The choice of a credit card depends on the borrower’s requirements, credit history, income level, and other factors. Credit card companies, banks, and other financial institutions offer different types of credit cards, including student credit cards, rewards credit cards, airmiles credit cards, cashback credit cards, and other types. The applicant’s credit score is an important factor which credit card companies take into account. Persons with a limited credit history or poor credit score may want to apply for a prepaid card or a secured credit card. Those with a high or very good credit score and high income may apply for rewards credit cards, cashback credit cards, and other specialty cards, offered with many beneficial features. Among these are hotel points for upgrades and complimentary nights, shopping discounts, concierge service, and many others. Cardholders enjoy other benefits as well, including emergency cash disbursement, stolen or lost card reporting, cardholder inquiry service, etc.
Students are offered student credit cards, and these are usually available to full-time students. Student credit cards go with lower interest rates than other cards. Persons who want to save on interest charges may want to look into low interest credit cards as well.
Obviously, credit cards are not the best solution in each case. For example, persons who plan to make big-ticket purchases may apply for a personal loan. Those who seek funds to purchase a vehicle usually apply for auto loans. Persons with excessive debt, on the other hand, may have limited access to standard loans, and they resort to bad credit loans and payday loans. Those who have multiple, high-interest debts and find it difficult to keep up with repayments often apply for consolidation loans. Generally, credit cards are a good choice for borrowers who charge everyday purchases, seek to meet their short-term cash needs, and pay the balance on time. Credit cards are not intended to be used as a long-term borrowing solution.
Showing posts with label student Credit Cards. Show all posts
Showing posts with label student Credit Cards. Show all posts
Friday, April 20, 2012
Tuesday, September 27, 2011
Find Out More About Obtaining A Student Credit Card With Cosigner
There are plenty of benefits to having a student credit card, such as enabling cardholders to pay their gas and food bills, textbooks, furniture, and more. College students need credit cards in many cases, but applicants stand a higher chance if they have a cosigner.
What should you do now? You first need to find someone close who agrees to cosign for you. This person can be your parent, guardian, relative, or just someone close to you. You do not have to be related to the person who will cosign for you; so, you can ask a colleague or a friend as well. What is important here is that this person has a very good or excellent credit score, holds a credit card, and has outstanding repayment history. Ask this person to become your cosigner but be sure to make it perfectly clear that he or she will be responsible for debt repayment in case of default. Do your best to convince your friend or relative that this will not happen. Discuss your sense of financial responsibility and maturity.
If you have a cosigner already, it is time to shop for college credit cards. Check with the big banks (CIBC, Bank of Nova Scotia) and your local bank. When checking credit card offers, look at two things - whether you meet the requirements and whether the card in question meets your needs. Important considerations are annual fees, interest rate, rewards programs, etc. In the ideal case, the credit card you choose is offered with no annual fee. Even if you do not find such a card, some credit card issuers will waive the annual fee, provided that you are charging items on the card within a period of one year. Find out what fees go with your chosen credit card. Most credit card companies impose late fees and over-the-limit fees. You should avoid cards with unfair fees like an account maintenance fee.
Keeping this in mind, back to applying. The application process for Canadian student credit card is much similar to when you apply for other credit card types. The only difference is that your cosigner should dial the number on his credit card and talk to customer service. They have to explain that they have decided to cosign for you.
Bear in mind that only some credit card companies let clients apply with a cosigner. The reason is that some issuers are unwilling to service joint accounts. Other issuers will ask that you have a cosigner, even when they have mailed you an offer. But do you really need a cosigner? You will be more responsible if you have one. Thus, you are more likely to pay off your balance knowing that a friend or relative of yours would have to pay the bill instead of you.
What else to consider? With student credit cards, it is best to start out with a lower credit limit than you would like to. This way, you will learn not to overcharge. If the credit limit is set high, you may overcharge and accumulate excessive debt.
Hesitating which Mastercard for students solution to choose? Visit student and bonuses to make informed decision.
What should you do now? You first need to find someone close who agrees to cosign for you. This person can be your parent, guardian, relative, or just someone close to you. You do not have to be related to the person who will cosign for you; so, you can ask a colleague or a friend as well. What is important here is that this person has a very good or excellent credit score, holds a credit card, and has outstanding repayment history. Ask this person to become your cosigner but be sure to make it perfectly clear that he or she will be responsible for debt repayment in case of default. Do your best to convince your friend or relative that this will not happen. Discuss your sense of financial responsibility and maturity.
If you have a cosigner already, it is time to shop for college credit cards. Check with the big banks (CIBC, Bank of Nova Scotia) and your local bank. When checking credit card offers, look at two things - whether you meet the requirements and whether the card in question meets your needs. Important considerations are annual fees, interest rate, rewards programs, etc. In the ideal case, the credit card you choose is offered with no annual fee. Even if you do not find such a card, some credit card issuers will waive the annual fee, provided that you are charging items on the card within a period of one year. Find out what fees go with your chosen credit card. Most credit card companies impose late fees and over-the-limit fees. You should avoid cards with unfair fees like an account maintenance fee.
