Student Credit Cards for Bad
Credit - Understanding The Choices
When people have
Credit, how do they
distinguish which Student Credit Cards
to pick when there are so many opportunities?
This article will break down several varieties
of cards to provide a better understanding
of the pros of each:
Money Back - With a Money Back
card, you may be offered a refund that equals
a percentage of their transactions. For instance,
if a customer has been approved for a Money Back
offer that provides five percent cash back
on supermarket, fuel, and drugstore
purchases, as purchases increase and rewards accumulate, they can be redeemed. If you
pay one hundred and fifty dollars in gas, supermarket items,
and drugstore purchases every week, by
the end of a 12-month period, $390
in cash would be available.
Redeemable Points - In lieu
of giving cash back, some lenders
present customers with redeemable rewards. Customers get
points for making purchases. Every time the card is used, the points
increase. When you earn enough points they can be cashed in for great stuff, such as
free travel, gift items, subscriptions, and so on.
Always check to see if the Student Credit Cards
for Bad Credit you are considering offers
Fuel Rewards - Lenders
are often times understanding about the price
of fuel and want to give incentives to
their customers for using their credit card by giving them a free
gasoline card. As transactions are completed, points are accumulated and summarized. After you have earned enough points they can be cashed in for a
prepaid fuel card. Sometimes, redeemable fuel rewards can be accumulated
when making gas purchases.
Points Toward Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with this kind of card, customers can earn frequent traveler's points that can be redeemed for free travel. As the points add up, they can be applied toward all kinds of travel arrangements including free air travel. Business travelers find these kinds of programs to be very beneficial.
0% APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
This time period typically spans six to twelve months.
Most times, people use this interest-free period
to shift outstanding balances from their current Student Credit Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making monthly payments on time is incredibly important.
When one payment is not paid on time, most times
the interest free rates are changed to a different
rate. People that are eligible for
Student Credit Cards for Bad
Credit, and are offered a zero percent promotion
ought to choose this type of card.
Secured Credit Cards - People that have a secured credit card
must put a few hundred to a few thousand dollars, depending on what they could afford, into a secure account that accumulates interest.
This "is why the card is called "" secured"" ." Once the account is set up, a card is
sent with a credit limit equal to
the opening balance of the interest bearing account that was created. Each time a transaction is approved your available credit is recalculated, affordable
regularly scheduled payments are determined, and payment plan
is given to you. If the card is being used a relatively small monthly payment is expected. Secured Credit Cards
are excellent because they function like
standard credit cards allowing customers
the freedom to book travel accommodations such as airline tickets
that usually do not take debit
cards. When applicants have bad credit approval is typically
guaranteed no matter what. It is important to note that many
credit-rebuilding card companies report whether or not the bill is paid on time
to the credit bureaus. This can be a fantastic
method to prove you are creditworthy by making scheduled
payments no matter if you have Bad
credit or not. After making
six to twelve consecutive timely payments, some secured card companies will approve a higher limit without
requiring additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no guesswork. Similar to
a checking account, you put money in and this is
the amount that can be used for purchases. When the prepaid account
balance has been completely used, it can be reloaded with more money and used again. Reloadable prepaid credit cards
work wonderfully for financial planning, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
obtain a regular checking account.
Fast approval is typically granted despite
your bureau score and there is
no need for the bank that issues the prepaid cards to deal with the credit bureaus.
With all of the diverse kinds
of Student Credit Cards
for Bad credit and
bonuses that are offered, there is a solution available for most credit card seekers. Consider
Student Credit Cards that give the benefits that fit your situation. The most important thing is to be sure to
stay within your credit limit and make your payments on time every month. Prime credit is an awesome
thing to have.
To make sure that you keep developing a prime FICO profile, follow these three instructions:
1. Always have your outstanding balance at a percentage of the
credit limit. In other words, it is not smart to
"max out". Always carry
a balance that is no more than fifty percent
of the max on any
Student Credit Cards for Bad Credit.
2. Make at least the minimum payment as scheduled. Even if the minimum is the most that your budget will allow, make the payment in a timely fashion. If you miss a payment, it will be told to the credit reporting agencies. This could bring down your FICO report. And let's not forget the fact that you may also have a higher interest rate as a result of a single delayed payment. Hence it is recommended that consumers make this bill payment a financial priority.
3. Repay all balances down to zero every quarter.
When the balance gets to be about half of the limit, make it your goal to
pay the balance back down to zero at least once a year. Subsequently, it is okay to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and take a few months to pay the balance off again, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This approach confirms to the issuers
that you can be a great customer. You could also be rewarded with
a lower rate, a higher credit max, and a more favorable credit report.
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