student credit cards

student credit cards questions and answers

More information about student grants at Education News.

Q: Have student credit cards been affected by the credit crunch?
I've heard of people with regular cards having their limits slashed for no reason and holding back on lending. I haven't heard much about student cards. Have they been affected at all? Was you limit slashed for no good reason? Have you recently gotten a student card with the click of a button (without even having an income)?

A: I just read that they are only slashing limits and increasing rates if you are at high risk. This is a fact that was on there: For those that are paying their bills in full each month, rates and limits are not being changed. Only those that almost max out or pay late are being hurt. For top credit either pay your bill in full each month. Or make sure you never use more than 30% of your available credit. /

Q: credit cards? which college student credit card should i get?
I recently started college and want to start working on my credit. I recently own a debit card. I also have money so paying off the credit card wont be a problem for me. I am very responsible when it deals with money. I dont know if I should get either American Express, Discover, Visa, or Mastercard. I have to banks which are IBC and Wells Fargo. Please help! ps. i am responsible! with low apr, no annual fees, & etc...

A: Hi I have a Student Discover credit card, and I did not have to pay any interest for the first 6 months. I now have to pay a low interest rate, and if you pay on time, you will get a large cash back bonus.

Q: Should I take out a loan to pay off credit cards and student loans?
The total debt I owe for school and credit cards adds up to about $17,000. Although I know this is far less then average, I am frustrated with paying high interest, esp. with the credit cards. Should I apply for a loan with my bank to pay it off- and if so, what kind of loan should I go for?

A: don't do it for your student loans. if you have a home see if a home equity loan is an option

Q: Student loans, Credit cards, and other debts?
I wanted to get your horror stories regarding debt. I know that studen loans, credit cards, and car payments can put you in a real bad spot. For me, I pay $1,000 for rent, $400 car payment, $400 student loans, $300 for credit cards. Its hard enough to get by especially in California where I live. Anyways, does anybody care to share their debt horror stories?

A: How about a $17,000 gambling debt? All were credit card cash advances (4 cards). I have been paying it off since May 2005 and have a little over $4,000 remaining. My last payment will be next December.

Q: Student credit cards?
ive decided to get rid of capitol one because my family had bad times with it and hear bad stuff about them. so once i drop capitol one, should i get american express blue for students (an no they dont have to pay all at once) or should i get a discover student card. please help and explain credit history so far within one year (19 years old): 6000 car loan almost halfway paid 1800 credit limit credit card sprint bill always paid --------------------- all paid on time and assuming i have great credit looking for a 2nd card for more features, options and report excellent credit to all 3

A: you are too young to be falling in this credit crap....i worked for a card company and trust me dont get a student credit card, they will rip you off. just spend whatever u make. as long as u don't have bad credit....u can get your credit score to 700+ in less then a year.

Q: What is considered "revolving credit"? Are student loans? or just credit cards?
I have student loans, car loans, and credit cards. My FICO score summary states I have a lot more revolving credit than I have on credit cards, so I'm trying to figure out why. Thanks! It says "Total Revolving Balances" and then when I look at their description, it says that it includes "open & closed accounts as well as unsecured loans" ... Why would it include closed accounts?

A: revolving credit is any open ended line of credit such as a credit card,line of credit or home equity line as opposed to a closed end line that has a final pay date such as a car loan or mortgage revolving is a line you can keep adding to

Q: What are some (actual) APRs for student credit cards?
Everywhere I look, APRs are high. I applied for Bank of America, World Points Mastercard with a preferred APR of 15.99%. The preferred APR I recieved was 20.74% for purchases after the promotional period. misleading... What I would like to know, is how normal is this, and what can I do to get a lower APR. Should I find a different card or live with it? Thanks!

A: The APR you get depends on your credit history. When I first applied as a student, American Express started me out at 12% and CitiBank started me out at 16% which they lowered to 13% after I asked them to. The Guide to Credit Cards - http://straightfinances.com/pages/guides/credit_card.html

Q: free student credit cards?
Hi. I am a college student looking for advice on applying for a new credit card. What are the best student credit cards? Are there any free student credit cards that offer decent rewards or cash back?

A: credcards.noneto.com - try this one. It offers several cards which provide such a service.

