Student Credit Card and Credit Education Blog

Two steps forward and three steps back. That’s where we are in todays world when it comes to responsible credit for young adults.

Under the new credit card law which goes into effect early next year parents to those children under 21 will have to agree to take responsibility of their kid’s credit cards, pending and income threshold requirement. Where is the lesson in that? That Mom and Dad will always be there to bail you out?

In order to raise responsible adults you need to take the training wheels off and let them learn some valuable life lessons now while the stakes are low. Maxing out a $500 credit card is far better than maxing out a $5,000 card when they’re twenty-five.

Educate and teach them responsible finance now while they are in college. Enlighten them to the future implications of their poor choices should they elect to act irresponsibly. Be honest and tell them if they hope to lease an apartment, take out a car loan, or even secure a job that their credit will be an important factor.

Do what’s right now, so they don’t do what’s wrong later.

Editors Choice Best Student Card

As a Citi carholder I’m embarrassed to admit I had no idea what the Citi Private Pass was or how I could benefit from it until recently. In fact, it may be the best kept secret in the industry, but that’s all about to change. I want to make sure all my Citi friends cash in on the incredible benefits, namely $5 tickets to one of the hot concerts of the summer!

Now through the end of August Citi has teamed up with Live Nation to offer its valued members lawn seats for just 5 bucks to shows like Depeche Mode, blink-182, Crue Fest 2, Nickelback, Mayhem, Festival, and The Fray among others! This deal is open to all Citi cardmembers. Simply visit the official private pass site to retain the access code which allows you to buy $5 tickets! How easy is that?

The unprecedented access Citi cardholders enjoy with their private pass is second to none.

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Your FICO score is more important than your SAT score. Ok, we could probably debate the merits of that claim, but the fact is that debate is worth having given how your credit score effects every major purchase in your life.

My Dad helped me build my credit when I was 18 by co-signing a $500 loan for me that I didn’t even need. He instructed me to make the monthly payment consistently to help build my credit, and even kicked in the extra $70 of accrued interest at the end. I didn’t appreciate what he was doing at the time, but two years later when I wanted to purchase a new vehicle I was able to secure the loan by myself. My credit history told the bank I was worthy and responsible. I was independent at 20.

Clearly establishing positive credit history is one of the most important things you can do for yourself, but if you don’t protect your FICO score all your hard work could be vanquished in an instant. That’s why myFICO Score Watch is so important. MyFICO Score Watch serves as your personal safeguard by alerting you immediately when there is a change or query into your credit.

myFICO Score Watch Benefits

• Monitors important changes to your FICO
• Provides timely alerts when important changes are detected
• Easy-to-read view of how lenders see you and items affecting your score
• Alerts you when you might qualify for better interest rates on loans

You can never have too much protection. Find out what all the hype is about with a 100% Risk-Free 30-Day FREE Trial!

ScholarshipPoints bonus code worth 15 points is: LOVEMYFICO.

For years, four to be exact, I went through the same drill in late August; pack up my stuff and head back to school. And each year without fail I would forget something.

The first year I forgot my mini tape recorder for lecture hall. The second year I left my dress sneakers under my bed. Yes, I know that sounds like an oxymoron to have dress sneakers, but I kept them in pristine condition and loved them so. My third year it was the new printer Mom and Dad bought me that failed to make the voyage. But I saved the best for last. My senior year I left my wallet behind which contained, among other things, my credit card.

Blissfully unaware my purchasing power was lacking I began unpacking my things when I got back to school. My friend Amy even stopped by to help me iron, fold, and hang my clothes. As a thank you for all her help I offered to take her out to lunch that afternoon. It was in that moment I realized my wallet was still sitting on top of the night stand in my room at home. I could feel my face turn three shades of red with anger and embarrassment.

Tucked securely in the folds were my school id, health insurance card, license, and perhaps most importantly my credit card. I knew I could get a new student id quite easily so I wasn’t concerned about that. I didn’t have my car on campus so my license wasn’t a big concern, and I barely used my health insurance card. What was most disconcerting to me was not having my plastic.

