before using a card one must be sure of the terms and conditions. The APRs for student credit card are above normal rates but if one chooses to pay the balance before the grace period, then that is sufficient. Some credit cards have no annual fees and allow you to manage the account online.
Choosing The Right Card
You may come across student credit cards while searching online. Once you get the list, compare them against each other and look for a card with low interest rates and no annual fees. It is always better to have a regular student credit card. Once you get hold of a credit card at least once.
How To Use
Different student credit cards offer many multiple offers and students should select a credit card with no annual fee and low interest rates. The credit limit should not be exceeded. The payment should be done in the same month. Once you manage to have a regular student credit card, you can apply for other credit cards. The proper usage of credit card can keep under good rating; else you will be bankrupt in the young age and will be ruined.
Often, when people are browsing through the different types of credit cards available, they come across the category of “Student Credit Cards.” Many people, however, are not sure what a student credit card is or why they are even offered. Generally, these cards are meant to be credit cards for college students, although they can be used with high school students as well. To better understand what student credit cards are all about, it is helpful to take a look at student credit card basics.
Who can use a student credit card?
While student credit cards are generally marketed toward college students, anyone can usually apply for one of these cards. Some cards, however, will ask the name of the college the student attends and will require verification in order to receive one of these cards.
Why does the credit card application ask for the name of the college?
Companies offering credit cards for college students realize that college students generally do not have any type of established credit history. A limited credit history makes it more difficult to receive a credit card. On the other hand, these companies realize the importance of having a credit card while in college. The fact that you are attending college demonstrates to the credit card company that you are responsible and you are looking toward your future. This gives them a small reassurance that you might also be responsible for taking care of your debts.
What is a secured student credit card?
A secured college credit card is really more like a debit card. With these cards, you (or your parents) deposit money onto the card ahead of time. The amount of money you can spend with the card is limited to the amount of money that has been placed on the card.
Why would I want a secured student credit card?
Secured college credit cards are beneficial for parents who want to give their college-aged child an allowance while at college. In addition, there is no risk of accumulating a debt that you cannot repay.
What are the drawbacks to secured student credit cards?
Secured student credit cards usually have a large number of fees. Often, there is an enrollment fee. This fee can be as much as 100. There are also usually annual fees or monthly fees. In addition, there is a small fee every time money is put onto the card.
What kind of interest rates do student credit cards have?
Secured student credit cards do not have an interest rate since you are not actually borrowing money from the credit card company. Unsecured student credit cards that extend a line of credit, however, often have a higher interest rate than other credit cards. This is not because the card is a “student credit card.” Rather, it is because the cardholder has a limited credit history. Therefore, the interest rates are comparable to other credit cards offered to people with a similar credit history.
Do student credit cards offer rewards programs?
Some college credit cards do offer special reward programs. As with other credit cards, however, student credit cards with special reward programs usually have an APR that is higher than those without reward programs.
Why should I get a student credit card instead of a traditional credit card?
There are credit cards available for people with a limited credit history that are not specifically meant for college students. There is nothing wrong with getting one of these cards. Student credit cards, however, sometimes have a lower interest rate than other cards for people with a limited credit history because the fact you are attending college demonstrates a certain level of responsibility. In addition, student credit cards often have benefits associated with them that are meaningful to college students, such as discounts on school supplies.
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 nave 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
1. 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.
2. 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.
3. 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.
4. Avoid overuse – Use the card very cautiously. Avoid overspending, for example, buying CDs on the internet and spending on beers and sodas for friends.
5. 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.
Remember back in high school when you got your very first job? You probably drove around to every pizza, burger, and fast food joint in town, asking if they were hiring. Yeah, we all do it.
How else can we make money to supe-up our cars? It’s typical to end up at some grocery store or waiting tables at the local diner. These are known as jobs for students. Most gargantuan corporations don’t tend to hire 16 year olds who lack a high school diploma. In fact, this is what drives us to work hard and do well in college. After a taste of these “jobs for students,” we’re so anxious to move up and away from their crappy hours, and headaches. And that’s not even mentioning the terrible pay.
I can remember the first job I ever received. It was working at a video store. Not too bad considering some of the horrors out there. However, how long can you stand to work in customer service? While you may think those cubicle jobs are a bore; believe me, there is much worse. At least with the tiny office space positions, you don’t have some lunatic customer screaming in your face. Once I had reached college, I looked into a variety of jobs for students. Anything from delivering Chinese food, to waiting tables, to working as a lifeguard at the local pool. Although all of these jobs worked out okay, and paid the bills, they weren’t the be-all end-all to jobs for students. These days there are much more valuable resources to take advantage of. So toss that local newspaper in the trash, and stop wasting all your gas by driving around from window to window, in search of a “Help Wanted” sign. It’s time to turn to everyone’s favorite electronic buddy. Yes, I’m talking about your computer. Check out what the World-Wide-Web has to offer.
The great thing about finding jobs for students now days is the access. With the Internet at your fingertips you can find jobs all over the place. I don’t care what city you live in. If you’re in search of a part time job while taking a full load at the local University, no problem. Allow search engines like Careerbuilder.com and Monster.com to aid you in this search. In no time you will have pinpointed numerous jobs for students in your immediate area. Hop online and check it all out today.
