You are offered a credit card that you don’t pay off right away. One that you can handle that it still requires some careful debt settlement and repayment management. The way this goes around a lot, most college campuses have credit cards stores like Discover that offer student credit cards. These cards charge an interest on the amount of debt and it can take some time before you can get hit with your bill. You may as well avoid paying it until the interest on the card is paid off. The reason that student credit cards are attractive to business owners is because they provide the possibility of building up your credit history, especially if you are not able to pay the credit card bill on time.
If you have a business that qualifies, the college can help you out by offering debt settlement. The college will help you through your collection and dispute management, which includes your invoicing, billing, legal fees, credit checks, and the like. As a small business owner of hundreds to thousands of dollars, the college is a must-have service for any fledgling business.
So, what are you waiting for, go to your local student credit card store and get your first credit card. There may be a college store or a gas station offering your credit card at no extra cost to you. Try looking for student credit cards right now. College student credit cards are your friend and you will thank them — the sooner the better.
‘Do not get lured into the huge debt settlement trap’
Ask the credit card agents that you can easily convince them to accept your student credit card (or other methods of paying off small loans such as a home mortgage or car loan). Take the time to investigate questions such as ‘What loans, if any, might I have on my student credit card?’ and ‘How does the high finance charge on my student credit card affect the terms of my credit while I am not paying off the debt?’
At the college level, there are student credit cards that will provide you with annual and monthly statement and reporting so you’ll be able to keep track of your finances. Go contact your financial advisor if you need additional advice or you want to learn more about different types of student credit cards and how to select the best.
If you find a college student credit card that you really like, you may want to get one of their platinum cards that offers a very low APR and introductory offer on balance transfers (at a little higher rate of interest until the balance is paid off). For some people this is the best card for them. If you have a small business that needs to keep paying off the debt, the platinum credit card is a good choice for you. As well, it offers a low interest for the first year, a no annual fee, and no membership and penalty fees on its account. If you regularly carry high balances on your credit card, a platinum card is a good choice for you.
When selecting the best student credit card, always read the fine print of the card agreement and rules. There are numerous conditions attached to a student credit card, terms that are very vague if you don’t understand. At the end of the day, it is your responsibility to repay all your loans and debt as quickly as possible. If you manage your debt wisely, you may get great benefits from platinum credit cards, even if you don’t have any small business loans involved.
Student Credit Cards – Improving Your Credit
It’s estimated that about half of all students in the United States are current credit card users. Understanding who and what a ‘Student’ is is an important part of succeeding as most of us have little control over what our spending behavior is or our ability to make major purchases and finance our college financial commitments.
Tips for Improving Your Credit Score
1. Focus on increasing your credit score.
Most important: make sure you make high-quality offers to potential student credit card users before you sign up.
2. Keep paying on time.
Most of the time, it’s your job to make sure your account pays off as expected. Take note, however, that no credit score can tell you the exact status of an account or one that you may have held in the past. This indicates whether you may be paying very high interest on a card or whether you have repaying well. Taking steps to increase your credit score will actually help you better manage your student life and enhance your credit score, helping you increase your potential as a candidate for the major.
3. Continue to increase your credit line.
This includes large purchases. Focus on increasing your overall outstanding line of credit. Ask your department store and company representatives how much of your line of credit they currently use.