Student Credit Card Spending

Student Credit Card Spending

When you feel the urge to pull out your student credit card to buy something you stumble upon while shopping is called "want spending." This is something a college student needs to avoid when carrying a student credit card. Planned expenses with an effective budget is the way to build credit: try to pay off your credit card balance each month in full. Making minimum monthly payments = more $ paid off in total, because of the interest that accrues. If you do not yet have a student credit card, be wise and choosy with your selection of a particular credit card for students.

Holiday spending is approaching and more college students are going to face that moment where they see the perfect gift but don't have enough cash to buy it thus they end up using their student credit card to pay for the item. Once you start this impulse buy / want spending habit it becomes a hard habit to break. Using student credit cards responsibility can benefit your credit history and potentially increase your credit score.

A Student Journal on Credit Cards

A Student Journal on Student Credit Cards

Today I arrived at my community college, and was almost late for class, because of these three student credit card representatives; who I felt were interrogating me, to sign up for a student credit card; which I wasn't ready for yet. As soon as I got out of my car and started to walk towards the school campus, the first representative quickly approached me and was instantly trying to offer me free pens, shirts, and other random little "gifts". The only thing was that you had to sign up before you got anything. I can remember the representatives voice, as he repeated, "if you sign up for their credit card today, you will get this...!" He continued to say more, " Have you ever thought about signing up for a student credit card?" he said. I told the representative that I had thought about it and had already found a great company, online, when I was ready. It is so stressful to have someone pressuring you to sign up for a credit card, especially when you are not ready, or expecting it. I feel awful when I hear my friends at school wishing they had waited until they were ready; and now they look back at the situation and get upset. My friends understand now, how much smarter it would have been if they had just waited until they were ready, to get a credit card. The man who approached me looked like a walking advertisement sign, with all the "student credit card" pins all over his shirt, with his big fake smile... They just do not know when to give up, and when you say no, they just find more ways to talk their way into getting you to give in. They know when you're not ready, because the student will say" No thank you, I can't really afford it right now, maybe later." and then the representative keeps talking and comes up with ways they can afford it. I have seen so many of my friends rushed into signing up for credit cards, that now they are all in debt, and using their student credit cards.

My friend Amanda and I were at the mall shopping the other day, and as we sat down to eat, we started having this deep conversation about student credit cards for a college student and credit card representatives, that would always go on campus. We both agreed that it seemed inconsiderate, rude, and we hated how they would pressure every student in sight to get a student loan. We laughed as we began relating these on campus representatives to car sales men. They didn't care if you were ready or were financially stable, they just seemed to care about just, "sealing the deal". It reminded me of the day when I went looking for a new car, and I only planned on looking around, and ended up leaving that day with a brand new car. Just like many students who get talked into a student credit card, I was talked into buying a brand new car, and I wish I would have waited now. Many friends that I talk to now, wish they would have waited, because most of them are abusing their cards everywhere, and can only pay the minimum on their card each month. In the past, I had a good steady job and I thought I could pay for everything with no worries, and almost signed up for a student credit card on campus...but something told me to wait; and I am so happy I did, because one day I ended up loosing my job, and wouldn't have been able to pay for it. I believe everything happens for a reason, and I am very glad that things turned out the way they did, because now I love my job and I can afford my credit card.

I can relate the car sales people, to the student credit card representatives that go on campus, because they both do not think about the clients perspective; they only think about their time and trying to sign as many people up as quick as possible. When the student credit card representatives came on campus, I got a total flashback of the time I ended up buying my second car, and as I drove up that day, to the car dealership, they all started walking fast towards my parked car; I looked in the rear view mirror as I parked my car and saw all of the sales men standing around, as like it was some kind of race, they quickly swarmed around my car. Before I stepped outside, I tried to prepare myself for the interrogation, and thought to myself, " I can't even go look at a car without these sales people hovering around me, telling me what a great deal they can give me on this one, and this is very uncomfortable." They never give up, and they just followed me around and kept telling me everything I wanted to hear; just to get me to give in and sign some papers... and I knew I was not ready, but I wanted it so bad that they ended up talking very well- and won. I signed those papers and I knew inside that I probably shouldn't have. I went there just wanting to look, and ended up driving home with a new car, which was one of the worst things ideas I have had; which I was rushed into like many students today with getting student loans.

