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Archive for the ‘Student Credit Cards’ Category

MTV is one of the most popular places for college students today. Many like going to Spring Break with MTV. The MTVU card is part of the Thank You Network, a free program set up for college students who are card members get many valuable rewards. The rewards programs are great for any college student. They offer gift cards that can be spent just about any place. They also offer travel reward points that are useful for the student who wants to go home for the weekends or go on a vacation. The credit card opportunities for VIP’s give out free passes to go to the MTV Spring Break.

Students like going on Spring Break and being a part of the MTV Programs offered. There are tickets to MTV Video Music Awards as well. One of the nice features is the fact that students can get 10% off of music, electronics and all sorts of things at the shop mtv.Com. Online store. One of the nice features that the credit card offers is the fact that there is no minimum income or co-signer required in order to get the card. This feature makes it very easy for college students to get the card which is held by Citi mtvU Platinum Select Visa card for College Students. The company offers the card with 0% APR on purchases and balance transfers with no annual fees. This makes this the one card on campus for all the students.

In the end, I think this is one of the best cards on the market today that is catered to the younger crowd but it may not be for everyone. Just make sure you do your research before you apply for this card.

Credit cards for students have both advantages and disadvantages. Parents and students should be aware of the pros and cons of student credit cards. Some of the merits and demerits of using a student credit card are discussed below.

Easy solution to cash crunch: If you are staying away from your parents or living in a boarding school or in hostel, the student credit card will be very helpful. It is an easy solution to an unexpected cash crunch and becomes invaluable in times of emergency. The credit card can make you more self-dependent and free from worry of funds. It is like all time money.

Put a limit on spending: Student credit cards generally have very low credit limits and this will place a restriction on the total spending, forcing the student to think and plan their expenses. It will make users/students understand budgeting and let them think what is necessary and how money can be spent judiciously.

Parents can monitor children’s expenditure: If the student credit card is opened on joint ownership between student and parents, the bill will come to both of them. This way parents can know what way their son/daughter is spending. If parents find any unnecessary expenses, they can guide their children accordingly. It will help both the parents and students.

Incentives: Student Credit card providers woo students with various lucrative offers like rebates, cash back etc on the things students buy most, like books, CDs and clothes. You can take advantages of these offers. Moreover, student cards usually have very low APRs and other fees.

Credit record: Student credit cards are great opportunities for students to start building a good credit history. If you use your card wisely then you will build up a credit history that will help you to secure loans and mortgages more easily in future life.

Safe shopping: A student credit card enables you to shop safely and securely online. It is easy to carry and there will be no fear of losing money or becoming a victim of theft if you carry a credit card to the market. Even if you lose your credit card somewhere, you can inform the card company immediately and that will be made invalid. Later you can ask the company to issue another card in your account.

Easy to obtain: The other advantages of student cards are that they are fairly easy to obtain. There are hundred of banks and lenders offering credit cards without any charge. Moreover, the card providers do not ask for credit history of the applicants. Simply apply and the card providers will do everything till you get the card at your place.

Credit card can put you under debt trap: If misused, the credit card can put you under debt trap.
If you do not pay your balance, then you will be charged high levels of interest and quickly create debt for yourself. These rates on student credit cards are often higher than that on other credit cards, and can outweigh the discounts and benefits you get.

Over-spending: There is also the danger that you will just spend too much money, and put yourself into debt that will harm your credit rating rather than improve it. Once you come under the debt trap, it would be difficult to manage your finances and this would harm your studies as well as put an unnecessary burden on your normal personal life.

Therefore, if you think there is any chance that you will not be able to handle the responsibility associated with a credit card, then, probably a student credit card would not be the best idea for you.

In today’s society, credit cards are considered to be a luxury. Since you never have to worry about having cash on hand to make a purchase, credit cards are very convenient. While some credit cards come with very strict guidelines, there are still a lot of companies that are willing to give college students and even high school students credit cards in order to help them build their credit up. Although student credit cards come with certain limitations and restrictions, for the most part they can be used similar to more traditional cards.

Many banks and companies which offer student credit cards require the student to have a co-signer as their form of collateral or insurance. The co-signer must sign off on the credit card. If for whatever reason the student cannot make his or her payments; it would then fall on the co-signer to make the payments. Normally, a guardian or parent is the co-signer. They give the credit card companies piece of mind, that even if the student does not follow through with paying for debt, the co-signer will.

