Student Credit Cards FAQ
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Student credit cards can be a great way to start a student down the path of financial independence and becoming a responsible adult. Many parents of students decide to open up credit card accounts for their children or to add them to their own personal accounts. But, another great option is to help the young adult get his or her own personal student credit card.
Why Should I Get a Student Credit Card?
Since a student credit card is in the young adult's name, it helps to start building credit. The longer a person's credit history, the better his or her credit score. Therefore, the earlier a person can start building that credit history, the better. Conversely, college student with access to his or her parent's account can adversely affect the parent's credit rating if large debts are accumulated. So, not only do credit cards for college students help them build a credit history and learn financial responsibility, it also protects the parents.
Student Credit Cards FAQ
Why do Credit Card Companies Offer Special Student Credit Cards?
Obtaining your first credit card can be difficult, particularly if you want to get a decent APR. Credit card companies realize the value of a college education and assume that a student with limited credit history is more likely to responsible with paying back credit card debt than a person who is not working toward a solid future. In addition, student credit cards are a great investment for credit card companies because many people tend to feel a sense of loyalty toward their first credit card. Therefore, credit card companies are hoping to establish a long term relationship with students by being their first card.
Do Student Credit Cards Have Benefits?
Student Credit Cards FAQ
Besides the inherent benefits of teaching the student responsibility, many do have additional benefits. Some do have rewards programs and cash back programs. Yet others provide discounts in places that are meaningful to students, such as bookstores. Not all credit cards for college students have these benefits, however, so it is important to compare all of the cards closely before deciding which one you want.
What are the Different Kinds of Student Credit Cards?
When it comes to credit cards for college students, you have two main options: secured or unsecured. Secured credit cards for college students are ones that money is paid up front in order to use, which makes these cards more like debit cards. Many college students and their parents prefer this type of card because it is still in the student's name, it is reported to the credit bureaus, and the parents can provide the young adult with a regular "allowance." In addition, there is no chance of building up a terrible debt with a secured credit card because a line of credit is not extended.
Unsecured student credit cards are like traditional credit cards in that a line of credit is extended to the student. These cards offer more freedom because payments do not have to be made up front. They are also convenient for the college student if he or she requires loans to help get through school. On the other hand, these student credit cards need to be monitored closely to ensure the student does not get into a debt that is impossible to overcome.
Are There Any Differences Between Student Credit Cards and Traditional Cards?
Sometimes, a guardian needs to co-sign for a student credit card, which is not the case with traditional credit cards. In addition, student credit cards generally offer a lower credit limit than other cards. Often, these credit limits can be as low as just $500 or $1,00. Student credit cards also can have higher interest rates than traditional credit cards, though not necessarily higher than the APRs on other credit cards geared toward those with a limited credit history.
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Citi Student Credit Cards Help?
Hello, I need help on what you consider the best thing I should do. I have recently applied for a Citi Dividend Platinum Student and got approved. I have already activated it as well, but have not use it yet. I am still waiting for my pin in the mail. However, I have suddenly change my mind and prefer/rather have the mtvu student credit card instead. Since I really do not spend as much therefore this card won’t really reward me. Btw, I am a college student with no history “yet” Should I apply for the mtvu and wait to get approve then cancel the other one? I know it may hurt me in the long run,but how bad?
Is citi bank student credit cards any good.?
I am a citizen who has is currently going to school. I had to open an acount because I just turned 18 and needed to cash a check. I do not working but am going to school. Is there anything I should know about credit cards. Is there fees,monthly fees? what are transaction fees. what do all these % fees mean
There is no card for if you are unemployed and under 21. The fed laws do not allow under 21, not financially independent or without a co-signer to have a credit card.
Apply for the new one, but keep the old one.
Two or 3 cards are best for great credit.
The trick is to pay them in full each and every month.
Carrying a balance does nothing to improve your credit.
Read the fine print. Be careful of annual fees.
Please do not get trapped by paying interest. You will never get out.
Citi Mtvu credit cards–student loan rewards?
Citi Mtvu cards give you a student loan rebate reward. I heard that you can get a check payable to you so you don’t have to give it to the loan company. Is this true?
Does 620 credit score qualify for CITI student credit card?
I guessed my credit score with fico score estimator on the internet and it was about 620.
Can I get citi student credit card?
First you have to be over 21 to get a credit card.
New laws were passed this year.
Second, no way will you get a credit card with that score.
If so, you’ll get one with an annual fee – which is ridiculous to do.
If you are under 21,
Get a parent to co-sign on a card for you.
But remember carrying balances can easily destroy credit.
Pay in full each month for what you buy.
Employers check – don’t mess up your life.
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Which Citi student credit card is the best?
which of the Citi bank student credit cards is the best? which one will i get the highest credit limit with does anyone know?
The four choices are
Citi Forward
Citi Dividend Platinum
Citi Platinum Select
Citi mtvU Platinum Select
Does anyone have one of these cards? What was your starting credit limit?
They go in order
The first one, Citi Forward, will be the easiest to get
Credit limit is based on your salary, credit history, etc
It could be as low as $200 on any type of credit card you get
Note if you are a student, you still must meet federal requirements for getting a card.
Do not be surprised if you get turned down
- One year’s full employment
- Sufficient salary to support a card
- Checking account and savings