Student Cards for Great
Credit - Understanding The Choices
If individuals have
Credit, how can they
distinguish which Student Cards
to pick when there are so many possibilities?
The information below will discuss a few varieties
of cards to provide a better understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are offered a rebate that equals
a fraction of their purchases. For example,
if a customer has been approved for a Money Back
solution that awards five percent cashback
on food, gasoline, and drugstore
purchases, as the cash back rewards add up they earn cash value. If you
pay a hundred fifty dollars in fuel, groceries,
and pharmacy purchases every 5-7 days, by
the close of a year, $390
in cash back rewards would be available.
Rewards Points - Instead
of offering cash rewards, some lenders
present customers with redeemable rewards. Customers get
points every time the card is used. With each swipe of the card, the points
add up. After a certain amount of points add up they can be redeemed for perks like
free rental cars, gift items, subscriptions, etc.
It is smart to be aware of whether or not the Student Cards
for Great Credit you are considering offers
a redeemable rewards program.
Fuel Rewards - Companies
are often times understanding about the cost
of gas and want to offer an incentive to
people for using their credit card by offering them a prepaid
fuel card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points you can get a
free prepaid gas card. The cool thing is, with some cards fuel points can be earned
while making fuel purchases.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a specified number of points are earned, they can be redeemed for free travel accommodations. These programs are great for frequent travelers.
Zero Percent Promotional Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
This time period generally lasts anywhere from six months up to a year.
Many folks take advantage of this kind of card
to shift their balance from their interest bearing Student Cards
to one of these, then pay the balances off within the promotional period. Keeping monthly payments up to date is incredibly important.
When a payment is overdue, most
the interest free rates adjust to an interest-bearing
rate. Customers that are offered
Student Cards for Great
Credit, and are offered a zero percent promotion
should choose this option.
Secured Cards for Building Credit - Customers that have a secured credit card
would deposit a specified amount of cash in a savings account.
This account serves as the security for the issuer. At that point a card is
delivered with a spending limit in
the amount of the deposit. Each time you swipe your card your available credit is recalculated, low rate
monthly payments are computed, and a bill
is is mailed or emailed if you choose paperless billing. If transactions are being approved, you will receive a payment plan. Secured Cards for Building Credit
are good because they perform the same as
conventional credit cards allowing customers
the freedom to book travel arrangements like hotels
that typically do not accept check
cards. For those with bad credit approval is generally
guaranteed despite your credit profile. This is good because most
secured card issuers report your repayment history
to the credit bureaus. This can be a good
approach to show creditworthiness by showing scheduled
payments whether you have Great
credit or not. Once you make
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
requiring an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Just like
a typical bank account, a deposit is made into an account and that becomes
the credit limit. After the prepaid account
balance has been completely used, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid credit cards
are great for budgeting, they offer the same flexibility as a check card, and they help people that cannot
acquire a regular banking account.
Quick approval is normally granted despite
your credit profile and there is
no need for the prepaid company to contact the credit bureaus.
With all of the various kinds
of Student Cards
for Great credit and
rewards that each of them offer, it is easy to identify the best solution for your situation. Seek
Student Cards that give the benefits that fit your situation. Remember these things and always
spend wisely and pay the bill on or before the due date. Good credit is an awesome
thing to have.
To be certain that you keep building the perfect FICO score, take heed to these general guidelines:
1. Keep your outstanding balance at a percentage of the
card's limit. In other words, do not
"over spend". Experts agree that consumers should maintain
a bill that is no more than half
of the limit on any
Student Cards for Great Credit.
2. Make at least the minimum payment as scheduled. Even if the minimum is the most that your budget will allow, be sure to pay the bill on time. Once a payment is more than 30 days behind, that information must be reported to the credit bureaus. This is not good for your credit report. As a result, you may also be assessed an increased interest rate as a result of something as small as a tardy payment. Hence it is wise to make this bill payment a financial priority.
3. Repay the balance in total every few months.
When you make purchases, do your best to
take a few months and pay it off at least one time per year. Once you do this it is okay to
make more purchases then pay it back down to zero again after a few months, and don't stop this habit.
This repayment history indicates to the issuing companies
that you are an excellent credit candidate. Some of the other benefits of this approach are
low interest rates, a higher credit max, and a better credit score.
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