If You Can`t Pay the Balance, Look for a Low Interest Rate

Before a college student decides to apply for student credit cards, they should know the basics of credit and how it works. Credit should be taken very seriously and not "applied for" because someone on a college campus is offering you a Frisbee if you apply for their credit card. Many companies provide secure online student credit card applications, so you can apply for the best student credit cards at your convenience, when YOU are ready. We have highlighted a few of these companies here, and they include Chase Student Credit Cards, Citi Student Credit Cards to name a few.  We strongly recommend you learn the basics of building GOOD credit before you apply for student credit cards.

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Smart Cards Will Be Used in Multiple Applications

Using Student Credit Cards in a Responsible way: Below, and on the following pages we provide you with the information and insights on how to build GOOD credit, as BAD credit can cause you much heartache. For example Credit card delinquency could prevent you from qualifying for other types of loans, such as a home loan, auto loan or payday loan. When you miss a payment on your credit cards, you may receive a call or other correspondence reminding you of your overdue balance. You must be sure to pay at least the minimum payment seven days before the actual due date printed on your monthly statement.

Your Student Credit Card Rights

The Fair Credit Billing Act for consumers applies to credit cards and can be used for:

• Billing errors on your account.
• Unauthorized use of your student credit card account.
• Goods or services charged to your account, but not received.
• Charges for which you request an explanation or written proof of purchase.

*If your credit card is lost or stolen, you will not be held liable for any changes made by unauthorized persons.

Protect Your Student Credit Record

• Pay bills promptly to avoid late fees.
• Keep track of your charges.
• Do not exceed your Credit Limit.
• Always avoid Over-limit Fees.
• Report any change of address prior to moving, this way you will receive your bills right away.

Student Credit Cards : Billing and Charge Disputes

• If you see an unauthorized charge on your statement, write to the creditor or card issuer within 60 days after the first bill containing the disputed charge is mailed to you. However, if more than 60 days have passed since you were billed for the item, you still might be able to dispute the charge if you only recently found out about the problem.
• Send your letter to the address provided on the bill. Do not send the letter with your payment.
• Be specific in your letter. In your letter, give your name and account number, the date and amount of the charge disputed, and a complete explanation of why you are disputing the charge.
• Keep a record of receipt to document that your letter was received. You might wish to send it by certified mail with a return receipt requested.

Smart Cards Introduced in US

If you follow these requirements of receipt, the creditor or card issuer must acknowledge your letter in writing within 30 days of receipt and conduct an investigation within 90 days. While the bill is being disputed and investigated, you do not need to pay the amount in dispute. The creditor or student credit card issuer may not take action to collect the disputed amount, including reporting the amount as delinquent, and may not close or restrict your credit card account. If there was an error or you do not owe the amount, the creditor or card issuer must credit your account and remove any Finance Charges or late fees relating to the amount not owed. For any amount still owed, you have the right to an explanation and copies of documents proving you owe the money. If the bill is correct, you must be told in writing what you owe and why you owe it. You will owe the amount disputed, plus any Finance Charges. 

Student Credit Cards: online applications

Student Credit Cards :

Student Credit Reporting
Anyone who takes adverse action against you in response to a report supplied by a Credit Reporting Agency – such as denying your application for credit, insurance, or employment – must give you the name, address, and telephone number of the Credit Reporting Agency that provided the report.

• You have a right to know what is in your credit report, including medical information and, usually, the sources of the information. Make sure your report is accurate.
• Get your report for free if a company takes adverse action against you based on the report and you request your report within 60 days of receiving the notice of the action.
• Request one free report a year if you can prove that you are unemployed and plan to look for a job within 60 days, if you are on welfare, or if your report is inaccurate because of fraud. Otherwise a Credit Reporting Agency may charge up to $8.50 for a copy of your report.

Credit Cards Security Features

If you find inaccurate or incomplete information in your report:

• Contact both the Credit Reporting Agency and the company that provided the information to the Credit Reporting Agency.
• Tell the Credit Reporting Agency in writing what information you believe is inaccurate. The information provider must investigate and report the results to the Credit Reporting Agency. If the information is incorrect, it must notify all nationwide Credit Reporting Agencies to also correct your file. If the reinvestigation does not solve your dispute with the company, ask that your statement regarding the dispute be included in your file. A notice of your dispute must be included anytime the Credit Reporting Agency reports the item.

Credit Report Access
Other than yourself, only people with a legitimate business need can get a copy of your report. An employer or a prospective employer can only get your credit report if you give written consent. Student Credit Card Creditors, employers, or insurers cannot get a report that includes medical information without your prior approval.

Duration of Negative Credit Information
A Credit Reporting Agency can report negative information for seven to ten years, and bankruptcy information for ten years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever period of time is longer.

Credit card counseling

When Your Debt Is out of Control
If you ever find yourself in a situation where you can't make a monthly payment, notify your student credit card issuer and work out a modified payment plan that reduces your payments to a more manageable level. Be cautious about turning to a debt counseling company to solve your debt problems. Avoid paying such a firm in advance until you find out what the company can really do. Before you sign a contract, check out the organization with the U.S. Better Business Bureau or with your local consumer protection agency.
Counseling services provide assistance to individuals having difficulty budgeting their money and/or meeting necessary monthly expenses. Many organizations, including credit unions, cooperative extension services, family service centers, and religious organizations, offer free or low-cost credit counseling.

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Credit Card Applications - Getting Approved