The stage is now set for your wild adventure into the unknown world of online currency trading. Where one moment you are sure your are going to be the next Warren Buffet and the next moment your confidence wanes and doubts appear. There are many unsolved potential pitfalls to over come before you start trading. When it comes to forex trading, the platform and trading system on which you're going to trade is essential.
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You will read a lot of nonsense online from people claiming the markets have a mathematical order and can be predicted when its obvious they cant! Why? Well if you could, everyone would know the price in advance and there would be no market. You can't predict prices; you can win though, if you understand the following.
If you want to win at forex trading and enter the elite 5% who make big gains you need to understand and avoid the reasons 95% of traders lose. Let's look at them. Anyone can claim their an expert and they do. These vendors peddle sure fire systems with meaningless simulated back tests which they present as evidence they can make money (odd, as they know all the closing prices when they make the track record up!) the greedy trader believes them, gets spanked in the market and wonders why.
A personal loan company is a good option if a borrower has been unable to get a loan at a bank or through conventional lenders. An established personal loan company will be a one stop solution for a borrower who wants to borrow loans to deal with his financial problems. Specialist advisors at a personal loan company will discuss various loan options, interest rates and repayment terms with borrowers and help them choose a loan deal which matches their requirements.
A personal loan company can source the best loan deals through a wide network of lenders. The borrower can gain access to the best loan deals from the convenience of his/her home and deal with all financial adversity even in case bad credit, arrears, CCJ’s etc. Personal loan companies are dedicated to sourcing and matching personal loans to borrowers depending on their needs and constraints. Personal-loans-company-uk.co.uk will scour the market for the best personal loan deal.
When looking for a loan, it is wise to shop around and before deciding on a lender borrowers must get free quotes and then decide on a loan deal. However a personal loan company simplifies the whole process by doing the necessary legwork to find the best loan deal so a borrower can solve his financial worries by simply opting for services of a personal loan company. A reputed personal loan company will offer the borrower lowest rates and quick approvals. Few loan companies also waive any arrangement fees. Trained financial advisors at personal loan companies will assist borrowers by providing timely and effective financial advise to ensure that borrowers make the right choice while choosing a loan.
With the number of options available to the borrower, one can afford to be picky while opting for services of a personal loan company. A little research online will yield extensive results for personal loan companies. The borrower can then choose a personal loan company depending on their circumstances and convenience.
A personal loan company will help arrange loans with major banks or financial establishments for your needs. The whole process of finding and applying for the best personal loan is simple and hassle free with a personal loan company. Borrowers no longer need to waste their precious time and money to search for the best loan deal. A personal loan company will change the way borrowers look for personal loan deals. Borrowers can look forward to a wider choice of loan deals to compare and are more in control of their decisions as they don’t encounter any pushy sales people at a personal loan company. Some loan companies also have provisions for online loan calculators which are extremely user friendly. They ensure that the loan comparison process is simple and hassle free. Personal-loans-company-uk.co.uk assures a simple and straightforward process for a personal loan approval.
The borrower is assured of utmost confidentiality and security with a personal loan company. Expedite the personal loan approval process with the help of a personal loan company.
In order to make money we have to learn how to manage it. There are different money management strategies, and they all aim at preserving your balance from high risk exposure.
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Many college students and graduates are looking for a solution for their student loan debt. While borrowers may be having difficulty paying back student loans, there is help. Solutions for paying back student loans are available.
What causes difficulty in paying back student loans?
New college graduates may find that it takes them longer to find a job than they expected. While there's a six month grace period from the time students graduate until repayment begins, sometimes it takes six months or longer to find a job.
Many recent graduates who are employed are underemployed -- working part-time or temporary jobs until they find a permanent position. During this time they may need help in making loan payments.
New college graduates can use several strategies to help with student loan repayment. Taking on additional part-time jobs or freelancing may be an option.
It is also wise to keep living expenses low the first few years out of college. Graduates can live with a roommate, or downsize into a smaller apartment. If new graduates are still looking for a job, it may be a good idea not to move until permanent employment is found. Then it will be easier to move to an area closer to the job.
