So, we cure our headache with a bit of shopping with our credit cards that adds more to our debt. Credit cards and budgeting can go hand in.
Table of contents
- Know what to look for when picking a student credit card.
- Product details
- Credit Card Selection Savvy - What to Know
- Credit Savvy - Search and compare credit cards
Know what to look for when picking a student credit card.
Looking for a credit card? Do some research to compare costs, features and drawbacks before settling on a single card.
Many card issuers will waive the annual fee in the first year, then charge you a fee in a year or two. It can either be fixed or variable also called floating. A variable rate is typically lower, based on an interest rate that swings up and down. Some cards offer a super-low introductory rate that will later switch to a higher fixed or variable rate. Make sure you know how long the introductory rate lasts — usually three to nine months — and what the new rate will be.
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The introductory rate is often terminated if you send a late payment. It includes interest costs and any other transaction fees. The average daily balance method is the most common. It adds the amount of debt on your account for each day during the billing period and averages it. Most credit cards offer a day time period for you to pay off your total balance without paying a finance charge.
The grace period runs from the date printed on the bill, not the date you receive it or the date you make a purchase. Make sure you read the cardholder agreement, which discloses these charges. Set out a payment plan and pay as much as you can afford each month. Unlike cash withdrawals on your debit card, credit cards often charge a fee for using an ATM, and will often charge interest on the money you take out — so you are being charged twice.
These charges are easily avoided and doing so can save you money. A credit card is more than just a means of borrowing money.
Credit Card Selection Savvy - What to Know
As long as you use it wisely, a credit card can be a useful tool for improving your credit rating. Making sure you pay off at least the minimum or ideally more each month proves to lenders that you are responsible with money. However, if you miss payments they will think the exact opposite your credit rating could be negatively affected.
If you apply for a credit card and get rejected it will damage your credit rating. Once you click on a link or apply for a certain product you will be dealing with the provider and not us. We do not accept any liability in respect of any product from any provider.
Credit Savvy - Search and compare credit cards
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