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Students are prone to acquiring credit card debt. Why? Because most young people do not know or are not paying attention on how to handle their credit cards correctly. Here are some practical advice on the proper use of student credit cards and how to avoid credit card debt.
It’s Just a Marketing Strategy
Be aware that credit card companies are experts when it comes to marketing their business. They spend millions of dollars in using different marketing strategies to get your attention, to grab your interest and move you to sign up with their company. Credit card companies may give away freebies, offer instant approval, and other promotional tactics which can be very hard to resist. Don’t be too naive in applying for a credit card just so you can get a free coffee mug or t-shirt. Remember, there’s more to it than just the freebie.
Don’t Settle for High Rates
There are so many different credit card companies that are competing in the market today that students don’t have to settle for a credit card with unsatisfactory features. Some credit card companies charge high rates for students because they haven’t yet established their own credit. However, there are still other credit card issuers who offer reasonable rates even for students like you. Don’t rush in signing up that application as if there’s no tomorrow. Take your time in choosing the right student credit card with the most reasonable rates. Compare the rates and features that each credit card provides. Only then can you be sure that you’ve chosen the right one.
Control the Use of Your Credit Card
Don’t use your credit card on all your spending needs. For instance, if you’re going to eat in a restaurant or watch a movie be sure you have the budget to spend on it. Don’t use your student credit card on such expenses. If you’ll get into the habit of charging all your expenses on your credit card, it is not unlikely that you will soon be facing credit card debt. Because credit cards are so convenient to use, you won’t immediately realize that you’re already spending way out of your means. In the end, you’ll have a very hard time paying off your balances.
Educate Yourself
You can find valuable articles on the internet that are related to credit cards and credit card management. Learn about the features of a credit card, know your rights and your responsibilities as a credit card holder, know what a credit report is, how your credit report can affect you and read advises on how you can manage your finances correctly.
Liz Roberts is a consultant for
students building credit. For years she has written
student credit card articles that would help build student credit.
Copyright 2007
Article author: Liz Roberts
Students are prone to get caught in credit card debt. Let’s take a closer look at the following mistakes that students make with their student credit cards.
Signing up for the first student credit card offer
As you enter college, you might receive a lot of credit card offers from different credit card issuers. If you’re not going to think about it carefully, you might just sign up for the first offer that you think sounds good enough for a credit card. It’s easy to get one enticed by a credit card offer. Most credit card companies make a lot of exciting promotions that may be hard to resist. However, if you’ll read the complete terms and conditions, you might be surprised to see that there are certain charges that are higher than expected.
To Sign or Not to Sign
To avoid signing up for the wrong credit card offer, don’t just read the best features of the credit card. Take the time to read the terms and conditions which can be found in the credit card’s website. This way, you’ll get to know about all the rates and charges that come with your credit card. Check out websites that give credit card reviews on different credit cards for students. These websites compile all possible student credit cards in the market, along with their main features in just one page. This will help you see what choices you have and compare them.
In addition, since this is your first time applying for a credit card, it will be better if you seek advice from your family or relatives who may know more about credit cards than you do. Better, you may seek assistance from a financial consultant who can give you an objective and informed opinion about the best student credit card.
Using up all your credit limit
Students are usually given a huge credit limit. But this does not mean that you can spend credit limit to the fullest. Bear in mind that you should keep your balances below 50% of your credit limit. Using up your entire credit limit on expenses has a negative impact on your credit report. Also, you’ll more likely have a hard time paying off your balances in time if you get in the habit of spending your credit limit to the maximum. This brings us to the next biggest mistake that students commit.
Not paying on time
The biggest mistake you can do on your student credit card is not paying your balances on time or skipping on your payments. Credit card companies can increase the rate of your APR, charge you with penalty fees and even take back your rewards and privileges. Worse, you might not be able to keep up with your credit. Incurred monthly balances are the most common cause why students get swamped with credit card debt.
Remember that owning a student credit card is your first step in establishing your credit history. You want to make a good credit report for yourself especially because an excellent credit status will be an enormous help for you when you finish college and enter the corporate world. So take your responsibilities on your student credit card seriously and avoid committing these mistakes.
Liz Roberts is a consultant for
students building credit. For years she has written
student credit card articles that would help build student credit.
Copyright 2007
Article author: Liz Roberts
Maximizing the potentials of your business credit card begins with choosing the best one from among hundreds in the market. When doing so, particular aspects of business credit cards need to be understood as their features and services, not to mention the roles they will be playing, would vary from business to business.
Bottom line: there is not one business credit card for all. The sheer number of business credit cards in the market means more options to choose from. Conversely, this translates to more difficulty (for the entrepreneur or business owner) in finding the right business credit card for him or her. Again, the term right business credit card would be a subjective one.
The perfect business credit card for one entrepreneur could be viewed as a lousy one by another. That doesn’t mean however, that the latter has no program or membership advantages to boast of – just that it’s not suitable for the client’s needs and demands.
If you’re wondering how to get the most out of your business credit card, the cardinal rule would be to ASK.
Business credit card companies are more than willing to present their product’s unique selling proposition to you. So if a bank representative walks up to you or sends an email with a business credit card offer – all you have to do is ask them: “What’s in it for ME?”
From there you’ll be pleasantly surprised at what business credit cards nowadays have to offer. The truly competitive ones have managed to add a business spin to the best features and services of a personal credit card and extend that coverage to several card holders.
Let’s take credit limits as an example. If you were a personal credit card holder and you issued supplementary credit cards to your family members, you are merely dividing your personal credit limit among all the members of your family. Whereas if you opened a business credit card account, you could assign individual credit limits to your nominated card holders (maybe account executives or managers who need to have an open line of credit at hand) and still enjoy a separate credit line for major expenses.
If you’re a newbie business credit card holder, here are a couple of ways to check if you’re making the most out of your corporate credit card account.
For businesses with above average travel requirements, your business credit card should have a well-established incentive program such as: travel miles for airlines, free shuttle services from the airport to a hotel, car rental services, and accommodation packages or discounts.
Ask about Rebates and Rewards Yes, you’re a businessman, so getting the most value out of your money is important to you!
For all the spending you have done, you should get a percentage or rebate from your business credit card company. Whether you spent a dollar or a thousand dollars for your business, you should be getting a portion of that amount back – and this is a general rule that applies to all card holders - all the time.
More info: http://www.bizcreditcards.org
Article author: James Earvin
