Student Credit Card Application
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Student Credit Card Application
Author: Samantha Wilson
Student credit cards are especially created for college students who are trying to obtain credit for the first time. If you are a student, why should you apply for a student credit card? Primarily, student credit cards are tools for building personal credit history. But why should you establish your credit history while youâre still a student?
Why Students Must Establish Credit History
An individualâs credit report measures an individualâs credit worthiness. After you graduate from college, having a solid credit history to back you up will certainly work to your advantage. Potential employers and even prospective tenants would surely be more impressed if your credit report shows how you have been responsible in handling your accounts and dealings with your creditors. Obviously, it would be a lot easier to get hired for the job you want or get accepted for the apartment you want if you have a credit history.
Student Credit Card Application
Even credit card companies base their approval on a personâs credit history. Credit cards that offer the best deals usually require good to excellent credit from their applicants. On the other hand, student credit cards are especially offered to students who have not yet established their personal credit history. In fact, this is the only time that you can get approved for a non-secured credit card even if you have no credit history yet.
Put Your Student Credit Card to Good Use
Some parents may be skeptical about letting students use credit cards. True, the wrong use of credit cards can also cause trouble and may get a student stuck in bad debt. As a student, you must realize that owning a credit card comes with responsibilities and consequences.
Student Credit Card Application
If youâre a student credit card holder, how you put your credit card to good use is up to you. For instance, make sure that you only use your card for very important expenses that you need for your studies. To avoid overspending, never charge your personal luxuries on your student credit card. Make it a point to pay off your monthly balance in full to avoid incurring interest rate charges and late penalty fees. It will also save you from the risk of debt build-up.
Having a student credit card can also be a good training for a student on managing his personal finances. Choose a credit card for student that provides an online account access so you can closely monitor your account from your laptop or computer. Thus, even if youâre busy with school work, you can still check your account without disrupting your schedule.
Furthermore, find a student credit card that will report all your payments to the major credit bureaus as this is the only way you can build up an early credit history. Donât forget that timely payment and the wise use of your credit card are the keys to maintaining an impressive credit history. As you stay consistent with your credit card payments, you can be assured that you will build an impressive credit history for your future endeavors.
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What does this mean on my student credit card application?
CASH ADVANCE TRANSACTION FEE: 3% for each cash advance, with a minimum of $5 and no maximum; effective January 1, 2010, 5% for each cash advance, with a minimum of $10 and no maximum.
For a credit card.
Oooohh. I don’t think i’d ever be doing that. I just want to have it so I can establish credit. All my money goes into my checking and I will pay off the credit card.
student credit card application response?
im a college student, i dont have any credit history, i just applied a citi mtvu credit card which is designed for collge student, but when i submit the application, it says application received, and ask me to wait for 7 days for the decision, this is my first time applying credit card, is it normal?
Cash advances and transfers are treated differently than purchases charged to the credit card. If you transfer some other debt onto the credit card, you will be charged an additional fee. Likewise, if you take a cash advance there’s a fee.
Usually the interest rates are higher for cash advances and sometimes for transfers. Interest accrues immediately. There is no interest free grace period. A cash advance from a credit card should only be done in extreme dire emergencies.
DO
NOT
GET
A
CREDIT
CARD
Here is the game:
You are the young and vulnerable.
They are hunting you.
You’ll get a free t-shirt for signing up, sure.
You are signing your future time away.
Go to college without one. College is not a financially producing time. Again, credit is not for college. Find your place in the world first, before you imprison yourself in their web.
student Credit card application ask for a utility bill, why??
I just turned 18, and citicards is asking for me to send student ID, copy of payed bill, and a utility bill with my name on it. But i just turned 18 and have none of the bills in my name (gas, water, phone)
what can I do?
but since I dont, what do I do? its a student card, shouldnt it be reasonablly known that i wouldnt be paying bills?
What does it mean when my credit card application was declined due to “Collection”?
It would be my first credit card application. I asked some friends from work (where I have worked for two years- Best Buy) and they said to apply for a Discover Student Credit Card. I was declined for what they call, “COLLECTION” Does anyone know what this means?
If you have never borrowed money or had an unpaid bill sent to a collection agency then call Discover customer service and tell them that this is your first application and they must have gotten the credit report of someone with similar name.
WHy is it taking 30 days to get a response from an online credit card application?
I applied online yesteray for my first credit card and they said I would get a response within 30 days. Why does it take so long? Is it because I have no credit and it was a student credit card? Also, I said I had both savings and a checking account but right now I only have a savings but will be getting a checking account on Saturday. Is it ok that I said I had both a checkings and a saving? Will it make them reject my application? Are they eager to give a credit card to someone like me, a young person likely to give them money for interest? I am just anxious about the whole thing. I am going to be responsible with it because I am careful with all my money.
also I didn’t know what they meant by residence when they asked rent or own? do they seriously expect me to pay for rent at this age? So I selected “Other” and put zero paid month;y for my residence because that is what I pay, I mean I help my mom out sometimes but thats it.
lol iceman, I said I made 6K a year because that is what I made in 2005
well it was labled a student credit card….being wary should be expected of them if they think this.
yeah it was CHASE
what is the purpose of advertising student credit cards then?? they are designed for people like me who have no creidt. thanks for not answering my question.
the only thing more dangerous than someone with bad credit is someone with no credit. they are wary of you since you have no established credit, your a student blah blah blah. it takes them awhile to verify your status, residence, job (if you have one), and your account status. if you had established credit then it wouldn;t necessarily take this long to approve or deny your application. if you do get this one and are financilly responsible; when you apply for other cards in the future, the response time will be a lot quicker. basically, once they can pin you down, see you can make payments, you’ll get it.
I wouldn’t sweat it yet. But do check the terms on the credit card for all those hidden surprises. I just got some offer for a card with a $70 application fee and a $70 annual fee with 20% interest rate. It’s a $30 fine if I’m late on a payment.
Please be careful getting into debt right now. College students are prime target for bait and switch interest rates. They get you in at 5% then bump you up over 27% if you are a day late on a payment. I fell down the rabbit hole and now I will never let myself get more credit I can afford.
The reason it takes so long is because they are marketing to college kids so they have some room full of temps(prob college kids) typing in the info from 100,000 applications. Once they type it in, you will be approved in about 30 seconds.