0 Apr Student Credit Cards
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The Meaning Of the 0 APR Credit Card Offer
Frequently Asked Questions
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QUESTION:
Would it be a bad idea to Charge a large sum to a 0% APR Student credit card and slowly pay it back?
I am receiving grant money both on September and then around February. If i want to buy a computer that cost more then i would get on September could i pay the minimum until February on a 0% APR? How large do you think a minimum on 1300 would be and does anyone know if this is possible?
This is a computer I am building myself. I need to know if there is anything I should know before I try this but I think I should be ok to use this as a sort of loan till I get my 2nd financial aid check.0 Apr Student Credit Cards
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ANSWER:
don't risk it... get a cheaper computer it's cheaper to upgrade hardware and software one at a time then paying more for a computer that all ready comes with it!
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QUESTION:
Student loans transfer to 0% APR Credit Card?
I have some student loans. I plan to transfer it to my credit card that offer 0% APR in 12 months. Would this be a wise decision or not? I will repay it within the 12 months. That way there will be no interest on my part. However, will this affect my tax refunds, such as decreasing my refunds. Last year I had a huge refund, which I think is due to the student loans that I am paying. Thank you for your educated input!-
ANSWER:
I wouldn't. I'm not sure on the taxes but I know this would hurt your credit score. Instead of having a student loan, you would have a credit card that will show a high credit utilization. Using more than 50% of the credit cards limit hurts your score and carrying a balance hurts it more. And if, for any reason, the company decided to cancel the card, you would have to pay it off. Safer to keep it as a student loan.0 Apr Student Credit Cards
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QUESTION:
Credit Card for student. Says 0% APR first 6 months.?
I am going to Japan next summer, and will be needing extra cash.
Im going to bring my credit card with 1k on it for expenses. But I also want another credit card with another at least 1k on it for more expenses and food.I see a lot that say 0% APR for first 6 months (on purchases and transfers etc)
Is that interest? does that mean that if I buy something today, it wont charge me interest until 6 months pass?Does that also mean. that if i get the card today. but i dont make any purchases on it until June 2008(9 months) will the 0% apr still count? does it start from when i get it..or from my first purchase?
in response to first answer.I was originally going to increase my limit. but since im planning on spending 00 in japan. im not sure if the 0% apr first 6 months is better..than just having normal interest.
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ANSWER:
Applying for a student credit card is one of the first steps towards building a credit history. Amidst growing confusion, students find it increasingly difficult to decide on the right type of credit card. Discover, one of the leading credit card issuers in USA, has introduced a new credit card for students. The Discover Open Road Card for Students – as it is called is one of the leading student cards in the market today. Let us take a look at the various aspects of this student credit card.Benefits of the Discover Open Road Card for Students
Starting off with the benefits, the Discover Open Road Card for Students offers a 0% Interest on Purchases 6 months and is a good card to start building your credit history. The Discover Open Road Card for Students is a cashback reward card and promises a 5% cashback on gas and everyday auto maintenance purchases and upto 1% cashback on all other purchases. If you want to redeem your cashback as gift cards or e-certificates from Discover’s 80 cashback bonus partners, you can increase or even double the value of your cashback bonus. That means a cashback is converted into gift cards or e-certificates. Wow!
The other perks that come with the Discover Open Road Card for Students are a [FAQ-ANSWER] fraud liability guarantee, easiest online account management options to manage your account from anywhere and no annual fee whatsoever. Read more from: http://www.credit-card-gallery.com/Discover.html
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QUESTION:
A student credit card with at least 0 limit and 0 intro apr and no annual fee? 5 STARS!?
Does this card exist? i have no credit history and im looking to start building it up. Id like a 500 limit so i can buy a ps3 with it next month. thank you.-
ANSWER:
Save up for the PS3 because you will not get a credit card, nor do you need one to buy a game system UNLESS you will pay it off in full when you get the bill but I digress, you can not get a credit card.
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QUESTION:
Question about Credit Cards and APR?
Okay, so I am looking at getting a student credit card to help build my credit up. I just have a few questions about them. First off, does interest accumulate if you pay something off on the first month? For example, if I were to buy gas with it, could I pay off my gas purchase and not pay interest on it? Secondly, I am looking to purchase a Macbook Pro, roughly around a 00 purchase. The offer is 0% APR for 6 months. To build credit would it be better to pay it off all at once, or over that 6 month period?-
ANSWER:
If you pay your credit card balance in full every month, you don't pay interest on purchases. That's the interest free grace period between purchase date and statement due date.Carrying balances and stringing out payments on credit cards doesn't do anything special for your credit/score. It normally just costs interest, but with a special 0% offer, you may as well make payments. But be sure to pay it off completely a month before the 6th month.
You build good payment history with credit cards by making at least the minimum payment on time. Paying balances in full, avoids interest.
