Student Credit Cards for Okay
Credit - Knowing The Options
When people have
Credit, how do they
distinguish which Student Credit Cards
to select when there are so many possibilities?
This article will expand on a few types
of cards to offer a useful outline
of the pros of each:
Cash Back - With a Cash Back
card, you may be offered a reimbursement that is the same as
a fraction of their transactions. For instance,
if somebody has a Cash Back
solution that gives 5% cash back
on supermarket, gas, and drugstore
items, as purchases increase and rewards accumulate, they earn cash value. If you
use $150 in gasoline, food,
and pharmacy purchases every 5-7 days, by
the completion of a year, about four hundred dollars
in cash back rewards would be available.
Redeemable Points - Instead
of providing money back, some issuers
offer points programs. Customers get
points for making purchases. As purchases are made, the points
increase. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free hotel stays, gifts, magazines, etc.
It is wise to see if the Student Credit Cards
for Okay Credit you are considering offers
a points program.
Gasoline Rewards - Lenders
can be sensitive to the cost
of fuel and want to give incentives to
their customers for using their credit card by offering them a prepaid
fuel card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be turned in for a
free prepaid gas station card. The funny thing is, with some cards fuel points can be earned
when buying gas.
Rewards for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a certain number of points have been accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. These rewards work best for those who travel a lot.
Zero Percent Promotional Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The promotional period usually varies from six months up to a year.
Smart folks use promotions such as this
to shift their balance from their high interest Student Credit Cards
to one of these and pay the balances off within the promotional period. Making timely payments is key.
When one payment is received late, typically
the interest free introductory rates are changed to another
rate. Customers that are eligible for
Student Credit Cards for Okay
Credit, and have the opportunity to sign up for an interest free period
should think about this great opportunity.
Secured Cards to Build Creditworthiness - Customers that have one of these
simply deposits a few hundred to a few thousand dollars, depending on what they could afford, into a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." Then, a card is
delivered with a credit limit in
the opening balance of the interest bearing account that was created. Each time you swipe your card your available credit is recalculated, low rate
monthly payments are computed, and payment plan
is is mailed or emailed if you choose paperless billing. Just like any other credit card, when you use it you will receive a payment plan. Secured Cards to Build Creditworthiness
are excellent because they function the same as
regular credit cards allowing customers
to do things that debit cards may not, like making travel accommodations such as airline tickets
that usually do not accept standard bank account
cards. Another great feature is that approval is generally
guaranteed despite your credit profile. However, keep in mind that most
credit-rebuilding card issuers submit your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This is an excellent
way to show creditworthiness by making scheduled
payments whether you have Okay
credit or not. Once you have paid
a certain number of consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, a deposit is made into an account and that becomes
the credit limit. As the prepaid credit card
balance has been exhausted, it can be reloaded with more money and used again. Reloadable prepaid cards
are good for budgeting, they offer the same flexibility as a check card, and they help people that cannot
obtain a traditional depository account.
Approval is typically not a problem regardless of
your bureau profile and there is
no need for the prepaid company to send any inquiries to the credit bureaus.
With all of the various varieties
of Student Credit Cards
for Okay credit and
rewards that they have, there is something for everyone. Seek
Student Credit Cards that give the benefits that fit your situation. Remember these things and be sure to
stay within your credit limit and make your payments on time every month. Superb credit is a great
thing to have.
To make certain that you keep developing a superb FICO report, obey these general directions:
1. Always have a balance at no more than half of the
credit max. Another way of saying it is, it is not smart to
"go wild". The banks encourage their cardholders to retain
an account that is no more than sixty percent or less
of the max on any
Student Credit Cards for Okay Credit.
2. Keep the credit card bill paid on time. Even if the minimum is the most that your budget will allow, that will be just fine. If the bill is paid 30 days after the due date, it must be reported to the credit reporting agencies. This could bring down your FICO profile. As a result, customers may also be assessed an increased interest rate as a consequence of one tardy payment. Thus it is recommended that consumers pay on time.
3. Pay the whole thing off every couple months.
If the card is used a lot, make it your goal to
pay the balance back down to zero as much as possible. Once you do this it is okay to
make more purchases and after a couple of billing cycles, pay the whole thing off just like you did before, and keep this cycle going.
This pattern shows the issuing companies
that you are creditworthy. Some of the other benefits of this approach are
low interest rates, an increased credit limit, and a more favorable credit report.
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