Tips for college students on credit card use

Posted by administrator | 22/08/12 | Tagged Credit Card

Tips for college students on credit card use
News from USA TODAY:

College students juggle plenty: part-time jobs, research projects, dating, keeping up with the family at home.

  • Damian Dovarganes, AP

So I’d like to go out on a limb and say most college students are more focused on their GPAs than on their credit scores. And it’s way too easy to make some really dumb moves on campus that can ding your credit score. Lower scores mean higher costs when taking on adult-size purchases, such as car loans and mortgages, down the road.

Since 2010, credit card companies can no longer offer T-shirts, coupons for free pizza, coffee mugs or other gifts on campus to college students who agree to fill out a credit card application. They can still market cards on campus — just no freebies.

  • COLUMN:

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Credit card issuers use social media to target students
News from Boston Globe:

WEST PALM BEACH, Fla. — Just a few years ago, credit card companies set up tables at college campuses and offered students freebies such as T-shirts, candy, and Frisbees if they signed up for a card on the spot.

The Credit Card Accountability Responsibility and Disclosure Act of 2009, which took effect in February 2010, changed that scene. Now the companies are prohibited from soliciting within 1,000 feet of a college campus.

But students and parents can’t let their guard down. The companies are still hoping the young people will become credit card users. Now they’re more likely to attempt to snag them through social media such as Facebook, said Odysseas Papadimitriou, chief executive of credit card comparison website CardHub.com.

The timing couldn’t have been better for the financial institutions that issue credit cards, including banks. Social media already had a 90 percent reach on the 18- to 29-year-old demographic.

“They are on a virtual campus now,’’ he said. ‘‘The risk has not gone away.

“Young people represent a very important demographic for banks, as they are potential lifelong customers, a large percentage of whom are on track to earn college degrees. It’s therefore no surprise that we’re seeing banks use the online games and websites that young people use almost religiously in order to connect with them. It gives banks an…………… continues on Boston Globe

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Which cards are better to use, credit or debit?

Posted by administrator | 22/08/12 | Tagged Credit Card

Which cards are better to use, credit or debit?
News from MyFox Washington DC:

By Andrew Housser

Everyone seems to be using plastic these days to pay for purchases. Using a credit or debit card is certainly easier than carrying a wad of cash, but both carry some risks. When you swipe a card at a checkout card-reading machine, you will be asked to choose between credit and debit. Before you hit “enter” for either option, weigh the pros and cons of each.

What’s the difference?

The main difference between credit and debit cards is where funds come from. Debit cards draw money directly from your bank account. Credit cards offer a line of credit from which you can borrow money to make a purchase or even take out extra cash. Choosing the “credit” option when paying with a debit card does not affect the payment source. The purchase amount is still deducted from your bank; the action simply saves you the step of having to enter your personal identification number (PIN). It also prevents others in line from possibly seeing your PIN.

Are you good at budgeting?

When you choose to pay with a debit card, you might be less tempted to spend more than you can afford, since the money you spend will be automatically deducted from your bank account. If your purchase exceeds the funds in your account, your account will be overdrawn. Many banks offer overdraft…………… continues on MyFox Washington DC

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3 On Your Side: College Students & Credit Cards
News from CBS Local:

By Jim Donovan

PHILADELPHIA (CBS) – It’s the time of year when hundreds of thousands of college students head back to school and we all know what that means, they’ll need spending money.

For years, many students would just apply for a credit card and charge up a storm.

But as 3-On Your Side Consumer Reporter Jim Donovan reminds us, banking reforms have made it more difficult for college students to get a credit card, but not impossible. So that’s why it’s important to have a talk with your child before they rack up lots of debt.

When the Federal Credit Card Act went into effect in 2010 it made it much harder for college students under the age of 21 to get a credit card. But there are students who can still get one.

“Someone who is working part time or full time and can show they can handle the payment on the credit card. The other is that if they have a co-singer, a parent or guardian, will co-sign, someone that has good credit,” says Stephanie Bittner of Clarifi, a local non-profit credit counseling agency.

Bittner believes most co-signers aren’t really thinking of the possible consequences.

“You’re going to be responsible for that debt or, in addition, it’s going to have a negative impact on your credit score if that account gets late or is not being paid at all,” she says.

An estimated 75% of…………… continues on CBS Local

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