Student credit cards often come with a higher interest rate or APR. This helps to reduce the risk the bank or company takes by issuing a credit card to a student. Often times, the spending limit is considerably less than more traditional credit cards. They average spending limit is between $250-$800. The reason for this is that most students have not established any type of credit, therefore they will not have a good credit rating. Even with the low spending limit, these types of credit cards still allow students to establish credit.

When a student is planning on making a large purchase, he or she can greatly benefit from a student credit card. In order to make a large purchase, you generally need good credit. This is where a student credit card comes into play. You can use the credit card to establish good credit and as a stepping stone to building credit in general. By achieving a high credit rating using your credit card, when the time comes that you need a larger loan, changes are you will have a much easier time obtaining one.

Another great benefit to student credit cards, are they give the students a sense of responsibility. Even though the spending limit is considerably less, they work like most other credit cards. After the student has mastered using the credit card, they can then manage their overall money better. These types of credit cards are an excellent opportunity for the students to learn money skills that will last them a lifetime.

With all of the great benefits of student credit cards, they can still be dangerous, just like more traditional credit cards. Students can still fall into the pitfall of overspending. If the student racks up more credit card debt than they are able to pay, this will have a negative affect on their credit rating. If the debt falls on the co-signer, it could then affect their credit rating as well. Therefore, it is essential that students all have a budget in place before using any credit card.

Overall, student credit cards are a great thing to have. For college students and high school students, such cards are a great way to learn responsibility, as well as the sense of freedom. They can be useful during an emergency, which could be reason enough to obtain one. If your daughter or son is in school, you may want to consider a student credit card. They can not only help establish their credit, they can teach them many life lessons.

With your student going off to college and living away from home, of course you are concerned. It is going to be expensive, you already know that, but how to make sure that your student is able to get things taken care of financially without them having to call home multiple times per week to ask for more money. In a lot of different ways, it makes sense to get a college student credit card for your student, which can make things a lot easier on you.

Of course you want to be very careful with it. Depending on your child, you may want to get a card that does not permit cash advance privileges. The temptation for the new college student who is now all of a sudden living away from home is that this now represents “free money”, and I am sure you do not even want to think about what they might spend money on.

But then again, college is a time for growing up and a time for education. There are many advantages of having a college student credit card, such as:

* Your child will learn the responsibilities of financial management. You may insist that they get a part time job to pay the costs that THEY incur which are not related to getting the college education.

* Your child will learn about interest, and how interest can accumulate at an alarming rate if the balance is not paid in full at the end of the month.

* If payments are made late, your child will learn the realities of the “late payment fee” which is assessed by many of the issuers of college student credit cards.

* Your child will become versed in the fine art of budgeting and planning ahead. For example, if there is only $200 of the credit limit left on the student credit card and your child has the option of paying for a kegger this weekend or paying for two textbooks that are required for class, the right or wrong decision can tell you how far along they are getting with the aspect of financial management and budgeting.

College is expensive, there are no two ways around that, and a college student credit card may not be the complete answer to the finances. Has your child applied for scholarships or grants? These are no longer awarded only to the top jocks or only based on financial need, but many are awarded simply because nobody else applied for them. You can get more information about scholarships at Finding College Scholarships.

There are many card issuers who are very anxious to offer a credit card to college students. Often these come with a lower credit limit, maybe $500 and also since college students are typically viewed as a risk due to a typical lack of experience with financial obligations, the interest rate on the unpaid balance is going to be higher, perhaps MUCH higher than you might expect. But this all goes with the territory.

But if a student shows or learns responsibility with a college student credit card, that will teach the student the benefits of having one and keeping it fiscally sound. The student is rewarded with a good credit score at the credit bureaus, so they are somewhat established already in that area by the time they graduate. And the card issuers are well aware that with that good experience, that college student will very likely be their credit card customer for life.

College students today spend a lot and do not keep a track of their expenditures. Such students find student credit cards very helpful. They are very useful and at the same time beneficial too. Before applying for this type of credit card, consider your financial needs.

Financial institutions give these credit cards to students considering individual financial requirements. Beginner credit cardholders after finishing all the formalities with financial institutions, you can start using the credit card.

