Home » Finance

Learning the Credit Card Terms for the First Time

Jul 15, 2008
An excellent way to establish good credit history for college students, even before they step out from college is through student credit card. Students can pay for their own expenses using student credit cards. These credit cards similar to normal cards also come with a credit limit.

Therefore, students can make purchase using such cards within the line of credit limit. Later, credit companies send them credit bills, which they need to pay on time.

Thus, money management for students has become the most imperative and sensitive subject, and one way of managing money is through credit cards for student.

Benefits in Detail:

Annual fee:

Credit card companies charge annual fee to the individuals to keep the card active. Annual fee varies from card to card. However, most cards for students do not have any annual fees. Some standard credit cards for student have certain annual fee of $130.

APR (Annual Revenue Rate):

APR is the annual revenue rate, which consumers need to pay on accruing credit card debt. It means, if consumers fail to repay the dues to card companies, they charge certain fee along with the repayment amount.

However, with credit cards for the student you do not have to bother about APR as these cards come with 0% APR as introductory offer. After six months, companies will charge you with 16.24% of APR, which is very less as compared to normal credit cards.

Balance transfer:

Balance transfer is the fee charged by credit companies charge to credit cardholders, who wish to transfer money from one credit card to other. However, if you obtain this type of card, companies may charge you from 0% to $50, depending on the amount you are transferring.

Most companies providing these types of credit cards do not charge transfer fees for people who wish to consolidate more than one card.

Online Access:

Companies that offer student credit cards offer you with free online access. It helps you to check your account 24 x 7. Thus, you can easily pay your bills online, get updated information and with easy money transaction facilities.

Transaction fee:

Whenever you make any purchase using this credit card, you do not have to pay any transaction fee, whereas normal cards charge anything from 1% to 5%.

Income requirement:

You do not have to provide income credentials to obtain such type of card. However, the only norm is the proof of your minimum annual household income to ensure that you have sufficient money to make the payment.

Now, since you know the benefits of student credit card, you can obtain great deals, if you posses such type of credit card. Card companies comprehend your monetary situations and you may even get fee waivers, which normal credit cardholders usually do not get.

Experts say that in upcoming years, companies may not give such benefits. So, make the most of it now because with less interest rate and nil fees, you can easily pay back the dues on time. It will eventually increase your credit record.
About the Author
Find student cards and more of Tom's work at FINDcollegecards.
Rating:
Please Rate:
(Average: Not rated)
Views: 124
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources