Before you start using a student card, decide what it will be used for. Remember that a credit card limit is not free money. It is a loan that you must repay. Start slowly with one card with a low limit, and use it responsibly. Starting small will help you establish a credit history and keep you from getting into excessive debt. If a credit card company raises your limit, you may request that the limit be lowered. Read the fine print. Make sure that the card you sign up for is what you think it is. For example, what is the interest rate after the expiration of the introductory rate? Does the card have a grace period and an annual fee? When will fees be charged, and how much? Which balance computation method is used. (Average Daily Balance Method is most common; Adjusted Balance Method is usually the most advantageous for card holders). Shop around for the best card for your spending/repayment habits. Always pay on time. Mail your check at least a week in advance of the due date. Try to pay off your total balance each month. Student credit cards are an excellent convenience tool; however, they can be extremely costly if a balance is carried. If you always pay off your balance, you will not get into serious credit card trouble. If you already have significant credit card debt that you cannot payoff immediately, pay more than the minimum payment. If you only pay the minimum, your debt will take years to repay. If you have multiple student cards, pay off cards with the highest interest rates first. Avoid having multiple student credit cards, including retail cards. A few cards are fine, and they will help you establish a credit history. However, too many open credit lines, even if they have zero balances, would be considered a negative mark on your credit report. Lenders do not like it when you have the ability to quickly incur significant debt. Some experts recommend that total credit lines be limited to no more than 20% of your annual income. Resist the urge to acquire that "free t-shirt" by opening another student credit card. Make sure that you cancel any unnecessary/unused student credit card. Do not just cut them up. Credit cards will show as open lines of credit on your credit report until you cancel them. Tell the creditor to reflect "account closed by consumer" on the credit report. If for some reason, you will be late with your payment, call the issuer and let them know -- ahead of time if possible. The issuer may be willing to make alternate payment arrangements that won't leave a mark on your credit report, particularly if you have a good payment history. It is also a good idea to be aware of your due dates so that you can plan your payments. Keep in touch. A college student tends to move around a lot. If you change your name or address, notify your lending institution immediately. Your payment could turn into a late payment in the time it takes for a statement to be forwarded to your new address. Keep copies of sales slips and compare charges when bills arrive. Examine your bill, including changes in terms, which may be slipped in with your monthly statement. Interest rates and fees may be changed with only 15 days advance notice. If you have a billing error, put it in writing. A telephone call will not protect your rights. If you find a mistake on your bill, you can dispute the charge and withhold payment on that amount while the charge is being investigated. The error might be a charge for the wrong amount, for something you didn't purchase, or for an item that was not delivered as agreed. You still have to pay any part of the bill that is not in dispute, including finance and other charges. Write to the creditor at the address indicated on your statement for "billing inquiries." Include your name, address, account number, and a description of the error. Your letter must reach the creditor within 60 days after the first bill containing the error was mailed to you. Remember that interest rates can be negotiated with the credit card issuer. If you feel that your interest rate is too high, it does not hurt to ask the company to lower the interest rate. Do not let a friend use your student credit card. If your friend is unable to pay the bill, you will be responsible for payment. Create a budget. The American Express and MasterCard websites have helpful budget calculators for students. Another useful tool that may be used in conjunction with a budget is a credit card recorder in which you document your credit purchases. By using a credit card recorder, your monthly bill will not be a surprise. If you have difficulty staying within your household budget, consider paying by cash, check, or debit card, instead of using a credit card. Start a savings account. It is a good idea to deposit a set amount into your savings account on a regular basis. A good rule of thumb is to save 5% to 10% of your income; however, even just $5 or $10 on a regular basis will help. Once you have a savings cushion, you won't have to turn to a student credit card every time an unexpected expense pops up. A savings account is a key part of a full, healthy financial picture. Starting today is better than starting tomorrow. And starting this year is most definitely better than starting next year.
Should they? It's debatable. College students do need their Visa card. But at the same time, college students typically don't read/understand the fine print, and end up signing up for a complete scam.
Yes and no, as all credit cards will help build their credit score but at the same time if they do not pay their credit bills it can hurt their credit score and diminish the amount of credit that banks will allow them. So, if they pay on time then yes it can help them build credit and prepare them for their future.
College students can apply for credit cards. There are credit cards specifically made for students with lower interest rates to help you get started on building your credit. Ask your college for any recommendations because credit card companies often approach colleges to promote their cards.
They apply for it. I suggest you don't unless you can be sure you pay it every month.
Credit cards with low limits are good for college students. Make sure they have low limits though.
A student can obtain a college credit card through their college. Many credit card institutions such as MasterCard and Visa visit college campuses to sign students up for credit cards.
Whenever you start university (or, in America, college), is the correct age to get a student credit card.
The best thing for a college student in credit card debt to do is to contact a debt consolidation company to help workout a payment plan that the student can afford.
Many major banks offer student credit cards. Some of the top student credit cards are the Discover It Student Card offered by Discover, Journey Student Rewards from Capital One, Citi Forward Card for College Students, and the Citi Divident Card for College Students. One can apply for these cards through a secure on-line application.
student credit cards and other credit based items such as student loans - Students: apply online fast with a credit card company of your choosing when you feel you are educated and ready. A college credit card can be a student's first step in building good creditA student's first step in obtaining a credit card is to become educated about wise credit usage.
The Citi student credit card is a car designed to help college students build their credit while they are in school. In order to apply for the credit card, one must visit the Citi website.
There are several places that one can find information about the trends of college student credit card debt. Two such websites would be Total Bankruptcy as well as Credit.
A credit card is something that every student over 18 needs because it helps them build up their credit rating by the time they graduate from college or university. Some of the good credit cards that offer credit cards for students are: Discover It for Students, Journey Student Rewards from Capital One, Citi Forward Card for college students, and Citi Dividend card for college students.
College students can obtain credit cards just like other people. Sometimes it can be more difficult to obtain a credit card as a college student because they do not have as much credit built up. The best approach would be to open up a savings/checking account at a local bank. Once one is opened, they will usually offer the person a credit card as well. If that does not work, looking at the main credit card companies (Visa, Master Card, Discover Card, and American Express) and finding their college student section, will give you options for college students, however, they usually have very high interest rates.
Featuring the best student credit cards and student credit card deals including Visa, MasterCard and Discover Cards. Find card application resources from leading companies, including the following student credit card offers located across our website for students in college and first time credit cards for high school student.
Normally you need a source of income to get a credit card. Some credit issuers, though, will issue a credit card to a college student based on his parents' credit record; this is done with the parents' permission, usually with the condition that the parents are responsible for any delinquent balances. (This helps the student establish a credit rating, with the risk of the student demolishing the parents' rating.)
In a 2012 publication titled 'Financial Literacy and Credit Cards', researchers found that the average college student has over four thousand dollars in credit card debt.