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Student Credit Cards Should be for Emergencies Only - PDF

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Student Credit Cards Should be for Emergencies Only By James Exum

Student credit cards are fairly easy to get, simply because credit card issuers view high school and college students as a segment of the population with money to spend. Of course if you're the parent of student, you know that may or may not be true. What is true is that even when not required to co-sign for the student credit card, parents will generally back their youngsters and pay the bills when the kids can't. So parents need to spend time discussing the use of the card - and setting some rules of their own. Students do often need to have access to money for unexpected expenses. A professor may demand an extra textbook or they may become ill and need to have a prescription filled in a hurry. They may even need funds for transportation back to school after an ill-advised side trip with other students. (We've all done silly things, after all!) But unless you've set up the student credit card as a way to access to a pre-set allowance for the student, using the card for day to day expenses should be out of the question. The student should view his or her student credit card as a safety net and use it only for emergencies. And contrary to some beliefs, needing a few new CD's or a pizza are not emergencies. If your child handles it responsibly, that student credit card will help him or her begin to build a solid credit rating. On the other hand, irresponsible use will cause him to begin his working life with the handicap of low credit scores. And unless you're stepping in to pay all the bills, it can also cause him to carry a heavy burden of debt. Over-limit fees and late fees on student credit cards can be excessively high, so that $20 pizza that pushes the card over-limit could end up costing $50 or even $60! Plus interest, of course. If your student is paying his or her own bills - either via money you provide as an allowance or from a part-time job - impress upon him that his student credit card bill must be paid on time. If he's going to be short and unable to pay it, he needs to call home before the due date, even if it's embarrassing. Late fees are already hovering at the $40 mark, and could go higher as credit card issuers seek to expand their profits.

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What Sets A Student Credit Card Apart From Other Credit Cards By David Riewe

Today, most parents contend that it is okay to let college students obtain their very own credit card. Not only because they want to let their kids manage their finances alone but also because having credit cards or a credit history for that matter is extremely important. With the advent of credit cards, most people would always be looking into someone’s credit history before they can approve anything. They even insist that without a credit history, people tend to become a total outcast in the society, someone who is not worthy to enjoy anything and everything without a credit history. That is why most college students would struggle just to get one. But what makes the student credit card different from the other credit card? Why is it that it is highly classified as “student credit card,” and not just any credit cards for that matter? Basically, student credit cards do not make such big difference as compared to the other types of credit cards. However, because it is a student credit card, the benefits stated therein are completely focused on providing the student’s their basic needs. Moreover, student credit cards are entitled to lower interest rates especially for students who have good grades. They can negotiate their interest rates for a lower rate provided that they pay their balance dues on time and that they maintain good grades. On the other hand, student’s credit cards are actually secured credit cards. But the difference that sets the students credit card apart from the other credit cards is that their parents can set the credit limit. Also, parents can let their child’s credit card to hook up with them so that they can keep track on their child’s credit transactions. Another thing that sets the student cards apart from the other credit cards is that the student credit cards are mainly focused on and quoted for students only considering the fact that they have limited credit history. Normally, student credit cards have no annual fees and have credit limits that are only set to $500. And according to some surveys of financial institutions, the average student credit card annual percentage rate is 17.66% for purchases and 19.67% for cash advances. So, even if student credit cards are different from the other credit cards because of its considerable interest rates, it is still a credit card. Thus, students must really be responsible in handling them; otherwise, they are bound to suffer bad credit history in the end.

David Riewe is a Publisher and Online Marketer. Visit his Credit Resources Blog Below: http://www.push-button-online-income.com/creditcards/

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