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What Every Young Person Should Know About Credit …From a fellow student
Hello, my name is Keith. I'm pursuing my MBA in Marketing at Henderson State University. Building on my own experiences, I have taken it upon myself to share with fellow students the lessons I've learned in the world of college and credit.
Student Credit Cards
From online purchases to rental car and hotel reservations, credit cards have become essential to student life. College is the time to live life to the fullest, stand on your own two feet, and begin building responsible habits as you prepare for what lies ahead.
Find the best student credit cards
If you are looking for your first credit card or even a better one than you've got now, I can help you find the best student cards with the lowest interest rates and the greatest incentive programs. That's right - students can take advantage of credit card rewards, too. Student credit cards at Frankford Financial are clearly and compactly organized so you can quickly browse through them and select the one that best suits your needs. Frankford Financial has compiled the most comprehensive list of student credit cards available, and you can apply right here online — I've researched hundreds of Cards...The only one I feel comfortable recommending is The MTV Card from Citi >
Compare credit cards for students
Among the student credit cards available, we have identified the most beneficial offers and programs. I can help you compare and contrast the different credit cards available, critically looking at factors like interest rates, annual fees, rewards programs and more. Many of the credit cards for student spenders do not carry any annual fees, and most offer good interest rates. It is important to choose a credit card with a low interest rate if possible, because those fees can add up, burying you deeper in debt.
Establish good credit from the get-go
If you want to own nice things later in life - a brand new car, a house, a boat, or even if you plan to rent for a while - it is very important to maintain responsible behavior when it comes to your spending and repayment of credit card bills. I can advise you on several tips to keep up great credit conduct so you can accomplish all of your financial dreams.
First of all, don't spend more than you can afford to pay off each month. Sure, it's tempting to throw everything on plastic when you go to the mall, or to run a tab for your entire floor at the bar, but those bills add up, and interest just makes matters worse. If you pay back each and every bill in full and on time when it is due, you can fully take advantage of student credit cards without causing problems for the future.
Secondly, no matter how tempting it is, don't send your credit card bill home to your parents. Mom and Dad may not mind picking up the tab for a couple of months while you are on campus, but their wrath could be even worse than the credit issuer when it comes to payback time. Plus, the urge to splurge gets a lot stronger if you don't have a physical reminder of just how much you've already spent. Some circumstances, however, may be just perfect for partnering with your parents on the credit issue. It is a great idea to apply for a student credit card under your permanent home address when you plan to study abroad for a semester or two. Send the bills home, link up a bank account with your parents and ask that they pay the bills for you until you return. If you don't feel comfortable sharing custody of a bank account, ask your parents to foot the bill and keep track of what you owe until you come back home. Many students find it even more convenient to just rack up a hefty credit card bill while away, paying only the minimum balance, but that balance can progress into four figures before you know it. It always goes back to the motto of responsible credit behavior.
Finally, you can ease your way into the credit world if you aren't entirely ready for large bills, interest rates and monthly minimum balances. Consider applying for a credit card for students and use that card only in emergencies and for travel needs like hotel stays, rental cars and gasoline. Many credit cards for student or adult spenders alike offer great incentives and rebates when it comes to gasoline, grocery and drugstore purchases. And do we ever need it with the climbing fuel costs!
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Bobby's first experience with credit cards
Now that I've given you some tips and tricks to get started with a student credit card, let me tell you about a big lesson I learned when a friend of mine first tried to get a credit card on his own. Although he had no negative credit history of his own, my friend Bobby was not approved because his parents had negative strikes on their credit reports. When Bobby told me about the red tape, we were baffled. We had no idea that the credit history of your parents' could affect your own credit. We were shocked to find that you may actually share the positive, or in his case the negatives, of your parents' credit history - especially if they still claim you as a dependant. Furthermore, prospective employers may run a credit check as they consider you for a job.
In order to help you, my fellow student, I have come up with not only the best selection of student credit cards on the market, but I have also researched and compiled pertinent information based on “what every student should know about credit”.
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Why get a Student Credit Card?
With a student card, you have the opportunity to enjoy great benefits and freedoms while also learning the value and responsibilities that go along with those freedoms. Student credit cards can enhance your quality of life when used properly. You can receive all sorts of rewards and great deals, while also enjoying cash back on some purchases.
