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Credit Card Blog - Student Credit

 Thursday, 24 January 2008

Chase +1 Student MasterCard

  • 0% APR on balance transfers & purchases for six months
  • 17.74% regular APR, variable
  • Earn points by using Facebook
  • Share points with friends or donate to causes

Are you a student? Would you like to earn rewards for using your credit card? If so, the Chase +1 Student MasterCard is the card for you. In this post, we’ll give you the basics of the Chase +1 Student MasterCard and explain what makes it stand out among the competition.

About the Rewards Program

The rewards program is the biggest selling point for the Chase +1 Student MasterCard. Through this program, you will earn one “karma”, or reward, point for each dollar you spend on eligible purchases. Cardholders can redeem rewards points for exclusive member benefits, such as movies, music, Ticketmaster gift cards, spring break discounts, and VIP movie screening tickets. You will also earn additional rewards points on Facebook. In addition, you have the option of sharing your points with friends or donating them to support causes.

Other Card Information

Other benefits of the Chase +1 Student MasterCard include an extended warranty plan, purchase protection, and emergency cash and card replacement. You have access to the rewards program and these additional benefits for no annual fee. Cardholders will also enjoy a competitive 0% APR on balance transfers and purchases for the first six months. After this offer expires, the card comes with a 17.74% variable APR. Because this APR is above average, the Chase +1 Student MasterCard is best suited for those who do not carry a revolving balance. Thus, for students with good credit who plan on taking advantage of the rewards program, the Chase +1 Student MasterCard is an excellent choice.

Additional Resources:

Thursday, 24 January 2008 15:52:32 (GMT Standard Time, UTC+00:00)  #     
Chase | Mastercard | Student Credit  | 
 Wednesday, 03 October 2007

Bank of America Student Platinum Plus Visa Card

Click Here to Apply for this Credit Card

If you are in school and would like the opportunity to begin building credit toward your financial future, the Bank of America Student Visa Platinum Plus credit card is just the tool you need to do it. This card is for students with very good credit who are looking for a good credit card with which to start out. In this post, we’ll give you some basic information about the card and why it’s right for you.

At a Glance: Bank of America Student Visa Platinum Plus Credit Card

  • No co-signer required
  • No annual fee
  • Balance transfer/cash advance fee of 3% of each transaction
  • Variable purchase APR of 19.24%
  • Build good credit history
  • Perfect for students at a college or university
  • Platinum prestige

About the Card

The Bank of America Student Visa Platinum Plus Credit Card is for people over 18 years old who attend an accredited 2- or 4-year university at least part-time. For no annual fee, you can enjoy the prestige of carrying a platinum card and the chance to build your credit history. This card is meant for those with very good credit. No co-signer is required to qualify. The APR on purchases is 19.24%, which means this card is best-suited for people who plan to pay off their balances in full each month. The balance transfer APR is also 19.24%. For cash advances, you will pay an APR of 24.24%. The transaction fee for balance transfers and cash advances is 3% of each transaction.

Platinum Benefits

Because the Bank of America Student Visa Platinum Plus card is platinum card, you will enjoy the platinum-level benefits that accompany this status. You will have access to online banking services, which means you can check you balance and pay your bills conveniently from your computer. You will also enjoy Total Security Protection, which includes zero liability on unauthorized purchases as long as they are reported right away. Some of the other benefits you will receive include travel and emergency assistance, automatic auto rental insurance, purchase guard and replacement, additional cards for no extra charge, and cash advance checks for no additional charge.

Click Here to Apply for this Credit Card

Additional Resources:

Wednesday, 03 October 2007 20:52:27 (GMT Daylight Time, UTC+01:00)  #     
Bank of America | Student Credit  | 
 Friday, 06 April 2007

Today we will be discussing which credit cards you can get if you have just recently turned 18 years of age.

When an individual turns 18 it is often difficult to get a typical unsecured credit card because a long-standing credit history is lacking (in most cases). However, there are a few routes you can take in order to get the credit card you need – you just need to consider where you are financially and where you’d like to be within the next 2-4 years.

Step One: Evaluate Your Current Conditions

Now that you’re legal you have the opportunity to take out a credit card in your own name, but since the world of credit is probably new to you choosing just one card from hundreds of options can be overwhelming. The first question to ask yourself is whether or not you’re going to be in school – if you are, then there are student credit cards available to you with some decent promotional rates and custom rewards programs:

Citi mtvU Platinum Select Visa Card
This credit card is for students who are looking to get a credit card for the first time. The benefits of having this Citi Platinum Visa Card is that it allows the individual to build credit as well as gives them reward points. The rewards are granted from spending money at specific businesses like move rentals, restaurants, book stores, etc. and are redeemed different depending on the student's GPA. This not only is an incentive to build your credit score, but also to get good grades while you are in school.

