Student Credit Cards 101
Just as the word implies, student credit cards are credit cards meant solely for students, many that have not earned a documented income with employment. Credit card issuers are aware of students and their credit challenges so they make accommodations for students when building student credit card offers specifically. Typically, the only restriction when applying for a student credit card is the age of the student, and as mandated by the law of the country, which is typically 18 years old and above at the time of application. In many ways, a student credit card is almost the same as traditional, run-of-the-mill credit cards. But the major difference, is the standard APR, or interest rate, levied for card purchases, which is relatively higher than a traditional credit card APR.
Student credit cards support more financial flexibility for young students. But, while it may come in handy when paying the rent, paying tuition, purchasing books, and other needed items like food and clothing, relentless card swiping can sometimes lead to financial trouble, especially in the form of poor credit scores and damaged credit histories. To a certain extent, this can be blamed on a lack of education or awareness as young people, often times, will not think too much about the concept of credit scoring or the idea of building a good credit history. As a result of this lack of knowledge, they will in most cases not govern themselves from using the credit card freely either.
The danger of poor credit scores will not become readily apparent, but will certainly become apparent when the student approaches a bank for credit at a later point in time. Credit profiling or credit scores, as determined by any of the three credit bureaus, represent an individual's credit life history, and black marks on credit histories, however they are acquired, will make it difficult, at worst, more expensive, at best, to secure the lowest possible interest rate on the loan or financing. So, consequently, even if one manages to get the home loan or car loan, for instance, the interest rate, in order to accommodate the increased credit risk perceived by the bank, will be higher than normal, and in turn, much more expensive for the borrower. The bottom line is that student credit cards represent a potential risk to future economic standing if the cards are not used judiciously.
As previously mentioned, it is clear that ungoverned use of a student credit card can easily damage an individuals budding credit score and credit history profile. But on the flip side, smart spending and timely payback can go a long way toward building a solid credit history and credit score. Using the card for fundamental purchases that are well within his/her payback capabilities and making the payments on time can improve one's credit rating enormously.
The rules of credit bureaus are pretty straightforward. The amount of money that an individual borrows will be reflected in his or her credit report and the credit limits that each person can retain will be reflected in the amount of credit that the individual has previously "borrowed" and has paid back on time. Simple, right?
One additional point of interest…the credit card company is supposed to report each transaction that is been done on a particular credit card account to the three major credit bureaus hastily. But this does not happen in every case. More distinctively, secure student credit cards or prepaid cards, often times will not report transactions to the major credit bureaus. Therefore, it is the user's responsibility to make sure that the credit card transaction history is indeed being reported to the credit bureaus and is being done done in a timely manner. Remember, an unnoticed credit transaction does not do any good to improve your credit history.
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Comments on Student Credit Cards 101
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Mr. Philip Elliott has the best idea I have heard recently and I think it bears repeating here:
"Given the tightness of credit, credit card companies realize that individuals will have difficulty moving their high interest balances and that they can raise rates and fees at will. The only way to stop these huge increases is to have a serious alternative to re-introduce genuine competition to the system.
Credit card companies claim they need these high interest rates because of the risk of default. If the government were to offer pay-off loans that went directly to credit card companies, even at 8-10%, many individuals, who are committed to and want to pay off their credit cards, would take out these loans, even if they realize, like student loans or taxes, they could not be discharged by bankruptcy.
This would help infuse capital into credit card companies and their parent banks, without government oversight of those banks. The problem for these credit card companies is that these are the very consumers that credit card companies count on to offset losses from those consumers who are much more willing to walk away from accumulated debt."
Kudos to a great blog!
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Good Day! My daughter is a student and studies in another city. We would like to apply for a student credit card for her in order to start building credit history and because of convenient use, but do not know for sure if the following site is really good? And how safe is it to make it online? Could you help us to clear up these moments?
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I'm trying to petition congress to return consumer protection to Private Student Loans.
All other forms of debt (credit cards, mortgage, vehicle etc..) have standard consumer protection and can be discharged in bankruptcy. I think Private Student Loans which are not federally insured (and therefore pose no risk to tax payers) should be included in bankruptcy proceedings.
I am not asking for money – just want signatures of people who support this cause. If you don't – don't sign.
LMAOOOOO!!! It's just sooooo funny!!!! *wipes? tears from laughter*
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1)End the ability of credit card companies to solicit individuals particularily through unwanted mail.
2) regulate credit card companies on interest rates and hidden charges that are market based.Since there is no transparency on what credit card companys are doing they are essentially
price fixing. Why is a mortgage 6% fixed but credit cars are 20% plus
3)Restrict credit card companies from sharing information with each other
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Fred –
I love that phrase "you may get health insurance, but you may not get health care."
I think you've put your finger on the hole the insurance companies plan to drive their truck through. Under the rubric of "buying across state lines" we'll have the weakest of the 50 state regulators setting the bar so low that all the "insurance" will be issued out of that state. Just look at all the states that found out their usury laws didn't mean squat when South Dakota laid out the welcome mat for credit card issuers, telling them they can charge any interest rate they'd like.
