As parents, have you ever considered giving your children what they can claim as their own student credit cards? You may be a bit frightened considering the fact that there are millions of cases of unpaid credit card debts and you may perceive that awarding your kids with student credit cards means a trouble set to a boil.
While this may be true, you can as well look at the brighter side of it. Student credit cards have their own advantages also. Most parents who have tried giving their children an access to student credit cards can tell you that they find such mode an effective way of tracking the expenses of their kids. You have to take note that with the thought of freely giving them student credit cards comes along your own imparting to them the lecture on the concepts of discipline and responsibility.
As you know, either your kids are in high school or in college; they can become successful in controlling their expenses. As you get hold of their student credit card bills, you are able to exercise the power to monitor whatever expenses they incur for several instances. To help you in deciding which student credit card to avail of, take a look at the following insights.
Types of Student Credit Cards
There is always the availability of the different student credit cards. The offers may vary and you may take time to scan whatever is in store for you. In this case, you may be rest assured that your choice is the best that you think it ought to be.
The Citibank platinum student credit card. This type of student credit card is most applicable for the demanding needs of most college students. In an easy light, the Citibank platinum student credit card contains 0% APR within the introductory phase covering a period of six months. Meaning, the purchases made in the first six months will earn zero interest rate. For balance transfers, the same offer may likely be available provided that no default in the terms and conditions has been accrued. The application is quite easy because no co-signer is demanded for.
The Discover clear student credit card. This type lets the cardholder avail of up to five percent cashback as a form of bonus. Such bonus may not expire at all so long that the feature is often used. Another form of bonus for this student credit card type is the gift cards and certificates which can be redeemed from the partners of the Discover student credit card. Sad to say, the offer does not cover balance transfers.
The Citibank MTV platinum visa. With this student credit card, the college student cardholder is automatically benefited with five points as a form of an expression of gratitude for every single dollar that is spent at the record shops, restaurants, video stores, bookstores, or in theaters.
The Citibank driver’s credit card. Again, the 0 APR applies for the first six months but luckily, the offer covers both the cash advance and the balance transfers. There are rebates available for new or used cars.
The flexible Chase student credit card. In this sort of student credit card, all transactions allow the cardholder to earn points that enable them to access gift certificates for free.
There is plenty of information available online about the kinds of student credit cards and the offers that come alongside them. Your wise choice matters. You have to clearly ensure though that you note the most essential things regarding their APRs, interest charges, and other hidden fees.
Mario Churchill
http://www.articlesbase.com/finance-articles/a-look-at-the-types-of-student-credit-cards-99490.html
#1 by apple blossum on June 7th, 2009
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what type of credit card is best for a college student?
i am a biology major in college and am looking for a credit card that will best suit me as i need to pay for certain fees. i have an income of appx $7000 per year from a part time job. what type or company of credit card would be best suited for me.
thanks for any help.
#2 by lisaclara on June 7th, 2009
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You should get a Chase card where you can earn back $ and gift cards when you use it. You can get one that doesn't have an annual fee and the interest rate isn't that bad. Be careful not to depend on the credit thinking that you will pay it off after you graduate. You really need to try to pay the thing off every month to preserve your credit and ensure that you don't go bankrupt eventually or have other credit problems in the future. I'd recommend not getting a credit card until you're out of college and then use one only for the sake of convenience never spending more on it than you can pay off in a month. Student loans, grants and scholarships are what you should depend on for these kinds of things – not credit. Remember – every penny you put on that card – is not for free and you will have to pay it eventually – the longer you wait the more it will hurt you in the end. Credit can be a monster – be careful.
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#3 by casadienickole on June 7th, 2009
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NONE! lol trust me. it'd be in your best interest to not get one. BUT, if you must, go to your bank first and ask to speak with the manager. credit unions are good for this. talk with your bank manager to see if they can get u good rates for a student card.
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#4 by chrisarea_99 on June 7th, 2009
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no credit card is good. but if you must go to your bank. or get a debit card where you can make debit purchases and credit purchases. its easier to keep up with, besides no money, no purchase
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#5 by open4one on June 7th, 2009
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Okay, credit cards are dangerous things.
Rule one: never pay an annual fee
Rule two: never leave a balance on it
Rule three: insist on cash back or some kind of points
Rule four: you don't need more than one card in college, and probably no more than two if you are under 95 years of age.
If you take a credit card now and use it only for things you'd buy anyway (books, tuition, gasoline) and pay it off every month, AND PAY IT OFF EVERY MONTH TO AVOID INTEREST, it can build your credit so that when you graduate you've established credit, that's okay. But pay it off every month, because if you start interviewing with it maxed out, you'll take the first offer you get so you can pay the interest. In addition, if you graduate with a zero balance, that means you can go charge $1,000 for a suit of clothes to interview with that Wall Street firm and get a higher salary anyway.
Did I mention you need to pay the balance off each month?
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#6 by ttam on June 7th, 2009
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if you have to its up to you to visit your local area to see whats on offer, try barganing too. Although you, being a uni student, dont have much power their as you a high risk customer to them. Try and go for an interest free period card as this will allow for slip ups where you cant pay instantly and will hopefully avoid you paying too much in interest. However again i recomend that you dont get one, too much of a temptation. I know that i would hate the idea but try living of your parents, heaps of people do it.
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#7 by traffic816 on June 7th, 2009
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Go with a creditcard with low monthly interest rates, I would go with america express, they have low interest rates
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http://www.bestcreditrates.net
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#8 by moviegoer_j on June 7th, 2009
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I'll give you the advice my father gave me: Some people think that credit cards are no good, but if you use them properly, you can make them work for you. You want to use a credit card *just like you would spend cash* and *pay off the balance every month*. (Note that if you use your credit card(s) like that, then the annual percentage rate doesn't really matter, but the *rewards* do.)
If you use your credit card(s) like that, then you're benefiting from the free "float" (short term loan during which your money can be earning interest in an interest-bearing checking account or money market account) and, more importantly, the *rewards*.
Cash back rewards are the best since you can use cash for anything (as opposed to airline miles rewards or hotel points rewards). A couple especially good rewards cards for college students are the mtvU card (I wish I could get that card!) and the Driver's Edge card.
You can see which of those cards (and several others) would pay you the most rewards by using the free rebate calculator tool at http://www.creditcardtuneup.com/ .
(Use the radio button to select the card type "Student".)
Different cards pay different rewards percentages in different spending categories (such as restaurants, gas, groceries, etc.). Sometimes it's worth it to get two cards and use each to its strengths. That Credit Card Tune-Up tool will tell you the best combination of two cards for your spending profile and tell you about how much more rewards you'll earn by managing two cards as opposed to just one. Then you can decide if the extra reward for using and managing an extra card is worth the hassle.
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http://www.creditcardtuneup.com/