Student Credit Card and Credit Education Blog

Current events and opinions about student credit issues

03.09.10 | How to save a small fortune in college

Let’s face it, college life can get pricey, and I’m not even talking about tuition costs. Every day, students from coast to coast throw their money away because (a) they’re lazy,  (b) they don’t know any better, or (c) both.  What many students don’t realize  is that some of the biggest costs in college can be easily avoided if you’re willing to be a bit resourceful.

If you have a meal plan, use it. Those meals are already paid for, and can save you big over grabbing a slice of pizza and a soda every night. When I was a student at Northeastern University, the cost of my plan came out to $9 per meal. At the end of one semester, I had twelve meals left over that didn’t carry over to the following year. That’s $108 down the drain.

Pay your credit cards on time. Credit card companies are notorious about late fees or other penalties for missed payments. Not only can this adversely affect your credit score later in life, it’s extra money you have to pay out of pocket. Here’s a tip: if you credit card offers online bill pay and automatic payments (and most do), set it up.

Set up overdraft protection on your checking account. Once in college, I accidentally overdrew on my checking account, and didn’t realize until the next day. During that day, I purchased a cup of coffee, a burger and fries, and a magazine despite having less than a dollar in my account. Total cost of those items? $12. Total cost after overdraft fees? Nearly $200. The coffee wasn’t even that great.

Buy your books online. It amazes me how many people still use the school bookstore to buy their books for class. You’re throwing your money away! Worse, those book buybacks at the end of the semester will give you only about 10-15% of what you paid for the book initially. While you probably won’t find every book you need for class, always check sites such as Amazon or Half.com to see if they have a used copy you can buy for cheap. You could save hundreds of dollars.

ScholarshipPoints Code: FORTUNE0310

02.15.10 | Tips and Tricks for Off Campus Living (and Saving Money too!)

Posted in Credit Cards, Student Savings Tips by Evan Jacobs

Apartment Living

From personal experience, living in the dorms isn’t always the most pleasant experience, and many students choose to move out of the dorms after their freshman year. There are a lot of benefits to getting an apartment, including more privacy and your own room and kitchen, among other things. In addition, apartment living can give you more independence and freedom, since you can have friends over and do what you want without having to deal with the often overzealous campus security officers.

To that end, I’ve put together a short list of resources and tips if you are thinking about living off campus that will definitely help you save money and live more comfortably during your new adventure.

Finding an apartment. Thankfully, many schools have an office set up expressly for the purpose of linking students up to find apartments or as sort of a roommate matchmaking service. At Suffolk University, my alma mater, it was called the Off Campus Housing Office (OCHO)… your school probably has a similar name, and if you look on their website it should be relatively easy to find. In addition, there are a ton of websites online devoted to matching people together for roommate situations and apartment searching, including Rent.com and Roommates.com. Craigslist.org can be a great resource for apartment searching too, though I advise a cautious attitude when looking at apartments to make sure everything is working properly and to always bring a buddy – they often will notice things that you may not at first, and the buddy system is always smart when going somewhere you aren’t familiar with.

One point I’d like to make in favor of apartments is you often can save a lot of money by living in one. In 2009, the average cost of Room & Board at a private 4-year university came to $9,363 nationally. If you have one or two roommates and are somewhat frugal, you can save close to 30% on that cost (and potentially more) depending on where you live. Note: This is not applicable to all schools, since the city is usually more expensive, and for a suburban or rural school, a dorm may end up just being a better option and much more convenient for the average student.

Renter’s insurance. Renter’s insurance is the best friend of any student and apartment dweller, because it is inexpensive and protects all your valuables. Although the price varies from state to state, it usually costs around $200 a year to insure up to $20,000 worth of clothing, electronics etc. in case of burglary, fire, and other mishaps and/or forces of nature. One thing I recommend checking on is if your insurance package covers flood, because if the sprinklers go off in a fire suppression system, they WILL ruin your electronics and most dorms and landlords make sure they aren’t legally obligated to replace that type of stuff.

