Student Cards for Excellent
Credit - Knowing The Possibilities
If individuals have
Credit, how will they
know which Student Cards
to choose when there are so many choices?
This article will break down a few types
of cards to give you a useful understanding
of the benefits of each:
Cashback - With a Cashback
card, you may be offered a repayment that equals
a percentage of their purchases. For example,
if there is a Cashback
option that offers five percent cash back
on food, gas, and pharmacy
purchases, as the rewards accumulate they can converted to cash. If you
spend a hundred fifty dollars in gas, supermarket items,
and drug store items every week, at
the completion of a 12-month period, $390
in cash back rewards would be available.
Rewards Points - Instead
of rewarding customers with cash rewards, some issuers
offer redeemable rewards. Customers receive
points for making purchases. Every time the card is used, the points
add up. Once a specified number of points have accumulated they can be cashed in for great stuff, such as
free rental cars, gifts, subscriptions, and so on.
Be sure to find out if the Student Cards
for Excellent Credit that you want will offer
a points program.
Gas Bonuses - Companies
are often times sensitive to the cost
of gasoline and want to offer an incentive to
people for their purchases by offering them a free
gas card. As the credit card is utilized, reward points add up. After a specified amount of points are accumulated they can be cashed in for a
free prepaid gas card. The funny thing is, with some cards gas rewards can even be earned
when making gas purchases.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When this kind of card is utilized, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once enough points are accumulated, they can be applied toward all kinds of travel arrangements including free air travel. This kind of card is great for business travelers.
0% Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied usually spans six to twelve months.
Generally, people use this promotional period
to shift outstanding balances from their high interest Student Cards
to one of these and pay the balances off within the promotional period. Paying the bill on or before the due date is very important.
When one payment is paid after the due date, typically
zero percent APR rates adjust to a much higher
rate. Folks that are offered
Student Cards for Excellent
Credit, and are offered a 0% promotion
ought to think about this option.
Secured Cards for Rebuilding Credit - Customers that have a secured credit card
would insert a certain amount of money in a secure account that accumulates interest.
This is what secures the account. After the deposit is made a card is
issued with a credit max in
the amount that has been deposited in the account. Each time you swipe your card your available credit is recalculated, affordable
recurrent payments are computed, and a bill
is generated. If the card is active an affordable repayment plan will be created. Secured Cards for Rebuilding Credit
are great because they function the same as
normal credit cards allowing you
the freedom to book travel accommodations like hotels, rental cars, airline tickets, or cruises
that typically do not take debit
cards. Another great feature is that approval is usually
guaranteed whether you have good credit or not. This can help in the rebuilding process because many
secured card companies submit whether or not timely payments are made
to the credit bureaus. This is a great
technique to establish creditworthiness by showing scheduled
payments whether you have Excellent
credit or not. Once you make
a certain number of consecutive timely payments, many times the limit can be increased without
asking for another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a regular bank account, a deposit is made into an account and that becomes
the credit limit. When the prepaid credit card
balance becomes depleted, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Prepaid cards
work wonderfully for students, transactions can be tracked and recorded if necessary, and they help people that cannot
acquire a conventional banking account.
Approval is normally granted despite
your bureau profile and there is
no need for the bank that issues the prepaid cards to send any inquiries to Experian, Equifax, and TransUnion.
With all of the diverse kinds
of Student Cards
for Excellent credit and
incentives that are available, there is a solution available for most credit card seekers. Consider
Student Cards that allow for the most rewards. No matter which card you choose, be sure to
spend within your budget and stay under the limit. Timely payments are important as well. Excellent credit is a wonderful
To make certain that you keep developing a super credit report, take heed to these three rules:
1. Maintain your outstanding balance less than the
card's limit. Simply put, do not
"max out". Make sure to retain
a balance that is generally forty percent
of the max on any
Student Cards for Excellent Credit.
2. Do not make late payments. Even if the minimum is the most that your budget will allow, that's ok. Once a payment is more than 30 days behind, it must be sent to the credit reporting agencies. This negatively affects your FICO report. Not to mention you may also have a rising interest rate as a result of something as small as a past due payment. Therefore it is wise to make this bill payment a financial priority.
3. Repay the balance completely every few billing cycles.
When purchases are made, try to
take a few months and pay it off as often as you can. When you do this, you can feel free to
start swiping your card for purchases again then take a few months to pay the balance off again, and don't stop this habit.
This approach indicates to the lenders
that you will be a great customer. Some of the other benefits of this approach are
lower rates, an increased credit limit, and a higher FICO score.
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