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

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

College Students and Money

We live in an increasing more material world. We have grown to expect instant gratification in every way. We no longer need to go to the bank and stand in line to get to our money. We wave tiny keychain devices in front of a receiver to pay for items at the store. Computers start up in no time and internet information is available on just about any subject that we can dream up in a snap. We don’t even have to walk to the mail box to pay a bill anymore. Remote controls, cell phones and MP3 players ensure that we can get where we need to go, talk to whomever we choose and listen to whatever we want in an instant. Our lives as Americans are full of conveniences and luxuries that our ancestors and people in other countries never dreamed of. So how does all of this convenience affect college students?
Current college students have spent their entire lives in this world of instant gratification and automated convenience. They have access to student credit cards to get them out of a bind, but credit cards can also get them into one. This is actually one convenience that can really help college students get by and help them prepare themselves for the future. Building your credit early is important in this day and age. Soon they’ll be out in the real world, needing to open cell phone contracts in their name, buy vehicles and ultimately buy a house. Keep in mind that most long-term big loan contracts, such as a home mortgage, can require up to an eight year good credit history to qualify. As long as they act responsibly, starting on a credit building financial journey while in college is necessary for those who will eventually buy a home.
Building credit can be accomplished if the right steps are taken. Signing up for a secured credit card is a relatively safe way to teach college students the responsibilities of owning a credit card. Secured credit cards require a deposit and the deposit dictates the amount of credit available. If you deposit $500, then you can spend up to $500. This is a great way to establish credit, or repair credit that has been damaged in the past. When you make your payments on time and when you are overall responsible for your finances, you will build your credit and you’ll usually be rewarded for your efforts. Banks and credit card companies keep track of your history and may offer you a line of unsecured credit or simply increase the amount that you are able to spend on that credit card. You will establish a credit score and be eligible for future loans and unsecured credit cards. Secured credit cards are a great way to teach college students about the discipline of paying off something long-term.
If they learn to avoid the instant gratification trap that they’ve been raised to expect and really only use the credit card for emergencies, then they will be better off in the future. Having a credit score and history that says good things about them will help them take pride in what they have learned and accomplished during their college years and will lay the groundwork for a successful financial life.

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

Are Students Good Credit Card Customers?

College is usually that time in your life that comes between childhood and adulthood. For most, it acts as a buffer zone between being under your parents’ protection and being totally on your own. Your parents may bail you out now and then, but you won’t be able to rely on them forever. The time to start taking care of yourself, physically and financially, is now, while you’re in college. Sometimes student credit cards are the first step towards learning financial responsibility.
It used to be that very few students had credit cards. It was considered a privilege and not a right. Credit cards were very hard to obtain due to the lack of credit history, income and responsibility. Now days, credit card companies are realizing that college students can be their best customers. Student credit cards can be very easily obtained and require little steady income and little or no credit history. Credit card companies target students for many reasons. First off, they know that students generally haven’t learned how to manage their finances effectively, and they’ll make a lot of money off of late fees and unpaid balances. Second, students are generally unaware of what is a good interest rate. They may not take the time to read and understand all of the fine print in the credit card agreement. They may not notice that they are being charged certain fees, such as annual fees.
Students are more easily convinced to open credit card accounts. Credit card companies will set up booths with free t-shirts and other give-aways that entice students to apply for a credit card. You may not have the self-control that it takes to only use your credit card for real emergencies once you have it in your hand. Credit card companies see you as an easy target. They know that you most likely won’t take their information and then go research other student credit card offers before applying. They also know that historically, students have used credit cards for clothing and nights out with their friends. This habit is a hard one to break and you can get yourself into debt that lasts for years beyond college. Students make loyal customers and usually keep using the same card for a very long time.
Student credit cards can be very useful and help you through tough times. They can get you out of a financial emergency when you have no other options. Most importantly, you can build a good financial history by using your student credit card wisely and responsibly. Make all of your payments on time and always pay more than the minimum. Shop around before applying for any student credit cards. Look for the lowest interest rate, consider all fees and consider the card that you choose an emergency card only. Building your credit is very important at this age, but you can also really hurt your credit and pay for it for years to come. Be smart and learn financial responsibility by being responsible. Don’t take risks with your credit and stay on top of your budget. When you graduate, you’ll remember the good things about your college years as opposed to regretting the mess that you’ve made of your credit.

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

Tips for Students to Build Credit

Creating good credit and getting student credit cards is new territory for college students. Your future is starting now and you probably haven’t given much thought to building your credit. Getting off on the right foot is crucial for your financial future. Making the wrong moves can haunt you for years and you should be aware of the risks and rewards when it comes to your credit score.
Your credit score tells lenders if you are a low-risk person who manages their money and credit well, or if you are careless and reckless with your finances. If your credit is good, you’ll enjoy low interest rates on loans and credit cards, lower minimum payments than your peers and more lending options will be available to you. This can be very important when it comes to making major purchases such as vehicles or buying your first home. Making bad choices and careless uninformed decisions can lead to a life of high interest, high payments and simply not qualifying for that car or house that you need. The worse your credit gets, the more you pay for everything that needs financing. Trending in this direction can lead you on a downward spiral of out of control debt.
You may not know exactly where to start to ensure that you get the best deal and establish the best score possible. You are probably starting out with no credit score at all and applying for loans and credit cards can be disappointing when you are rejected again and again. Make wise choices. Don’t get a credit card just to go shopping or on a trip with your friends. Make sure that you really do have a necessity and don’t overcharge any more than you need.
When choosing a card, you may have some luck going through your bank or credit union, but there are companies that have special previsions for students. It is generally best to avoid companies that be preying on the fact that you seem naïve about credit cards. Beware of representatives that offer free t-shirts or any other types of prizes for filling out an application. That freebie could end up costing you hundreds or thousands of dollars in fees and interest in the long run. Look for good introductory rates that don’t balloon into something horrible after the promotion runs out. Compare interest rates, fees and terms of many cards before making a decision.
You may need to start out with a secured credit card. These are credit cards that require you to put money up front, use the card and prove that you are responsible enough to make payments on-time. Making on-time payments is one of the best pieces of advice you can get. Interest rates can fluctuate very quickly when a payment is missed. Fees are usually extremely high and you can get yourself into a bind that you can’t afford to get out of. Always pay more than the minimum required and pay off balances as quickly as possible. Show your responsibility to your credit card company and your credit score will reflect your diligence. Once you establish your good credit score, it will pay off for years to come.

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.