Student Cards for Poor
Credit - Learning The Options
When individuals have
Credit, how do they
distinguish which Student Cards
to choose when there are so many options?
This article will discuss a few kinds
of cards to offer a better understanding
of the pros of each:
Money Back - With a Money Back
card, customers are rewarded with a rebate equal to
a percentage of their purchases. For example,
if a customer has been approved for a Money Back
offer that awards five percent cash back
on food, fuel, and drugstore
items, as the cash back rewards add up they can converted to cash. If you
spend one hundred and fifty dollars in gas, groceries,
and drugstore purchases every 5-7 days, at
the close of a 12-month period, $390
in rebates would have accumulated.
Rewards Points - In lieu
of offering cash back, some issuers
give redeemable rewards. Customers receive
points every time the card is used. As purchases are made, the points
increase. After a certain amount of points add up they can be redeemed for things like
free rental cars, gift cards, magazines, and so on.
It is wise to see if the Student Cards
for Poor Credit you apply for offers
a points program.
Fuel Rewards - Companies
are often times sensitive to the price
of gas and want to reward
their customers for making card purchases by offering them a prepaid
gasoline card. As the credit card is utilized, reward points add up. Once enough points have been earned they can be redeemed for a
free prepaid gas card. The cool thing is, with some cards fuel points can be earned
when you are getting gas.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When purchases are made with these cards, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once enough points are accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These rewards work best for those who travel a lot.
Zero Percent Promotions - With these cards, finance charges are not accrued for a certain amount of time.
This time period typically spans six months up to a year.
Most times, customers take advantage of this kind of card
to shift balances from their high interest Student Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Keeping monthly payments up to date is very important.
When a single payment is overdue, most
the interest free introductory rates are changed to an interest-bearing
rate. People that are approved for
Student Cards for Poor
Credit, and are offered a 0% promotion
should think about this money saving option.
Secured Cards for Rebuilding Credit - Customers that have a secured card
must insert a specified amount of cash into a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." Once the account is set up, a credit card is
extended to the applicant with a line of credit that is the same as
the amount of the deposit. When purchases are made your available credit is recalculated, low interest
regularly scheduled payments are determined, and a monthly invoice
is given to you. If transactions are being approved, low monthly payments will become due. Secured Cards for Rebuilding Credit
are great because they operate like
normal credit cards allowing you
to complete all kinds of transactions including booking travel accommodations including vehicle rentals
that commonly do not take prepaid or debit
cards. One of the best things about the application process is that approval is usually
guaranteed even if your credit is poor. But do not forget that most
secured card issuers report whether or not you are keeping up with your payments
to Experian, Equifax, and Trans Union. This could be a terrific
method to establish creditworthiness by paying regular
payments no matter if you have Poor
credit or not. After paying
several payments on or before their due date, some secured card companies will approve a higher limit without
asking for more cash to be put into the account that was used to set up the card.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Just like
a regular bank account, a certain amount of money is deposited into an account and that is
the amount that can be spent. As the prepaid account
balance runs out, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable cards
are fantastic for staying on a budget, they make it so you don't have to carry cash all the time, and they are a great solution for those that cannot
get a regular bank account.
Quick approval is generally granted regardless of
your credit report and there is
no need for the prepaid company to deal with the credit bureaus.
With all of the diverse kinds
of Student Cards
for Poor credit and
benefits that are available, it is easy to identify the best solution for your situation. Look for
Student Cards that make sense for your situation that will allow you to control your spending habits. When you receive your card always
stay within your credit limit and make your payments on time every month. Good credit is a great
To make certain that you keep building the best FICO score, follow these general guidelines:
1. Maintain your outstanding balance at no more than half of the
card's limit. In other words, do not
"max out". It is smart to carry
a balance that is no more than fifty percent
of the maximum spending limit on any
Student Cards for Poor Credit.
2. Pay the bill on time. Even if the minimum is the most that your budget will allow, the most important thing is that the payment is made when it is due. When payments are made more than 30 days late, it must be told to the credit reporting agencies. This could bring down your credit profile. Not to mention you may also have to pay an increased interest rate as a result of just one past due payment. Thus it is wise to make this bill payment a financial priority.
3. Repay all balances down to zero every quarter.
When you make purchases, try to
pay the balance back down to zero as often as you can. Subsequently, you can feel free to
start swiping your card for purchases again then pay it back down to zero again after a few months, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This sequence confirms to the issuers
that you are an excellent credit candidate. You could also be rewarded with
lower rates, a higher limit, and a more favorable credit report.
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