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Student Credit Cards

It has become common these days for student to possess a credit card. While they are at the University or College, they are approached by a number of these credit card companies who try to entice these people to apply for a card. They offer a lot of free gifts like T-shirts, bags, fancy mugs, pen sets etc in return for the student to sign the credit card form. Student credit card has its own advantages and disadvantageous. It all depends on how you make use of them. Let us analyze what the advantageous are in making use of these credit cards.

 

When you go out shopping you neednít be worried about the amount of cash that you have in your pocket. With your credit card you can always make your purchases and repay them at a later stage. Especially these days it is not advisable to carry heavy cash in your pocket. It gives easy access to both cash and credit. You can even spend above the credit card limit up to a certain percentage offered by your credit card provider. 

 

Some of the providers even offer cash back facility. They give back a certain percentage of the amount that you spend which is credited back into your credit card account. Some of them offer reward points as against the cash back facility. These cash back or reward points generally range from 1% to 5% depending upon the purchase type and depending on the credit card company. Reward points are also given for maintaining good record of payments being made promptly on time. It is always advisable to go through the details of the company offering the credit cards and their rewards and choose the best amongst them. With your reward points you can exchange it for various items like cameras, cell phones etc.

 

A number of dealers do come up with purchase plans like you could buy the items now and pay for them at a later date. You can make use of this facility only if you hold a credit card. Some of the credit card companies offer free travel insurance if you purchase the ticket with your credit card regularly. Even reward points or cash back can be used to get air tickets. Some credit card companies do come up with exciting offers specially for the students. 

 

Earlier days, applying for credit cards were done manually. You had to get a form from the provider, fill it up, visit the bank and submit the same. But these days with the advance of technology you can apply for a credit card online. All credit card transactions can be done online. It has become so simple that all you have to do is fill up the application forms online, enter all the necessary details and submit it with a click of a button. You can also wait for them to review your application and get back to you within minutes. Technology has taken us so far.

Prepaid Credit Cards

Prepaid credit card was started in Canada. They are not similar to the original credit cards but they function in the same way. Unlike the ordinary credit card in a pre paid credit card you need to pay in advance to the company that owns the credit card. Your card thus gets charged and you can use it the same as you use the ordinary cards. Once the amount in the credit card diminishes to nil you can reload your card with fresh payments. It is also known as store value cards.

 

There are different types of prepaid cards available today. To name a few, you have the multipurpose credit card, non re loadable credit card, prepaid travel card, payroll card etc.

 

Multipurpose credit cards are those where the customer can continue to use the card for various purposes by reloading whenever required. They come as Visa and Master cards.

You can make use of these cards of all type of purchases in grocery, departmental stores, gas stations etc.

 

The non reload able credit cards are like the gift vouchers. You cannot reload cash onto these cards. They can be used for any type of purchases. But strictly they cannot be used in ATMís to withdraw money. These cards are usually given as gifts to others. It serves a lot of purpose. But you have a limit to the spending while using these cards.

 

Prepaid Travel Card is similar to the travelerís cheque. You can load huge amount of money which you need to carry while traveling. They come very handy because you donít have to carry a check and deposit and get back the money. You have instant access to anything you want to purchase with these cards.

 

Payroll credit cards are created for the benefit of the employers who need not carry cash. Their monthly pay will be loaded on to these cards and they can make use of these cards instead getting it as a check and getting delayed in making all payments. The terms and conditions are set by the employers. They can be used in ATMís to withdraw cash. This is very handy to the employers.

 

The prepaid credt cards are unique. They are most beneficial as you know how much to spend. You cannot send over the limit. You have thus control of your cash flow. This is unlike the ordinary card where you tend to spend extra and get into trouble later. 

 

The other benefits of prepaid credit cards are, you have instant guaranteed approval with no need for a credit check or a security deposit. There will be zero percent activation fee involved if you load your card by direct deposit of cash. It helps you to avoid expensive money orders. There is absolutely no overdraft fee. There is no minimum balance required. You donít have to pay for your activation fee or pay monthly fees as in other cards. You can have instant and convenient access to your funds by making use of these prepaid credit cards. You have ability to make use of these cards in ATMís all over the world where Visa and Master cards are accepted.

Disadvantages of Student Credit Cards (540 words)

Just like there are a lot of advantages to a student credit there are also lots of disadvantages. Let us analyze the disadvantages of having a student credit card.

 

The interest levied on the credit card is quite high such that student are the worst affected in terms of paying off the interest. If you are able to pay back the amount spent well within the credit period then you are safe. Student credit card usually comes with 0% interest for the first six months with a lot of benefits. It is advisable to maintain a good record of payment which helps you to create a credit history with which you can go in for loans at a later stage.