Gift cards instead of cash. This may sound kind of weird at first, but there’s a really good reason why gift cards (especially for supermarkets, etc.) are way better than cash: you can’t blow a grocery gift card on clothes or something else. During my time at school, I found that the more you have paper money, the more it burns a hole in your pocket and you’re tempted to spend it on something you don’t necessarily need. A gift card just ensures that you are using it for the intended purpose.

A backup credit card. Yes, student credit cards are very controversial. I’ve seen countless comments on these blogs that make excellent points why they can be a bad idea in the wrong hands, but here’s my argument for why you should have one: if you get into trouble, it can be a lifesaver.

My personal example for why a credit card is important comes from my sophomore year at school, when I was working part time to pay for my food costs (I was living off campus) and utilities. Basically, I had been laid off my job because of downsizing efforts, and I went through a three month period of being underemployed before I eventually found a replacement job. Without a credit card to finance basic needs like food, it would not have been a pretty situation.

This is just something to think about… because in our current economy, you always  need to have a backup plan. A student credit card can be a blessing and a curse, but in my experience, it was a valuable tool that tided me over during a hard time and I am very thankful that I had it in the first place.

ScholarshipPoints code: OFFCAMPUSLIFE

Image Credit to IFGD (Flickr)

07.22.09 | Cash in on Summer Concert Tickets and More

Posted in Credit, Financial Information, Student Savings Tips by Little Miss Platinum

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.

Citi Card membersBecome a Private Pass member today and let the savings begin!

Don’t have a Citi card? – Become a card member and enjoy VIP access to a world of entertainment and experiences that are unmatched!

05.13.09 | Why I Converted to an ING Checking Account

Posted in Financial Information, Student Savings Tips by Little Miss Platinum

With a federally charted pedigree firm in hand, and safeguards to ensure safety and privacy for their customers that would make ADT quiver with envy, it’s easy to overlook the extraordinary benefits ING extends to its valued customers.

Take ING’s world class checking account, which is one of the best in the market today. I converted at the end of last year, and got my old school Dad to see the light last month (read the blog post here). The only regret I have is that I didn’t do it sooner. Below I’ve listed the top 5 reasons ING checking accounts kick butt.

1. Earn Interest

That’s right. A checking account that earns interest. Depending on the amount you have in your checking account you may earn from 0.24% to 1.63%.

2. Overdraft Protection

I’ve been hit with a few $30.00 overdraft charges in my day, which made this benefit very appealing to me. ING doesn’t charge you a flat fee, provided you fall within your qualified protection line. Here is how it works: let’s say you have a $200 protection line and buy a computer for $800, while only having $650 in your account. The $150 will be pulled from your protection line and then you will pay interest (based on the ING Prime rate) on that $150 until your next deposit is made. Pretty sweet deal. We all make mistakes, but it’s good to know with ING it won’t cost you a steak dinner.

3. Free Bill Pay

Say goodbye to paper bills and checks. Bill Pay works like a wire transfer. If the business you want to send payments to is set up with the popular Bill Pay banking system ING will simply transfer money electronically to that business. You can expect payment to arrive within 3-5 business days.

4. Send Paper Checks

Writing out checks from home, putting a stamp on the envelope (stamps just went up to 44 cents by the way), and mailing them out is so archaic. If the business you want to send payments too is not set up with Bill Pay this is your next best option. It works just like a paper checkbook, only you are writing them online and it doesn’t cost you a dime. The check is then sent out first-class the next business day.

5. Free ATM

You can access your cash for free at over 35,000 Allpointâ„¢ ATM’s nationwide. Allpointâ„¢ is America’s largest Surcharge-Free ATM Network and is located in all 50 states.

So if your aim is to save time each month, while keeping more money in your pocket, your search is over. The ING checking account is the perfect fit for you. The proof is right there in the pudding. And the pudding tastes oh so good.

Open a FREE ING Checking Account Now!

Scholarshippoints.com members can enter the code INGFORME for 15 mouth watering points to apply toward monthly scholarships ranging from $500 to $10,000!!!

