Student Cards for Good
Credit - Understanding The Choices
If individuals have
Credit, how will they
distinguish which Student Cards
to pick when there are so many options?
The information below will break down several types
of cards to provide a better outline
of the benefits of each:
Cash Back - With a Cash Back
card, customers are rewarded with a reimbursement equal to
a fraction of their transactions. For example,
if somebody is approved for a Cash Back
offer that offers five percent cash back
on supermarket, gas, and drugstore
purchases, as the rebates add up they can be cashed in. If you
spend $150 in gas, food,
and pharmacy items every 5-7 days, at
the conclusion of a year, almost $400
in rebates would be available.
Redeemable Points - In lieu
of providing cash rewards, some issuers
give points programs. Customers receive
points every time the card is used. With each swipe of the card, the points
add up. When you earn enough points they can be redeemed for perks like
free rental cars, gift items, subscriptions, etc.
Be sure to find out if the Student Cards
for Good Credit you apply for offers
a redeemable rewards program.
Petro Rewards - Card Issuers
are often times sensitive to the cost
of gasoline and will reward
their customers for making card purchases by giving them a free
fuel card. As the credit card is utilized, reward points add up. Once a certain number of points are earned they can be turned in for a
free prepaid fuel card. The funny thing is, with some cards gas rewards can even be earned
when buying fuel.
Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When these cards are used, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once enough points are accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. Frequent travelers really like these rewards.
0% Introductory Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The period where no finance charges are being applied generally lasts anywhere from six months up to a year.
Most times, people use this interest-free period
to shift outstanding balances from their current Student Cards
to one of these and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is key.
When the first payment is not paid on time, generally
the interest free rates are changed to a much higher
rate. Individuals that are eligible for
Student Cards for Good
Credit, and have the opportunity to sign up for an introductory period free of finance charges
ought to consider this great opportunity.
Secured Credit Cards - People that have a secured credit card
must deposit a specified amount of cash into a bank account that can generate interest.
This "is why the card is called "" secured"" ." After the deposit is made a card is
offered with a spending limit that is the same as
the opening balance of the interest bearing account that was created. When purchases are made the credit limit decreases, affordable
monthly payments are calculated, and a monthly invoice
is generated. If the card is being used low monthly payments will become due. Secured Credit Cards
are perfect because they perform the same as
standard credit cards allowing you
the freedom to book travel accommodations including airline tickets
that generally do not accept debit
cards. When applicants have bad credit approval is usually
guaranteed even if your credit is poor. It is important to note that many
secured card companies report whether or not timely payments are made
to the credit bureaus. This can be a great
practice to show creditworthiness by paying regular
payments no matter if you have Good
credit or not. Once you make
a certain number of payments on or before their due date, typically the lender will offer additional spending power without
requiring more cash to be put into the account that was used to set up the card.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get out of it exactly what you put in. Just like
a conventional account, a certain amount of money is deposited into an account and this becomes
the amount that can be used for purchases. After the prepaid card
balance runs out, it can be reloaded with more money and used again. Prepaid cards
are great for parents to use to give an allowance to their teen or college student, they offer the kind of flexibility that debit cards have, and they are generally granted to those that may not qualify to
get a normal checking account.
Quick approval is typically granted despite
your FICO report and there is
no need for the prepaid company to contact the credit bureaus.
With all of the different sorts
of Student Cards
for Good credit and
incentives that exist, it is easy to identify the best solution for your situation. Look for
Student Cards that give the benefits that fit your situation. Make an educated choice and be sure to
stay within your credit limit and make your payments on time every month. Prime credit is a wonderful
thing to have.
To ensure that you keep growing a top notch FICO score, take heed to these three instructions:
1. Keep your bill less than the
credit max. Simply put, don't
"go crazy". Make sure to maintain
an account that is about forty to fifty percent
of the available balance on any
Student Cards for Good Credit.
2. Do not default on payments. Even if you cannot make more than the minimum payment due, be sure to pay the bill on time. If you miss a payment, that information may be sent to Experian, Equifax, and Trans Union. This could bring down your credit report. Not to mention customers may also have a rising interest rate as a consequence of a tardy payment. Hence it is recommended that consumers be mindful of the due dates.
3. Pay the whole thing off every so often.
When purchases are made, make it your goal to
pay the balance back down to zero at least once a year. After the bill has been paid down to zero go ahead and
begin creating transaction activity (like buying gas, shopping online, or making purchases) and pay it off once again after over the course of a few billing cycles, and don't stop this habit.
This repayment history illustrates to the issuers
that you can be creditworthy. Some of the other benefits of this approach are
a lower interest rate, more of a limit, and a higher FICO score.
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