I paid for everything with my card and then repaid it in full at the end of each month with the money I earned from my job at the local pizza shop across from my campus. It worked out perfect for me, when I actually had my card on me opposed to sitting in my room at home. I enjoyed the reward benefits the card had to offer while building up my credit score in the process. Of course back then I needed to spend fifty dollars to accrue just 1-point, but that was then.

Credit card issuers today give away points like candy, which benefit you and me. Citi’s mtvU and Forward cards hook their members up with some sweet point opportunities and a wide array of redemption options. Having a card that rewards you for purchases this day in age is more important that ever.

• Earn between 1 point for each dollar you spend to 2,000 bonus points twice a year for maintaining a good GPA.
• Cash your points in for DVD’s, mp3 players, concert tickets, and more.

• Earn between 1 point for each dollar you spend to 6,000 bonus points after $50 in purchases are made within 3 months of opening an account
• Cash your points in for gift cards, rebates, electronics, and more.

ScholarshipPoint bonus code worth 15 entries into the scholarship of your choice: BEREWARDED.

I’m sure you have heard about your credit score before.  If you’re like me, this probably is not playing a very important part of your college life.  When I was in school a few years back, my credit score was probably the least of my worries.  Now, 3 years later, it is on my mind all the time.  I’ll explain why – first, ask yourself the following questions:

Do you plan on purchasing a home in the next 5-10 years?

Do you plan on purchasing a vehicle in the next 5-10 years?

Do you plan on landing a decent job?

Do you plan on renting an apartment?

If you answered yes to ANY of the above questions, guess what, your likley to need a good credit score.  With the recent economic changes in our country, it is now more important then ever.  Don’t hesitate, find out what your score is today, and aim to improve that by 100+ points by the time you graduate.  You will thank yourself – TRUST ME!

StudentPlatinum has teamed up with FreeCreditReport.com to provide you with a free credit score!  Get your credit score absolutely free now!

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ScholarshipPoint members, your bonus code worth 15 entries into the scholarship of your choice: IKNOWMYSCORE

When I shuffled off to college back in the early 90’s my mom handed me a crisp hundred dollar bill and told me to tuck it away for an emergency. As bad luck would have it I was in need of those emergency funds the very next day when a flat tire left me stranded several miles from school. Like a fool I had been driving around without a spare. A tow and 25″ Goodyear later and my emergency funds were depleted. My security blanket was gone.

I didn’t have the heart to tell my mom the hundred had been spent in the first twenty four hours. Had I informed her I know she would have scrounged up more money she didn’t have. As a single parent she routinely did without. I actually found out later in life that her dinner on many occasions consisted of what was left on my plate (we were on a very tight budget). It was at that moment while waiting for my tire to be fixed that I first wished I had a credit card to help ease the burden.

Credit cards are ideal for emergency situations. In fact, even if you never use the card there is an implicit value as well. The peace of mind one derives from having a card, should they get in a bind, is equally important. But with so many cards to choose from it can be difficult selecting the right one, which is why I’m here. Citi’s Forward card rewards forward thinking students like you.

Citi’s Forward card is designed specifically with students in mind. You can earn rewards points by maintaining good grades and even drop your APR up to eight times for making on time payments. You benefit by simply being responsible. And with so many ways to benefit this card is at the top of our list.

Key Benefits

• The credit card that rewards you for good grades
• Up to a 2% purchase APR reduction when you make a purchase, stay under your credit line and pay on time 3 billing periods in a row
• 6,000 bonus points after $50 in purchases are made within 3 months of account opening
• 5,000 bonus points when you sign up for paperless statements within 3 months of account opening
• 5 rewards points for every $1 you spend on dining, books, movies and music.
• 1 reward point for every $1 you spend on other purchases
• 0% APR for 6 months on purchases and balance transfers

Points Program

• You can redeem your rewards points for gift cards, music and electronics, but also for student loan rebates, statement credits and charitable donations.

• But here’s the best part, if you don’t find a rewards benefit that you like, call Citi and they’ll come up with a unique plan just for you. It’s called Your Wish Fulfilled. How cool is that?

ScholarshipPoints code: FWDTHINK