05.01.09 | Free Debt Consultation

Posted in Credit, Financial Information, Student Savings Tips by Little Miss Platinum

The new four letter word on everyones lips these days is debt, which in turn leads to other four letter words. Debt has always been there, it’s just been seated comfortably at the kids table. Now it’s at the head table and scooping up a second helping of stress and anxiety; a most distasteful helping indeed. But help is available if you know where to look.

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!

Scholarshippoints members may enter the code DEBTCONST2010 for 15 fabulous points to use toward a monthly scholarship drawing!

12.30.08 | Post holiday “almost”

Posted in Student Savings Tips by Little Miss Platinum

Between the various holidays, my last final exam (let’s hear it for 3 hour final exams!  Woohoo!  ZZZZZZ), the ice storm we’re still recovering from, the upcoming New Year’s party… ING once again went onto the back burner.  I did get a few dollars from relatives, which will go into the account, but the fact of the matter is, I have been remiss in my attempts to build up $500.  Add in the fact that I already cut corners before this opportunity was presented, and the odds were against quite a bit.  Still, it’s not in my nature to give up; there’s still time, and maybe a stray $500 bill will blow across my path as I shovel snow today.

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12.27.08 | Final Tip

Posted in Student Savings Tips by Little Miss Platinum

You know all those relatives who you see like 3 times each year? The ones that don’t have any clue what to get you for Christmas. They probably just handed you a card with a bunch of cash in it, right? Well, do yourself a favor. Take half, pretend you never got it in the first place, and just put it in your ING Direct Savings Account. You’ll thank yourself later.

It was great blogging for you all. I hope you all enjoyed my savings tips, and hopefully I have helped some of you actually save. Good luck to all with your future savings!

-Brad

12.22.08 | Marty’s Movie Minute

Posted in Student Savings Tips by Little Miss Platinum

Nine days left. Nine days till the ball drops on ’08 and nine days till the savings challenge comes to an official close.fox-color-logo1 Boy did this year fly by. It always astounds me how quickly time marches on. Time yields for no man. But I am ready to make one final mad savings dash to the finish line before we officially usher in 2009.

The stretch run is within view, and all my finals are now resting comfortably behind me. I can almost taste that $500 savings goal! My plan is simple, start renting movies this last week and a half before the New Year.

Now you should know I’m a chubby movie buff. I love watching movies and can do so for hours on end. What I don’t like however is the $10.50 ticket price (I think matinees are $8 bucks). Those tickets prices add up when you see as many movies as I do. After finals each semester I usually take in several movies; it’s a great escape for me.

Through the years I’ve tried to save some money when going to the theatre. I’ve loaded my jacket with lots of food and drinks so not to pay $6 for a Pepsi or $5 for some Junior Mints. I’ve snuck into a second movie several time, and even figured out a way to get in for free sometimes. But I’m getting to old for that now.

Instead of going to the theatre I might as well order a movie on pay-per-view for $3.99 or get a movie from RedBox at the grocery store for $1 with no late fees. No question that would save me a load of cash! Granted, it won’t be the latest release but there are so many movies I want to see that it wouldn’t be a big deal.

So that’s it. That’s my last cost cutting/saving measure. However, I’m not sure I’ll get to the $500 goal; it will be close. Although perhaps if I fall short I could petition congress for a Marty Bailout package. Gotta run, the previews are coming on…

12.22.08 | The 12 Days of Savings

Posted in Student Savings Tips by Little Miss Platinum

Seasons Greetings! christmas-tree-756451

I know I told you all that you were not on my Christmas list this year.  But, you’ll be happy to hear that I changed my mind.  Yes, I decided to surprise you with a little gift from me.     No – Sorry –  I am not passing out holiday cards filled with cash nor am I making each of you one of my personalized picture or music CD’s.    Instead, in the true holiday spirit of savings,  I gifting you with a special song that I hope you will all enjoy!

On the first day of Savings,        
Captain J sent to me
A point code in a survey.  

On the second day of Savings,
Captain J sent to me
Two tips for saving,
And a point code in a survey.

On the third day of Savings, 
Captain J sent to me
Three frugal shoppers,
Two tips for saving,
And a point code in a survey.