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QUESTION:
how does APR work on credit cards?
if i get this
5% Cashback Bonus® in categories like travel, home improvement stores, department stores, gas, restaurants, pet stores and many more
Up to 1% unlimited Cashback Bonus® on all other purchases
5% to 20% Cashback Bonus® through our exclusive online shopping siteIntro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
0% on Purchases* 6 months* 14.99%* None* N/A* No Credit History*what does that mean 14.99 apr.. and 0% on purchases 6 months..
it s a student credit card.
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ANSWER:
0% means no interest or finance charges during the first six months if you use the car only for purchases (no cash advances or balance transfers).14.99% APR means 1.25% per month. In other words, for each that you owe on the card, you will be charged an additional per month.
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QUESTION:
Why is the APR on my credit card so high?
I just noticed today that it's 29.24%!!! I am a college student (this is not a student credit card, just regular). It had 0% APR the first year, but nowhere did I read before I joined that it would be almost 30%. I was never late with a payment (automatic monthly payments).Why would the APR be so high? I have never seen this before.
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ANSWER:
Many cards have interest rates that high and they all say so before you get them.The reason that you have a card with that rate is that you voluntarily decided to apply for that card. You could have applied for a different card, but you decided to apply for this one.
The reason that you got a card with that rate without reading it that before you joined is that you voluntarily decided not to read everything before you joined. You could have read everything, but you decided not to read everything.
One reason that some cards (not all, but many) have interest rates this high is that the credit card companies know that not everyone reads everything before they join. If everyone read everything before joining, and refused to join if the rate was too high, then the credit card companies would make the rates lower.
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QUESTION:
Will defaulting on a private student loan cause my credit card apr rate to change to the default rate?
I remember reading about credit card companies raising the APR rate on customers to as high as 30 percent (the default rate) even if you are on time with them but have defaulted with another credit card or loan. Would that apply in this situation? Would it make a difference if the credit card APR was fixed or variable?I would like to transfer a credit card balance to another credit card company because of an 0 percent introductory APR rate, but the new credit card company rate is variable, where as my current company contains a fixed rate.
More specifically, I'm inquiring about US and Connecticut laws regarding this matter. The student loan lender is a bank located in SD, if that makes a difference.
Thanks!
Thank you for the quick responses. I would like to leave positive ratings but yahoo says I don't have enough points. Hopefully the community will take care of it for you.-
ANSWER:
There are laws that cover this under the recently passed Credit Card Holders Bill of Rights. The new law will go into affect in Feb 2010. Some of the new rules go into affect 90 days after the bill was signed by the President.BUT, prior to this bill being signed many banks changed the rate from fixed to variable. It was listed in the fine print in a notice sent along with your statement.
You can tell if your rate is variable as there will be the following (v) before the APR on your statement.
Rate increases: A cardholder’s annual percentage rate generally cannot be increased unless a written warning is provided 45 days in advance. No rate increase can take place until the account has been open a year. These provisions take effect 90 days after the bill is signed into law.
Hope this helps answer your question
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QUESTION:
Student Credit Cards?!?!?!?
What does it mean by 0% Intro APR* on Purchases for 6 Months?!?!? I'm thinking of getting a student credit card since I'm a student, A senior in high school, and I'll be leaving for college this coming fall, and I need a credit card, so I'm going to get one, but I don't understand the whole "APR" thing. What does it stand for? What's it's purpose?!?!?!-
ANSWER:
APR stands for annual percentage rate. It is the percentage of interest the credit card company charges you on the balance. A 0% APR for six months means for the first six months you have the card you will not be charged interest. However, interest will be charged on any outstanding balance after the first six months.When comparing cards you should look at what the APR is following the introductory offer. Also it is never a good idea to carry a balance on a credit card. In other words pay off the balance each month if possible.
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QUESTION:
What should the average APR be for college students getting their first credit card?
I am interested in getting a credit card since I am living on my own and I can't really rely on anyone for financial help. I have rent and internet and energy bills to pay every month and duing midterms and finals especially it is extremely hard to balance school and work. When I do work for at least 20 hours a week however, I make fairly good money and I know I will be able to pay off any credit card bills so I am not worried about that. I just need a convenient way to pay my bills since I'm only a freshman and I don't wanna overwork myself during my first semester of college.I was thinking of getting a Discover Student Credit Card since there is 0% APR for the first six months and I expect I will only need to use it during my finals for next semester since I already paid the rent for November and December and my energy and internet bills only total about . After the first six months, it says that there is a 14.99% variable APR and I called to ask about that but the person on the other end wasn't much help and just repeated what I already read online. Is APR the interest rate and should it even be that high or is that normal for student credit cards? Discover also offers 5% cash back on certain things but I'm pretty sure I won't be getting those benefits since I intend on using the credit card only in emergencies after I use it to pay rent during the winter semester.
I talked to my friends and they advised me not to get a VISA Credit Card like I initially planned since they charge you overdraft fees based on whether or not you have enough money in your checkings account. I don't want any kind of card that is somehow linked to my checkings account.
