Every college student can tell you that they have seen several
offers for student
credit cards on campus. These
credit card offers are everywhere. They come in bags at the
student book store, in the student newspaper, and of course,
online. But a student credit card is usually hiding some traps
for the unsuspecting college student. If you are thinking about
college student credit cards, consider these factors before you
sign up.
Laptop Battery Pre-Approval
- We work to protect the security of your information during transmission by using Secure Sockets Layer (SSL) software, which encrypts information you input.
- We reveal only the last five digits of your credit card numbers when confirming an order. Of course, we transmit the entire credit card number to the appropriate credit card company during order processing.
- It is important for you to protect against unauthorized access to your password and to your computer. Be sure to sign off when finished using a shared computer. for rmation on how to sign off.
Thinkpad Most college student credit cards lure young people in with the
promise that they are pre-approved for the card. This pre-approval
process normally involves checking your credit and deciding based
on a number of factors that you would be a good candidate for
credit. If you have established good credit, the pre-approval
process confirms that you are able and willing to pay back your
debt on time and in full.
Going to college means managing your own money—and credit card companies know it. Students are bombarded with applications for credit cards. Before you send away for plastic, Do you really need a credit card The Pros A credit car…
Microsoft However, most college students do not have any credit. So the
pre-approval process simply involves confirming that you are a
student. This should make you suspicious. What it means is that the
company is willing to gamble that you won't pay back the debt,
providing them with added interest that could be in the hundreds or
thousands of dollars.
Most credit cards would make it a prerequisite for applicants to have a credit history before their application can be approved. With this, students may find their choices of credit cards rather limited. However, the Citi Platinum Select Card for College Students is designed specially to meet the needs of students.
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Laptop Computer This leads us to the issue of an interest rate. For most student
credit cards, the interest rate is enormously high. This is due to
the fact that they are taking a gamble on whether or not you can
pay them back. However, in order to lure you into signing up, they
may offer an interest free period.
1. HBOS launches ‘mobile’ student credit card with Incentivated, 1 November 2007 ... HBOS launches obile student credit card with Incentivated London, UK ... HBOS to launch its first obile credit card for students under its Halifax ... control of their credit card, by allowing them to choose their credit limit ... payment is required. In addition, card holders will receive discounts ...
Desktop Computer This interest free period also comes with some traps. If you
miss a payment or are late once or twice with your minimum payment,
you could be subject to the delinquency rate, which is as high as
thirty percent in some cases.
Notebooks Minimum Payment
Lenovo Most people will look at a student credit card and think it will
be easy to handle because of the low minimum payment due each
month. But if you only pay this minimum payment each time, you will
end up with an enormous amount of interest due. Think about it this
way: If you owe one hundred dollars and the minimum payment due is
fifteen dollars, you will rack up interest in the remaining
eighty-five dollars. If your interest is twenty percent, that's
seventeen dollars added to your next bill. The interest you
accumulate is more than you are paying. So your bill will actually
get higher the longer you pay rather than lower. Always pay more
than the minimum payment.
Hard Drive Good Credit
Travelstar The benefit to college student credit cards is that you can
build up some good credit history with a good payment record over
time. So always pay your bill on time and in full if possible. If
you can't pay your student credit card off in full each month, try
to at least double the minimum payment. Student credit cards can be
your learning tool for a
future of responsible
financial management.
Gateway For more information on
student credit cards, Robert Alan recommends
that you visit CreditCardAssist.com
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