How Many Credit Cards Should You Have
October 14, 2011 by staff
How Many Credit Cards Should You Have, Credit cards for college students is a difficult issue. A lot of students are not very good with money - what little they have – and the government has come down on credit cards that aggressively market to students on campus.
The CARD Act of 2009 has reduced the practice, according to a report of Credit.com, which CITIED a Federal Reserve study showed that new credit card accounts opened by students decreased 17 percent from 2009 to 2010 . Although marketing tactics such as free pizza and shirts open to students who enroll in credit cards are now banned, there are still plenty of credit card offers made to students off campus, especially online.
Credit cards for students can be a good thing, if students use them wisely to build a credit history that can help them after graduation and not, as in many cases, to spend money we do not have.
Under lines of credit can help fight against temptation, but used unwisely and suddenly we will see overdraft and be in all sorts of problems. Although we do not recommend the use of credit cards, personal loans – if you need money that bad, ask your financial aid office for an emergency loan – not limited to time cards zero percent interest out there, and a card with a host of other features that might be useful for students.
Credit card comparison website Card.Hub.com recentlyanlyzed nearly 1,000 credit cards to find the best deals.Here are examples of some credit cards that could be right for you.
Students can pay their entire balance each month should look for credit cards offering cash back rewards of at least 1 percent on all purchases. The Citi Dividend Platinum Select for College Students offers a special introductory cash back rate of 5 percent in the supermarket, pharmacy, gas station, and utility charges in the first six months and then 1 percent after that (with a 2 percent cash back rotation rate categories).
Students who can not pay your balance in full each month should be very careful about using a credit card. But if you need to use one, and need additional time to pay for expensive items such as books, try to find out more student card, offering 0 percent finance charges for nine months, and cash to a 5 percent back on the road category. But it is better to pay the balance in nine months, because after the interest rate becomes 12.99 percent to 19.99 percent. Ouch.
Students studying abroad and need a credit card should consider student travel card Capital One Rewards card offers no transaction fees in foreign currency, and 1.25 percent cash back rate on all purchases when paying the bill on time.
Students who need to transfer balances to avoid high finance charges are already in trouble. If you start to play the balance transfer, you could end up in deeper water. There are always cards that offer low interest rates on balance transfers – for a limited time – and usually takes the interest rate after the introductory period expires. In these cases, the balance transfer may end up costing much more. Be very careful. If you and yourself backed into a corner, try the Pentagon Federal Credit Union Platinum Cash Rewards card for students, which offers a 4.99 percent rate on balance transfers for 24 months. The board may charge an annual fee to join the credit union partner, but the agreement can still be a good idea.
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