Once a child enters college, there are lots of responsibilities that have to be faced by the child. One of the many responsibilities is to learn the art of managing their finances. A student credit card can prove to be both a great help but can also be an equal challenge. Most credit card companies bank on this opportunity of getting as many children interested in their student credit cards as possible. College student credit cards are often sought by parents looking for convenience and comfort for their children.
With the intention of getting more applications for student credit cards, credit card companies may offer free t-shirts, pens or CDs, anything that would attract the average teenager to apply for a student credit card or a college student credit card. However, before actually thinking of applying for a student credit card, the student has to learn how to use the credit card, to avoid falling into thousands of dollars of debt, outside their personal school loans!
The best way of getting your child ready to handle the responsibilities of a college student credit card is by applying for credit cards with both your names on it, and having a low credit limit. In this way, both you and your child have access to the credit card, while you get a monthly statement to get an idea of what the child has spent money on. Make it a point to budget a certain limit of money each month, wherein the child has to pay the amount off with their own money if possible. This way, the child learns not to pay for things that they cannot afford.
When choosing on the best student credit card for your child, choose one that has a low limit wherein the child has to be careful in spending money in order to remain in good credit standing. You can choose from either of the many tables and booths that are set up at college fairs or perhaps find the best student credit card with an online search. However, make sure that the company you are considering caters to student credit cards because these companies generally will have student credit cards generally have less stringent credit history criteria while also offering lower interest rates.
When choosing the right college student credit card, look for the company offering a longer grace period so that the child has more time to make payments for their expenses, before accruing any interest. It is always better to choose the student credit card that has no annual fee and a low late payment fee. This is of course to help the child that might face the prospect of incurring expenses over the long term with the card.
When applying for a student credit card, make sure to furnish accurate and true information about the student and yourself. You will have to reveal your name, address and phone number while the student will have to furnish information of the college, enrollment status and the year of enrollment to the institution. If any false information is provided, it diminishes the probability of getting the student credit card as the companies verifies all the information that is provided to them. Students that are employed or who have a substantial balance in the bank proves to be a more likely candidate for a student credit card. However, the maximum credit credit card companies offer students to start off with is usually in the range of $500 - $1,000.
One of the many advantages of having a student credit card is that the student can buy their school books using the college student credit cards instead of carrying money to pay for the them. This proves to be safer to the student. Student credit cards are best used to cover unexpected expenses the student may face. There are also student credit cards that let the student gain rewards for their purchase like cash back or perhaps even gas money for their trips back home!
For more information on student credit card offers, Robert Alan recommends that you visit CreditCardAssist.com
What is the worst that can happen if I don't pay my bills? Like credit cards? student loans?
I mean can I get arrested? wage garnishing? what else?
Answer
the worse?? ok they file a suit, and win. you still dont pay, they can put a hold on your account(bank) and they can get a sherrif, to come to your house,and he can just walk in and take what he wants!!!! they can attach your paycheck. and put a lien on your property excuse me!!! im not way off! it happened to me! a writ of execution! they tried to take 5400$ out of my account only 3400 in there, they locked my account.! (the sherriff) i had to file bankrupcy to keep them from taking everything!!! dont tell me im way off!, and a friend of mine had the sherrif come and take her stuff! so technolo, dont tell me!!! i know of what i speak!!!! im in PA, look up what a writ of execution is!!!!! I was taken to court, didnt go, they won, then they got local sherriff to send me a writ of execution! they locked my account, all my income was direct deposit, i was broke, got a letter from sherriff, saying they could come and take anything that he thought was worth money! (then it would get sold at a sherrif sale!)Icalled a lawyer, filed bankrupcy, got my account released(thank God!) and was ok in the end. you asked for the worse, i was almost there!!! my friend, she was there!, here is the link to a writ of execution, read it,http://fjd.phila.gov/pdf/forms/civil/writ_of_execution.pdf
PSS: If you owe old student loans, the Government can take that out of your federal income refund tax as well. Im not sure how old or how long you have to not pay on it though.
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