Visit most University Freshers Fairs and it will be easy to find several different banks offering student financial services, alongside Virgin and Barclaycard student credit cards,all with low introductory rates, shopping discounts, free CDs, or other new gift idea.Despite having a low irregular income and no credit history, students represent an ideal target for the banks. The reasons that students are desirable as new customers is that over their working lifetime graduates earn on average of £400,000 more than non-graduates UK, combined with the fact that once they have accounts in place, people are generally reluctant to switch to other providers, and so by attracting students early in their financial life, they are liable to remain with the same credit card provider for life. Obtaining a student credit card can also be of great benefit to students, not only by assisting with the daily budgeting, but also by initiating the creation of a credit history that can be used to support future loan and mortgage applications. There are drawbacks however, and it is however important to be remember not to abuse these newly obtained credit facilities, as any credit obtained will always need to be repaid and building up a poor credit history can prove damaging to future finance applications.
It should be noted that students are not restricted to just choosing a student credit card, however as some standard credit cards do not require the applicant to maintain a minimum regular income, however there is generally little or no difference between the cards themselves, and the various free extras combined with the ease of obtaining a student credit card rather than a standard one, frequently make student targeted cards a better option.
With online fraud protection, travel assistance, online account management, 24 hour helplines and free text alerts set up to notify when payment dates are due, the beneficial reasons for students to obtain a card are numerous, and as long as care is taken to not over use the facilities and repayments are met, then a credit card can provide a useful flexibility for their personal finances.
An important point to remember whenever taking out any form of finance is to take the time to compare as many of the currently available deals that are available. With a little care and a simple check on the suitability and interest rates which will be payable, using free credit card comparison services like Moneynet can help to minimise the potential repayment costs involved in the future as well as maximizing the various benefits.
Disclaimer:
All information contained in this article, is for general information purposes only and should not be construed as advice under the Financial Services Act 1986.
You are strongly advised to take appropriate professional and legal advice before entering into any binding contracts.
Article written by Michael Hanna.
The Citibank Students Cards cater to the needs of students and is more than a debit card for the students. One among them is the Citi MTv Platinum Select Visa Card for College Students, which facilitates particularly those college students who pay off their credit card balance on time and manage to keep the balance low.
Benefits Of The Card
The Citi MTv Platinum Select Visa Card for College Students promises to be a rewarding experience for the students with high GPA's. Higher GPA's will give you higher points. The Thank You points that you earn can be utilized for MTv merchandise, airline tickets, gift cards and CDs.
The credit card enables you to achieve a solid education and gain smart spending. The card has a reasonable annual percentage rate (APR) convenient for building a good credit. You can also avail the opportunity to use your points towards MTv special events and for other fun purposes.
Absence of any annual fee makes it easier for the student to save money. The card enables students view/check their accounts and pay the bills online. The card also has provisions for theft protection as well as travel insurance. In case, you live away from your home, the Citi MTv Platinum Select Visa Card for College Students gives you the option of visiting your family and avail a discount on the airline tickets.
Other Benefits
The card comes handy if you require quick cash or desire to save a balance on another high interest-rate credit card. Moreover, you can avail of a 0% annual percentage rate (APR) on the balance transfers and a 0% interest rate on the cash advances for the initial six months.
Each and every purchase you make with the card enables you to obtain points. You can conveniently earn 5 points for spending 1 dollar at your favorite haunts, like video rental stores, bookstores, restaurants, record stores and movie theatres. For purchases elsewhere, you can earn one point for spending one dollar with the card.
The Thank You Redemption Network of the Citi MTv Platinum Select Visa Card for College Students further makes it possible for you to earn 2000 Thank You points twice a year for possessing a good GPA. You can, however, earn a maximum of 75000 points each year. The rewards expire in the duration of 5 years.
You can save 10% at the MTV store in New York City and mtvshop.mtv.com. If you are able to make timely full payments each month, you will be receiving 20 free of interest days in each billing cycle.
Bonus Points
The card brings for you other advantages like many Internet account related services, emergency card and cash replacement, lost and stolen card reporting, auto rental insurance and legal as well as medical referral services.
It also gives the cardholder the facilities like free access to credit education tips and tools, lost luggage assistance, fraud and security protection services, discounts on auto rentals, up to $1000000 travel accident insurance and more privileges.
Both Jupita Fanklin & Creditwisdom 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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