Today I am happy to say that I was very smart after purchasing that car, and it made me realize that waiting until you are ready for something, is the smarter thing to do. Before I started attending my community college, I was ready to complete a student credit card application, and I felt so comfortable when I found this one website online, which was very easy, simple, and smart. I love the computer and the online world, because it's about when you are ready, not when the company is. All you have to do is go online and fill out the form, and it's just so easy. I love that I did not have to listen to one of these credit card representatives talk for an hour, all I had to do was click a couple buttons on laptop, and it was done! Thank God for the internet. Sorry if this story is a little boring, but my advice for today is, wait until you are ready and use your credit card responsibly.

More on Student Credit Card Offers

More on Student Credit Card Offers

Now that the school semester has started again students and credit card companies alike are back on campus. We have discussed this practice of on campus credit card marketing in previous blogs, but it is important to revisit it as many students can fall victim to their giveaways and freebies offered for their personal information on a signed credit card application.

First off, college student should not even think about getting a student credit card until they have a steady part time job and a budget plan to promptly repay everything which is charged on the student credit card that same month. It might sound unrealistic, but it is not. Groceries are something that all students need and by setting a grocery budget and executing that budget, a student can find themselves in a win win situation if the grocery expenses are charged on the credit card each month with the plan being to pay off the purchases in their entirety every month. Groceries are not expenses that come out of nowhere and they certainly are not "want" expenses - they are "need" expenses. Need VS want spending is important to understand because it is 'want' charges/purchases which slowly and steadily increase a student's total outstanding debt.

Student credit cards for college do usually come with lower spending thresholds, but knowing and practicing 'need' spending only is one of the most important elements of building a strong credit profile and healthy spending habits. The principle is very simple, only use your student credit cards to buy things you need, need to survive. That new trendy handbag is not something that a student needs, it's clearly an item the student wants. The important concept of need versus want spending cannot be overstated because if college students stick to using their student credit cards only for purchases which are "needed" a lot less debt will be accumulated.

Student credit cards come in many different styles and colors, but these factors are unimportant. What is important are the fees, interest rates and other financial obligations that accompany different college student credit cards. Some cards will increase the interest rate if a single monthly payment is received kate so read ALL details and find print associated with any credit card for students.

When a student is ready to embark on their financial future in a serious manner, pay a visit to www.studentcreditcards.com to learn more about building solid credit and to compare top student credit cards and apply online.

Find the right student credit card

Find the right student credit card

Finding the right student credit card is both easy and time consuming. First off, students should not apply for any credit card until they themselves decide to. This means resisting temptation to apply for a student credit card because of free handouts offered by companies who come to college campuses with "free" giveaways. Credit education is a key part of the process; know what you're getting yourself in to before obtaining a credit card. It can be easy to apply for a student card because of the helpful resources on the internet which allow you to compare multiple credit cards online, before making the decision to actually apply. Websites such as StudentCreditCards.com present top student credit card offers from reputable, well known banks and card issuers. This allows a student and their parents to browse current card offers and find the one that meets their own needs the best.

StudentCreditCards.com also presents educational credit articles which provide insight in to facts and myths about student credit cards for college students. Additional sections include information on how to obtain a free credit report, as well as pages devoted to credit school - which provides additional information and tips on how credit actually works and affects consumers and students. This might be time consuming, reading over the educational material on credit, but it can help a student start off on the right financial foot. Knowing the facts about credit before using a credit card puts oneself in an educated position, with knowledge to know what to expect and what to avoid. A credit score is essentially one's financial reputation and it is looked at when you apply for a mortgage, a car loan, any line of credit and sometimes even by potential employers. This is why it is of the utmost importance to treat credit usage seriously and responsibly as if used properly credit cards are excellent tools in building a strong credit score and respectable credit history.

Some benefits offered by student credit cards include introductory 0% APR (annual percentage rate), no annual fees, zero liability for unauthorized purchases if your credit card is stolen or even misplaced. Example rewards include gift cards; discounts on travel, bookstores and more. Some student credit cards even offer incentives for getting good grades. Be careful in reading all the terms and conditions before applying and exercise informed decision making as you will discover some cards have fees associated with cash advances and balance transfers.

Learn more about credit and compare student credit cards to find the right card for yourself by visiting StudentCreditCards.com.