Starting the journey to good credit and financial adulthood can be very exciting. With discipline and a good balance of spending and saving, any student can take advantage of student credit cards. The most important thing for students to know about credit cards is that, above all, they must be responsible.
There are many reasons why a credit card can come in handy. Just a few:
• It is always comforting to have a credit card in case of emergencies. Picture this: your car breaks down halfway to your spring break destination and you need repairs to keep going. The last thing you want to do is ask your friends to pool all their spending money to fix your car, which is exactly why a student credit card can come in handy.
• Credit cards are good for unexpected car repairs or medical bills. As mentioned above, car repairs can be costly - but so can medical bills. Even with health insurance, sometimes medication alone can cost more than your monthly food bill. Keeping a credit card around for these atypical bills can really lighten your financial load while you are in college.
• Credit cards for students are great for lofty book bills, monthly grocery bills, etc. I don't know about you, but my checking account has never contained more than three figures at any given time, and on several occasions, it's dipped dangerously low toward one figure. Paying for a semester's worth of books or a semester of grocery bills is not only unlikely, it's a ridiculous concept altogether. This is where credit cards for student consumers come in. Just throw the necessary college expenses on plastic payment and breathe easier knowing you can still afford wing night and the movies without having to choose.
• Student credit cards make study abroad trips very convenient. In fact, the last thing you want to think about when you're on the other side of the world is how you're going to enjoy the rest of the semester without turning to beggardom. Spend the cash that you have when the vendor doesn't accept credit. Otherwise, take advantage of the amazing country you've adopted for a semester and don't feel guilty about picking out a few souvenir photos, indulging in a series of incredible tours and checking out a concert or a new CD here or there.
• If you plan to make reservations anywhere - hotels, motels, spring break resorts - most places require a credit card to hold the room. Even if you intend to split the cost of the accommodations with friends, it is still vital to have a credit card on hand when you call to book the dates.
• Now you can shop online. From Amazon.com to your favorite chain store - Eddie Bauer, Gap, Target, Wal-Mart, etc. - a student credit card empowers you with yet another shopping venue. Shopping on the World Wide Web, especially for holiday gifts, can be quick, convenient and much less stressful than fighting the crowds at the mall. Shop in your pjs if you please, but remember, a credit card makes it all possible.
• Consumer protection is paramount. Credit cards afford a few hidden gems to their holders. Suppose you purchase an item that doesn't own up to its reputation, whether damaged or defective. The store may be unwilling to accept your return or exchange, yet the Fair Credit Billing Act has got your back. Also, should a merchant accidentally charge you for the same product or service twice, you can rectify your bill with a simple phone call to the credit issuer.
• Credit cards are safer than carrying large amounts of cash. Whether you are heading out to the local dive for a few beers or on vacation for a week in an unfamiliar place, chances are you won't have to worry about your credit card's security in your wallet.
• They're quick, easy, and convenient. Most people don't think twice about swiping a credit card for their daily purchases. This can be as much of a risk as a convenience, but with discipline and a responsible attitude, financial damages can be avoided. Forget about counting out your dollars and cents to make your purchases. Credit cards make life simple. Stay within your credit limit and you'll be set for smooth sailing.
• Purchase now; pay later. Many jobs in the college world pay students for their toils only once a month. From experience, I know it can be difficult to make those dollars stretch. This is where student credit cards pick up the slack. Put your month's purchases on plastic, get paid by your employer and pay off the balance when it comes due. It's a gift that keeps on giving as long as you take good care to be responsible with your spending.
• Establish good credit for your future. Remember that house, car, boat or other expensive item you've got your heart set on for the future? Well, with a good record of responsible credit card use, you can look forward to each and every one of them. Make every effort to pay your bills in full and on time. Consider making a budget if you find that you cannot afford to immediately pay back as much as you are spending. Take the time to examine your spending habits, even if only for a few moments. Can you cut some of your spending down? Do whatever you can do to practice smart financial behavior and the rewards you reap will be enjoyed for years and years to come.
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What every student should know about credit
We've touched upon many important concepts when it comes to credit cards for student consumers. Now I want to address some key terms and concepts that can really enhance your credit experiences.
Outlines of Credit
Different types of “credit” may be available to student consumers, and likewise, different types of consumers may benefit best by choosing a certain type of card.
• Credit card - Perhaps the most common form of plastic tender, these cards contain a magnetic strip that allows the cardholder to make purchases on a deferred payment plan. Bills come due once a month and require that the cardholder put down a minimum dollar amount or portion of the balance. If the consumer chooses to carry a balance, interest fees will accrue.