Advantages and Rules:

A person needs to have a fix job and a stable income to apply for a normal credit card. This is not the case in terms of a student credit card. As the name suggest, student credit cards are mainly for students. The amount charged on this card is always lower than the regular credit cards.

You do not to be an employed individual to apply for such credit cards. There are no annual fees charged on these credit cards. People owning such types of credit cards have an access to certain other rewards and benefits given by the financial institutions. The best part of these cards is that, they are accessible online and hence you can manage your accounts online.

Internet is the best tool to purchase a student credit card. You can gather details from your friends or relatives before buying this credit card. You need to determine your needs before selecting a particular type of card. These cards are the first step in building good credit scores, which may help you in the near future. Next, you can use these good credit scores to purchase loans.

Rules

1. These credit cards are meant for college needs only.
2. Avoid unnecessary purchases.
3. Keep a track of your expenditure.

Next, ratings offered by credit card agencies are based on the first credit card of a student. Hence, make sure they do not cancel your first credit card. Credit card companies rate students on the duration of having their cards. This helps when you apply for a new card later on. If your credit history is good, companies may offer the best deals. It is also necessary that you maintain good credit standing right from the beginning. Hence, buy affordable things and pay bills on time, as they are helpful to maintain a good credit record.

If you find any strange figures on your bill, immediately report it to the fraud department. In addition, you need to pay more than the minimum balance to accumulate lower interest rates. A credit rating is very important, as it can either save your money or make you spend money. An individual with a good credit rating will get lower interest rate compared to a person with bad credit rating.

Do not open too many accounts at one time. People who make late payment fees regularly are considered to have bad credit history. The last and important step is to close the accounts that are not in use. These small tips help in maintaining an excellent credit history and helps in getting the best benefits for beginners through these credit cards.

For a student, it can be difficult to get a credit card that saves money on gas. The best credit cards require a minimum annual income. The average college student does not have the time for classes and a job. Those who do work after class still do not earn enough to qualify for most rewards credit cards. A student usually only qualifies for basic credit card. For a student who drives there are some student gas credit cards available.

Citi Upromise Card – save 2% at Exxon & Mobil Gas Stations

The Citi Upromise Card is the number one rewards card for college savings as rated by CNN/Money. This credit card can earn you cash back on every purchase. There are tens of thousands of stores that you can save at. As a Upromise member, you can open a Upromise College Fund savings plan through Upromise Investments by saving as little as $50 a month (that’s less than $2 a day). Friends of families can automatically contribute to the college savings when they use their credit card.

oCollege savings on purchases, everywhere you shop!

oPlus 10% EXTRA college savings on 7000+ grocery and drug store items

o0% APR on balance transfers for 12 months

oNo annual fee

The Citi Upromise Card earns 2% cash back at Exxon and Mobil gas stations, plus 1% on all other purchases. When you use this credit card at select stores, you also earn additional cash back. Best of all, there is no limit to how much you can save. Excellent credit is required.

Citi Driver’s Edge Card for College Students – 3% Cash Back on Gas

Another great rewards credit card is the Citi Driver’s Edge Card for College Students. This student credit card earns 3% cash back at supermarkets, drug stores and gas stations. On other purchases, you earn 1% rebates. You can also earn Drive Rebates based on how many miles you drive. For driving 10,000 miles, you can earn $100 in rebates. Here are some other features:

o0% APR for 6 months on purchases, cash advances, and balance transfers

oEarn rebates towards any car, new or used

oBuild your credit history

oFree online account management

o$0 liability on unauthorized purchases

oNo annual fee

There is an annual limit for the rebates you can earn. Each year you can earn up to $1000 in rebates. It is easy to qualify for the Citi Driver’s Edge for College Students. They do not ask for a minimum annual income or a co-signer.

Discover Student Clear Card – 5% on ‘Get More’ purchases

The Discover Student Clear Card offers up to 5% cash back on select purchases such as gas stations, restaurants, book stores, theaters, clothing stores and more. Plus get 1% cash back on other purchases. There is no limit to how much cash you can earn each year. Turn your rebates into gift certificates at select stores and double your cash back. They do ask for your employment information. So you may get declined if you are not currently employeed.

o0% Intro APR on Purchases for 6 Months

oNo Annual Fee

oEasiest Online Account Management Options

oFull 5% Cashback Bonus