Are College Credit Cards For You?
College credit cards are the credit cards that have been specially designed for college students. College credit cards are more popularly known as student credit cards. College credit cards allow the students to experience the benefits of credit cards much earlier in their life.
Through college credit cards, the college students are able to learn more about credit cards and their use. In fact, for most of the students, their college credit card is their first credit card that acts as a gateway to the world of credit cards.
Some other students might have previously used supplementary credit cards linked to their father’s credit card account; however, for such students too, their college credit card is the first one that is truly theirs.
College credit cards are not very different from other types of credit cards in the basic sense; they function in the same way as any credit card would. However, there are some differences, which basically arise from the fact that college credit cards are used by people who have no prior experience with credit cards and who perhaps don’t understand the concept of credit cards completely.
Hence, the credit card supplier is at risk with issuing credit cards (college credit cards) to such people whom he is not sure about. Most of the students don’t have a credit history either. In such a case, the supplier of college credit card cannot be sure of receiving the credit card bill payments in time (and even receiving them at all).
To counter such risks, the supplier of college credit card requires the parent of the student to co-sign the college credit card application form as a guarantee. Moreover, the credit limit on college credit cards is generally around $500-$1000 per month, which is lower than what it is for other credit cards (this credit limit is generally sufficient to fulfil the typical needs of a student).
Another risk mitigation instrument used by the college credit card suppliers is the interest rate or APR. The APR on college credit cards is generally higher than that for other credit cards. Again, this is done to dissuade the students from overspending on their college credit card (and finally not being able to pay their credit card bills).
However, if we were to look at these impositions in a positive sense, we would find that these are actually in favour of the student (who is still getting trained to take on the real world of credit cards). Moreover, college credit cards also help the students in establishing a (good) credit history which is another important benefit that becomes handy when the student needs any type of loan at a later stage in his/her life. So, college credit cards are really something that every student should consider going for.
Watch the video related to credit card
Proof Negative’s Show www.blogtalkradio.com New fees will test credit card holders limits www.msnbc.msn.com Sept. retail sales improve but are still weak www.msnbc.msn.com Pakistan rocked by fresh attacks news.bbc.co.uk House Panel Paves Way for ‘Nuclear Option’ in Health Care Reform Bill www.foxnews.com Please support other channels that expose the truth. youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com youtube.com
Help answer the question about credit card
My credit card balance is over 50%. How long will it take my credit score to go back up?Hi. I recently just got my first credit card ever and used it to make a $1600 purchase. The credit limit is $3000, so obviously I'm over 50% of the balance, and I just learned that's bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks.
April 23rd, 2010 at 8:36 am
The new Credit Card Act which went into effect in February 2010, prohibits people under age 21 from getting a credit card without one of the following: 1) Parent/Guardian as a co-signer or 2) verifiable income that is sufficient to cover the minimum monthly payment on the card.
Good luck! Hope this helps.
April 23rd, 2010 at 8:58 am
When you pay for that card you are only paying for membership card which will allow you to shop at any Sam's club in the US. Another program that is offered in conjunction with your membership is the private label credit card. You can apply for credit at the club and if approved your membership card will also serve as a credit card good at Sam's club and Walmart.
The percentage back is only if you are approved for the Sams Club Discover Card. Works the same way and is still combined with your membership card but you can use it wherever Discover is accepted.
April 23rd, 2010 at 12:36 pm
The difference between a College card and another card is that College cards specifically target people with "no credit history." So yes, the no income thing is true.
If your application is rejected, it does not hurt your score. It is marked as an "inquiry" which may take your score down a peg or two, but most likely you won't get denied.
Careful with these college cards. They have higher interest rates. I got my butt kicked in college with about four of those cards and no idea how to manage it. Stick with one card and keep it open for forever.
Hope this helps.
April 23rd, 2010 at 3:14 pm
April 23rd, 2010 at 8:35 am
These cards are for teens/Students who want a credit cards or to build there credit.
You can get it online,
student-credit-cards1 . blogspot . com
April 23rd, 2010 at 9:24 am
What kind of insane advice is this? How can you in all seriousness be promoting credit cards to people who HAVE NO JOB! DER! And we wonder why America is drowning in debt! Get Real. Why not encourage our students to save and invest instead!
April 23rd, 2010 at 10:31 pm
I would wait 6-12 months, then ask for subsequent increases annually. If you do too quickly, it may appear to them that you want to push the limit very soon and may red flag you as a potential risk.
April 23rd, 2010 at 11:32 pm
Is easy being responsible, I have 2 credit cards, recently applied for another one therefor cancelled one I had, because I have established myself that I won’t have more than two credit cards. In five years I am with them, I had only paid interest in 3 cycle periods, I am always looking forward to full pay my balance, even if I stay with little money after that, is so easy, I don’t know why is so hard for people to control them self with the use of credit cards. lol.
April 24th, 2010 at 1:50 pm
None. APR is the annual percentage rate. It is the interest that you will be paying if you keep a balance on your account. The more you owe on the card, the more your monthly payment is going to be. Yes, you agree to pay them back. If you break it, it will affect your credit history and you will have to pay higher interest when you buy a car or home. You see the commercial for 0% car loans, they are for almost perfect credit individuals. If you have bad credit, you could be paying 29% or more.
April 24th, 2010 at 9:36 am
Is a student credit card the same as a regular credit card, except with a lower balance “500 dollars”. Or is it strictly for paying for school.
Please help.
April 24th, 2010 at 6:16 pm
If the school is accredited, and you're full time there, you should be able to qualify for it.
Are you looking for a credit card, or just to build credit? If you just want to build credit, start with a line of credit from fingerhut.com. I'm sure you'd be approved there.
April 24th, 2010 at 12:24 pm
i have a 3,000 balance on a bank of america card if i pay off the balance and cancel the card will my credit be affected?
April 24th, 2010 at 12:50 pm
This piece of crap video does not explain how the magnetic strip of the credit card works.
FUCK YOU ASSHOLE.
April 24th, 2010 at 8:14 pm
a crock of shit………yeah right.
April 25th, 2010 at 4:20 am
Upromise.com
April 25th, 2010 at 9:57 am
I can't tell you if it was legit or not because it could be anyone calling you. Just keep in mind that you shouldn't give any information on the phone unless you know for sure it is your bank or someone trustworthy. If you want a college student card, you should look at your options before applying for one that came your way. See student section in the site below and look through all the ones you can get. It's better to apply online and receive a decision instantly.
April 26th, 2010 at 1:07 pm
getting a student credit card is so easy, a cave man can do it, Wells Fargo bankers are always begging me to get one whenever i go there…
April 26th, 2010 at 5:03 pm
i agree 1000%