Keeping this in mind, back to applying. The application process for Canadian student credit card is much similar to when you apply for other credit card types. The only difference is that your cosigner should dial the number on his credit card and talk to customer service. They have to explain that they have decided to cosign for you.
Bear in mind that only some credit card companies let clients apply with a cosigner. The reason is that some issuers are unwilling to service joint accounts. Other issuers will ask that you have a cosigner, even when they have mailed you an offer. But do you really need a cosigner? You will be more responsible if you have one. Thus, you are more likely to pay off your balance knowing that a friend or relative of yours would have to pay the bill instead of you.
What else to consider? With student credit cards, it is best to start out with a lower credit limit than you would like to. This way, you will learn not to overcharge. If the credit limit is set high, you may overcharge and accumulate excessive debt.
Hesitating which Mastercard for students solution to choose? Visit student and bonuses to make informed decision.
Tuesday, December 21, 2010
Pros And Cons Of Student Credit Cards
It is hard for the students to avail the services of the usual credit cards as most of these credit cards need to be countersigned by the parents or guardians. This measure is helpful for the parents at large but is a bit inconvenient on the child's part. So, in such a situation prepaid student credit cards come as saviors and allow students to use their money when and where they want.
These prepaid student credit cards are getting popular with time as they do not require students to get them cosigned by the parents. Owing to this; the students actually feel getting mature and independent. But as these types of credit cards do not function like the usual credit cards do, so you had better know how these work beforehand.
The prepaid student credit cards basically are a type of credit cards on which the students need to deposit a certain amount of money. Moreover, you must know that these credit cards are not like the usual credit cards in Canada which can be used to borrow money via ATMs or banks etc but in fact you can use only that amount which you have deposited on your card. For instance, if you have deposited $200 on your prepaid credit card, then you can spend only this $200. So, this means that you only get to use the money that you earlier on preserved on your prepaid credit card and cannot use it like the usual credit cards. Once you have used the entire amount you initially deposited on it; you need to refill your card in order to use it again.
However, there are a few advantages with the use of student credit cards against regular credit cards. First and the foremost you can never run into debts as long as you use these prepaid credit cards. Moreover, with even a meager amount of around $75 you can get started with a prepaid credit card in Canada. This has made really easy for the students who usually possess less amount of money to put on the credit cards.
Furthermore, a long term benefit is that it helps you build your credit scoring. So, all those Canadian students who are serious about acquiring good credit scoring, you had better go for a prepaid credit card. The best thing about these credit cards is that nearly everyone of you can avail these cards as they do not investigate your credit history and have a really low minimum amount to deposit on. So, the moment you start using these cards, the detail of your monthly progress will be provided to the Equifax and TransUnion Canada.
Apart from this, these credit cards are a great way to master the art of money handling. As you will be depositing money on these cards, so you will learn to be careful about its usage as well. Prepaid student credit cards help students to understand the value of saving and spending wisely. These types of prepaid credit cards are best for meeting your daily expenses and will save you with the hassle of carrying paper money. But, you have to be 18 years old and should be a Canadian citizen in order to avail the services of such credit cards in Canada.
These prepaid student credit cards are getting popular with time as they do not require students to get them cosigned by the parents. Owing to this; the students actually feel getting mature and independent. But as these types of credit cards do not function like the usual credit cards do, so you had better know how these work beforehand.
The prepaid student credit cards basically are a type of credit cards on which the students need to deposit a certain amount of money. Moreover, you must know that these credit cards are not like the usual credit cards in Canada which can be used to borrow money via ATMs or banks etc but in fact you can use only that amount which you have deposited on your card. For instance, if you have deposited $200 on your prepaid credit card, then you can spend only this $200. So, this means that you only get to use the money that you earlier on preserved on your prepaid credit card and cannot use it like the usual credit cards. Once you have used the entire amount you initially deposited on it; you need to refill your card in order to use it again.
However, there are a few advantages with the use of student credit cards against regular credit cards. First and the foremost you can never run into debts as long as you use these prepaid credit cards. Moreover, with even a meager amount of around $75 you can get started with a prepaid credit card in Canada. This has made really easy for the students who usually possess less amount of money to put on the credit cards.
Furthermore, a long term benefit is that it helps you build your credit scoring. So, all those Canadian students who are serious about acquiring good credit scoring, you had better go for a prepaid credit card. The best thing about these credit cards is that nearly everyone of you can avail these cards as they do not investigate your credit history and have a really low minimum amount to deposit on. So, the moment you start using these cards, the detail of your monthly progress will be provided to the Equifax and TransUnion Canada.
Apart from this, these credit cards are a great way to master the art of money handling. As you will be depositing money on these cards, so you will learn to be careful about its usage as well. Prepaid student credit cards help students to understand the value of saving and spending wisely. These types of prepaid credit cards are best for meeting your daily expenses and will save you with the hassle of carrying paper money. But, you have to be 18 years old and should be a Canadian citizen in order to avail the services of such credit cards in Canada.
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