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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

What is the Right Age for Making Credit Card Deals?

2007-09-14

Students are easy to fall under the influence. A bright ad, an appealing slogan, and lots of promises...all these will certainly attract attention of youth folk. Their addiction to credit card deals is sometimes compared with drug addiction. Young people prefer to go with the flow and accept the decisions of the others. This way they become a wax in lenders' hands because of their trustfulness. Watch out! Credit card companies have iron hands in velvet gloves. Experts assure that college years are not the right time for credit card deals. What are their arguments?

It is so alluring to have plastics when you are a student. Credit card companies have a certain number of special offers for students. The point is that they regard you as easy money. Students cannot control properly their credits for the lack of mere experience. That's why they accumulate debts so fast, and most obviously, Dad and Mom will give them a helping hand.

To resist the temptation of credit cards is so hard! When you start a new life, you want to start your credit history as well. As a rule, credit card companies do their best to persuade you that one plastic won't do you any harm, and it will help to improve your social status, and so on, and so forth.

What they don't mention is the side effects like getting into debts, or higher interest rates. You will certainly know all this with the lapse of time. But I'm afraid it will be too late. To avoid credit misfortunes one should learn wisdom by the follies of others.

Let's face it! Credit card debt of the average college freshman amounts to $1,500. And this figure doubles by the time of graduation. Moreover, they have a student-loan debt that equals to thousands of dollars. Besides, the majority of students have more than one credit card. "It seemed so easy! When I was a senior I had eight or nine", says Carmen Barnes, 27. "I used the plastic for buying food, snacks and even gum. I didn't care too much about it. Once I spent $100 and had to pay back about $250." Feel the difference?

You may say, "All my friends use credit cards. Then there's no harm in that." A huge mistake! Students will learn this credit lesson when they see their bills, and it becomes clear that they spend more than they can afford.

To escape the credit card problems in future and develop healthy financial habits you may start gradually. Let's say with debit cards. For this purpose students open a checking account and most of them get free debit cards. How do they work? You can use them at the same places where you would use a credit card. And you simply cannot fall into debts because you spend money from your deposit. It's really a good training. Step by step you learn to plan your budget. This is very essential.

Since you've learned to be responsible for your spendings, you may start out with credit cards. To find the best credit card deals is not a big problem. I advise you to sign up for your first plastic when you are a senior student. When you leave school and get a regular job, you are of no interest to your lenders. That's it!

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[Sunday, December 18, 2011]
Chase Bank recently announced the redesign of its Visa credit cards - allowing more space on the front for the Chase logo. This new design is in trial mode currently but Visa has pans to roll out its new design to other financial institutions in order to increase the branding and logo visibility of the individual issuing banks.
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[Friday, October 28, 2011]
Debit and credit: they`re both plastic, why not consolidate them? The Cinncinati-based Fifth Third Bank, is the first to offer the DuoMasterCard which consolidates both a checking and a credit card account into one card.
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[Wednesday, September 21, 2011]
It really pays when you do the right thing. Take credit cards for instance, having a clean credit profile really does help. Those who managed to maintain a squeaky clean credit report during the recession can now jump with joy, as they will get some of the best deals from credit card issuers.
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