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Hello, people. I’m at University now and I do not get my parents’ money any longer. So, I’m running independent now for which I need a credit card. All of my friends and group mates have. They not only pay for things with their credit card but also get rewards for purchasing. However some of them have made a substantial debt already. I’ve found lots of student credit cards at
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Palin was vehemently opposed to an effort to pass an Alaska state non-discrimination law to protect LGBT resident of the state in housing, employment and credit.
She warbled some shit about the proposed being a hardship on business.
Of course, the irony is, Palin's uncle is gay and he lives in Anchorage with his same-sex partner. But he can be kicked out of his apartment, or fired from his job solely based on sexual orientation.
And we should be surprised Palin chose Lynn Vincent to ghostwrite her book? Puhleese.
vicodaniel1987@yahoo.com
Lack of education on the topic! People are always looking for a quick fix and then beable to return to their "junk" eating lifestyle…doesn't work that way and we know it! It has to be a change of lifestyle not just a "diet". That is why you are so successful and we are so lucky to have someone with your knowledge and experience here to help educate us!
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A.C.,
I have access to a $5000 line of credit without credit check. It reports to all three credit bureaus, and you only have to use $195 of it, which is only a 4% credit limit utilization. It is reported as a very low utilization which helps your credit, and will immediately report as a positive, then, over time, payment history will also be reported. It works great.
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Aida conducted by Muti is just fabulous, isn't it? There are certain points – such as the closing passage of Aida's aris "O patria mia", where Montserrat Caballe sings those final phrases all in one breath and floats up that last high note ever so softly but with absolutely perfect, unwavering intonation – where one can do no more than sit back and wonder how it can be possible for anyone to sing like that.
Verdi's plots often were a bit silly, but he really saw the plot, I think, as no more than a vehicle to communicate what he considered more important matters. As for Erich Korngold, I believe Mahler declared him a genius when he was but a ten year-old lad. I'm afraid I don't know any of his work except for his Hollywood scores.
As for Parsifal at the ENO, I'm afraid I changed my mind and bought instead tickets for a couple of the Pollini concerts at the Royal Festival Hall (the all-Scubert concert in a ouple of weeks' time, and the Chopin-Debussy-Boulez concert), and felt that Parsifal tickets on top of all that might be a bit tough on the old bank balance. I did, however, see this Lenhoff production at the ENO some 10 or so years ago, with Gwynne Howell, Jonathan Summers, Kathryn Harries and Kim Begley as, respectively, Guernemanz, Amfortas, Kundry and Parsifal (Mark Elder conducted). The music was magnificent, but the drama in this production, whatever one thinks of it, was Lenhoff's, not Wagner's. Here, Kundry goes on living at the end; and Parsifal, instead of officiating over the celebration of the Grail, walks away into the horizon, reminding me of nothing so much as the final scene of Shane. This is so contrary to what Wagner had explicitly specified, that I do not see how this can be regarded as Wagner's drama. Now, I do not object to unorthodox productions, and I do accept that overly reverent productions can make the works appear like museum exhibits. But I do object to unintelligent productions. And I object to poductions where the director substitutes his or her own dramaturgy for the composer's own.
A few examples may suffice. In the ENO Valkyrie of 2004, director Phyllida Lloyd had Wotan's henchmen forcibly hold down Brunnhilde while he injects her with something presumably to put her to sleep. Ms Lloyd only needed to read the libretto to find that Brunnhilde actually accepts her punishment; and one need only hear the music to be aware of the deep love and tenderness Wotan and Brunnhilde have for each other. Could she not read? Could she not hear? It's not that I am objecting to her interpretation of Wagner: I am objecting to her not having interpreted Wagner at all.
And then, there was the Callixto Bieito Don Giovanni, which reduced this darkest and most teriifying of all operas to a bunch of lads and laddettes getting pissed on a Friday night and screwing around a bit. Now, I realise that great works are capable of being interpreted in many different ways, but, once again, this was not an interpretation: it was a flat contradiction of what the music and the libretto unambiguously tell us; and, whatever drama there may have been in that production, that drama was not Mozart's or da Ponte's.
But thankfully, not all opera productions are of this nature. About three years or so ago, we had a mad evenng out at Covent Garden: we – that is, the entire family: myself, my wife, and our two teenage children – went to the Royal Opera to see Charles Mackerras conduct Le Nozze di Figaro. David McVicar's production was excellent. It brought to life the hustle and bustle of a big estate, with its countless servants and its various hierarchies. And, for the first time, something became clear to me that I had previously missed: Figaro himself is a man who wields considerable power. Figaro is, after all, the Count's personal valet, and this puts him on a very high footing amongst the staff. So, just as the Count could dismiss Figaro with a wave of his hand, Figaro could similarly dismiss servants a few rungs below him with a wave of his hand. In a work which is about (amongst other things) our common humanity transcending, if only for one moment, all those bounds that separate us, this seemed to me an important point. This is what good direction is about – not deliberately contradicting what the composer had specifically instructed, but to find new aspects, new ways of illuminating what is already there. This is what mean: I don't object to unorthodox productions – merely to unintelligent ones.
As you see, you needn't worry about going on too long: one can't talk about things one cares about in mere soundbites!
Cheers for now,
Himadri]]>
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For the parents: Any insight on how the impact / reliance on credit scores has changed with the economy / foreclosures? Thanks! –
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