Any advice or explanation about APR and other things to ask and watch out for would be appreciated. Thanks!
& I live in Michigan by the way, I don't know if that matters or not but I think laws differ state to state usually.-
ANSWER:
Jefferey is right. And those rates are just their to hook you in.. it is that rate + plus another rate to get you yours. My advise is to avoid a credit card like the PLAGUE until you have a full time job and are not a student. Any time ANY student gets a credit card to help them it ALWAYS ends badly. ALWAYS. The time will come when you can get a credit card.... but that time is certainly not now when you aren't working full time.Before you know it you will owe 4 times more than what you intended and after a month or two you will miss a scheduled payment...even by a few hours and your "Variable" interest rate will jump to 30% as a result. Meaning the balance will have an interest on it so high that a minimum payment will only pay down the balance by a few dollars and you'd be paying on it for 20 years before you paid it off. Like I said, this WILL end badly.
You never intend on using it... and everyone has to learn the hard way. I'm just trying to save you the trouble... lol
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QUESTION:
Credit Card Question - APR?
I was just approved for a mtvU student credit card that is 0% APR for the first 6 months and then it says "Thereafter, Prime rate + 7.99%, currently 16.24%." Does this mean my APR after 6 months is 16.24% or 16.24%+7.99%?Thanks!!
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ANSWER:
It would be 16.24% but, possibly higher, depending on prime rate.Read about prime rate here:
http://en.wikipedia.org/wiki/Prime_rate
16.24 is not that great, but if you are going to be using the card to establish credit history and plan on paying it off entirely each month (or leaving a very small balance), then it will do the trick!
Once you have good credit history, get a better card!!!
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QUESTION:
is it smart to pay off student loans with a credit card?
lets assume i can find a way to have my credit card pay for my direct loans. credit card is 0% apr for 12 months and loans is 3.5% fixed. Assuming i can pay off everything in 12 months, should i do it? does it look bad on my credit report since students loans are "legit" while credit cards are "debt"?-
ANSWER:
That is one of the worst things you can do. Student loan rates are very low compared with consumer credit rates. Even if you have an introductory rate of 0%, the rate will go up and at that point, you have no way to convert that debt back to student loan debt. Also, student loans don't affect your credit score the way that credit card debt does. Don't do it.
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QUESTION:
Credit Card vs Private Student Loan?
Recently, I found out that I needed to come up with about ,500 each quarter (every 3 months) to attend grad school. Since my school does not participate in Federal student loans, I had to search for available private loans. The thing is I realized these private loans have an already set up repayment plan that would make me pay about ,000 for borrowing only ,000 (,000 in interest). The best one I saw was about ,000 (2x the amount borrowed) – way too much in interest.I was thinking about paying the ,500 using either my 0% or 8.9% APR credit card, and start paying more than the minimum payment due (say about 0) per month. I calculated that I will pay less in interest that way, probably only ,000.
What do you think? Is it always better to go with a student loan?
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ANSWER:
I think you have the right idea.One of the best things I ever started doing was transferring balances between credit cards. When I started doing that, the cards that I had just "paid off" lowered my interest rates and gave me excellent balance transfer offers to get my business back.
Within the last 6 months, I consolodated my debt with a credit card at 1.9% interest until the balance was paid off + a one time fee for the transfer (I was actually going to pay off my car with the same balance transfer as they offered, but I wasn't prepared for an APR that low).
The thing now is that man y credit cards charge you a fee to transfer the balance. You have to calculate the cost out to figure out if it is worth taking the 6 month 0% balance with a 0 transfer fee or if you are better off keeping it on your current card at 8.9%.
Open up a credit card or two if you need a few more to transfer between. If you pick up a copy of Kiplinger's personal finance, every month they have a list of companies with the best promotional credit card rates as well as a list of cards with the best permanent rates.
The only exception to the credit card plan is if the private loans have deferrments if you go back to school. If so, what you can do is put everything on the private loans. When you graduate, start paying the loans. After about 6 months, go back to school. If you are working someplace with tuition reimbursement, take it. If you have to take up a 2-year degree at a technical college, do it. During the deferrment, keep up your payments. Your payments will be interest free so to speak. Everything you pay will go toward the principle.
Good Luck. I wish you the best in your studies.
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QUESTION:
What's a good 1st credit card for a college student?
Something for a college student with no credit (first credit card). Something with a relatively low APR, and 0% APR for the first 12 months. Cash rewards are fine. Wouldn't really use flight/travel points. Prize awards are ok too. Just want something with the lowest possible APR. It would be really good if you could speak from experience, or could offer a few options.
Thanks for the info. Can anyone suggest a specific credit card, or tell me what a "good" APR is?-
ANSWER:
The top 3 student credit cards are:
Capital One® No Hassle Cash RewardSM for Students
Bank of America® Student Platinum Plus® Visa® Credit Card
Discover® Student Card - Clearhttp://bestcreditcardratings.com/student-credit-cards/
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