Q: If I could, what would be best to pay of first: Student Loans or Credit cards?
I owe about $10k in credit cards and about $50k in student loans. I feel I should ditch the credit card debt first since I can claim my studen loan interest on my taxes. What do you think?

A: Get rid of the credit card debt first. It's probably a higher interest rate than the student loans, it's not tax deductible and it could have more of an impact on your credit score. Frankly, I can't think of a single reason why you would want to pay off the student loans first. There's just no advantage to doing it that way.

Q: Does a student credit card count towards your credit score?
I opened a student checking account w/ a student credit card because I do not have a job, and that was the only way I was able to apply a credit card. Does a student credit card count towards my credit score?

A: If it is a true credit card (as opposed to just a "plastic check" or debit card or gift card type of thing) then yes it will .... otherwise no.

Q: Does anyone know how Discover student credit cards are?


A: There is no annual fee required and there is 0% APR on purchases that are made in six months. That is if you are still in college, the above credit cards could apply to you. However, if you are one of those who may have bad credit, fear not. The fact of the matter is that there is still a credit card that could help you get out of your current financial rut (and put you in another one – just kidding). Apply online for a best Dicover student card at: http://www.credit-card-gallery.com/Student_Card.html.

Q: What student/regular credit cards can international students with a social security number be approved for?


A: Just be careful and choose which ones to apply for as each application will "hit" your credit score and lower it. See if you can find what you're looking for in a card before you actually apply for it.

Q: Is it a wise decision to use student loans to pay off credit cards?
I have no undergraduate loans at all and want to pay off my credit cards instead. I hope to pay off the student loans I use to pay off my credit cards before I graduate since I know I won't be taking out any other student loans for school. How is it illegal? Basically, you are awarded student loans so that you can pay for living costs and what not while you are in college. I am lucky enough to NOT have to use any loans to pay for tuition/housing, etc. This would be the FIRST time I would take out a loan and it would be to pay off my credit cards, which isn't even a large amount and something I can pay off before graduating.

A: Yep it is a great idea. You can lock in student loans at about 3% interest. you have to pay it all back in the long run, might as well, take care of the high interest rates now, before they get worse. I did this with my student loans, I am still paying on them, but with an all time low interest rate, small monthly payments, and my credit is great . Student loans are less expensive payments than most will lead you to believe. You can make a plan to pay it in up to a 20 year period. The interest is so low that it is not necessarily a bad idea, especially if you consolidate through a third party. I graduated with a masters a few years ago, I had 20K in student loan debt. I originally made high payments, but now I only pay around 120 a month, more when I have it........ My credit cards weren't that bad, but they were there. My credit was worsening because of debt versus borrowing ability, so I paid them off while I was in school. Think about it... You don't have to pay back until you graduate, and you are sure to get a better job than you have right now. It is the sensible decision. It is your money to use any way you need to, just make sure you can make it through the year, and don't take more than you need to get by. Good luck in school. If you are paying back before you graduate, if you pick the right loan, there will be no interest at all. That is a no brainer. Pay off your cards.

Q: student credit?
i recently opened a student credit card with my bank, chase, i have 0 apr untill december so i was woundering how much would my min. balance be if i but $100 dollars on it?

A: The most it would be is 20.00. Each bank sets a minimum amount due for low balances. Say if your bill was 25.00, then your minimum would still be 20.00. For high balances the minimum due is a small percentage of the overall balance. http://www.creditwish.com/youngadults.html

Q: I have tried student and all types of credit cards, but can't get approved?
I have applied for various credit card and even student cards and almost every local retailer near me but they all deny my application. Whats another way of starting my credit if no one wants to give me credit?

A: While there are some unsecuredd credit cards out there (i.e. First Premier, Tribute, Salute, etc) that are easy to get approved for, the problem with those cards is that you're charged ridiculous fees that use up the available credit on the card before it's even mailed out, making it almost useless, until those fees are paid. I agree with the other posted in that secured credit cards are the best credit card overall to build credit. You do have to use your own money as collateral to establish a matching credit line, but at some point later on, it's given back as long as the account's in good standing. Another benefit is that there's more control over the credit limit, since it can be increased by adding to the deposit.