You know it’s September and back to school time when the student credit card offers start rolling into your mailbox.
It’s a good idea to have a student credit card for anyone that is away at college or anywhere anyway from home. I got my very first credit card this way. When I left for college I managed to convince my mom that I needed a credit card, so she added me to one of hers.
(Little did I know that this was a kick-a$$ Credit Millionaire strategy that would give me excellent credit at the ripe old age of 18…thanks mom!)Â
Student credit cards, despite the negative hype, are really a good idea so that the student can get what they need and not have to worry about money all the time. Both parents and students can experience some piece of mind.
A student credit card is usually available to most students through regular credit card companies. You can find a good deal on the credit card that you want when you do a little bit of research on the subject. When you are willing to shop around for the best card, you will have fewer worries and you will not have to deal with outrageous interest rates as well.
Capital One has a credit hard specifically for people with limited credit history. Capital One is also one of the worst credit cards when you develop bad credit…so if you go this route make sure you are Never, ever, ever, ever over your limit or late.
Citibank has a card called the Platium Select Card for College Students. However, it’s the Discover Student Clear Card that seems the best. At the time of this writing they are advertizing a lower interest rate than the others, plus you get cash back :) And that’s smart shopping.
Either the parent or the student can apply for a student credit card. If the student does not have a job and completely depends on their parents for financial support, it’s okay to list income from allowances and student loan distributions.
Learner beware: Usually these interest rates are a bit higher on student credit cards than on a regular credit card so it is a good idea to watch what you are spending and try to pay off the balance as soon as you can.
For more information on that great strategy I used to build credit at 18, see page 158 of the Credit Millionaire book.
Why am I thinking about student loans on my birthday? I’m celebrating a payment that I made which dips my outstanding student loans under the $100,000 mark. Yipee!
Now, I’m not going to go on and on about the value or relative worth of a degree. I will say, though, upon graduating law school I was unable to persue a career in public interest law as I would have liked, and instead moved to corporate law and sold my soul for a bit to manage that debt
Still, each month, I pay over $1,000 to student loan companies.
And I think frequently about other kids who are graduating college with serious student loan debts. Mounting college costs doesn’t seem to be stopping kids from going to college, only lining the pockets of…well…someone. And salaries aren’t rising in relation to the debt.
The result? Each year waves of 22 year olds enter the job market feeling entitled to receive a job that will at least allow them to have an apartment and pay back the debt. After all, isn’t that what they went into debt for? To get a good job?
This year also marks 10 years since I’ve been out of school, and in two weeks will be my 10 year of anniversary of taking the bar exam. To me, this means only that I still have 20 years of student loan payments still ahead of me.
I love my law degree, even though I’m no longer a practicing attorney…but I’d rather this $1000 a month be going into a retirement account.
Can I get a refund on my education?
Donna Fox is the creator of From Credit Repair to Credit Millionaire: the book, the course and the movement!Â
Today we’re focusing on credit cards available for gas.
There are many different credit cards today. One of them is a gas credit card.
Also known as fuel cards, gas credit cards are a great way for anyone to get the gas that they need for their automobile and not have to pay for it on the spot. With rapid pay options, a gas card can also make life a lot easier for someone in this fast paced world that we live in today.
There are many different gas companies that offer gas credit cards. If you frequent a major gas and oil company’s pumps, the bigger companies will have great offers that you may want to take advantage of that offer loyalty programs, discounts, cash back, or free services for car washes or oil changes.
You can usually get a gas card from any gas station that is in your area. When you get your gas credit card, you will use it only for that type of purchase. For one thing, the interest rate isn’t too great, so make sure to pay the bill in full every month. Another benefit to using a gas credit card exclusively at the pump is that it will help you keep an eye on the spending that you do for gas on a monthly or yearly basis. It’s an easy way to budget.
When you are getting a gas credit card, you can get more than just one. You may want to get one for your spouse or your child. This is something that you simply ask your credit card company to do and you will be able to get a duplicate card for someone else to use. One of those speed pay key fobs that you just waive at the pump will ensure that the card used by your teen will only be used to fill the tank…not their CD collection.
Using a gas credit card or other credit card exclusively for purchasing fuel and vehicle maintenance is good for keeping records of the gas you use for tax or career purposes. You can use any credit card that the gas station accepts. It is a good idea to use one that has a lower annual percentage rate so that you are not getting killed by the interest on the card each month if you can’t pay it in full.
Having a gas credit card will make it a lot easier and convenient to fuel your car and pay at the pump. You will not have to worry about having cash with you or getting cash out of the ATM before you stop to fill up. You will be able to use your card and you can get on your way a lot faster.
