Student Credit Card and Credit Education Blog

The holiday season is now officially upon us. Before long you’ll be shuffling off to family events and eating far more than your belly can handle. Of course getting presents for loved ones and friends is also part of that holiday tradition, and it can cost you a pretty penny at that. However, there is a clever way to score some of those gifts, cash in your reward points. You can totally hook up your family and friends with some swag just by using your card. Let’s map out your master plan to making this years holiday season the most cost effective one yet.

1. Take advantage of those 6 month 0% APR offers that credit card companies like Citi are offering
2. Earn points toward merchandise by purchasing gifts with your card
3. Maximize the ways you earn points

That’s it. It’s as simple as 1-2-3. You can spoil your friends and family without any heavy lifting. All you need to do is put the gifts you were already planning on buying on your credit card, pay the bill at the end of the month (0% interest remember), any then sit back and reap the reward benefits. The best card by far for scooping up mad points is Citi’s Forward card for students.

The Citi Forward card offers its new members a 0% APR on purchases and balance transfers for six months, if you qualify, and gives you ample opportunities to score some sweet points.

You earn one point for every dollar spent and five points for every dollar you spend on books, movies, music, and restaurants. In addition the Citi Forward card rewards you 5,000 points when you sign up for paperless statements within three months of opening your account and hands you another 6,000 points after $250 in purchases are made within the first three months. You also earn 100 points at the end of every billing cycle for simply making your minimum payment on time and staying under your credit line. So basically, you are handed 11,000 points right out of the gate. How sweet is that?

Below is a sampling of reward gifts you may qualify for along with their current point value.

So save yourself money this holiday season with Citi’s Forward card. Reward your family. Reward your friends. Reward yourself.

Best Rewards Card for College Students: Citi Forward card

ScholarshipPoints code: GIFTSRULE

If you are like me you probably graduated from college with two things; a diploma and a pile of debt. It is completely normal for students to have federal student loans and private student loans to pay off after college, but on top of credit card payments, rent and insurance payments these loans can be a huge burden. There are ways to quickly pay down your debt without getting overwhelmed. Here is the method that I use:

1: Figure out your monthly income and expenses including any student loan and credit card bills. This will allow you to see how much money you have left over after the bare minimum is paid.

2: Pay at least the minimum payment on all of your debts each month. Missing any payment can negatively affect your credit score. A poor credit score will makes it hard to rent an apartment, buy a car and take out any kind of loan in the future. Additionally, if you put off making payments you will end up getting slammed with interest in the long run.

3: Without neglecting any other living expenses and a modest savings plan, use any extra money to pay off whichever debt has the highest interest rate. If you have a lot of credit card debt it is probably best to pay that down first. Once your credit card debt is paid off, try not to accumulate any additional debt. Once your first debt is paid you can move on to using your extra money to pay off whichever student loan has the highest interest rate and so on until you are debt free.

ScholarshipPoints Bonus Code: PAYDOWNDEBT

Poor and college students go together like rhythm and blues.  As soon as one bill gets paid “poof” another one surfaces. It’s really tough when you’re living for today with minimal means while planning for tomorrow, which is what college is all about. Toss in your occasional $25 overdraft charge and it feels like you’ll never be able to climb out of that financial ditch.

It’s embarrassing to admit but when I was in college I used to gather loose change from underneath the seat cushions of the couch in the common area. There was nothing like the taste of a Pepsi I didn’t have to pay for, and sadly couldn’t pay for. But it doesn’t have to be that way for you. There are ways to bridge the gap between now and your winter break when most students grab some seasonal work. A credit card by Citi can serve as your best friend over the short term.

The real key to credit card discipline is identifying needs and wants and only using it for the needs. Unfortunately that line sometimes gets blurred by many young adults which leads to a sizable credit card balance. Charging a $299 PS3 system on your credit card is clearly a want and not a sensible purchase while using your card for such essentials as gas and food is a reasonable need. Still, if you don’t trust yourself completely you may want to request a lower line of credit or set a credit limit alert for yourself, which Citi offers to all its cardholders.

The credit limit alert system is great because it sends you an immediate email notification if you are getting close to your credit limit. It really is a terrific way of monitoring yourself. With a modest line of credit and a credit line alert you will ensure you’re in control of your spending.

College is stressful enough without wondering if you can make it from here to there because your tank is buried on “E” or stressing out over how much money is left on your credit line. Just think of Citi as the perfect last line of defense. Oh yeah, and as an added perk you can earn points as you spend to use toward gift cards, concert tickets, video games, airline tickets, mp3 players, DVD’s and much more. Qualified applicants can even score a 0% APR on purchases and balance transfer balances for the first 6 months.

So if the seat cushions at your school come up bare now you know you have another option.

The best college cards for students: Citi mtvU & Citi Forward card

ScholarshipPoints code: FINLNEEDS

During my first month of school as a college Freshman I attended College Fest. College Fest was a huge back to school festival featuring live performances, contests and “free stuff”. As a freshman in college I could not resist free stuff! There were credit card companies everywhere giving away free t-shirts, backpacks and water bottles to any student who would sign up for one of their cards. I thought it was awesome! I signed up for three cards that day and walked away with a big bag of swag.

After a week or so I had completely forgotten about the cards I had signed up for, that is until my Mom came out for a visit with a pile of mail.  I got a tongue lashing from her as she held up my newly minted credit cards.  I promptly canceled all three and did not apply for another card until my senior year of college.

What  I neglected to realize is that there is a right way and a wrong way to get your first credit card. The wrong way is to sign up for any old card just to get a free t-shirt. We all hate to do laundry, but one more extra large t-shirt is not going to make a huge difference in your wardrobe. What you need is a place to go where you can educate yourself about credit, like you are today. We can aid you with your credit card research and help determine the best credit card for you. We also provide credit education for students wanting to learn about APR, FICO scores, debt management, and money matter topics. I wish a site like this was around when I was a college freshman.

The truth is having a credit card to use while in college would have been beneficial for me, because it would have helped me establish credit before I dawned my cap and gown. It would have also taught me how to be a responsible credit card holder. Establishing a credit history in college can help you get a loan, buy a car, and rent an apartment when you graduate. When I bought my first car after college I needed to have someone cosign the loan since I had almost no credit history. Once again I was at Mom’s doorstep.

A credit card is also beneficial because it gives you security in emergency situations and enhances you sense of personal responsibility.  If you establish healthy credit practices in college chances are they’ll follow you for a lifetime.  I have a credit card that I use to make almost all of my purchases now, however, I make sure I do not spend more than I have in the bank and I pay it off in full every month. Because of this I have established excellent credit and was recently able to secure a mortgage to buy my first home. Having good credit really does pay.

The sooner you realize it’s a plastic world the better off you’ll be.  Leave the t-shirts, backpacks and water bottles for the others to fight over.  You’re on a different plan.  You’re on the fast track to establishing a solid credit foundation that will set you up for the rest of your life.

CHECK OUT THE BEST STUDENT CREDIT CARDS

ScholarshipPoints code: WISECREDIT

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

As you head back to school, some back to school financial aid tips…

Avoid credit reps on campus. You don’t need that free t-shirt, and a lot of inquires can hurt your FICO score.  (Your FICO score is used to determine your eligibility for student loans and other credit products.)
Make a budget BEFORE [...]

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