First Time Credit Cards

First Time Credit Cards

The first time I applied for a credit card was when I was in college. I was fortunate enough to apply for a first time credit card which offered a low credit limit of $400. Within a couple of months I had charged $300 on the credit card and the interest rate was 15%, which put my balance over $300, but under $300. On holiday break I explained to my parents that the only gift I wanted was for my balance on my credit card to be paid off. They didn't even know I had a credit card and were a little upset about me getting one without talking to them first. They paid off my balance on the condition that I only use the card for emergencies. I agreed. Cut to three months later and my credit card balance was back up over $300, but it didn't seem that bad as my credit limit was now at $800. My birthday came around and my parents asked me what I wanted for a gift. I asked they pay of my first time credit card balance of $335. They said sure and were not made or upset as the only charge on the card since the holidays was a charge for car repair, which i had told them about. I used my student credit card for an emergency when my car quit on me. The credit card came in handy as there was no way for me to pay for it as I was on spring break with limited cash.

Credit card for student: First time student credit cards for college students can be useful tools if used properly. I sat down with a credit counselor and learned some of the basics of building solid credit. I learned that paying off your card then canceling it can sometimes not be beneficial for your credit score as it can be better to pay it off and leave it open because having a credit line from a creditor for a length of time shows credit history. Avoiding late payments and keeping your balance low while making regular payments leaves an amount of credit that is available. Not using all of your available credit is rumored to be a factor in figuring one's credit score. In other words, maxing out your credit card is a bad thing, while having available credit is a good thing. A numerical example for good credit could be having a revolving credit line of $1000, with $900 available and $100 which is used monthly and paid off each month when possible. Doing this on a repetitive basis shows a borrowing and payoff pattern which is much better than making the minimum payment of $30 each mont on a maxed out credit card that has a $1000 credit limit.

When it come to credit, students need to learn the basics of building solid credit before applying for first time student credit cards for college students. Consider StudentCreditCards.com to learn good credit tips and compare the major student credit card companies.

Say no to the on campus credit card guy

Why I said no to the no campus credit card marketing guy.

I was on my way to psych 101 and this man in his mid thirties jumped in front of me and flashed several student credit cards and asked for a minute of my time. I agreed. He proceeded to tell me if I applied for a credit card he would give me a voucher for a free six pack of pepsi. He did not offer me any educational material on building good credit, only a choice of applications for credit cards. I told him I would think about it and he became frustrated. He told me I needed to apply for a student credit card right now or I would not get the free soda. This man would not let up ... he persisted and persisted to the point that I almost felt bad for him.

At this point the one minute of time time had turned in to ten minutes and I was late for class. I told him I would stop by after class after I had some time to think about it. During class I kept thinking about how pushy this credit card guy was and it angered me a little bit. Class was let out early and I walked a different route back to the dorm.

It turns out my roommate was cornered by the same credit card marketer last year and she ended up applying for several credit cards to get many free incentive gifts, only to not get approved for a single one. I called my parents and they told me to not apply for a student credit card until I sat down with them and talked about the basics of building good credit in an intelligent way.

We searched the internet and found this very site, StudentCreditCards.com - where you will find several articles on building good credit and a selection on the major student credit cards for college students to review and compare when applying.

Student should take their time when applying for a credit card. The first step is learning how to build strong credit, educate yourself and involve your parents as they have been through the trials and tribulations of using credit. Credit must be repaid, it is not free money for college. Don't apply for a credit because everyone else has one or because it might seem cool to carry one. When you are ready to learn about credit, read the credit card articles at StudentCreditCards.com and if you are employed or have a co-signer then compare student credit card issuers and apply online only if you are ready.

Student Credit Card Identity Protection

Student Credit Card Terms and Identity protection
From: StudentCreditCards.com


Student Credit Card Terms Defined

One of the first things a student hears when he or she is looking for a credit card is to “make sure you find the terms that are best for you.” This sounds helpful, but what does it really mean? In order to clarify what student credit card terms are right for you, you must first understand the different types of terms.

Perhaps the most important term is annual percentage rate (APR). The APR is the percent at which you are charged for using credit. Essentially, it is a measure of the cost of credit based on a yearly rate. The lower the APR, the better.

Another key term is periodic rate. This is the rate the card lender charges to the outstanding balance of the credit card on a monthly basis. Both the APR and periodic rate should be disclosed to the student before an application for credit is submitted.

