If you are student who has just learned how to drive a car or is headed off to college, most of you may not have been given access to your parents' credit cards. But college student credit cards may provide a solution for young people in need of credit anyway because building good credit with student credit cards may be more beneficial in the long run than borrowing your parent's credit card. Believe it or not, getting a new student credit card in your name is relatively easy - even if you have minimal income, no co-signer and no credit history. To get your own student credit card, just follow these simple guidelines.
Get A Job
If you don't already, consider part-time work around campus on in your neighborhood. It can be for only a few hours a week on campus. If you're going to have your own student credit card, you'll need to make payments on a monthly basis. Having your own checking and savings account at a local bank or credit union is also a good idea. Most banks have special student accounts that require a very little deposit to open. Establishing a history at the bank and accumulating some savings, will give you more opportunities for credit in the future.
Surf the Net
As a college student, you probably have been bombarded with offers for student credit cards. Maybe you've opened your mail to find a fake credit card inside with your name on it. Or, you've seen those annoying credit card applications that always fall out of your new textbooks. You may have also seen credit card representatives with booths set up on your campus giving away free t-shirts and hats to those who complete an application. Don't take the first offer you get, shop around for the best value. The Internet is one of the best places to comparison shop for credit cards.
Read the Fine Print
Beware! Not all student credit cards are alike. Some may have really cool designs that you can pick, such as college logos, sports teams or graphics that act as an extension of your personality. But as the saying goes, "don't judge a book by its cover." Although all college student credit cards provide you with cash in the form of plastic, they can vary greatly by a number of factors: credit line offered, annual percentage rates (APR), annual fees, late fees, cash advance fees, over-limit fees and special perks. APRs can vary from 0% to 29%; annual fees $0 - $50; late and over-limit fees can be as much as $30/month, each. Before you sign on the dotted line, carefully read the terms and conditions of the student credit card, especially the fine print. Pick the card that offers you the lowest APR and fees.
Use It (Wisely) Or Lose It
Many Americans, including college kids, are in debt over the heads. Before getting your student credit card, be sure to understand everything about credit. Credit cards make it easy, and tempting, to go on a spending spree. But spend more on your college student credit cards than you make you'll quickly find yourself drowning in debt. High interest rates, late fees and over-the-limit fees can cause your monthly balance to get way out of control. If you can't pay your bills, your credit history will be destroyed. Bad credit can keep you from getting student loans, buying a car, purchasing a home... even getting your dream job.
Once you have a job, a bank account, savings and an understanding of what credit is all about, you are ready for your first student credit card! If you've done your homework, then you can be confident that you will select the college student credit cards that will help you to establish your credit. Spend wisely and reap the benefits of a good credit history.
The introduction of a variety of credit cards and specialized credit card rewards make more room for more enhanced features of credit cards. For example, aside from standard credit cards, there are also small business credit cards for small enterprises; corporate credit card for large companies, student credit cards for young people and students, and a variety of reward points credit cards that offers wonderful choices of reward programs.
Different types of reward credit cards also have different kinds of bonuses to offer. One type of reward credit cards program is the cash back rewards system. Through a cash back system, the credit card holder is entitled to earn points and collect as much points as he can by using his credit card on his purchases. The points he earned will be equivalent to a certain amount of cash which he can use to make a new purchase or to pay off a sum of his balance.
The cash back rewards program is ideal for people who use their credit cards to make large purchases frequently or at regular intervals. Those who own a business, who regularly purchase goods or materials for his production, have a greater opportunity to gather loads of points in just a short time. Thus, a credit card which offers cash back rewards program is most advantageous for businessmen and entrepreneurs. However, even if you're just a regular employee, you can still benefit from cash rewards programs. As long as you choose a credit card which does not impose expiration or a limited time period in collecting points, you can still earn points even if it takes quite a longer time.
Aside from cash back, cash rebates is also a similar system. The only difference is that, with every buy, you will receive a certain percentage of cash from the total amount of your purchase. You don't necessarily have to collect points. Each time you make a purchase, you are instantly awarded a certain percentage of cash rebate.
Another popular reward that credit card companies offer is the free travel privilege. Just like with cash back system, you need to collect points in your account. But this time, instead of cash, your points are equivalent to travel miles. When you've gathered enough travel miles, you will be entitled to a free travel ticket with an affiliate airline. The destination will depend on the airline sponsor and also on the amount of mileage points you earned. The more mileage you earn, the more expensive will be your reward destination.
Gas reward programs are also popular among credit card companies where the card holder earns points each time he re-fuels with an affiliate gas station until he reaches the minimum points required to be entitled for a full tank of gas for free. Other types of bonuses that credit cards provide their customers are free gift items and discounted rates from participating stores and establishments. Promotional rates such as 0% introductory APR on purchases or balance transfers are also common offers. Introductory offers are great as long as you make sure that the rates will remain at a reasonable range when the introductory period expires.
Obviously, with all these rewards available, reward credit cards are hard to resist. Rewards make credit cards more fun and useful. The key to getting the most out of reward credit cards is of course to stay within your credit limit, stay within your budget, and keep up with the terms of payment all year round. This way, you can build up good credit while earning rewards at the same time.
Both Robert Alan & Annette D. Wilson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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