Applying for a forbearance may be an immediate solution for times of difficulty making loan payments. A forbearance is temporary period of suspension of payments on a federal or direct loan after repayment has begun, and if the student does not qualify for deferment.
This means that if a student has already started paying back loans, they can apply for a suspension of payments on the grounds of financial hardship. A forbearance must be applied for through the lender. Being able to hold off payments for a few months can be a big help during a time of financial hardship.
Another student loan debt solution is to consolidate payments. Unless consolidated, each student loan is accounted for and paid separately. When a student graduates they will receive paperwork and payment slips for each loan. 2, 5, 12... no matter how many loans were taken out, they will be billed separately. Adding up all of these individual loan payments could total $300-$1000 per month or more! Not many students can afford such payments.
That's where consolidation comes in. Consolidation is a process that combines all of the student loans into one loan. Borrowers can dramatically reduce monthly payments of student loans by consolidating. Average monthly payments could be less than $100 to around $250 per month. This is just an estimate. The monthly payment depends on the total amount borrowed, the interest rate and the way that loans are consolidated.
Consolidating through The Income Contingent Repayment plan is designed to help make repaying student loans easier for students who intend to pursue jobs with lower salaries, such as careers in public service. The monthly payment amount is adjusted annually, based on changes in family size and annual income. This program is only available through the US Department of Education, not a lender or bank.
Finally, the Graduated Repayment Plan starts the payments at a low level (usually interest only) and gradually increases the payments until the balance is paid. This is helpful for graduates because payments are low when the first graduate, and increase as earning power increases over the years. This plan is available by consolidating through a bank or other lender.
It is important to note that according to current regulations student loans may only be consolidated once. So borrowers who have already graduated and consolidated with a standard plan cannot take advantage of the income contingent or graduated plans. For borrowers who have already consolidated, a forbearance may be the best option for temporary relief of student loan debt.
Use the student loan repayment calculator from finaid.org to find out what loan payments could be using different types of consolidation.
College graduates can find student debt relief using one of the solutions mentioned above. Discuss loan repayment options with your lender and see what can be done to help you repay student loans.
Michael Carter is a contributor at College Financial Aid Guide, an online informational resource for educational funding, scholarships and student loans. Find out more about Paying Back Student Loans
About the Author
Michael Carter is a contributor at College Financial Aid Guide, an online informational resource for educational funding, scholarships and student loans. Find out more about Paying Back Student Loans.
This must not however discourage us from finding a solution to the debts. Debts can make lives difficult. You will have creditors making regular phone calls and then dropping by at your house demanding the amount lent out. With the creditors making a scene, the personal image and the credit is badly marred. The mind is heavily stressed and some people may even contemplate suicide.
But how many of us do actually take the step to end ones life? Only a handful of us; because we value our lives and because we know that ending ones life is not going to solve the problem of debts. The creditors do not intend to leave the amount. Once the principal borrower deceases, they catch the co-borrowers or the dependants of the principal borrower.
A simpler method of getting rid of debts is debt consolidation. Debt consolidation can provide relief from the debts without burdening the borrowers. Debt consolidation as the name goes consolidates or brings the various debts on the borrowers account together. The debts could have been dealt individually, but this would have been a tedious process. The consolidation of debts helps to generate the feeling that they are not as invincible as they appear.
Once the debts are consolidated or brought together, they are ready to be settled. The borrower will have to choose from a variety of ways of debt consolidation. In the following section we shall discuss the methods of debt consolidation in detail.
Debt consolidation through credit cards:
Credit cards can be an excellent method of debt consolidation. There is no requirement of the collateral. This saves the users from the fear of losing assets in case they are not able to repay. However credit cards are very costly. The interest rate charged by the credit card companies is very high. The manner in which the user negotiates the interest rate will decide the actual interest charged on the balance transfers.