Certain student credit cards offer what is called a variable rate plan. This type of plan allows the interest rate to change based on the current performance of the index. With a variable rate plan, the interest fee may increase or decrease. Again, everything revolves around the index. Variable rate plans can change monthly, quarterly, or annually. It is the card issuer’s responsibility to tell the student how often and when a variable rate plan is adjusted.

In general, it is a smart move to apply for student credit cards that offer a free period or grace period. The free period allows the student to completely avoid finance charges if the card’s balance is paid in full prior to the monthly due date. For example, if a student uses a credit card to purchase $100 in clothes and pays the creditor $100 during the free period, he or she is not subject to a finance charge.

Lastly, beware of annual fees. Not all credit card companies charge a yearly fee. The companies that do charge, typically bill $25 to $100 for simply owning the card..

Now, on to How To Protect Your Identity

Identity theft can create an unimaginable nightmare for the victim. By definition, identity theft occurs when someone uses another’s identity as his or her own. Identity thieves typically use the alias to apply for credit. Luckily, there are some things that can be done to protect against identity theft that everyone should consider doing.

When it comes to personal information, it is best kept personal. Bank account numbers, social security numbers, pin numbers should all be closely guarded. This information is gold to a would-be identity thief. Additionally, credit card numbers should be kept under wraps to prevent fraudulent purchases by a credit card bandit.

Along with protecting personal information, it is important to monitor your credit statements each month. For example, if you have a student credit card, know when to expect its arrival in the mail each month. With the statement in hand, review the statement’s charges closely and verify the charges are all legitimate. Contact the credit card company immediately if there are any unaccounted for transactions on the card.

Shredding documents such as pay stubs, credit card statements, and applications for student credit cards is another way to protect your identity. Whenever applicable, put passwords on important accounts such as college student credit cards and bank accounts. The password should be difficult to guess and include both numbers and alphabet characters.

As previously mentioned, an individual’s social security number is an important and valuable number. Do not carry your social security card on your person. Additionally, don’t give out your social security number unless it is absolutely necessary. If someone contacts you and requests your number, beware. E-mail and telephone scammers can sound very legitimate, therefore make it a personal policy to never give out vital information unless you are 100 percent sure it is safe.

Learn more or compare cards at http://www.studentcreditcards.com

Why You Need A Student Credit Card

Why You Need A Student Credit Card
by: Studentcreditcards.com

Owning a student credit card affords an individual luxurious those who pay with cash don’t necessarily have. To begin, using a credit card to make a purchase is hassle-free in comparison to paying by check or cash. In addition, when you carry a credit card around, it limits the amount of cash you have to keep in your purse or wallet. A credit card also simplifies the transaction process and allows the user to make Internet purchases.

College student credit cards are also great to have on hand in case of emergency. What happens if your car breaks down and you to have it fixed, but don’t have the cash? Having a card in case of emergencies provides a security blanket that can get you through most financial crunches.

When utilized responsibly, a student credit card can be used effectively to budget the consumer’s spending. Credit cards also let you cash in on special offers and sales when you otherwise wouldn’t have the cash. Along the same lines, if you have to go on a trip and accrue business expenses that will later be reimbursed, you can use the card to carry the expense until you receive funds.

Student credit cards also boast a certain amount of security. A lost credit card cannot be used by anyone. The card owner can even report the card stolen and have it turned off before it is used. If the card is used illegally, the card issuer cannot legally hold the owner responsible for the unauthorized charges. If you lose your cash, it is most likely gone for good.

While the advantages of owning a college student credit card cover a gamut of situations, benefiting from these advantages requires responsible spending. For example, it is a good idea to pay off the credit card debt on a monthly basis. Failing to do so will cost more money in the long run and take up precious emergency spending dollars.

In the event of your application for credit is denied because of “insufficient credit file” and you are a full-time student, you can contact the lender and ask if they are aware of your student status. In certain cases, companies will extend you a student credit card offer with a lower than normal credit line to get your student credit history underway. As you pay your bills on time, the company will then slowly increase your credit line accordingly. In other words, you are rewarded for responsibly managing your credit.

Lastly, and perhaps most importantly, all consumers are protected under the Equal Credit Opportunity Act that states financial instructions must make fair decisions when it comes to determining in an applicant is creditworthy. An individual’s color, race, religion, fender, ethnicity, age, and marital status should not affect their ability to gain credit.

