Credit Guide

One of the more frustrating things of being a student is not having an income to qualify for a credit card. Especially at those times when you are traveling or shopping, you have no choice but to bring a wad of cash around. What's more, without a credit card, you can't enjoy the reward programs and claim for household items, shopping vouchers or even airline miles.

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Credit card companies have realized the convenience of credit cards to students and therefore have come up with Student Credit Cards. Of course, without an income or a credit history, applicants of these credit cards have to rely on their parent's consent in order to qualify for a credit limit. As having and using a student credit card requires a certain level or responsibility, it is best that you evaluate the following facts on student credit cards before you apply for one.

"Three out of five students with credit cards in our survey had already maxed them out during their freshmen year and, three out of five freshmen with multiple credit cards were already using bank cards to pay for other revolving credit accounts. Furthermore, fourths of students use their student loans to pay for their credit cards. Not incidentally, recent studies indicate that this indiscriminate marketing to college students has led to high incidences of fraud and identity theft among this young adult population, " Manning testified.²⁹⁷

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Many students and parents aim to utilize student credit cards to build a credit profile, but lack the foresight to see that this is actually a double-edged sword. Inexperienced with managing their finances, clouded by 0% APR and enticing reward programs, many students have fallen into the debt trap through their student credit cards. This leads to heavy debt and financial difficulties well before they even graduate.

Applying for Credit Applying for credit used to mean asking your neighborhood banker for a loan. Now, with national credit cards and computerized applications, the day of personal evaluations may be over. Instead, computer evaluations look at, among other things, your income, payment history, credit card accounts, and any outstanding balances. Paying in cash and in full may be sound financial advice, but they won't give you a payment history that helps you get credit.

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Read the fine print

Bank of America offers different enrollment promotions for the various Alaska Airlines Credit Card products they offer. It is important that you read the details of the promotion you are applying for, and enroll for the specific credit card the promotion advertises. If you apply for, but are not approved for, a specific card product then Bank of America may consider you for a different credit card which may offer a lower amount of bonus miles than the credit card you originally applied for.

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If there's one thing common on student naivety, it is their failure to read the fine print on the terms and conditions of getting a credit card. This leads to ignorance of the introductory period for the 0% APR and the high interest rates thereafter. As it is so easy to get these credit cards and convenient to spend with them, many students fall into heavy debt once the 0% APR period is over.

Bank of America offers different enrollment promotions for the various Alaska Airlines Credit Card products they offer. It is important that you read the details of the promotion you are applying for, and enroll for the specific credit card the promotion advertises. If you apply for, but are not approved for, a specific card product then Bank of America may consider you for a different credit card which my offer a lower amount of bonus miles than the credit card you originally applied for.

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How to choose a credit card

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Credit card companies are getting more aggressive in their marketing initiatives that students often have a tough time making up their minds on the card of their choice. One of the best ways to evaluate a card is to obtain peer recommendations on their experience in using the cards.

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Learn to manage your finances

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Student credit cards provide students with an opportunity to manage their finances well before they graduate. They will need to ensure that they pay their outstanding balances on time, as well as to keep track of their allowances and expenditure.

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It is a known fact that without a credit history, college graduates will have to make do with the inconvenience of not having a credit card when they are employed. Thus, in order to make things easier for the future, you need to ensure that credit card debt is well-managed to build a good credit record for easier approval on your future loan applications.

Bad Credit Mortgage Alan Bernstein recommends Find Credit Cards to apply for a student credit card today.

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