Debt consolidation through Debt consolidation loans:
Borrowers who want to save on the interest rate would do best by repaying debts through a debt consolidation loan. The interest rate is minimal. The debt consolidation loans are traditionally used and preferred most because of the flexibility that they offer. The burden on the borrower is reduced by spreading the loan amount on the various months making up the term of repayment. People having resources can pay off the loan amount without waiting for the term of repayment to end, provided the lender does not forbid a premature repayment. The borrowers can decide on the manner in which the interest is to be charged.
Debt consolidation through home equity loans:
Home equity loans are secured loans. These are generally issued against the home as collateral. The minimal risk calls for a lesser interest rate. The repayment of the home equity loan is similar to the debt consolidation loans. However, the borrowers must be regular in the monthly repayments to the home equity loan. Otherwise the home may be repossessed to make the default good. The home equity loan can be used for purposes other than debt consolidation, if the borrower so desires.
Debt consolidation through credit counseling:
Credit counseling agencies help in the settlement of loans by payment plans. The borrower will be required to make monthly repayments to the payment plan suggested. Credit counseling can agencies provide tips on how the debts can be prevented from erupting again.
Debt consolidation through cash-out refinance:
Cash-out refinance helps to refinance mortgages and other debts. These mortgages and debts are refinanced either to get an improved interest rate or get benefited on the increased equity in ones home.
Debt consolidation through debt settlement:
When consolidating debts through debt settlement, the borrowers are to make the repayments to the settlement company. As the balance on the debt falls, the settlement company repays the balance of the debts. The main advantage of debt settlement is that the borrowers are freed of dealings with the creditors. Creditors contact the settlement company for any queries related to debts.
Debt consolidation through rapid debt repayment:
The method of debt repayment repays the debts according to the priority. A monthly repayment is to be made towards the payment of debts. The high interest debts are to be repaid first because more is the delay in the repayment, more will the cost be.
Since there are massive differences between people and their conditions, no one method can be imposed on all. Each method has its own pros and cons. while some may be benefited by a debt consolidation loan, others are not. A proper study of the individual condition either by oneself or by people having a proper knowledge of the field can help find the best method to fight the monster named debt.
You want to raise a business on your own or you want to expand it further. You have a plan and the vigour to make your mark in this field. The company that produces refrigerators to the one that produces anti wrinkle cream; every company no matter how small it is – requires money, hard core moolah to take it to great heights. You dream of the same every night. But isn’t there a nightmare that invariably spoils your dream every time you plan your business. It is bad credit. So, how to end this chain of unpleasant circumstances? Bad credit business loans have furthered the cause of preventing financial mishaps for people who want to make it on their own.
Not every loan lenders is geared to provide bad credit business loans. You know you have bad credit if you are a bankrupt, CCJ, default, charge off, or have any past loan related arrears. Start from the beginning – get to know your credit score. A credit score enable the loan lender to judge the credit worthiness of loan borrower. It is a number generated by statistical methods. Based on these number bad credit business loans contenders are given grades like B, C and D. All these grades mean you have to apply for bad credit business loans. Starting a business with credit score ranging from 500-550 could be ideally done with bad credit business loan. Try to get an objective assessment of your credit report before you undertake your quest for bad credit business loans.
Now that you know about your credit score, concentrate on your business budget. You should be clear about your money requirements before you take out bad credit business loans. Your Bad credit business loans should be backed by a feasible business plan. Don’t go applying for a bad credit business loan, if you are not ready with a business plan.
You can’t expect to get a bad credit business loan without a proper plan. Bad credit business loan application that is replete with all the required information is usually placed on the top of the pile of applications. Provide your bad credit business loans application with the nature of your business, the objective of using the business loan, business name, your social security number. Be prepared with all the required documents before you go ahead.
Paperwork should be complete whilst you go for bad credit business loan hunting. Get a lawyer to review your loan papers and also check with him before signing any papers. Don’t hand over your documents to the loan lender and don’t sign any blank document.
