Credit was used way back in 1920’s, but it was not until in 1950 that credit card came into existence. All thanks to Diners Club who issued their first credit card to pay off restaurant bills. Not long after, it evolved into something bigger and larger. Now, billions of people worldwide are using credit cards as part of their way of life.
From billions of people, ten to twenty percent of those are students. Before, credit issuers shun young students, particularly college students to avail of such credit cards. Nowadays, bank company representatives are the first to chase students to sign their credit card applications. They visit schools and campuses, hoping they will be lucky finding potential and young credit card holders.
A lot has been said that a student credit card will not fully help realize the student’s needs. However, that is not the case. It is advantageous when used for the right reasons; and wrong if used for the wrong ones. Depending on the end-result of a student card holder, the card can be an asset or a liability.
Students must have a lot of things in mind when it comes to expenses and budget. Once they enter universities, they stay at dorms and become away from the family. This also means having freedom and making his or her decisions. Probably, getting a student credit card is one of the choices as well.
Spending money will be a major concern for every student. With the help of a credit card for a student, they will learn how to finance their expenses. Take note that having one comes with greater responsibilities – you have to realize that once you have your own credit card, you have obligations to fulfill. You pay for the bill with extra fees every monthly. And you can’t just cut out your credit cards whenever you want to. You are under contract for one or two years until it ends.
One main suggestion for students is to set a credit limit of your choice. With a limit, you’ll get to spend only when the need arises. You may only need your card for emergency situations, especially when it involves school matters. That’s one benefit that you get on a student credit card.
Do not be taken away from the negative feedbacks that you have heard. Yes, they may be evil unless if used wrongly. When you maximize the card wisely, you will earn rewards in the end. So start using student credit cards now and spend thriftily!
For More Info See: College Student Credit Card Debt
Aaron Alderson - Author: Student Credit Card - http://www.studentcreditcardsusa.com
Closing a Bank of America Student Visa Credit Card?
Okay I got a credit card by mistake about 2 months ago. It was a Bank of America Student Visa Credit Card. I nothing about history so when I got the card I cut it up and closed it over the phone. I never used it. My aunt told me later that it would hurt my credit and that I should have left it opened. I did not know because I know nothing about credit cards. Will my credit score go down? If so, by how much? Please be detailed. I know nothing about this stuff.
Answer
No. Opening & closing one credit card won't do much; it may not even appear on the report since your turn around was so quick. If you do not have much or any credit, however, you do not have much of a credit score anyway (which sounds like the case). You have to HAVE credit to get a CREDIT score because the score is based, in a large part, upon companies reporting your payment history monthly on credit cards and mortgage loans and car loans, etc. You are not "born" with a score and then "lose points". Credit score companies (there are 3) report the maximum limit of the card, your maximum charged amount (ever), and whether you pay promptly each month or are 30, 60, 90 days late. HOWEVER, if your loan servicer doesn't report to one of the 3 companies, it never gets into your credit profile.
You can see your credit report for free once a year (or more if you are ever turned down for credit) by going to : annualfreecreditreport.com
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Are You Ready for a Visa Student Credit Card?
Absolutely - That's the best way to do it. Debit cards are definitely unsafe for online purchases and I've learned that the hard way. Long story short, "gift card credit cards" can be used for online purchases. Happy Holidays!