On the fourth day of Savings,
Captain J sent to me
Four recycling rootbeer buddies,  
Three frugal shoppers,
Two tips for saving,
And a point code in a survey.

On the fifth day of Savings,
Captain J sent to me
Five scholarship points,
Four recycling rootbeer buddies, 
Three frugal shoppers,
Two tips for saving,
And a point code in a survey.

On the sixth day of Savings, 
Captain J sent to me
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for saving,
And a point code in a survey.

On the seventh day of Savings, 
Captain J sent to me
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for saving,
And a point code in a survey.

On the eighth day of Savings, 
Captain J sent to me
Eight members a-hoping,
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for savings,
And a point code in a survey.

On the ninth day of Savings, 
Captain sent to me
Nine launderers scrounging,
Eight members a-hoping,
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for savings,
And a point code in a survey.

On the tenth day of Savings, 
Captain J sent to me
Ten loans a-looming,
Nine launderer scrounging,
Eight members a-hoping,
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for savings,
And a point code in a survey.

On the eleventh day of Savings,
Captain J sent to me
Eleven Pointers pointing,
Ten loans a-looming,
Nine launderer scrounging,
Eight members a-hoping,
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for savings,
And a point code in a survey.

On the twelfth day of Savings, 
Captain J sent to me
Twelve scholarship chances,
Eleven Pointers pointing,
Ten loans a-looming,
Nine launderer scrounging,
Eight members a-hoping,
Seven students a-saving,
Six savers a-blogging,
Five scholarship points,
Four recycling rootbeer buddies,
Three frugal shoppers,
Two tips for savings,
And a point code in a survey!

Yep,  see what being snowbound in the house for 3 days (without a a car of you own to skid around town) does to you!     OK,  the song’s a lame & cheap gift but so what … didn’t your mother ever tell you that it’s the thought that counts?      So, be gracious already and just say “Thank You, Matt.”    :)

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12.20.08 | Asleep at Last

Posted in Student Savings Tips by Little Miss Platinum

Disclaimer: Read at your own risk – may make no savings sense!

ZZZZZZZZ

It sure has been a long, tiring week!  As you can see from my picture, I am asleep at my desk after an exhausting week of final exams.  Actually, I just woke up for you – my savings friends – to share my weekly savings story with you.

However,  I simply do not have the energy to even think (never mind write) at this moment.   So, let’s just cut through the chase and get to my bits of good news for the week:

  1. Hooray … Final exams are over and the long awaited winter break has finally arrived!   I can’t even express how much I look forward to being a lazy bum for a few weeks and catching up on my precious sleep!  <yawn>
  2. Mysteriously, my wallet somehow still had $20 left in it by end of last week.   Amazing, isn’t it?  Yet, it really is not much of a mystery where this “extra money” came from.   I was so busy studying last week that I had absolutely no time on my hands to spend any money.

Hmmm … What to do with this “extra money”?   Oh, the possibilities to consider!   This never happens to me;  I never have money leftover at the end of the week to spend at my will.   So, guess what I did with the money?  <yawn> No, I did not buy more rootbeer (tempted though).  No, I did not buy YOU a Christmas present (never even crossed my mind). Yes, I deposited the money into my ING Savings Account.

Impressed, aren’t you?  Well, don’t be just yet!  Hey, I know I have come a long way in my savings habits since this saving challenge started, but I’m really not that good yet.   The plain truth is that I simply was too exhausted to do anything more than hit the ING savings account deposit button.   But, it’s all good because now, with the money out of sight & out of mind, I can go back to sleep in peace (in the same broke student state that I have grown so accustomed to).  

So, in the end – with this Savings Challenge just about over – I bid you goodnight and goodbye telling you that although I did not reach my $500 savings goal by yearend, I am still much better off for my participation.   I can now say that I have some personal savings, which is much more than I could say just over two months ago.   And, I really hope that you can say the same thing!

Happy Holidays to everyone!   Hope to talk to you all again sometime next years!

ZZZZZZ   zzzzzz  ZZZZZZ   zzzzzzzz