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2001-02-09
By
Arlene Martell
Website:
http://www.1st-free-credit-cards.com
>
Student Credit Cards: getting credit for the first
time
The Student Credit Card is a credit card that meets the special needs of students or consumers establishing credit or re-building credit lines. There are many advantages to having such a card but there are also many questions about the use of the Student Credit Card. Credit limits are lower than most credit cards and restrictions apply. One such card that students can apply for is called the “future card” It is important to get some basic information about the card before applying for one.
Firstly, there is no fee to apply for the student credit card. You can choose an unsecured card or a secured card with different credit limits and benefits.
Unsecured card -
The initial credit limit is at least $250.00 up to a maximum of $1,000.00. Your credit report and annual income determine the amount. There are a number of start-up fees:
The annual fee is $69.00 for the first year, then $50.00 annually after that. There is a one-time account set up fee of $19.00, a one-time fee program fee of $79.00 (processing fee and credit bureau report), a monthly participation fee of $5.00, (allows you to hold a card in a program with benefits), a late fee of $25.00 applies to late payments and $25.00 fee if credit limit is exceeded. The annual percentage rate is 18.9% for average daily balances of $1000.00.
[
Student
Credit
Card - Locator! ]
Secured card -
This is much like a debit card but allows you to establish credit. The security deposit account is used to secure your student credit card. The initial credit limit is equal to your security deposit account with a balance of $200.00 to $5,000.00. The annual fee is $69.00,a late fee of $25.00 applies to late payments and $25.00 fee if credit limit is exceeded. Other fees may apply.
The student credit card offers cash advances with fee applying. On purchases there is a 25-day grace period and balance transfers are usually not permitted.
For the student or individual establishing credit or re-establishing credit, the student credit card is a good option available. You can get cash when you need it and have all the benefits of a regular Visa credit card. It is especially convenient to make Internet purchases.
For
more information on student credit
cards
or to take advantage of any of these popular services, please
choose from the following:
Free
Credit Cards
• Free
Credit Reports • Online
Banking
Free
ISPs • Free
Long Distance • Free
Voice Mail
>
About The Author:Arlene Martell is a successful author and the
publisher of http://www.1st-free-credit-cards.com. A one-stop resource for the credit card industry featuring articles, comparisons and reviews of free and premium credit card providers. *Webmasters,
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