You have bad credit. So your approved bad credit business loans application will bring with it higher rate of interest. Nevertheless bad credit business loans can be very good source of finance. The amount you can borrow with bad credit business loans is £50,000 and £1,000,000. The loan repayment term would be any where between 3 to 25 years depending on the loan amount. A secured business loan with bad credit will usually have lower rate of interest than unsecured bad credit business loans.
Bad credit business loans are a very good form of finance because it has an exceptional amount of advantages. The biggest convenience with bad credit business loans is flexibility and freedom. Bad credit business loans can provide continuous access to cash. You also get to hold your ownership of your company instead of resorting to selling the interest of your company in order to raise money.
Alright, you got approved for your bad credit business loan. You are high on the cloud, but did you read the fine print? You are nodding your head in the negative. Fine prints may carry at times hidden charges, including annual fees, bank charges, closing costs, commissions and balloon payments. Borrowing money for business with bad credit is not only serious but liable to fraud and deception. Don’t get into something you are not comfortable with and also ask questions about fundamental things like APR, your monthly payments etc. on your bad credit business loan.
You want to do business, you want to do the right way, you want consistent inflow of cash, and you want to retain your business completely. You have bad credit and all you need is a bad credit business loan. Bad credit means rejection? Not these days. It was like in 1957. That was long back. Bad credit business loans now means requisite start up for business.
About the Author
Amanda Thompson holds a Bachelor’s degree in Commerce from CPIT and has completed her master’s in Business Administration from IGNOU. She is as cautious about her finances as any person reading this is. She is working as financial consultant for chanceforloans .To find a Personal loans,bad credit loans,Debt consolidation,home equity loans at cheap rates that best suits your needs visit http://www.chanceforloans.co.uk
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Years ago, credit card reward programs were simple: There weren’t any.
Then Discover came along with its cash-back offer, and airlines hooked up with banks to issue credit cards that earned frequent flier miles.
Today, consumers face a bewildering array of ways to earn, and spend, credit card rewards:
A credit card can contribute to a retirement account, score theme-park tickets or knock thousands off the price of your next car.
You can convert miles into hotel stays or restaurant meals -- or use them where you stay and eat to earn extra miles.
Once you reach the stratosphere of spenders, you can use your rewards to design one-of-a-kind vacations and “experiences,” like a week at a French cooking school. All this choice leads to inevitable second-guessing. Sure, you’re getting rewards. But are you getting the most rewards possible? Do you have the best card, and are you taking the best advantage of it that you can?
Do You Carry a Balance?
The answer is simple if you’re the kind of credit card user who carries a balance. Reward cards are not for you.
Any benefit you get from a rebate card is swamped by the added interest costs when you carry a balance. Instead, you should look for the lowest-rate card you can find so you can pay off your debt as quickly as possible. Don’t get sucked in by 0% offers on rebate cards; after they expire, you’ll typically pay a much higher interest rate than you could find if you looked for a low-rate, non-rebate card.
For everyone else, though, there are no easy answers. The best reward card depends on a number of factors, from how much you charge to how much flexibility you want to how fast you can use your accumulated rewards.
It Takes Time and Effort
Anyone who wants to get the optimum deal must be willing to invest a little time -- not only in choosing a card but in managing it afterwards. Savvy rebate card users view their programs as a kind of investment, and know the payoff can vary with the amount of attention they give. They peruse statement stuffers or e-mail newsletters for tips on earning extra rewards, and focus their spending patterns to give them maximum rebate bang for their bucks.
Here are four ways to get started:
Know your currency. To compare deals, you should know how rewards are valued.
Frequent-flier miles are the gold standard of the rebate credit card game, and they’re typically valued at 1 or 2 cents apiece (although you can stretch their worth to 8 or 9 cents when used to win upgrades on a discount coach ticket, according to miles guru Randy Petersen, publisher of WebFlyer online newsletter). One or two cents is the equivalent of a 1% to 2% rebate when you're earning one mile per dollar spent.