 

As a student you should be very careful in making use of your card. You should never go beyond the credit limits as it would become a heavy burden while repaying the same. If you miss to make your payment on time then it would be carried forward and you will be paying interest for interest which ultimately will lead you to credit card debt. This would mean that you be paying much more than the original cost of the items that you had purchased with your credit card. It becomes a total waste of money. 

 

When you buy things which the cash that you have, you tend to spend within limits and also purchase only what is required. Whereas when you hold a card and make the payment for your purchases through your card then you tend to buy more than your limit, things that are too expensive or could be considered as luxury. Also when you hold a card you are tempted to buy more and feel safe at that moment but you never realize where it is going to lead you.

 

There are annual fees fixed for these cards which will add up to your cost. Also there are some transaction fees levied on certain articles purchased. This again will dd up to your cost. You have to make use of your card very wisely analyzing what are the ways to avoid paying more for your card and be on the safer side. But these transaction fees vary from card to card and from dealer to dealer.

 

Thus you will find that if you are not able to manage your card, you will end up with facing a lot of problems in payment after your graduation. It becomes a debt that is carried on after completion of your studies. Also if your income turns out to be less than what you had expected then paying for these cards will be a headache. Late payments and interest will keep accumulating and you will land up with serious consequences.

 

It is always advisable to make your payments on time so that it is not carried forward with a late payment charge. Also do not spend over limit. There are separate charges for spending over limit. Try and make payment more then the specified minimum amount to bring down your debt. So remember all these points when you sign up for a student credit card. You are solely responsible for spending and repaying the same. So keep to your limits.

The Dangers of Credit Cards

Credit cards are being used for a lot of things these days. Once you have obtained a credit card you start using the same for purchases like groceries, in departmental stores, gas station, hospital bills medical items and whatever is required for survival. But we find that more and more people are filing for bankruptcy due to problems created by credit cards. This happens to everybody irrespective of their color, caste or creed.

 

Credit cards are advantageous for people who use it wisely. But for those who do not know how to manage the credit cards it becomes a nightmare. If you are not able to manage the payments it will lead to emotional problems and will affect you physically. If you are not able to pay your bills on time then it will take a long time to pay off your credit card. Ultimately you will land paying for things you have not even purchased.

 

Initially making use of credit card for purchases and making payments on time might be easy and very helpful. You will start off with small purchases and your payments will be easily done. This will go on for first dew months. But as days fly by, you will be tempted to make use of your card for a lot of purchases. The payments will be difficult.. Moreover if you miss out on the date of the payment, even a day later will bring heavy interest charges. You will be paying interest for interest. The 0% interest will suddenly zoom to 18% or more. Now starts all the problems. It not only will put you in financial crisis but will start affecting your health. You will start having mental agony as the days go by with the stress of being in debt.

 

Nobody wants this to happen, but it does creep into the lives of innocent people. It affects all the more for those who do not have a steady job or for those who do not have regular income. It is not advisable for you to even apply for a credit card if you do not have a regular income. You will find that those who are in startup business land up in all the more trouble by making use of these credit cards. They always hope that their business will grow and start using the card for the same. But if they are not able to get the returns on time, then payment for the cards become delayed which ultimately leads to a lot of problems. Thus they end up with not only financial problems but also have to face physical and emotional problems. 

 

It is advisable in order to avoid the dangers of the credit cards you have use it wisely. Make use of your card where there is a necessity and not for luxury. Make your payments on time before the due date of payment. Always pay in full what ever has been spent or pay more than the minimum amount. This will help you overcome the dangers of credit cards.

Cash Back Credit Card Advantages

Cash Back Credit Card is the facility available with some of the credit cards that offer various benefits to the credit card holders. The advantage here is that you will be given back a part of the amount which you had spent on the purchases by making use of your card. This becomes most beneficial to people who regularly or most frequently use their card. The cash back that is offered varies depending on the card type and depending on the dealers who offer this facility. The amount that is given back can be as high as 5%.

 

A cash back credit helps you to earn some amount back as you spend your money for purchases. But this would only suit customers who use their card regularly and who pay back the amount in full within the specified time for repayment. Otherwise whatever you earn will be eaten up by the interest that is charged over your card. The amount that you get as cash back might sound very small, but you will see the benefit as the amount gets accumulated over a period of time. 

