Credit Cards For Christian College Students
Making credit cards for Christian college students available is a decision which can have long-lasting consequences. College campuses routinely have tables set up in student centers or at various activities where the invitation is given for the student to become a cardholder. Appealing gifts accompany the invitation, making this a tempting offer which is difficult to refuse. Consider for a moment the pros and cons of this decision. On the one hand, credit cards for college students may seem like a good idea. This provides the opportunity to establish a credit history, which may be useful later when a person applies for a mortgage or other types of loans. Establishing a history by paying off purchases on time is a great way to build up an excellent score. However, if the student is not familiar with how credit works, having a card can provide for another type of opportunity altogether -- that of learning how to dig one's way out of debt! A person may have to learn first-hand that this is a slow and painful process. Unfortunately, decisions made during this period of life may also have repercussions for years to come.
Background checks are routinely done by prospective employers, especially in jobs where there may be a temptation to handle other's funds improperly. Employers may consider an employee with significant debt a bad risk for such positions. These days, even employers in jobs where money is not an issue often require background checks. They may consider debt an indication of character. A debtor could be viewed as impulsive, immature or irresponsible. Although this may be an incorrect or unfair assumption, such conclusions could lead a prospective employer to discard a job application in favor of another individual. Debt could even have an impact upon a person's choice of mate. Some might be understandably hesitant to align themselves with a person who is deeply in debt. Of course, money should not be the basis of any marriage, but finances are frequently an issue in many marital difficulties. Debt resulting from credit cards for college students can cause additional stress to a young couple already struggling to repay school loans and obtain a home. Unforeseen medical issues or unexpected expenses can send a tightly stretched budget over the edge.
Ideally, parents should prepare children from a young age for handling finances correctly. A small allowance could be given, which will allow him or her to experience first-hand the challenge of delayed gratification and the joy of accomplishing small savings goals. Important lessons can be learned about handling personal finances long before considering credit cards for college students. If a college student is not yet an adult, and the prospect of a card seems attractive, take the time to research the subject. Internet searches can turn up sites which explain the proper use of finances, or which rate credit cards for college students according to certain criteria.
Examining sites about credit cards for college students raises issues which the student may not have considered. For example, does the card have a yearly fee? Seek out one which doesn't begin with the cardholder already losing the credit game. Are cardholders liable for fraudulent charges? Find out such information before identity theft becomes a problem. Check out the interest rate, not only for the first three months, but for normal use. That fantastic APR can turn into a nightmare later. Teach students to read the fine print carefully before signing any agreement. Note the charges for late fees or balance transfers, or any further late payment penalties. Some companies practice 'universal default', which allows the card issuer to increase rates simply if a person fails to make a payment on time to another lender.
Some 'student' credit cards for college students have higher interest rates than a normal credit card. These specially designed credit cards are also likely to have an irresistible teaser rate for about three months (which goes by in a flash) followed by a significantly higher interest rate for the rest of the time the card is used. Students who are new to the use of credit can develop habits and tastes far beyond what they can realistically afford. Most cards require only about a 2% minimum payment for items charged. Students may believe that if they pay this minimum amount each month they are being responsible borrowers. They may fail to realize that the total of their debt begins to increase exponentially due to interest charges on an ever-growing balance. Many student cards have a variable rate, which only compounds the problem.
If students are away at school, parents may be reluctant to leave them without an 'emergency' credit card. Many of the problems parents worry about will never (thankfully) materialize, yet no parent wants to visualize his or her son or daughter stranded by the side of the road due to car trouble in some far away state. A compromise may be preloaded credit cards for college students which can only be used up to the stated amount. This is a great way to deal with emergencies or to practice dealing with managing a budget. If parents are providing a monthly stipend for food or other expenses, be sure to be clear about the fact that the student is not to expect a bail-out if he or she blows through the entire amount in a week or two. This is not being cruel -- it is done so that the student becomes a responsible adult instead of depending upon others to rescue him or her from a careless lifestyle. As Proverbs 19:18-19 says, "Chasten thy son while there is hope, and let not thy soul spare for his crying. A man of great wrath shall suffer punishment: for if thou deliver him, yet thou must do it again." This is sometimes harder on the parent than on the young adult!