(For additional credit cards made especially for students, see our student credit card section.)

If you aren’t going to college or pursuing a higher education, don’t fret… you still have options! You may want to consider:

Total Visa Credit Card
This credit card is normally issued to individuals who have poor credit, or limited credit. In your case, for not having any credit at all it is the most likely to approve you.

New Millennium Bank Black Diamond Visa/MasterCard
This credit card is for individual who are having difficulty in obtaining a standard unsecured credit card (this credit card is by far the most popular for people who are looking to establish credit history.)

All Access Prepaid Visa Credit Card
This credit card is very easy to get approved for because it is a prepaid credit card that you must reload. If you do not reload this card with cash, then the you cannot spend money at all. It is a great way for someone to build credit without the risk of destroying it, especially since your spending is reported to the various credit bureaus.

(For additional credit cards for bad credit or people with no credit history, visit our bad credit credit card / no credit credit card section or our prepaid credit card section.)

If you apply for a student credit card and you’re not in school there may be consequences, so it’s best to build your credit with cards that are designed to help establish and build credit history.

Step Two: Establish Healthy Borrowing & Repayment Habits

Student credit card or otherwise, it is important as a new consumer of credit to establish healthy spending and repayment habits with your new credit card. Not only will these first few months of borrowing weigh very heavily on your credit report, but you will likely be paying much higher interest than most “regular” credit card customers with established history. Why? Because you don’t have credit history, credit companies try to prepare for the worst by giving you a higher interest rate; these rates often indicate higher-risk clients since about 70% of first-time cardholders max out their credit cards within the first six months. Even worse, of that 70%, and additional 53% go on to default on that debt within a two-year period, so it’s easy to see why they would hedge their bets with a higher interest rate.

Step Three: Mark Your Calendar

If you can successfully maintain good credit habits, you should generally try to apply for a new credit card of the regular variety within 8 - 12 months of your first credit card. At this point you will have established a solid history and will finally be eligible for higher limits, lower interest rates, and better reward programs. While most low interest credit cards might still be off the table (most require 3-5 years of near flawless credit history) that doesn’t mean you still can’t get a good deal. Try looking for credit cards from major issuers such as Citibank, Chase, or Bank of America that require “good to excellent” credit – though you may not have excellent credit just yet, you’re well on your way to getting there.

Additional Resources:

Margo Keith
Team Your Credit Network

Friday, 06 April 2007 23:22:05 (GMT Daylight Time, UTC+01:00)  #     
Credit | Student Credit  | 
 Wednesday, 14 March 2007

It can not be stressed enough how important having good credit is, it is the ultimate determining factor on how much interest you are going to have to pay when taking out a loan. Having a high credit score means less in interest therefore you save and for a low credit score vise versa. If you can increase your credit score by 100 points, you can pay less interest, pay more principle and get out of debt more quickly. In this country having a good credit score can make or break you.

Student Loans: A Good or Bad Thing?

Everyone knows that student loans can be very helpful while in school and your financial needs are high. Taking out those students loans have a huge impact on your credit scores. That small payment plans that they set up can seem like a helpful way to pay off the loans without having to sacrifice too much when you start paying back the money. If fact those small monthly payments could be hurting your financial wellbeing through increased interest payments on all your other bills.

When you have any type of loan, it shows the maximum credit, the outstanding balance and your payment history. The credit score takes into consideration the total amount of outstanding balances. The more you owe, the lower the score. Student loans almost always report to your credit report with inflated amounts. So, for your credit score, when you owe only $10,000 in student loans, it computes your score as if you owed $30,000! This can have a huge impact on the amount of interest you pay on the next loan you try to take out.

These student loans, in most cases are very needed towards schooling, are hard to turn down when they are willing to give a loan out to students that might not have much credit to start with. The thing that students taking out loans should remember is to always know what is going on with there credit scores and to always make the payments on time and if they can try to throw more money that way the loan will be paid off faster.

Looking Down the Road

For the future we all want to have the highest credit scores we can because it is only going help us save money and it will be less of a hassle getting money when we need it. Student loans are a form of a loan designed to help out students while they are in school. Most student loans do not have to be paid back until one graduates from the school they are attending, so it is important to know what is happening with the money.

If one is able to stay on top of they finances and pay off these loans then that will have a huge impact on your score. You may see a huge rise in your credit score just because of the fact you were able to stick with the loan and pay off what you borrowed plus the interest.