Knowing a mile’s value helps in two ways. You wouldn’t want to stick with a program that offered you rewards of much less than 1%. You also wouldn’t want to squander any miles you earn for merchandise or other conversions that give you much less value for your money -- unless your reward is about to expire. (For a list and comparison table of airline mileage cards, see MSN Money's Credit Card Analyzer.)
Know your limits. Most airlines have moved away from automatically expiring miles, but some airline-affiliated credit cards have a “use it or lose it” policy, as do many “travel reward” plans not affiliated with a specific carrier. If it will take you a long time to earn or use your reward, you’ll want to make sure you can bank it. American Express and Diners Club, for example, have frequent-flier programs with miles that never expire. (Use the Credit Card analyzer to find and compare travel reward cards.)
Other types of rebate cards may limit how much of a reward you can earn a year.
The “car cards,” for example, tend to be the most generous reward cards in terms of what percentage rebate you earn -- but the reward has its limits. The GM Card lets you earn 5% toward the purchase or lease of one of its vehicles, but then curbs how much you’re allowed to apply to a given vehicle. Only $1,000 in rebate awards currently can be redeemed on a new Hummer or Corvette, for example, while $3,000 can be used to purchase a Silhouette minivan. (You can find and compare auto rewards cards using MSN Money's Credit Card Analyzer.)
The Subaru Platinum MasterCard from Chase, meanwhile, has a 3% rebate but limits your maximum reward to $500 a year. That means if you charge more than $16,667 a year, you won’t be earning any additional rebate.
Don’t want a GM or Subaru vehicle but still want bucks off on your next car? Another option is the Citi Driver’s Edge Platinum Select Card, which gives you a 1% rebate (up to $500 a year) toward the purchase or lease of any new or used car. You can charge up to $50,000 a year before hitting that cap.
If you want the discounts but charge more than these levels, you can switch to another card (with a separate rebate program) after you’ve earned the maximum reward.
Do the math
Match the card to your spending. Just as heavy credit-card users can run into limits on how much of a reward they can earn, light users can find themselves not earning enough rebates with their card to make the cost worthwhile.
If you charge just $5,000 a year on a card that costs $60 annually, for example, it will take you five years to earn a free airline ticket with most cards (assuming one dollar spent earns one mile, and a ticket costs 25,000 miles). In that time, you’ll have paid $300 in fees -- enough to buy a discount coast-to-coast ticket on your own.
Even some of the no-fee cash-back cards might not be the answer. Most don’t give a full 1% back until you reach certain spending levels. Discover, for example, gives just .25% cash back on your first $1,500 of charges and .5% on the next $1,500, reaching the vaunted 1% level only on purchases above $3,000 a year. So you’ll earn a whopping $7.50 on your first $3,000 in charges, then $10 on every $1,000 charged after that. The American Express Costco Cash Rebate Card requires $5,000 in spending before you reach the top 1.5% reward. (To find and compare cash-back rewards, use the Credit Card Analyzer.)
If you’re a light user, you may be better off in one of the cards that offer 1% from your first purchase, such as the no-annual-fee Chase CashBuilder, or one that offers higher rebates for certain purchases. The Toys R Us Visa, for example, has no annual fee and its 1% cash back is elevated to 5% when you use the card at a Toys R Us store. The Marathon Platinum MasterCard, meanwhile, waives its annual fee if you make at least nine purchases a year at a Marathon station -- plus you get a 5% reward when the card is used for Marathon gas (the reward is 10% during the first six months).
Know how much flexibility you need. This is where it gets really tricky. Consider the situation if your primary goal is to earn airline miles:
If you’re a frequent flier on a single airline, you’ll earn rewards the fastest if you charge on the airline’s affiliated credit card. Each dollar spent earns you a mile, and you have opportunities to earn additional miles through certain purchases.
If you have to use a number of different airlines, you might go with American Express or Diners Club, which both offer miles that can be used on a number of different airlines. Diners Club also gets you into airport lounges worldwide.
If you travel different airlines but need a MasterCard or Visa, which are accepted by more merchants than American Express or Diners Club, you can choose a bank-issued card that has an affiliated “travel awards” program. Each dollar earns a “point” that translates into one airline mile. (Not sure if one of your current cards offers such a program? Call and ask.)
