Student Credit Cards for Subprime
Credit - Knowing The Choices
If people have
Credit, how will they
know which Student Credit Cards
to pick when there are so many choices?
The information below will break down several kinds
of cards to provide a helpful outline
of the advantages of each:
Cashback - With a Cashback
card, you may be offered a refund equal to
a fraction of their transactions. For example,
if a customer has been approved for a Cashback
offer that offers five percent cashback
on groceries, gas, and pharmacy
items, as the cash back rewards add up they can converted to cash. If you
use a hundred fifty dollars in petro, food,
and pharmacy purchases each week, at
the close of a year, about four hundred dollars
in rebates would be available.
Rewards Points - Instead
of giving cash rebates, some lenders
present customers with redeemable rewards. Customers get
points for just about every transaction. With each swipe of the card, the rewards
accumulate. When you earn enough points they can be cashed in for items including
free merchandise, gift cards, magazines, and so on.
It is wise to see if the Student Credit Cards
for Subprime Credit that you want will offer
Fuel Rewards - Card Issuers
can be understanding about the price
of gas and will compensate
their customers for using their credit card by giving them a free
gasoline card. As transactions are completed, points are accumulated and summarized. Once a certain number of points are earned they can be turned in for a
free prepaid gas station card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
when making gas purchases.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Traveler Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. 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 Introductory Interest Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied generally varies from six months up to a year.
Many customers take advantage of this time
to move their balance from their current Student Credit Cards
to one of these 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 extremely important.
When a payment is not received on time, most
0% APR rates go up to another
rate. Folks that are applying for
Student Credit Cards for Subprime
Credit, and are offered an introductory period free of finance charges
should think about this type of card.
Secured Cards to Build Creditworthiness - Customers with a secured card
would insert a specified amount of cash in a savings account.
This is what secures the account. Once the account is set up, a card is
delivered with a credit max that is the same as
the opening balance of the interest bearing account that was created. Each time a transaction is approved the credit limit decreases, low rate
recurrent payments are computed, and a monthly invoice
is is mailed. If the card is being used a relatively small monthly payment is expected. Secured Cards to Build Creditworthiness
are great because they function like
normal credit cards allowing customers
to complete all kinds of transactions including booking travel arrangements including vehicle rentals
that usually do not take consumer checking account
cards. Another great feature is that approval is generally
guaranteed despite your credit profile. However, keep in mind that many
credit-rebuilding card companies report your repayment history
to the credit bureaus. This can be an excellent
way to establish creditworthiness by paying regular
payments whether you have Subprime
credit or not. Once you have paid
several consecutive timely payments, many times the limit can be increased without
requiring an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Similar to
a checking account, you put money in and that becomes
the amount that can be used for purchases. After the prepaid card
balance is used up, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Reloadable prepaid cards
are fantastic for budgeting, they allow people to make online purchases, and they are a great solution for those that cannot
get a regular checking account.
Quick approval is normally granted despite
your FICO profile and there is
no need for the bank that issues the prepaid cards to contact the three bureaus.
With all of the different varieties
of Student Credit Cards
for Subprime credit and
benefits that each of them offer, there is a solution available for most credit card seekers. Seek
Student Credit Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, always
stay within your credit limit and make your payments on time every month. Superb credit is a terrific
To ensure that you keep growing a top notch FICO report, obey these easy rules:
1. Keep your outstanding balance lower than the
card's limit. In other words, do not
"max out". Most people with excellent credit make it a point to maintain
a balance that is about half
of the max on any
Student Credit Cards for Subprime Credit.
2. Make the monthly payments by the due date. Even if a minimum payment is all you can afford to make, make the payment in a timely fashion. If the bill is paid 30 days after the due date, that information will be posted to the credit reporting agencies. This negatively affects the consumer's FICO report. As a result, you may also have a rising interest rate as a result of one late payment. Hence it is recommended that consumers stay on top of the bill.
3. Repay the balance in total every time your finances will allow.
When purchases are made, make it your goal to
take a few months and pay it off as much as possible. After the bill has been paid down to zero it is wise to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and 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 cycle indicates to the issuers
that you can be creditworthy. You could also be rewarded with
lower rates, a higher limit, and a better FICO score.
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Student Credit Cards
for Subprime credit
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