Student Credit Card Pitfalls: 9 Things to Know Before Taking the Free T-Shirt      
College students are use to seeing tables set up around campus pushing credit cards, especially at the beginning of the semester when credit card offers seem to hit you from all angles. A credit card or two can sometimes really come in handy and can also be a good way to build your credit (and get some cool swag at those tables). So, what's the problem? The problem is that almost half of all college students accumulate late fees on their cards and even more carry balances from month to month. This doesn't help your finances or your credit score at all and you can face some long term effects after you graduate. With the semester kicking off, we at StudentPlatinum.com put together this article for our friends at FinancialAidNews.com to help you avoid nasty tricks and traps which can land you in hot water later. Before you begin you might want to get an unbiased look at what cards you would probably get approved for with our Custom Credit Card Finder. You can then review the offers there as you read the following list and perhaps you'll find a gem and thus be able to stride right past the campus offers.
 
Student Credit Cards and Your Credit Score      
Student Credit is probably one of the most important, least understood aspects of personal finance. Credit scoring affects every major purchase in your life, from cars to school to houses. Good credit opens doors, bad credit closes them. But what is credit, and why does it matter to you?
 
How Student Credit Cards Work      
Student credit card companies provide student cards to students, either through direct marketing or through a marketing partner (for example, the LL Bean MBNA card) The cardholder makes a transaction with the student card at a participating merchant. The merchant captures the card data and gets approval. Transaction data is sent to a processor by the merchant's bank for routing to the issuing bank and for settlement. Merchant is generally paid within three business days. The transaction is usually posted to consumer's account within three business day
 
Your Rights Under the FCRA      
According to the Fair Credit Reporting Act (FCRA), your rights regarding your credit record are: Right to know who has received a copy of your report Right to explain circumstances leading to negative information Right to "opt out" to prevent credit bureaus from using your information for marketing. You are entitled to a free copy of your credit report if you've been denied credit, insurance, or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number. You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send them original documents.
 
How To Have More Money at the End of Each Month      
How To Have More Money at the End of Each Month As strange as it may be on a web site offering credit cards, here are some suggestions about how to manage money and when NOT to use your new credit card.
 
Student Credit FWhat to do if your credit card is stolen      
The theft of a credit card is far more than the loss of a piece of plastic and the money that can be spent on it. Recent studies have indicated that theft of credit cards is only part of the greater crime of identity theft. This guide will help you minimize the damage a thief can do to your credit rating. Before you begin, make note of this important rule of thumb: In any kind of financial transaction (including reporting a theft) it is absolutely essential to get as much in writing as possible. You may, unfortunately, need to dispute items and issues for a long time, and having written records will be a sanity-saver!
 
Avoiding Credit and Charge Card Fraud      
A thief goes through trash to find discarded receipts or carbons, and then uses your account numbers illegally. A dishonest clerk makes an extra imprint from your credit or charge card and uses it to make personal charges. You respond to a mailing asking you to call a long distance number for a free trip or bargain-priced travel package. You're told you must join a travel club first and you're asked for your account number so you can be billed. The catch! Charges you didn't make are added to your bill, and you never get your trip
 
What is the Annual Percentage Rate      
Put simply, an Annual Percentage Rate (APR) is a measure of how much your credit will cost you expressed as a percentage. APR is very often expressed as a total percentage (such as "5.99% APR Introductory Rate"), but in the fine print of your credit card disclosures, you will find what your APR is linked to. Most APRs are linked to the WSJ Prime Lending Rate, published by the Wall Street Journal. When this rate changes, your credit card rate is not far behind - especially if it goes up. Remember, credit cards are different from federal student loans and private student loans but the rate calculations are similar so read on to learn more...
 
What is the difference between APR and APY      
For loans or investments that involve compounding interest, there are two popular interest rate related terms. 1) Annual Percentage Rate, or APR, is a measure of how much interest will be on an annual basis without taking into account compound interest. 2) Annual Percentage Yield, or APY, is the same interest rate measure, but accounts for compound interest - a better measure of how much you will actually pay in interest. Banks and credit card issuers often
 
The Not So Secret Secret to Debt Reduction      
You probably get the same spam every day that we do - "reduce your debt now with our service!", "get out of debt fast", etc. Well, we at StudentPlatinum.com decided to get in on the action and really research how all this debt calculation works. It's not a secret - in fact, by law the calculations which determine your interest and payments cannot be a secret, it's just somewhat unpleasant math.
 
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