There’s good news for students who want to unlock their potential and pursue their dream of becoming a leader in the business world.
An organization committed to bringing business and education together is offering a series of workshops and events designed to serve the needs of middle level, high school and college students.
Future Business Leaders of America-Phi Beta Lambda (FBLA-PBL) is a nonprofit education association with a membership of a quarter million students preparing for careers in business and business-related fields. It is the largest business career student organization in the country and is well regarded for its innovative leadership and career development programs.
FBLA-PBL offers a number of workshops and tests designed to assist students who want to sharpen their skills and get certified in different competencies. For example:
• Workshop topics include business, career development, communications, finance, leadership, IT and other areas that are designed to meet the standards of the National Business Education Association (NBEA).
• Certification as a Certified Internet Webmaster (CIW) is offered through a series of three exams. The cost is 25 per exam.
• College credits in the areas of accounting and information systems and computer applications are available through College-Level Examination Program (CLEP) tests. Each exam is 55.
FBLA-PBL also holds national conferences for members that promote leadership development. The 2006 conference is being held this summer in Nashville, Tennessee.
This year’s keynote speaker at the conference is Coach Ken Carter, coach of the Richmond High School Basketball team and the inspiration for the movie “Coach Carter.”
The conference also offers an Institute For Leaders (IFL) where members and advisers can learn, explore and practice leadership skills.
Everything About Citi MTv Platinum Select Visa Card For College Students
The different types of Citicards issued by the Citibank perfectly complement the needs and demands of the college students. One among them is the Citi MTv Platinum Select Visa Card that is very beneficial for the college students who are very much interested in pursuing a great academic career.
The Basic Features Of The Card
Only those college students can avail the use of the Citi MTv Platinum Select Visa Card for College Students who have a pretty clean credit record have paid the credit card balance in time or have kept the balance amount very low. The card also rewards those students for high GPAs. The card has all the attributes that can usher you towards a bright future. Since the card has very low annual percentage rate, therefore you can work towards a good credit rating.
The Key Features
The card has a 0% introductory annual percentage rate applicable for the first nine months. But once the introductory APR period expires, the rate changes to 17.99 percent. The cardholders do not have to pay any annual fee on balance transfers.
With this card, you will have enough scope to save money; transfer the balance on another high interest rate credit card to this card within the first six months, and the 0 percent interest rate on cash balance andor on balance transfers will help you save some precious pounds.
The Card Advantages
The most significant and unique advantages of this card are as follows:
The card enables you to earn 5 points for each pound you spend in the restaurant, record stores, bookstores, movie theatres or anywhere else. In this way you can earn up to 2000 thank you points twice each year and with these points you can buy gift cards, merchandise and many thing else.
You can check your account online or even reimburse the bills. There is the possibility of checking the number of points that you have accumulated.
You can both earn and trade points for the special events of the MTV channel or other entertainment activities.
Annually you can earn unto 75000 points and the reward expiration period is 5 years.
The card also enables you to save up to 10 percent at the mtvshop.mtv.com. You can make the purchases interest free and earn points as part of the reward program.
If you make purchases from the online store or the MTV Net York city store, then you can enjoy discount on purchases.
The cardholders can also benefit from auto rental services, travel accident insurance and many more.
The other benefits of the card include Internet services like the emergency cash replacement, emergency card replacement, fraud and security protection services, auto rental insurance, 1000000 in travel insurance and other similar benefits.
One of the best ways to establish a credit report is to acquire a student credit card. However, there are a few things you should be aware of if you decide on this. One of this is the fact that your credit report will be kept and maintained by credit bureaus. Thus, whenever credit companies want to look up your credit history, they will contact these bureaus for it. Information on your payment patterns and outstanding payments for your student credit card, both good and bad, will be recorded here.
Essentially, no one can legally change the contents of that report and everything remains in there for up to a decade. Thus, it is important to maintain a healthy credit report by making payments on time, starting with your student credit card. Having a good credit report has a huge impact on loans and on future applications for other forms of credit services, including other credit cards. For instance, low APR cards are everybodys favorite but they are usually reserved only for those with good or excellent credit histories.
In order to acquire an excellent credit history, it is best to pay up your monthly outstanding balances before they are due. This may be harder to achieve if you are a student as you do not have steady income and therefore need to plan your expenditure accordingly. Use your credit card only when you really need it, and set payment reminders in your personal calendar each month.
Some students practice credit card surfing by using a 0% APR student credit card, maxing out the credit limit and getting a new card for their upcoming expenses. This does huge damage to your credit report as you are basically living off debt even before you have the ability to earn your first paycheck. Whats more, when the 0% APR term is over, your interest rates will escalate and your debt will snowball rapidly. At this point, your credit report will be tarnished, leaving you with a pile of debt that you struggle to pay off and high interest rates for future credit applications. Your only option now would be to adopt a credit repair strategy, which will most likely be painful on your ludicrous lifestyle.
