Be Smart When Choosing a Student Credit CardDecember 29, 2021
Deception on the part of some credit card companies and excessive debt on the part of some consumers led to the passage of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act), aimed at protecting consumers. Part of the Act directly relates to student credit cards. While incoming college freshmen once were able to sign up for cards in nearly every corner of campus, new restrictions have been put in place to help prevent students from stepping into financial traps.
One such regulation is that credit card companies are forbidden to issue credit cards to anyone under the age of 21 unless they have an adult co-signer or they can prove they have the means to pay the bills VCC buy . But when the time finally comes to get your first card, following a few simple guidelines can help you establish a strong credit history and responsible financial habits that will benefit you greatly when it’s time to secure a car loan, apartment or even a job. Your ability – or inability – to handle credit responsibly will stay on your credit report for many years to come.
Credit cards are a convenient way live outside one’s means. Credit holders apply to receive credit from banks and businesses; this credit allows them to purchase services and goods immediately and instead of paying for it upfront, the price is taken from a credit balance and is paid off in installments. These installments also gain interest. To get a credit card, individuals or businesses must apply to the creditor. This approval can take weeks to get back to the holder, and waiting weeks for a disapproval can be stressful and inconvenient. These cards allow the applicant to know within minutes or hours whether they will be approved or not. These cards are very popular, and they allow those who are rejected to move on to the next application quickly.
Instant approval credit cards will tell you within a few minutes whether or not your application has been accepted. Despite this, it will still take 5 to 7 business days for your card to arrive by mail if you have been approved. Applying for more than two or three card at a time can negatively affect the applicant’s credit score. While these cards usually do not look at the applicant’s credit score, they will look at their FICO score.
Many of the most popular credit card companies advertise these types of cards American Express offers a card called the Blue Cash Everyday Card. The most popular card from American Express, it offers features like cash back on purchases, no annual fees, and 0% introductory APR for the first year of use. Continental Airlines offers the OnePass Plus instant approval credit card. The main benefit of this card is free airline miles when making purchases. There is, however, a $95 annual fee. Gold Delta SkyMiles is another instant approval credit card from American Express. It offers nearly the same benefits as the Continental Airlines OnePass Plus card, along with an annual fee. The Discover More card is popular with students. Offered by Discover, this instant approval credit card has cash back rewards on gas, dining, travel, and everything else with no annual fees. Discover also offers a balance transfer card that is instantly approved.
Instant approval credit cards are available over the phone or online. It is easy to compare and get the best and most beneficial deal when searching for this type of card. Hand-written applications and waiting for weeks on end are no longer necessary with these applications. The way that these applications work is simple. The applicant gives basic information like name and address. The credit card company uses this information to access online credit reports and credit scores. They use this to determine the applicant’s worthiness of the card. If the credit report reflects a good payment history on the applicant’s part, they will most likely be approved for the instant approval credit card. While these types of cards used to be only for those with immaculate credit, even those with adequate credit scores can be approved for one of these cards.
If your credit history is less than stellar, or if you have never established a history, many banks will not issue you a credit card. However, there are cards available that can enhance your score. When choosing a card, be sure to select the best credit builder credit cards available. If used wisely, these cards can help you establish credit and/or improve your credit score. These cards are available to a wide range of potential customers and provide the opportunity to build or reestablish credit in order to qualify for mortgages or other loans. With prompt and regular payments, it can take as few as six months to achieve a higher credit rating. Due to the less-than-perfect or non-existent credit rating of many customers who apply for these cards, it can be expected that higher interest rates will be charged; sometimes much higher rates. Therefore it is important before applying for these cards, that you are certain you will be able to make the minimum payment each month. An even better plan is paying off the entire balance each month.