• Charge card - Similar to a credit card, this type of tender requires that the consumer pay the balance in full when it comes due. Because of this condition, no interest is charged. Two examples are the American Express Card and the Diners Club Card.
• Debit card - Debit cards are much like credit and charge cards, minus the risk of running up an unwieldy tab. These plastic cards are tied into the consumer's bank account in such a way that no more cash can be withdrawn than is currently contained in that bank account. Cash can also be withdrawn via ATMs and applicable cash registers when a purchase is made. Funds are paid immediately, so no bills are involved.
• Cash advance - Cash advances provide an instant cash loan to consumers from their credit card account. These transactions bill interest fees and sometimes transaction fees from the first day of the loan until the day it is paid back.
• Convenience checks - These paper checks arrive with your billing statement, usually in sets of three. They can be used to gain access to cash or to transfer a balance, but typically carry high transaction fees and interest rates. If lost, thieves may easily cash the checks. Many people consider this form of tender to be more of a liability than a convenience.
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Types of Student Credit Card Applications
Credit cards for students are available in a variety of styles, with equally varying terms and conditions. More distinct than the colors, insignias, and designs on the cards, though, is the type of student card according to function. Debit cards issued directly by the bank, often known as “Star cards”, can give students a good head start on building financial responsibility. Traditional credit cards for student spenders are also available, in many different styles, coming from a number of different issuers and introducing varying terms and rewards programs. Check out the many student credit card offers listed on our Student section to find the card that best suits your personal needs.
Establishing student credit
Work hard to establish good credit with your student card and your financial future could be brighter than it would otherwise be. Your future apartment rentals, vehicle purchases, mortgage approvals and other lines of credit depend on it. To follow are some tips to start out on the right foot with responsible credit behavior.
Dos and Don'ts of using student credit cards:
• Do stay within your credit limit.
• Do make at least your minimum payment, on time.
• Do mail your bill five to seven days early.
• Do pay off your balance in full whenever possible to avoid interest charges.
• Do work within a budget.
• Don't forget to sign the back of your card, and keep your account information private.
• Don't use the credit card on a shared computer, such as in a computer lab or classroom.
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Establishing the best credit possible
Student credit cards make it easy to establish the best credit you can in a relatively short period of time - your four years at college! Much like student loans, credit card debt follows borrowers around for a long time to come, regardless of their age. Make smart decisions, avoid spending more than you can pay off, and get set to establish the best credit you can.
Establishing good credit is vital to your future wants and financial needs. When you go to trade in your old car for a shiny new one, be prepared to sit down with the car dealership's financial guru for a half hour or more. And you had better hope that your credit is in tip-top shape if you plan to sign a loan with the car dealership's lender.
From utilities to rent payments and qualification for a mortgage, your future residence also depends on your responsible credit behavior. The better your credit, the better the chance that you will be able to afford a loan that gets you your dream house sooner rather than later. Of course your job at the time and your available funding for a down payment factor into the mortgage application, but your chances are so much better if you start preparing for the future now.
As I mentioned before, prospective employers can peek at your credit history to get an idea of your financial disciplines before they hire you. Also, remember that the decisions you make now are vital to your future. If you practice smart spending and saving, you'll reap the benefits when you decide to apply for other lines of credit, whether additional credit cards, store based credit cards or loans for personal or business use.
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Reap the rewards, even as a student: Rewards Credit Cards
Just because you may be younger than many of the world's consumers, that doesn't necessarily mean you can't cash in on some of the same benefits and attractive credit programs as older consumers. Unlike the past, now good credit cards are available for students, many with low rates and no annual fee. Rewards credit cards give students an incentive to spend with plastic instead of cash. They can earn cash back, special merchandise, various discounts, air miles, hotel stays, entertainment, and so forth.
Surprisingly, the terms and conditions of rewards credit cards are often quite similar to those of traditional credit cards; however, rewards cards allow consumers to earn back cash and other incentives at a typical rate of a point-per-dollar spent. Lower interest rates, no annual fees and the same level of consumer protection should be expected. Sometimes cardholders can save even more on common purchases like gasoline, groceries, restaurant tabs and pharmacy purchases, often up to five percent. How's that for motivation to establish good credit?
