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Debit Cards For College Students
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Eva Said:No interest Credit Card/or Debit Card for a college student.?
We Answered:A debit card is useful in a pinch, but as a direct line to your checking account they can be quite dangerous if abused or stolen. A credit card thief can put fraudulent charges on your credit card bill, but a debit card thief can drain your bank account, then you get hit with overdraft fees and returned payment fees. You do not get the same legal protections under the Electronic Funds Transfer Act as you do under the Fair Credit Billing Act, either, so it's harder to dispute unsatisfactory merchandise/services. Your potential liability for fraudulent transactions is also much greater. Get a PIN-only ATM card for withdrawing cash or getting cash back from merchants, and use a credit card for all other transactions.
APR is annual percentage rate, the interest rate you pay your credit card issuer for the privilege of borrowing their money. If you pay your balance in full every month, no interest will be assessed. Get a savings account, and you can see how you can make money with credit cards. Your money will earn interest in the bank, while you borrow the card issuer's money at 0% for your monthly expenses. At the end of the month, you pay the bill, and keep the interest you have earned. It won't be much, but every cent counts. If need be, you can revolve a balance, meaning you don't pay the whole thing off at the end of the month. You still must make a minimum payment, and you will pay whatever your APR is on the remaining balance. It's actually a pretty good deal for those times you absolutely must spend money you don't have; every time your debit card friends are hit with a $20 overdraft fee, they're paying an average APR of 3,500%.
You can cancel a card after the promo rate expires, but that is not a good idea. In ten years (give or take) it will fall off your credit report. As it will have been your oldest trade line, your average age of accounts will go down. When AAoA goes down, your credit score goes down with it.
Pat: Have you ever heard of discount rates? Interchange? Cardmember fees? Merchant fees? American Express makes a LOT of money off their interest-free charge cards, and lots of credit card issuers have 0% promotions, too. Obviously they can and do make money with a 0% APR.
Tyrone Said:can i apply for a debit card even if im not american? and im 19 yo college student looking to pay online?
We Answered:A pre-paid debit card is the only thing you can get from the check cashing store in your area..
Rodney Said:Who would be the target market for Pre-Paid debit cards toward College Students?
We Answered:A pre-paid debit card is good anywhere and can be used on anything. Some students (and other people) use it as an actual credit card if they don't have a credit card or don't have a debit card through their bank. Parents can also add money onto this card whenever and it helps the students from spending more than they need to (as you can only spend what you have on it) and have banks go into the negative or whatever. Parents can then also track their childs spending.
Veronica Said:What is the best credit card/ debit card for a Philippine based college student like me?
We Answered:Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
Colleen Said:Is there a monthly charge for debit cards from Citi Bank?
We Answered:Not if it is tied to a bank checking account. I did not know you could use the debit card in conjunction with a savings account, so you might want to call your local branch of the bank.
Roland Said:Im $10,000 in credit card debit and college student. What do i do?
We Answered:Perhaps instead of borrowing money, and going deeper in debt, you should take a little time off from school. Maybe pay off some things, and possibly save a little money, too. Then you can go back to school when you have some stuff paid off, and then you can get more loans. Your education is important, but so is your credit. If you don't do something now, your credit could be in serious trouble, causing future interest rates to be high. You can always go back to school later, but if you wait until later to pay off your loans, the companies that run your credit report will see how long the loans have been overdue. That's not good! You're in a tough spot, and I feel for you. Good luck!
Also, I would not advise you to file bankruptcy. Lots of people think that is the answer to everything. It's not. You won't be able to get any loans at all if you file bankruptcy. Then what will you do about school? If you file bankruptcy, and you are able to actually get loans, it'll be because there's a high interest rate on your loan, causing high payments, and a never ending statement every month. You'll be right back where you started in no time.
Suzanne Said:What is the best credit card for college students?
We Answered:I would recommend staying away from credit cards unless you plan to pay each monthly bill in full each month. If you do plan to pay each bill in full each month, go for a rewards card, so that you can earn cash back or points. Don't miss a payment though.
Use a comparison site for the most current offers, but, again, I don't recommend it unless you plan to pay your bill in full each month. Otherwise, stay away for now.
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