Student Credit Cards with no Credit

Do you have credit cards? Do you know exactly which fees you pay, and how much of your monthly payment is devoted to such fees? If not, you’re in good company; too many of us don’t know exactly what we’re paying for when we make our monthly payments. And card companies have been accused of making credit card terms and conditions too complicated for the average card holder to understand. What’s a consumer to do?

First, know what’s out there. Fees come in the form of annual fees, late fees, penalties, fees for cash advances, fees for international purchases, and even fees for paying your bills over the phone. Fees are a slight nuisance to us, but they are big business for card issuers, who took in $25 billion in late and other fees in 2006. Yikes!

There are some steps you can take to reduce the amount of money you pay out in fees. First, sign up for a card that does not charge an annual fee. Never use a credit card to take out a cash advance at an ATM. Those cash advances incur an average 3% fee upon withdrawal, and begin to accrue interest right away. Some interest rates on cash advances can reach 25%! That’s throwing money away.

Likewise, don’t use convenience checks. They incur fees when used, and more fees if they get return or if you place a stop on them. Convenience checks and cash advances might have been no-brainers, but did you know that using your credit card to purchase money orders or lottery tickets can also bring fees? It’s best to use cash or debit for those purchases.

International travelers will find foreign-transaction fees on their credit card statements, and to make matters worse, these fees aren’t always accurate. Travelers abroad who purchased items with their credit cards early in 2006 are now entitled to refunds. (Visit http://www.ccfsettlement.com or contact your card company to see if you qualify for this refund.)

If you don’t want to throw your money away on hidden fees, think about applying for one of the best low-fee credit cards. According to Kiplinger.Com, the best of the best are ranked thus: Simmons First National Bank (P), with a recent interest rate of 7.25% and a cash advance rate and fee of 11.25%/3%. This card has no annual fee, and a 25 day grace period. Late and over-limit payments are subject to $29 fees.

Next is the Capital One Platinum Prestige (P), with a recent interest rate of 7.9 and a cash advance rate and fee of 19.8%/3%. This credit card doesn’t charge an annual fee, and carries a grace period of 25 days. Late payments and over-limit charges are subject to respective fees of $35 and $29.

Finally, we have the Pulaski Bank & Trust (G). It has a recent interest rate of 7.99. Cash advances come at a 7.99% rate and no additional fee. There is a $50 annual fee and a 25 day grace period. Late payments and over-charges will both garner a $29 fee.

How bad are credit card fees? They’re not pretty, but you do have some control over the card you choose to carry. Remember, if you’re uncertain about certain fees, call your card company and ask someone to explain them to you. That’s what customer service is all about.

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If you’ve been to college before, you’ve seen the millions of ways college kids have been drawn in for a credit card application. The sad thing is though that a lot of these kids don’t necessarily realize what they are getting themselves into. We are going to break down some ways on how credit card companies lure in students so that you can avoid this situations.

Getting the freebies

Everyone has seen these stands regardless of where you’ve been. From free t-shirts to a free burrito, people love free stuff. What a better way to get a free t-shirt by applying for a credit card application. A lot of students just fill out the paperwork thinking its innocent work for that $5 burrito. What they don’t realize is that they are affecting their credit score and possibly their credit history.

The problem with getting a credit card when you sign up for freebies is that you don’t know exactly what the terms and APR rates are. Sometimes what students may realize is that the credit card may have an annual fee. An annual fee is applied to your statement regardless if you use it or not.

Hard selling

Besides the freebies, students may sometimes notice a kiosk set up at their school from a credit card operation. A lot of these salespeople are highly trained in their area and lure you into signing up for an application. Some of the tactics they use are making it sound like a wonderful financial opportunity or how it can build up your credit. Once again, this is bad because you don’t know the official terms and exactly how the card acts.

Sponsorships

Students may find that when they attend an event at school, it will be sponsored by a major company. A lot of the times, these events are sponsored by a company. During these spiels, they will generally promote the credit card throughout the event. This way of selling a credit card is technically less pressurized because of the lack of the one on one basis.

A lot of the times you will just receive a flyer or brochure at the end of the event. The best way is to simply throw the credit card brochure out or just use it as scrap paper during class.

When looking for your first card or a credit card to be added to your collection, it’s important that you do your research. The freebies like a free t-shirt or burrito just isn’t worth it when it comes down to your credit. When you do apply, make sure you pay attention to the APR rate, if it has an annual fee, and what kind of rewards it has to offer.

When you do receive you first card, it’s up to you to be responsible with it. Treat it as if it were cash and don’t overspend. If you can follow these golden rules, you will be debt-free for your lifetime.

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Student credit cards are regular credit cards that are offered especially for students. The idea behind them are to help students establish credit. There are advantages to getting a student credit cards, but before you can benefit from them you should understand what credit cards are all about.

A credit card is simply a loan. The credit card company offers you a line of credit and as you make purchases on your credit card they pay for them. You then pay back the credit card company. Credit cards carry fees and interest that you must also pay back. Student credit cards are often easier to get than a regular card because the company knows you have a limited budget and will issue you a lower credit limit that will allow you to build credit without getting into serious debt.

Credit cards are a privilege that offers many advantages. Having a student credit card allows you to pay bills and make purchases online or over the telephone with great convenience. There is also buyers protection to help against theft. A credit card gives you funds in an emergency and allow you to avoid carrying cash or checks. The credit card company keeps tracks of purchases for you without having to balance or record like a check book. Credit cards make large purchases easier, too. The main idea behind credit cards, though, is they help you to establish credit.