To learn more, or to compare student card offers visit www.studentcreditcards.com

Student Credit Cards Management

As a student, you will inevitably run into some financial emergencies. Many students handle these unexpected expenses by using credit cards. You can usually qualify for student credit cards when you’re enrolled in school, regardless of your lack of credit history. More and more students are finding that student credit cards give them the security that they need to make it through school. They are also building their credit which will prove to be very important once they’re out of school.
If you’re a student with a credit card, there are a few rules of thumb that you should follow. First, don’t use your credit card for frivolous purchases. This includes fast food, nights out with friends and lots of new clothes. Be diligent about only using your emergency credit cards for emergencies. Getting auto repairs, buying project supplies and paying for an emergency room visit are all things that can’t be put off until later and can be considered immediate necessities. Always ask yourself if what you are paying for is a need or a want and you should be able to keep yourself on track.
It’s very important to always make your payments on time. Even one late payment can negatively impact your credit score. It’s also important to always pay more than the minimum amount due to show that you take initiative when it comes to paying off your balances and don’t let them get out of control. Pay your credit card completely off whenever you get the chance so that you don’t have a long history of revolving debt. Try not to get your credit cards up to their spending limits. Keeping them down shows that you are responsible enough to have available credit and not use it. If you follow these suggestions, then you should be on your way to a decent credit score.
If you do get in over your head, then you may need to come up with a strategy to manage your debt. Attacking the card with the highest interest rate first is a common strategy to paying off debt. Pay as much as possible to this one card, even if it means making minimum payments on your other cards for a while. Another way to pay off debt is to take care of your smallest balances first. This is a more motivating way to pay off debt because you’ll see the bills disappearing. Keep paying the same amount every month towards your debt. This will get you to pay more and more towards your largest bill over time until all of your money is going to that one card.
Sometimes you can call your credit card company and simply ask for a better annual percentage rate. A balance transfer can get you a short term special deal that can help you pay less interest in the long run. Watch out for fees that may end up costing you more than the interest you might have paid. Don’t be lured by a credit card deal that has a great promotional rate and then balloons into something really high. Be diligent and your student credit cards can be paid off sooner than you think.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com.

Students Can Establish Credit

Students are uniquely positioned to establish their credit. Lenders and credit card companies realize that they are just starting out and may not have any credit history yet. There are companies that offer credit cards specifically to students to help them establish their credit. If you’re a student looking to establish credit, then you are smart to start early. Things like buying a house or financing an auto loan usually require a credit history, and as a student, these things are most likely in your future.
Establishing credit will let lenders and credit card companies see if you are good at handling finances or not. When you’re in the process of establishing your credit, keep in mind what a lender might be looking for. They want someone who has proven that they can make payments on time. They also want to know that they’ll make some money on the interest that you’ll pay. Therefore, getting a student credit card and paying it off in full every month isn’t necessarily the best thing to do. It’s generally a good idea to pay more than your minimum payment each month to show that you aren’t neglecting the balance all together. Leaving a small balance shows lenders that you aren’t opposed to paying a little bit of interest each month. Don’t run your card up to the limit, or that will make lenders think that you can’t handle having available credit without spending it all.
You want to look as responsible as possible without keeping the credit card company from making any money. A good rule of thumb is to not run your credit up over 50% of your total credit line. Shop around for good rates on student credit cards, but don’t fill out too many applications. Apply for the ones that you believe to have the best percentage rates and the least amount of fees. When you fill out a lot of applications, they appear as inquiries on your credit. This isn’t bad unless it’s a lot. This makes you look like you’re desperate to get a lot of cards. Lenders may see that as an irresponsible move, or decline your request based on the fact that you may have a lot of other cards in route to you.
Paying all of your bills on time will help you when you go to buy a house. This includes cell phone, electricity and even cable bills. These bills, however, won’t affect your credit because you’re paying for a service, not paying off borrowed money. Paying your credit card bills or loan installments is very important. These payments will be on your credit and your payment history for each will be looked at for years to come by prospective lenders and banks. Don’t neglect to make on-time payments to anyone that you’ve borrowed from, even if that means paying your power bill a little late. Credit cards and loans should come first when you pay your bills.
Getting student credit cards can help you establish a good credit score if you treat them with respect. Responsibility is key. Keep these guidelines in mind and you can have a good credit score in just a few short months.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com