 

A cash back card offers sold benefit to customers who pay their balance promptly every month. Though the interest rates are high on the credit cards, it will not be a concern for those people who pay their balance in full and who have no debt. With the cash back credit card you will get discount and the cash that is given back s sent to you in the form of checks. So for every purchase you make on your credit card you are given a percentage of the amount spent back, which becomes of great benefit to you.

 

You will find that supermarkets, drug stores, gas stations offer a cash back of up to 5% depending on the dealers. For most of the other purchases at least 1% is given as cash back offer. Some credit card companies give this cash back offer after a certain number of reward points are accumulated. Some credit card companies offer the cash back on an annual basis. 

 

When you go in for selecting a credit card you should first clearly understand all the benefits, terms and conditions offered by the credit card company. You should know about the interest that is charged on the cards. This is more important than the benefits offered by these companies. 

 

A variety of cash back credit cards are available. These days it has become very simple and easy to apply for the same. Everything is available to you over the net. You can do a comparative study of all the credit cards that are offered and go in for the best. You should compare the rate of interest charged on these cards. You should compare the annual fee that is charged. Some of the credit card companies offer life time free cards. You can make a study of all of these and choose the best amongst them.

Cash Back Credit Card Disadvantages

Cash Back Credit Cards apart from having a lot of advantages, has its own disadvantages. The credit card customers who have been using the cash back facility for quite some time and financial advisers will be able to pinpoint the disadvantages involved with these type of cards.

 

Cash Back credit cards encourage the customers to keep on spending a lot just for the sake of getting cash back or reward points. They do not see the hidden drawbacks. You are forced to buy things above your needs. You are forced to buy things which are costly and there s no need for you to go in for that. This will keep adding on to the amount you need to pay back. Unnecessarily you will pay for things which you actually had no need for. You are actually getting trapped and ultimately become burden with debt.

 

Some of the cash back cards will allow you to build your cash back rewards very slowly. This means that you need to spend a lot on your card inorder to achieve the reward points. They come with a lot of attractive schemes saying if you reach a certain limit you can have the benefits. This will force you to spend more and buy more. If there are extra charges levied on your card then you should understand that it is not worth spending just to get the reward points.

 

Some credit cards offer coupons as cash back reward to only some specific store. This will not be of great value to you. You may not need the products in that store and you will forced to buy the same. In this way you are once again adding to amount you need to pay back. This will be burden to you and you will realize your mistake only when the amount gets accumulated and becomes huge and difficult for you to pay back. There are some cards which offer rewards only for a specific period of time. If you do not make your purchases within the specified period, you have to once again start building up your reward points from scratch, which becomes painful.

 

There may be times when you will find getting reward points or redeeming you rewards by means of cash very complicated. You will realize then that it was not worth it any way and you may not be getting any of the bonuses. 

 

There might be some ineligible purchases. Some cards would declare that there are no reward points given to some of the purchases that you make. This can be some online purchase or even some purchases related to tobacco or alcohol products. If a lot of products like this is waived of from getting the reward points, then it would take a long time for you to get good cash back rewards.

 

Above all you should see to it that you make the payments on time before the expected date. If not the cash back reward that you get will be eaten up by the interest that is levied on late payments and other charges.

The Advantages of Credit Cards

Credit cards have become popular amongst people of all ages. So let us see what are the advantages of having a credit card.

 

You don’t need to worry about carrying heavy cash when you go out shopping if you hold a credit card. Shopping has become easy nowadays whether it be small purchases or big purchases. Now a day you can find that credit cards are accepted even in grocery stores. Apart from this you will find credit cards being accepted in gas stations, jewelry shops, department stores etc. You can even purchase electronic items with your credit cards. 

 

Above all these, all online purchases can be done easily with the help of credit cards. It has become common these days to do purchasing online. You are able to do a variety of shopping with a lot of dealers exposing their items online. You have a wide range of shops and a wide range of articles that can be easily purchased, just by sitting at home you are able to do shopping with the help of your credit cards. When you do some purchasing online, you have to give the details of your card for payment. The amount gets automatically deducted from your credit card and the items are sent to your place without any hassles.

 

You can also do ticket purchasing online with the help of your credit card. You can book air, train or even bus tickets with your credit card. Here again you can choose the mode of travel, choose the best travel guide and do the ticket booking online. Here again you have to give the details of your card for the tickets to be booked and sent to you. The main advantage of using credit card for booking airline tickets is that you get a lot of rewards for making use of your card. If you continuously use the cards for your travels, then you get bonuses, sometime free trips to vacation spots etc. People who use the credit card for airlines are the most beneficial.