There are drawbacks to each option. The travel awards programs, as noted above, tend to have rewards that can expire unused. They also often cap the value of the airline ticket you’re allowed to purchase. While most frequent-flier experts advise not using your 25,000 miles to buy tickets worth less than $500, most travel awards programs won’t let you buy a ticket worth more than that.
Miles for plastic surgery, college tuition
Then there’s the issue of flexibility of use. The good news is that the airline and travel reward cards have gotten much better at offering alternatives to miles. If you don’t want to use your rewards for free tickets or upgrades, you can use them for hotel stays or certain merchandise.
The conversion rate, though, is generally pretty poor. While 25,000 miles could buy you an airline ticket worth $500 or more, it might buy a hotel stay worth half that much -- or merchandise valued at $100 or less.
With enough miles, though, you can design your own reward with Diners Club and American Express. A Diners Club program has allowed those with more than 100,000 miles to pay for everything from plastic surgery to college tuition.
If you’re not into miles, you can opt for a card with a very specific goal -- like the no-fee Nesteggz Loyalty Rewards Credit Card from MBNA, which can contribute 1% of your spending into your IRA, SEP or SIMPLE retirement accounts, or cards affiliated with BabyMint or UPromise, which make similar contributions to Section 529 college savings plans.
Or you can pay for your entertainment. Both Disney and Universal have credit cards (issued by Bank One and Chase, respectively) that give you points good for theme-park admissions, DVDs, movie tickets and other goodies.
For maximum flexibility, though, you’ll probably want to stick with a cash-back card and use your reward to buy whatever you want.
A final thought: Don’t let your lust for miles or other rewards lead you to damage your credit score, the three-digit number that lenders use to gauge your credit-worthiness. Maxing out any credit card can ding your score, even if you pay the balance off in full every month. Even applying for a card can hurt your score, so make sure you select your rebate cards carefully -- and sparingly. (For details on how credit cards can affect your credit score, read "4 steps to building great credit.")
About the Author
Liz Pulliam Weston's column appears every Monday and Thursday, exclusively on MSN Money
With prepaid credit cards, you get the practicality of plastic while choosing exactly how much debt to charge. By taking charge of your personal financing, you determine your own limits, to the penny, and change them any time you need to.
There are many prepaid credit cards on the market these days, sometimes also labeled pre-funded. They're all reloadable, functioning like a prepaid card for the telephone, and they offer the gigantic benefits of no credit check and no annual interest fees.
Easy to get online or in a store near you, these prepaid credit cards are the wave of the future cashless society. You simply use your own money to buy stuff. That way you're not borrowing from anyone; you're just using plastic instead of cash. And there's no way to get into debt with them...when you run the limit you set, they run out, so you can't overspend even if you want to.
Use your prepaid credit cards almost any place where MasterCard or Visa cards are accepted, without racking up any interest charges whatsoever.
Got kids? A prepaid credit card makes a great instructional tool and present. Buy them one for an initial setup fee (usually from $5-50), and let them pay the smaller fee to renew it when it runs out. Explain that if they let it lapse they have to start all over again with a much larger fee than if they simply renewed in a timely manner. Suddenly, your kids become financially responsible!
Pre-funded cards are not a bad way to keep your own finances in line either. Just come up with the initial scratch and you're on your way to enjoying the ease and flexibility of plastic again!
Consumers often have the first credit card that they ever applied for, never really analizing how the interest rate affects their payments, but many other options exist and can help consumers decrease their payments and achieve financial stability.
With interest rates on some credit cards rising to over 23%, even low balance credit card debt can be crippling. One of the first research elements a prospective borrower should look at is the interest rate on transferred debt. This interest rate is often lower than the usual interest rate for the credit card, and can be an especially good deal for borrowers who have debt already. Another element to consider is the interest rate on new purchases – this rate will be the main concern in the years to come, as this new credit card will probably become the most heavily used. Borrowers often worry about annual fees, but these are often temporary. Getting a credit card with low interest rates will save a borrower significant sums, usually much more than the annual fee. Plus, once good credit is established, the annual fee may later be waived.