Christian College Student Credit CardsCollege student credit cards can be found everywhere on a campus. It's one of the simplest temptations for young people to fall victim to. All it takes is some information and a signature to get a wallet full of "money." So many students have found themselves deep in debt by the time they graduate. They have already compromised their future by injudicious use of college student credit cards. On the other hand, having this method of payment can mean the difference between making it through higher education and having to drop out. The secret to using college student credit cards is to create a plan and stick to it. The starting point, however, is choosing the right creditor and account.
When applying for a college student credit card over the Internet, applicants will have the advantage of being able to compare interest rates and terms from different companies and finding the best deal. It is especially helpful to use a comparison website. These sites will let applicants search for a card with particular preferences then provide a list of links to cards that match. Here are some things to look for as far as preferences. Consumers need to know what the APR or the annual percentage rate is. That is the rate over the course of a year. It will be higher than the daily or monthly percentage rate. The APR is a good comparison figure.
Cardholders also need to be aware if the company charges late fees for late payments on a college student credit card. It's important to know the amount of these fees as well. Compare the amount charged by each company. They will differ. Find out if the college student credit card interest will change if the cardholder sends in a late payment. Some companies will raise the interest rate if a payment is late. It's also necessary to know the interest rate the companies charge for a cash advance. That is an important figure if a cardholder plans to get cash at certain times.
"A good man sheweth favour, and lendeth: he will guide his affairs with discretion" (Psalm 112:5). Not everyone who lends does so out of good. Unfortunately, companies are just out to make a profit from lending. Young people need to learn this before getting into debt. College student credit cards can be a part of their financial education. How one manages credit cards now will establish a habit that will carry into work experience. Take time to sit down and plan the use of this payment method and keeping credit purchases to a minimum. This type of education is just as important as what is taught in the classroom. Cardholders need to take financial education as seriously as their career education.
Student loans without credit check are great for college students who have no past payment history or who cannot get a loan with a traditional financial institution. A lot of times this age group are denied needed monies because they don't have the financial qualifications through parents and/or guardians to qualify for student loans. Unfortunately, many families are not able or willing to help finance a higher education for their student, so students are forced to think of other ways to pay for their education. Student credit cards are a popular item that helps pay the bills for college students. There are companies who recognize that this demographic populace are in desperate need of getting their college bills paid, and with loans deferred until after graduation, they can meet that need.
These student credit cards come in handy when having to pay a tuition payment. Sometimes even the deferred loans are great because the school bills are taken care of and the college student does not have to worry about the repayment for several years. The loan agency doesn't base their approval on past financial struggles. Financing companies know that people have a desire to go to college but need ways to pay for it. That is why college loans are made available. "By an equality,...that their abundance also may be a supply for your want" (II Corinthians 8:14b). If a youth or even older adult has the ambition and drive to go to college but is let with a need to come up with the funds to pay for it, they find a simple solution in student loans without credit check. Others depend on credit cards.
While these easy offers appear tempting, the Christian enrollee needs to consider the time they graduate and the short time before the loans become due and payable. They need to be able to have a job within six months to start the repayment of these higher education loans. It is always a good idea to be responsible with one's finances before deciding to cover oneself in credit card debt, too. They are there to help in an emergency, but it will pay off to be wise about how these student credit cards are used. Get as much information about student loans without credit check and ask questions of financial advisers. The more research done on these easy high interest loans, the better prepared the borrower will be if understanding how they work. This avenue of credit available to pay for college could be the right answer for many. But, be sure to find out what kinds of interest rates and monthly payments will have to be repaid if the borrower uses student credit cards to help finance their education.