3 Ways To Get Approved For A Student Credit Card
If you're a college student, you know how expensive books, movies and tuition can be. And if you only work during the summer break, you may be looking for a way to stretch your funds through the cold winter months. Fortunately, a student credit card can help. Find one with low interest and good terms, and you can charge during the lean times and then pay it off when you're making money on your summer job.
To get a student credit card, follow these guidelines:
1. Find some cards for comparison.
It's easier than you think. Credit card companies often set up tables and booths at college fairs. You may even find fliers or applications around campus. And you can always find a student credit card with an online search. Be sure that the cards you're considering are specifically student cards. Credit cards aimed at students tend to have more lenient credit score and credit history criteria, and they also tend to have lower interest rates.
2. Pick the one with the best terms.
Not all credit cards are created equal! Since your student credit card is probably your first, educate yourself a bit about the terms and jargon you'll encounter. Choose one with a low interest rate, since that's the "extra" amount your credit card will tack onto your balance each month. Look for one with a longer grace period, too, which is the amount of time you have to make a payment before interest begins accruing. Other things you should look for is a card with no annual fee and a low late payment fee.
Simply fill out the application--either on paper, online or on the phone--and answer the questions on the form. You'll need to reveal all the basics, like your name, current address and phone number. You'll also need to provide them with a "permanent" address and phone number. The application will include lines for information about your school, your school's address, your enrollment status and your year of graduation. It's possible they'll ask about your bank accounts and employment.
If you're currently employed or have significant savings in the bank, chances are your line of credit--the maximum balance you can hold on your card--will be higher. But even if you only have a summer job, you should still be able to qualify for $500 - $1,000 in credit.
A Business Credit Card Is Essential
If you are running a business out of your home, then there are many details that you need to keep in mind. You should probably be reading up on as much information that you can get ahold of on having a business at home. One of the most essential pieces of running a bussiness from home that you absolutely need to know from the start is to get a business credit card to use for everything related to your business.
Unfortunately, as a business consultant, I have talked with far too many business owners that come to me after failing at running a home based business. Why? Well, there are a wide range of reasons why people would fail at owning and running a home business, but the surprising number one reason I found for failure was poor management of finances. Far too many people do not invest into a business credit card when they first begin, and that is a very dangerous thing to do.
I thought that the importance of having a business credit card was obvious, but maybe it is not. A business credit card ultimately allows the home based business owner to have the freedom to keep their personal finances and their business finances separate. This is essential throughout the year and obviously when it comes to tax season as well. There is no reason why the finances of a home should be mixed up with the finances of a business. Keeping the two accounts as separate as possible is good in the long run.
There are many ways to apply for a business credit card, but you may want to talk with a business consultant before you make a choice on a card. There are many business credit card offers flying around and it makes it hard to know what is up and what is down when you are sorting through the offers without a good take on what to look for. So make a meeting with a business consultant or talk with a friend who is business savy before making any decisions about a business credit card.
The bottom line for home based business owners is that they need to look for ways to separate their business even though it is done in the home. This will be impossible without the use of a business credit card. So apply for one today and see what a difference it will make to the organization and success of your business.