Student Loan Tips

There is much advice that can be given on the subject of student loans, some good some bad. It is important to your financial health to know what is going on with your credit score and what needs to be done to ensure that your credit score does not get ruined.

Here are a few great pointers to keep in mind:

  • Pay your student loan bills!
  • If you can pay the interest on the loan while in school, then pay more towards the principle once done with school.
  • Consolidate your student loans to improve you score.
  • Always understand what you owe and your credit score.

Although some of these tips might seem like common sense they are very important and can have a major impact on your credit score if you neglect paying attention to them.

Additional Resources:

Phillip Sunders
Team Your Credit Network

Wednesday, 14 March 2007 22:08:57 (GMT Standard Time, UTC+00:00)  #     
Credit | Student Credit  | 
 Tuesday, 20 February 2007

Your Credit Network is proud to announce the addition of the Student Monogram Credit Card issued by Discover – the latest in our line of student credit cards. This blog entry will cover the basics of this credit card, as well as some comparisons to other credit cards in the student category.

Credit Card Basics

As with most credit cards issued by Discover, the fees and rates are very straightforward:

Introductory Rate: 0% APR on all purchases for six months (this does not include balance transfers)

Regular APR: 16.99%, computed on a two cycles average daily balance method

Annual Fee: This card carries no annual fee.

Additional Fees/Costs: This credit card has no additional fees or costs.

Rewards Program: This is a student credit card with cash back rewards.

Student Credit Card with Cash Back Rewards

One of the most attractive features of this credit card is its cash back rewards program, which offers a variety of tiers for students to receive cash back rewards. Unlike most student credit cards which average 2%, the maximum possible rebate that can be earned while using the Discover Student Monogram Credit Card is 5%; in order to get this rate you must make your purchase at participating vendors, but Discover makes this easy by providing you a list based off of your geographic region.

Tip: After getting your first credit card statement or welcome package, visit the website address provided and map out participating stores so you can earn back the maximum amount of cash rebates!

For all other purchases you will earn a maximum of 1% cash back regardless of where you shop, though it is important to note that you must spend at least $3,000 per year to get this rate (the average student spends about $3,800 per year according to the Senate Banking Committee’s Report on College Student Credit Card Usage); if you fall short of that rate you will still get cash rebates, but on a slightly reduced scale (see the full credit card review for more details).

The cash back bonuses are paid out via cash vouchers (or coupons) on a per-month basis, though you do have the opportunity to double your bonuses if you spend them with select retailers. This means you have the potential to get up to 10% cash back just by using the Discover Student Monogram Credit Card – an offer that is not available through other credit cards in the student credit card category. The vouchers never expire and there is no limit to how much you can earn during a 1-year period, so the sky’s the limit with the Student Monogram Credit Card’s cash back program!

Discover Student Monogram Credit Card vs. Other Student Credit Cards

The Student Monogram Credit Card’s interest rate is actually lower than the average interest rates of similar credit cards in the student credit card category. All other student credit products from Discover do offer the same interest rate and reward program, so if you’re interested in a Discover student credit card then the only real difference is how the card looks (i.e. pictures of wildlife, beaches, monogram, etc.)

The Discover Student Monogram Card is the only student credit card that allows you to customize how the card looks with your initials. When you sign up for the card you may pick from one of three designs and either a first/last initial (mine would be KC) or just a first initial (mine would be K) on the background of the credit card. This is the most distinct feature of this card and is one of the reasons it is incredibly popular!

Additional Resources:

Kimberly Carte
Your Credit Network

Tuesday, 20 February 2007 18:37:42 (GMT Standard Time, UTC+00:00)  #     
Student Credit | Discover  | 
 Tuesday, 13 February 2007

Your Credit Network is proud to announce the addition of the Citibank Bronze AAdvantage Credit Card for College Students to our ever-growing portfolio of student credit cards. This blog entry will explore the various components of this credit card as well as compare/contrast this card’s features to those of the other student cards.

Bronze AA Advantage Student Credit Card – The Basics

This credit card is intended for students with an average credit score, which explains the 18.24% APR that is standard on all purchases. While this may seem a little high, it is actually comparable to other student credit cards offered in our network; other credit cards require a co-signer (usually a parent) or a few years of excellent credit history to qualify for a reduced APR. Students who are applying for a credit card should expect to pay as much of their balance at the end of the month as is possible, which makes the annual percentage rate a moot point if the balance is paid in full every month. Students who are expecting to carry large balances at the end of their billing cycle would be well-advised to apply for a different student credit card.

