Student credit cards almost work the same way as normal credit cards. They contain lower credit limit though than the normal credit cards. This stops students from spending way beyond their limit. Few credit card organizations give student credit cards with higher interest rates. This is to discourage students from going overboard and therefore preserve the credit card firm's investment. And also for the credit card issuer's protection, a parent/guardian of the student credit card applicant is made to co-sign the application, because a lot of these students don't yet have an income that can make them eligible for a credit card.
There are few student credit cards that might prove to be ideal to its users. They don't have any annual fees or percentage rates. Furthermore, there are many credit cards that also provide rebates and discounts, which would surely be enjoyable to obtain.
Chase Bank contains a couple of credit cards on their catalog, which you may apply. You may also gather details on Universal Entertainment student credit card. It doesn't have annual fees as well as APR, and includes perks in theme parks in Universal Studios.
Your lifestyle must also speak of what credit card you are availing of. They must not only become a luxury but a need too. Most of all, remember to pay your obligations promptly. Remember, this is how you actually acquire the credit rating that can make you eligible to a lot of financial applications later on. It can also say something about your personal characteristics. You definitely do not want to be labeled untrustworthy due to missed payments.
Thinking of getting Chase credit cards online, transfer credit card balance, or compare business credit cards? Visit our site today to learn how.
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Are we doing well financially? How do we compare?
35 year old couple, 2 children. Earn almost 100K after taxes.
Approx. 100K Home Equity, Owe 225K Mortgage Balance.
< 1K credit card debt, paid off every month. Both cars paid off. No student loan or any other debt. Emergency Fund: 26K. Diversified Retirement Assets (90% stocks): 75K (401K, 403B, ROTH, & Trad. IRA Total). 529 College Plan: 18K.
Wife has company pension, but still contributes 20% of salary
I contribute 10% to 401K and 4K to ROTH. We both have Term Life Insurance policies.
Answer
You're way ahead of the average, of course, because your finances are headed in the positive direction. The average person is in debt. No debt other than your mortgage is perfect. You're socking away 15% or so of your income -- great.
I see nothing to quibble about here. You don't say how old your kids are, but if you're planning to put them through college, you should plan on working that long. After that, it's just a question of whether or not you *want* to work -- my guess is that you'll be financially set.
Here's an easy rule of thumb to track your progress -- I call it the FTI (for "Forget This Index" -- when it reaches 1000, you can walk into your manager's office and say "Forget This!"):
Age * Net Worth / Yearly Expenses
Age is your average age
Net Worth includes everything, including home equity and pension balances
Yearly Expenses doesn't include payroll taxes or investments
You're at 35 * 219k / 55k or so -- I'm guessing on your expenses, based on your description. That's already at 139, which is great for age 35. It'll continue to go up as you age and as your portfolio grows faster than inflation.
When your expenses drop (kids finish college), you might be all set! Pay off the home to lower expenses further, cut your income down as well, remove your itemized deductions and take advantage of the standard deduction, pay next to nothing in taxes, and enjoy the rest of your lives!
Good luck,
Doug
answer? Kindly help others and answer below.
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