Another interest rate will usually apply, as well – the rate for cash advances. Cash advances are usually limited to a couple hundred dollars, but credit card companies often insist that when paying back the balance, the credit portion must be paid back first, then the portion that the cash advance applies to. So if you are going to keep a balance on your credit card, be aware that cash advance interest rates are higher than the regular interest rates. Cash advances can be incredibly helpful in emergencies, though, when a credit card cannot be used.
Visa and MasterCard are by far the most commonly accepted credit cards, so less commonly used cards such as American Express and Discover often offer special rates for new customers. These rates are worth attention, even if you think that you may not be able to use the card as easily as your previous credit cards, because transferring the balance to these new cards to obtain the lower interest rate may significantly lower your payments. While your AmEx or Discover Card may not be accepted as often, they can be a good tool to achieving your financial goals.
Even less commonly used are credit cards that are store specific, such as gas cards or department store cards, but these cards can offer incredible deals on interest rates. They rely on the fact that consumers will often switch their spending patterns to the new gas station or store, and this increased revenue makes up for the lower interest rates. A slight change in your habits, such as consistently using the new credit card at the new gas station, can lower payments and improve credit scores.
Researching new credit cards can seem daunting, but by comparing the four main factors, which are the regular interest rate, the rate on transferred balance, the rate on cash advances, and the annual fee, you can reduce your credit card payments significantly.
About the Author
The author runs the finance website http://www.pawninfo.com about short-term loans and payday loans, and any or all of this article may be reproduced in any form as long as there is a link to the website. The HTML is Pawn Shops and Short Term Loans
Student credit cards bombard freshman every year. Parents should be sure to discuss the issue of student credit cards with their college student before they leave home. It is an attractive idea for a student to get their own credit card, especially if they are far from home. However, they need to be sure to get a good card and to use it responsibly.
Low Limits
The best student credit cards are those that have reasonably low limits. Giving a student their first credit card with a high limit is a mistake. Students should understand that since most of them are unemployed, they should not take out a high limit credit card. Student credit cards are meant for necessary items or emergencies, not new furniture or a huge shopping spree. Therefore, to ease the temptation, the best student credit cards have low credit limits.
Low Interest Rates
Another trait of the best student credit cards is a low interest rate. Most student credit cards will offer 0% APR for the first six months. This is a great deal and students should purchase whatever they need during this time. Be sure to check what the interest rate will be after those six months however. If it is unreasonably high, then it is not worth it to take the card, even with the great six month deal. It usually take students longer to pay their balances on their student credit cards, so the interest rate matters.
Rewards
Almost all student credit cards offer some type of rewards program. The wise thing to do is find one that you will be excited about using. The more rewards you can get from your student credit cards, the better. Many student credit cards will have rewards programs that allow you to accumulate points and later turn them into gift certificates. This can be a great option for students.
Online Account Management
Student credit cards with online account management are perfect for today’s modern student. Most students do most of their banking online, so this concept fits right into their world. If your student credit cards have online account management, as a student you are more likely to keep up with you account and even use your rewards program more often. This is definitely a great option to look for in your student credit cards.
Lost Card Policies
Many student credit cards are beginning to offer some sort of “Lost Card” policy. These policies protect the student in case their wallet is lost or stolen. With students, it is much more likely that these situations will occur. Therefore, you may want to think about going over a credit card company’s policy on this before applying. The more protected you are, the better the student credit card is.
Overall, when shopping for student credit cards remember to read the fine print. Although they may sound glorious and offer great deals for a short time, you will also need to make sure their long term requirements are ideal for you. Make a list of things you want from your student credit cards and find companies that match your needs.
About the Author
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting http://www.Find-Cards-Now.com
Parents are by far the primary source of information and advice for traditional college students as regards credit card usage. Furthermore, the more information provided by parents, the lower the credit card debt incurred by their college age children, a Penn State study shows.
