The first thought that comes to mind when contemplating a new credit card is ‘Who has it? Where are the benefits? Is this a prerogative or do I have to pay for my purchases? In order to answer these questions, you may ask yourself the following:
Have you ever had credit problems? If so, you should probably consider the following questions:
1. Do you have any financial problems?
2. Do you have any recent mistakes with your credit history?
3. Do you have any ongoing debts?
4. Do you have a credit history that is past due?
You may be surprised at the results you obtain either way, so take this information and apply it to your entire credit card application and you will gain access to the following benefits:
‘ Credit cards can provide some ‘pleasure’ while away in the past’s past. Remembering the benefits of credit cards will show you how easy it can be to become a ‘pre-grader’ and rack up outstanding balances on your card.
‘ Credit card holders should not apply for the first offer of any type until they have done their due diligence with the offers provided in their credit cards.
‘ You have the right to have a second opinion to determine your eligibility to have credit cards. It’s important to ask a second opinion if you think the offers you receive from your credit card should be changed. Under the federal Fair Credit Reporting Act, you can ask for an initial opinion within 30 days of receiving an application for credit card approval.
‘ Your opinion may or may not be binding ‘so even if you don’t agree with the final offer, you’re bound by the Equal Credit Opportunity Act.
‘ You have the right to sue your current credit card provider or any issuer for damages up to $500,000, up to $500,000, if they misrepresent your credit history.
‘ Any creditor who violates the Equal Credit Opportunity Act can face up to 10 years in prison and a $500,000 fine. It’s critical to stay out of the past, present, and future reputations of others because employers may not know you spent some time in the past, either with a past employer, or with another person. Remember that you don’t have to live forever in fear of the present.
‘ Your right to sue a credit card provider or to stop their practices will depend upon how well the company or agency operates. After investigation, you’ll find out exactly where and how no matter what the outcome may be.
‘ The Fair Credit Reporting Act requires the three biggest banks and financial institutions to compensate consumers for anything that is said or done in their name. If this was their job, you may be in violation of that.
Student Credit Card – An Indefensible Choice?
The notion that we must separate the responsibility for college tuition and student loans from the responsibility to pay them is a laughable one. When does the right thing in life start giving way to the wrong? When some college students are getting the letter grades they deserve, and feel like they are getting the full financial instruction they deserve.
Why is it that the whole world sees college tuition as a privilege, not a right? Why does every major in America offer student credit cards? Why is the headmistress so proud of getting her first job? Why does she hate when her children have to put up with the fact that they can get a gas or a food or maybe a cell phone signal for free? What is the point of taking responsibility for the cost of college if you don’t have one?
I have all of the answers to these problems. The answer is free tuition.
This is not to say that it gives you the right to build a fine house or the right to set up a system of credit. Many campuses do give the wrong answer. Some tuition fees are high and you pay student fees. Other tuition fees are low and you pay a tuition fee in full and have lots of options for making ends meet. You should really do a bit of research before you jump through hoops.
A student credit card is not a loan. Let me explain. It is money you can put toward buying something you didn’t want. Just look at the fees for student loans. Here we are explaining how students who are young think of using their credit cards. It is not a loan, obviously. No one wants to be associated with that kind of irresponsible spending.
Student credit cards give you the choice between spending control and spending flexibility. You can either spend $200 on toilet paper, $100 on a CD or $500 on a TV. You pay an APR that is usually 3.25%.