This card does not have an annual fee, so if you can pay all of or most of your balance monthly then this is the perfect credit card for you.

Frequent Flyer Miles for Students

The Citi Bronze/AAdvantage Card for College Students is the only credit card to offer a comprehensive airline reward program that caters to the student lifestyle. While the miles earned are best suited for the American Airlines frequent flyer program, they can be exchanged and redeemed for other airline tickets for a marginal fee. You can earn up to 25,000 miles in a one year period, but the miles you earn will never expire provided that you use your student credit card at least once every three years. You will earn one mile for every two dollars spent, no matter where you make the charge (other credit cards require that you make the purchase with preferred vendors in order to earn points.)

Student Balance Transfer Program

One of the more unique points of this program is the 0% balance transfer option for six months. This is ideal for students who are currently carrying balances on higher APR cards and would like to consolidate these balances onto one credit card. The Citi Broze AA Advantage Student Credit Card is one of the only credit cards to offer this to college students!

Additional Resources:

Kimberly Carte
Team Your Credit Network

Tuesday, 13 February 2007 17:51:14 (GMT Standard Time, UTC+00:00)  #     
New Card Announcements | Student Credit  | 
 Thursday, 30 November 2006

If you’re a student and you’ve yet to get a credit card, there are some important things you should know before you take on the responsibility of an unsecured line of credit. Establishing good credit is arguably one of if not the most important decisions you can make during your young adulthood; everything you do with your new credit card for the next year will determine how creditors in the future will extend you credit offers. This is why it’s important to develop smart spending habits so you become used to handling credit as well as maintaining a consistently positive credit score.

Where Does Good Credit Come From?

Good credit is a direct result of your spending habits. These habits are formed during the early stages of credit use, which is why a student credit card can be either a blessing or a curse. There are three easy things you can do to make sure you stay on top of your credit score:

  • Only charge recurring/planned expenses
  • Make sure your statements go to an address where you can depend on getting mail
  • Only carry balances you can pay off at the end of the month

Credit card companies deliberately give students offers that expire when a payment is missed (low promotional annual percentage rates are the most common) so missing even one can spell disaster to both your credit rating and your interest rate. It’s also a little-known fact that the most common reason for missed payments for students is a misplaced credit card statement, so making sure that your statement goes to a location where you rely on getting your mail is incredibly important. Residence halls and dormitory-style living situations are infamous for losing mail, so having your bills sent to an alternate location (such as a post office box or your parents’ house) is the smart way to ensure that you receive your bills and get them paid on time.

Establishing & Sticking to a Budget

Another way to keep in the good graces of credit is making frequent purchases with your credit card and then paying for those purchases in full at the end of the month. One way to do this is establishing your budget and paying for your expected expenses with your credit card – this way you know you can pay off your balance monthly. If you can keep this up for a number of months (usually six, depending on your credit card issuer) you will be eligible for credit limit increases or even rate reductions.

Carrying Balances on a Student Credit Card

As soon as your rate is lowered and you’ve become used to making frequent payments, you can consider carrying balances on your student credit card from moth to month. Carrying a balance would likely mean you’ve paid for an unexpected expense (such as a hospital visit or course fee) or an expected expense (such as a vacation or a new computer) and you’re using your line of credit to finance this expense over a longer period of time. Because student credit cards usually have higher interest rates, it will be important for you to get expenses that span longer than one month paid as soon as possible; otherwise, you’re just lining the credit card issuer’s pocket with money that you could be keeping for yourself.

Credit Utilization Percentage

If you frequently carry a balance or you frequently utilize the majority of your credit line (usually 80%+ of your total available credit) your credit score will decrease. The logic here is you continue to carry debt without paying it down, which is a red flag to potential creditors that you may not be able to handle additional credit lines or increases. If you have a credit line of $500 for example, try to make sure you keep your balance below $400 ($500 x 80%) and that you are constantly seeing a decrease in your balance month to month. This will keep your credit score consistently high as well as keep you eligible for reduced interest rates and other student credit card rewards.

View our selection of credit cards for students.

Additional student credit related resources:


Thursday, 30 November 2006 17:45:37 (GMT Standard Time, UTC+00:00)  #     
Student Credit  | 
Credit card information posted on this page is subject to change without notice and may not reflect current pricing, fee or rate information as dictated by the issuing bank of the credit card offer(s) featured. In order to ensure that you are viewing the most current information available, please see the full credit card review of any card listed on this page before making the decision to apply for that card. For additional information about this or any other posting made on the Your Credit Network Credit Card Blog, please contact us by clicking here.