"According to the students that responded to our survey, the media, peers and high schools and universities furnish far less information to them regarding use (and abuse) of credit cards," says Dr. Mary Beth Pinto, associate professor of marketing in the Sam and Irene Black School of Business at Penn State Erie, The Behrend College.
Parents -- compared to other voices of socialization, particularly peers -- tend to exert a stronger impact in the area of core values, including money management, whereas peers are more influential than parents concerning tastes in clothing, dress style and preferred music, Pinto adds.
Pinto - along with Dr. Diane H. Parente, associate professor of management, and Phylis M. Mansfield, assistant professor of marketing, both at Penn State Erie -- are co-authors of the paper, "Information Learned from Socialization Agents: Its Relationship to Credit Card Use," in the current (June) 2005 issue of Family and Consumer Sciences Research Journal.
The researchers surveyed 589 college students attending 11 U.S. public and private colleges during the 2001-02 academic year. The students owned between 1 and 22 credit cards, with the average number per student at 2.16.
"We asked the students to rate sources of information about credit cards on a scale of 1 (little or no information) to 7 (a great deal of information)," Parente notes. "The scale consisted of 11 sources of information: parents, siblings, other relatives, news shows, talk shows, newspapers and magazines, peers, coworkers, Internet, high school courses and college courses."
The data indicated that high schools and colleges together placed a distant second to parents as a provider of information about credit cards. Peers and the media placed third and fourth respectively.
"Our findings suggest an opportunity for educational institutions to reassess the education and credit counseling provided to students," Pinto says. "Should schools educate students on personal finance issues? If so, at what age should education begin? At a minimum, middle school and high school administrators need to be aware that children are obtaining credit cards at ever-younger ages and, although some teens do not have credit cards, many of their peers do. At the college level, administrators responsible for providing the educational programs and support necessary to help students make successful transitions to and through college need to re-evaluate how well existing programs or formats are working."
Mansfield notes, "The data compiled in our study revealed a significant negative relationship between the amount of credit information learned from parents and credit use as measured by the total balance. In other words, the more information provided by parents, the lower the outstanding balance carried by college students on their credit cards. Media sources, educational sources and peer sources of information showed no significant relationship with credit card use."
As judged by their influence in counseling their college age children in credit card management, the power of parents may be the most powerful and underused tool in helping young people launch their voyage through life, Pinto notes.
About the Author
Contact: Paul Blaum
pab15@psu.edu
814-865-9481
PennState
Rewards cards have become the latest rage in the credit card industry. In the past, consumers shopped for credit cards that offered the lowest interest rate. Next came cards with low interest rates and no annual fees. Today, consumers can shop for cards based on what type of “reward” they can earn for using a specific issuer’s card.
How does a reward program work? Typically, the program awards points, "dollars" or a cash value based on the amount you charge. The rate at which you collect points varies depending on what you charge or where you charge it. Some programs offer extra points for using their card at a specific place such as a supermarket or fast food restaurant or for certain items.
Some programs offer a variety of rewards. Consumers can earn meals, tickets to sporting events, airline tickets, electronics, or even create their own reward program.
The goal is to get you the consumer to use your credit card as much as possible. Why? FEES! The credit card issuer makes money from two sources each time you use their card. First, from the merchant who pays the issuer a merchant transaction fee and secondly, from you through finance charges and late fees.
A recent survey found that nearly half of U.S. cardholders enrolled in a credit card rewards program have never redeemed their points. However, 60% of consumers said rewards program influences their decision when deciding which credit card to use for a purchase.
When considering an offer for a card that offers rewards, be sure to read the fine print. Find out what you have to do to earn points. Look carefully for any restrictions as to when you can redeem them. Also check to see if your points carry over from one year to the next.
Reward programs most benefit those who pay off their balances monthly. For those who carry a balance or even pay late, the resulting higher balances and fees aren’t really much of a reward, are they?
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