 

Some credit cards come with a cash back facility where you get a certain percentage of the amount you spend returned to you as cash back offer. Some credit cards offer reward points which accumulates and you can redeem them in the form of gifts etc. Mostly in gas stations, those who use credit cards for payment have a lot of benefits. They are also offered certain percentage of discount for frequent usage of the credit cards in their gas station.

 

The main advantage of using of having a credit card is that you can increase your credit rating. That is if you are a regular user of your card and if you make your payments on time each month before the due date, then your credit rate increases. This will be of great help when you go in for other loans like personal, educational or home loans. The credit card that you have used and payment record will help you to get these loans very easily.

The Benefits Of Airline Credit Cards

 

Credit cards offer various benefits. The best amongst all of them is the travel cards. Travel reward credit cards mainly the airline credit cards offer great benefits to its users. They offer fantastic offers and savings if you are a frequent traveler and who use your travel card for purchase of your airline tickets.

 

These credit cards are usually known as frequent flier credit cards. These help to accumulate points that are offered for frequent traveling for boarding and lodging at hotels where you travel, for using car rentals for local travel. You will be able to save money as you can redeem these points for free flight travels on major airlines. You can earn miles that will add to your frequent flyer account.

 

The credit card benefits starts flowing when you use the credit card on some specific airlines and their partner airlines. The reward points offered for each purchase of airline ticket that you make get accumulated and after a certain limit is reached these reward points can be redeemed in the form of free tickets and other travel benefits. By using your airline credit cards you can get free miles. Just like rewards offered by other cards, you can enjoy the benefit of free miles. As more and more you make use of travel card, you start accumulating free miles. These free miles can be redeemed for free tickets.

 

Depending on the different card types you can choose whatever programs you want as you can get different miles as rewards. These rewards can go up to the level of getting free round trips for its customers. They can also used to get cash back, hotel stays etc. There are various cards that do not offer any restrictions on the travel you make nor on the expiration of the miles. These miles that you earn form a great benefit to you when you do frequent traveling.

 

Apart from the rewards and miles that are awarded you get a lot of other benefits like travel accident insurance, assistance through hotlines and assurances of reservation even when on emergency travels. These are great benefits to you when you are far away from your home. Some of the few airline credit cards available for the benefit of the customers are Blue sky from American Express, Chase Travel plus Visa Card and Gold Delta sky miles Credit Card.

 

Airline credit cards come handy to all frequent fliers. You have a choice of more than 250 airlines for your travel. Mostly all airlines accept the credit cards. It becomes very handy to get reservations and payments can be done online without any hassle. Considering all the benefits it is best to make use of the credit cards for your airline purchases. At the same time you should keep track of your reward points and the time period within which you can redeem your miles etc. As with any other credit card it is advisable to make your payments on time.

Business Membership Rewards Card

There are many financial institutes, credit card companies and banks like Citi, Bank of America, Chase Manhattan and Wells Fargo Bank etc that offer the restaurant rewards credit cards. Different Restaurant Rewards Credit Cards offers different dining rebates and reward programs. The Restaurant Rewards Credit Cards are preferred by the couples and people who like to have dinner outside. In this article, you will learn about some of the best Restaurant Rewards Credit Cards.
Citi Professional Card: With this credit card, you can earn 3% cash back while you use it at the restaurants and hotels. You can also use it at the gas stations and stores.
Chase Business Rebate Card: You can earn 3% cash back when you use this card on the restaurants. You can also use it at the gas stations, home improvement stores and office supply stores.
True Earnings® Card from Costco and American Express: It is a multipurpose credit card. There is no annual fee for the American Express True Earnings card. You can earn 3% cash back for gasoline, 3% for restaurants, 2% for travel and 1% for to be used everywhere.
Chase Flexible Rewards Platinum Visa®: Chase Flexible Rewards Platinum Visa offers the free reward programs. There is no introductory fee and you can earn 1 point for every dollar spent. You can earn $25 by redeeming the 3500 points.

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Slideshow

Student Credit Cards

It has become common these days for student to possess a credit card. While they are at the University or College, they are approached by a number of these credit ...

Prepaid Credit Cards

Prepaid credit card was started in Canada. They are not similar to the original credit cards but they function in the same way. Unlike the ordinary credit card in a ...

Latest Headlines

• Student Credit Cards
• Prepaid Credit Cards
• Gas Credit Cards
• Disadvantages of Student Credit Cards (540 words)
• The Dangers of Credit Cards
• Cash Back Credit Card Advantages
• Cash Back Credit Card Disadvantages
• Business Credit Cards
• The Advantages of Credit Cards
• The Benefits Of Airline Credit Cards

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