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.