Student Credit Card and Credit Education Blog

As many of you know next February marks the second half of the new credit-card law which brings sweeping changes to the criteria used to determine an applicants worthiness. The days of credit cards being handed out to youngsters like Halloween candy will soon be past.

The law states anyone under the age of 21 will either need a co-signer or need to display independent means to pay bills in order to secure a card. This does leave some gray area however. How a lender determines an individuals “independent means” to pay a bill may vary. But this change will still protect the lions share of impressionable young adults.

Overall I believe this change is a good thing. Putting the training wheels on will help lower credit card debt for young, irresponsible borrowers. According to the WSJ, in 2008 one in five seniors carried more than $7,000 in credit card debt at graduation. And when you consider anyone new to the world of credit does not generally have the most favorable interest rate, that $7,000 may take longer to pay off than federal student loans that are double the cost due to low fixed interest rates.

So don’t be surprised if you see a swarm of credit card companies this fall circling the campus like sharks with free t-shirts as bait. They only have a six month window in which to recruit applicants before the application process becomes expediently harder.

But just remember this, whether you get a credit card this fall or next February you still must use it responsibly. Yes, the application process will change, but the repercussions of your actions will not.

If you are considering a credit card check out the best student options.

A common misnomer is that lending institutions want you to be in debt, but that couldn’t be further from the truth.

When banks, lenders, and credit card companies lend funds they fully expect to get them back. They are not in the business of losing money, which is why they do a credit check to determine your credit worthiness. Now I realize some skeptics will claim that’s not accurate and that many card companies hand out credit cards like candy to individuals with virtually little to no credit at all. Some may even point to the fact that the term “deadbeat” in credit card circles is used to describe a borrower who pays off his or her credit card in full every month and does not pay interest. All of this would naturally lead you to believe they like having you behind the 8-ball, but what they really like is for you to only be partially behind it.

If you are buried in debt and can’t afford to make your monthly payments that becomes a lose-lose for both parties. Your credit gets wrecked and the lender does not get their money. No one wants that.

In a perfect world a lending institution would love for a borrower to spent within their means and only carried a minimal balance for several months while paying a reasonable interest rate. When that happens the magical win-win for all is the net result. You establish positive credit history, they reap some interest on the money they lent you, and they keep their balance sheet clean. But in the real world things seldom go as planned.

Unexpected expenses lead to debt mounting, interest rates rising, and payments becoming less affordable, which is why this may be the perfect time to consider debt consultation if you are having financial difficulties

Student Platinum has partnered up with Credit.com, a leading debt resolution specialist, which offers solutions based upon your unique financial situation. You will be peered with a debt settlement or credit counseling partner who will work to cut down your debt balance and outline a monthly plan that is conducive to your economic situation.

Debts must be unsecured (which is a debt not tied to any item of property). You must have a source of income, and you can not include school or auto loans.

Get your free consultation from a debt expert at StudentPlatinum today!

Do you feel colleges do enough to educate students on responsible finance? Do you believe part of your core curriculum should include a credit card class which goes over the basics?

I recall my core curriculum included an art class, but since I was not gravitating toward that career direction I would have much preferred a Credit Card 101 class instead. Heck, even algebra is something I don’t use in the “real world.” I wouldn’t mind if they scratched that one either.

What do you think? Would Credit Card 101 be a good idea? Sound off!

ScholarshipPoints code: CCARD101

From Student Loan News, Updates and Blog Posts » Credit Cards:

We are often asked: What loans are available for students with bad credit?”.  In short, your options are limited.
We would always recommend you work on building your credit.  Visit www.studentplatinum.com to learn more about credit, how to build good credit and how to repair your credit if it goes south.
For some detailed information on Bad [...]

Originally published by Student Loan News, Updates and Blog Posts » Credit Cards.

If you like two for one special’s, and let’s be honest who doesn’t, you’re going to love this deal. StudentPlatinum is thrilled to announce that the Citi mtvUTM Platinum Select Visa Card for College Students and Citi Forward Card are now offering 10x points on every dollar spent at bookstores, record stores, restaurants, (including fast food), motion picture theaters, and video entertainment rental stores for the first 3 months and 5 points thereafter. That’s double the points and double the purchasing power for the first 3 months! Additionally you will earn 1-point per dollar on any other purchase.

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Citi® mtvU^TMPlatinum Select® Visa® Card for College Students

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• Earn 25 ThankYou Points every month when you pay on time and don’t go over your credit limit.
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Citi® Forward Card

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ScholarshipPoints code: TIMELIMIT

Growing up I was not what you would call a model student. I was always a step behind, and my grades reflected that. Looking back I’m convinced one of the reasons for my delayed development was my lack of maturity. I was a November baby and did not possess the mental aptitude to keep up with my older peers. Report card time was always an adventure for me. I was probably the only student in the country who wasn’t excited about the end of a school year because it meant I had to hand my parents my marks.

I can even recall mentally preparing myself for the tongue lashing to follow after handing over my card. “You even got a D in handwriting,” I can still hear my mother saying with disbelief. I can’t even begin to tell you how many times I was grounded for poor grades, but everything changed when I entered eighth grade. Things finally began to click just as Mom and Dad had begun to compensate me for good grades. It was my perfect storm.

As an incentive to do well I was given ten bucks for each A and five bucks for each B. In years past I may have netted five bucks for an entire school year, but not this year. This was the new mature me. I ran the table with straight A’s, and after a repeat performance the next year the Mom and Dad incentive program was suspended indefinitely citing unexpectedly high overhead costs. But I’m happy to see that Citi is now picking up where Mom and Dad left off all those years ago.

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