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Protecting your credit report
Sometimes the best protection is a little bit of know-how. Be sure to collect up to three free credit reports each year to keep an eye out for identity theft and errors that may appear on your credit report. Should you find an error on your credit report, it is important to contact the creditor supplying the erroneous information as well as the credit bureau to inform them of the mistake.
To further protect yourself from identity theft and other potential problems with your credit report, be sure to shop only on secure online sites. Also, never lend your credit card to anyone else. Finally, shred any financial and personal documents before disposing of them.
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Insider Info: What some credit card companies don't want students to know
Creditors often boast about their great benefits and rewards, but tend to hide the less beneficial terms in their fine print. Some credit card companies require that cardholders pay an annual fee, or they entice customers with a very low introductory interest rate that spikes after six months.
Frankford Financial has thoroughly examined all available student credit cards to weed out the bad apples and present you with a variety of options to best suit your financial needs. With the cards on our site, you will find the most attractive offers with the fairest terms. You already do enough agonizing and thinking in college - why waste anymore time grueling over which credit card to select? We've made it easy so you can spend just a few minutes to pick the best one for you and apply online immediately
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FAQ's:
Why do I need credit?
Credit helps you to get the things you want out of life. It may not help you find the man or woman of your dreams, but a good credit history can allow the two of you to comfortably purchase your dream house together. Credit also allows you to make other financial dreams come true - from getting your own apartment or a brand new set of wheels to qualifying for a loan so you can open your own business.
What is a credit report and what factors does it examine?
A credit report is a document that details your financial history with regards to paying back loans and debt, not to mention tax liens and bankruptcy. Credit reports determine whether you are worthy of credit, and if so, how much.
How can I apply for a credit card?
You can quickly and easily apply for a credit card right here at Frankford Financial. Forget about long conversations on the phone or lengthy paperwork that you have to mail somewhere. Simply choose the student credit card that best suits your current needs and apply here.
Does it cost anything to apply online?
Applying online is quick, easy, convenient, and best of all, free.
Why should I apply online?
It is important to start building good credit as early as possible. Applying online gives you the quickest response to your credit card application. Apply online in between classes, during the commercials of your favorite show, or while you wait for your roommate to get out of the shower. It only takes a few moments to get on your way to a bright future of great credit!
How can I avoid finance charges? What about late fees?
Avoiding finance charges is easy. Merely pay off your credit card bills in full every month, and be sure to submit them on time. In fact, if you can remember to send them five to seven days ahead of time, you can pretty much guarantee that you won't face a late charge. Transaction fees may be applicable if you opt for a cash advance, balance transfer, or if you use your convenience checks. If you can avoid these transactions while paying everything else in full and on time, you shouldn't face any charges other than what you spent on your purchases.
How late is late?
For most credit card companies, a payment is considered late if it is not received on the exact due date. However, many creditors do offer a grace period. View your terms and conditions to learn more about your credit card's grace period.
How long can I wait to pay my credit card bills?
The longer you wait to pay your bills, the more interest will accrue and the better the chance that your credit rating will suffer. Credit cards, unlike student loans, must be paid back as they are put to use. Take special care not to spend more than you can afford to pay back.
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My Recommendation : The MTV Card from Citi? – Check it out >
After researching all the student credit cards, I am confident in recommending the MTV Card. You earn one point per eligible dollar spent, and every purchase on your card earns you points towards free merchandise or gift certificates. Best Buy, Blockbuster, Starbucks Coffee and Bennigan's are just a few of the participating rewards merchants. The card also features a 0% introductory APR on all purchases and balance transfers for up to six months, and no annual fee.
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Tip to Establish GREAT Credit Ratings
Harness the financial chaos in your life and turn it into a great credit rating. Download our financial organizer, Free for Students!
You can print it out and use it manually or work with it to organize your financial data on the computer. We poured many hours of time, energy and dedication into creation of this innovative tool so you can save time while making your finances as efficient and organized as possible. We know it can be a hassle to find order in your financial life, especially as a college student, but what we've done will help you get it together once and for all - with plenty of time leftover for friends and fun!
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I hope the information and the tips I have shared will contribute to your financial maturity and ultimate success in life. With the right credit card, you can truly enjoy the finer things in life while building toward even greater times.
Find this information useful?....Send your friends the URL of this page.
If you or your school would like to publish my articles, just send me an email. I look forward to hearing from you, Keith.
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