It is quite common for a student to be on the edge of debt in life – but what a great idea is a student credit card helping you meet the load of debts that sometimes hits. The student credit card allows you to get back on track for financial health. The benefits are usually substantial and if included, can prove particularly useful to parents and students, as long balanced with the need to manage the increasing financial issues facing them.
Let’s discuss a few salient principles that will help you to keep yourself in shape and even more so to help you to stop the growing bickering and busting of the credit card companies.
One of the first things should be to make sure you have ‘the intention of getting the zero% APR debt consolidation loan when you get out of credit card debt, ‘that the interest rates for 0% APR offers are well beyond the norm, and there are quite a number of clauses which seem to say that the APR will not drop below 24.99% unless you agreed to ‘recycle’ the account, ‘pay’ the bill, or pay this payment no more as soon as you receive it, and only on small ‘transaction fees’. The entire term for this ‘repair of accounts’ must be 12 months, and there must be no exceptions to the 11-month limit.
Another important principle is to ensure that you get the cash advance or ‘billing’ option. Through this option, you can get the loan of up to the cash advance limit, and get the interest free loan at the end of the term of your commitment. The bank you get the loan for means that if the credit card company doesn’t feel comfortable in lending you the money, you can always send it along with the purchase with the purchase at their request. This is a much better way of getting the loan than being in the dark when trying to pay off the entire credit card with your purchase. The interest rate then will only be 18.99%, and if the purchase already has an interest rate higher than 10%, you must try another tack to get the other loan.
While on this principle, one adds: ‘It could also prove especially useful to someone having difficult income from a long-term lifestyle such as mortgage or rent or an unsecured loan.’
All these lines clearly indicate that you should make sure that the student credit card is involved in major financial troubles and brings significant responsibilities to you. One last point that can help you find the perfect student credit card for your lifestyle: the ‘pre-paid credit card card’ is the most important tool in the name with which you are on the job ladder. If you never make your payments on time, they will invariably come right back to haunt you.
Before you decide to come forward with a student credit card, there are a couple of things you need to consider before you do it – especially if there is ever a pressing need. Never should you expect the loan to be fully paid off immediately – this can become a very risky proposition if you believe that the lender will wait until the rate of interest and a part of your loan rate decreases.
There is another crucial issue that can come up when it comes to providing a student credit card to someone who is in an unusual situation. If you are not a registered user of the student credit card – which means that you have never even got on the job ladder – then you may be limiting your opportunities in a highly creative future.
These students are often under the impression that for every ‘perfect’ job they are going to have ‘timpediments.’ On the same, this mindset may actually backfire and actually lead to the opposite effect – most of them make ends meet by the time they reach the end of their student credit card lives. Unfortunately, many of them never learn to manage their own credit cards – in fact, many of them will spend years in the black for having ever been on a job that requires the ability to have accurate credit cards.
Students should ensure that before they go on a student credit card scheme they think twice before lending their card to people who are hopelessly out of money. The fact is that the majority of people who start carrying student credit card debt will be very reluctant to give them a student credit card, and will tend to think again about their circumstances and worries when they get to their first card statement. This is one of the things that could make their student credit card a real disaster indeed.
One final thing and this is important may surprise you – the interest rates on student credit cards are considerably higher than for normal credit cards. In fact, many credit cards have a ridiculously high interest rate – literally – for any purchases, even non-fees incurred if you are using the card.