It is the modern day dawn; it is almost as if, in a blink of an eye, an American was the first person to walk free. In today’s technology we need to do more and more to educate students, teach social skills and learn how to survive in a world of growing debt. Not only are online payment options becoming more popular, but often those offers are just for a limited time only. When a student enrolls they are not eligible to make a regular payment on the installment. The credit card companies and banks use these loans to borrow money until the student is able to pay off the balance.
When you make a payment not made the day the college semester ends, there are several potential pitfalls. Many banks have now jumped on the opportunity to take advantage of internet payment options. These days credit cards and debit cards are so widespread, you barely need to speak a local language. Credit card fees are so expensive that even if you wanted to buy a car using your card, you would have to climb up a mountain to get there. There simply isn’t room available in credit card costs to make up for the fees that card companies make. There is no great deal to be gleaned from using debit cards, especially when it comes to interest rates and other fees. In some cases, even the interest rates will exceed the minimum payments that the card company will offer.
With many of internet payment services offering special introductory offers and long term deals, it pays to make a close inspection of your monthly payment. The best way to do this is to compare similar offers that the credit card companies have to offer, then be sure to make a comparison. The minimum payment you need to make per month will not be the same from one company to another. In fact, some of these credit card companies may charge multiple interest rates. Be sure to take a closer look at these rates to make sure that interest is not accruing on your accounts. You never know until your next check.
How to Use a 0 APR Credit Card
In today’s world, you now need to shop around for the best rates. Do you need to pay off your balance each month in order to get 0% APR credit cards on your account? If yes, you may want to start comparing the interest rates.
If you are already in the process of filling out a credit card application form, here are some tips to help you choose the right card for you.
Credit Cards for Students
A student credit card is an excellent opportunity to get a handle on paying off your credit card debt in a timely fashion. This greatly simplifies the financial management for the student. When you apply for a student credit card, you will expect to receive a confirmation letter detailing the details of how you can begin to utilize this privilege.
To start off you will receive a small plastic receipt that is locked into your credit card and will allow you to complete a few simple tasks. These can provide valuable counseling to your student when dealing with their non-existent credit card debt.
The first sign of a 0 APR credit card should occur when you receive it. Your student should not have to use this information for anything other than curiosity-seeking. If you receive a credit card in the mail, this is a golden opportunity to inform the card provider of your impending APR interest rate. Remember that a 0 APR credit card can only be used by experienced cardholders. Any card that does not accept credit cards will have a steep learning curve for handling credit card debt, and this knowledge should be taught to you and forwarded to your counselor when he can help usher you towards a smooth credit history.
Next you will notice your student will receive a statement confirming that they are now eligible to make a regular monthly payment as well. You should treat this as a learning experience as well so that you can inform yourself twice before making a payment for the amount that has been applied. Make sure to send the mail address for the credit card you are applying to immediately. Remember that this must be done because you would be teaching the card provider the error of your ways. Although the APR is a very small amount and it would be well within your financial means to obtain a 0 APR credit card, it will only help you get to where you have to negotiate a better interest rate. Not knowing the APR rate and not knowing how to utilize it properly will definitely hurt you!
A 0% APR credit card is not that much different from a typical student credit card. There is no introductory APR and there is a yearly APR. What you need to be aware of is the use of such a card. Your application should be answered clearly in order to ensure that you receive your credit card in a timely manner.