Establishing credit by using a student credit card is a great way to prepare for the future. Credit is important to every aspect of life, from buying a home to getting a job. Building a good credit history will allow you to get a loan and will help you to avoid many problems people with bad or no credit face. Good credit means you have access to money if an emergency or need arises. Student credit cards are a great first step to securing your financial future.

When looking at offers for student credit cards it is a good idea to compare them. You should look at the fees and APR, which is the interest rate you will have to pay on purchases. You should also look at other things like the grace period, which is the amount of time you have to pay your bill before interest is charged. Shopping around will help you get the most out of your student credit card.

Once you decide to get a student credit card it is important to understand how it works and the advantages. You should find the card that works best for you. It is also a good idea to use your card wisely, pay the bills on time and keep within your credit limit. Student credit cards offer lots of advantages for students looking to build credit.

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If your credit rating has taken a beating, you may be struggling to pay the bills. Low credit scores are often accompanied by abruptly boosted interest rates, which lead to higher expenses. Debt consolidation is a great way to get a handle on your bills, even if you have bad credit. Are you wondering, “Where do I get bad credit loans to consolidate my bills?” Keep reading to find the answer.

Consolidate Credit Cards with Bad Credit

If you have a lot of debt on high interest credit cards, you have three choices to consolidate your bills: a credit card balance transfer, a home equity loan or home refinance, or a personal loan. A balance transfer will get you the lowest rate, but only temporarily. A personal loan will have a rate that’s lower than your current credit card interest rates for a longer term, but it may still be relatively high if you have a very low credit score. Contact your bank to ask about a personal loan. You may also receive offers in the mail. Carefully research the lender before agreeing to any offer you receive in the mail.

If you own a home, a home refinance or home equity loan is your best option. Because the loan is secured by your home, the interest rate is lower than you’d find with a credit card or personal loan. The rate won’t be the lowest possible, however, because those are reserved for borrowers with excellent credit. You may also find that the rate is lower if you have more equity in your home because it gives the bank a bigger financial cushion if you default.

Tax deductions are another advantage to home equity loans. Mortgage interest and most interest for home equity loans or lines of credit is tax deductible, which will free up a little extra cash for paying those bills.

Consolidate Student Loans with Bad Credit

If you need to consolidate federal student loans, you’re in luck. The federal government regulates the interest rates and consolidation rates. You will almost certainly qualify for a reasonable interest rate from any student loan consolidator. Start with your current lender, but contact a few others to see if their terms and discounts vary. Consolidating is more complicated with private loans, but it may still be possible. Contact your current lender for information, then search for lenders online. Ask a few for quotes before accepting an offer.

When it comes to student loans, you should avoid combining them with other debts or paying them off with a home equity loan or cash-out refinance. This is because most federal student loans are forgiven at death or permanent disability and can be deferred while you’re alive. You lose these benefits if you swap them for a different kind of debt.

If you have bad credit, consolidating your debt and bills is a great way to improve your credit history. By paying down debt, you also improve your financial future and your ability to qualify for better credit. No matter what your credit is like, you’ll be able to find someone who is willing to take a risk on you.

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College students and credit cards don’t mix, but that doesn’t stop most college students from running up their card-based debt. Despite the fact that most college students are of above-average intelligence and have strong self-discipline, their young age and relative inexperience in dealing with credit makes it tough to resist running up a large tab on their cards.

Furthermore, students these days are faced with ever-increasing tuition and other expenses. With cash flow tight for many students, their cards become their most convenient resources for buying the things they need to get by in college.

Fortunately, there are other alternatives to credit card use in college. If you would like to learn more about credit card debt among college students, consider these 5 facts you should know:

1. College students are carrying more card debt than ever while in school:

Sallie Mae, a prominent student loan organization in the U.S., has recently found that the average college who has at least one card student carries well over $2,500 in credit card debt.

2. They are also graduating with more debt:

The average college student these days is graduating with about $4,100 in card debt. This is an all-time high since such statistics began being analyzed by Sallie Mae.

3. Carrying a card is a good idea in terms of planning for cash emergencies:

Of course, many students resist giving up their cards because they do not want to be caught in an emergency situation whereby they need to make an important purchase but they do not have enough cash to cover it.

4. These days, students need a co-signer to get a card:

For better or worse, however, these days it is tougher for freshman and sophomore college students to qualify for a credit card. That is because new, strict legislation makes it illegal for large credit card companies to solicit card applications to students under 21.

Still, despite this new legislation, students are finding new ways to get their hands on cards. For example, if as a student you get someone you know to agree to co-sign on the loan with you, you can still get a card. However, this does not solve the root problem: students tend to run up unsecured card debt.

5. A smart alternative is to get a prepaid debit card instead:

A smart way around the use of these cards but while still having a back-up for emergencies in place is to buy pre-paid debit cards instead of credit cards. Debit cards require no application process, and they are not associated in any way (positively or negatively) with the students‘ credit score. You just pre-pay for the amount you need and go. Then, of course, the student can keep a credit card as a backup for emergencies but only use it when a situation arises.

Consider these 5 facts as you explore the problem of credit card debt among college students and what to do about it in your situation.

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