Getting A Bank Credit Card For Tuition Payments
It is important for college students to be able to pay for their tuition, books, fees and living expenses while they are attending post-secondary school. A student loan and a scholarship can cover most of the associated costs, but there are still other day to day expenses to consider.
If an emergency occurs and the student needs extra cash, then they need a financial back-up plan. A bank credit card can help with these unforeseen expenses and it will also help them to build their credit score.
If you want to obtain a bank credit card from the financial institution of your choice, then there may be some stumbling blocks in your way. If you have been turned down for unsecured credit cards or bank credit cards due to a lack of credit history, then you are aware of the conundrum revolving around credit scores. You must have credit in order to receive credit. It is frustrating to those people who have recently turned eighteen and are looking to begin their lives without fiscal assistance from their parents.
If having one is your goal, then you need to start off small. There is a card for bad credit that many people utilize. It may require a deposit to assure the lender that funds are available to match the credit limit.
Many people who have bad credit or no credit rating will utilize these cards, as a way to start or re-build credit scores. The downfall is being forced into paying high interest rates and a yearly membership fee that is often ridiculous. Use these as a last alternative.
If you are determined to have one from your bank of choice, then you may want to consider asking your parent to co-sign the application with you. You will have the card in your name, but your parent’s credit score will determine your interest rate and your limit. This is a great way to get a 0 APR credit card and start to build your own credit rating.
Okay, you have obtained a bank credit card and now have the freedom to spend up to your credit limit. What comes next? Well, it should not be a shopping spree. This is the time to use some restraint. It can be thrilling the first time you hand over that piece of plastic to the store clerk, but you must always remember to use it wisely.
With that small piece of plastic comes great responsibility. You will need to make your payments on time and always try to keep a minimum balance that you can pay off.
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9 Responses to “Getting A Bank Credit Card For Tuition Payments”
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kiwimango_03
October 6th, 2009 at 7:23 am
I got a cheque when I asked for a tuition refund and I paid by credit card.
1
October 6th, 2009 at 7:23 am
You are doing the best that you can during these difficult times.
I'm not sure what you mean by "I had to surrender my car." If you gave your car back to the bank, that could possibly hurt your credit score.
Making the minimum payments each month shouldn't hurt your credit score. I wouldn't worry about it.
Eventually, you'll get a descent job and you'll be able to pay your bills off completely,
Good luck.
Sarah
October 6th, 2009 at 7:23 am
Hey Sarah,
I'll give it to you straight forward. I HATE when people tell you to not use a credit card. These are the same people who don't know how to use one properly.
Here's your answers –
1. Since my main reason for it is to build a credit score, how much should put on it a month?
Building credit takes time. When I first started, I just put about $25-50/month on the card. Make sure you pay it back in full and never miss a payment. Your credit score will slowly rise
2. Is it better to pay the minimum amount due, or the whole thing a month?
It's always better to pay the whole thing, if you don't, you're going to pay interest rates. Pay in full, you don' t have to pay any interest rates.
3. How to I make a bill payment? I don't have any checks-do I need those to make a payment? Can I do it online? Can I make a payment using my debit card?
There are a few ways you can pay. You can either pay directly on your account online. You can link your checking/savings account to your account and they can simply withdrawl their cash. You can use what I do and pay via billpay.
4. It says the credit line is $600-does this mean thats the minimum amount I can put on it a month?
That's the maximum amount you can put on your card. Don't go over this per month or you'll pay a over limit fee. Just spend what you can afford.
5. Not sure what my interest rate is. What should I know about interest rates?
An interest rate is going to applied to the balance you don't pay off. Let's say your bill is $50 and you only pay $25, the interest rate will be charged onto the $25. If you pay in full all the time, you won't have to worry about this.
Good luck with your first card, they really do have a lot of rewards. Just spend what you can afford and do it on time
Miss_Lady
October 6th, 2009 at 7:23 am
Yes they can unfortunately.
They must follow federal guidelines under the FCRA. Under section Running of Reporting Period – Section 605 [15 U.S.C. ยง 1681c] delinquent payments must be reported for Seven years from the month in which the late payment was due. If there are multiple late payments in one account item, then they will each expire individually.
You can download your own copy of the FCRA at the web site I have listed in the source area to validate my answer.
jfluterpicc_98
October 6th, 2009 at 7:23 am
The bill, paystuds, bank statments, tuition payment receipts, and credit cards statments are good and usefull for only 7 years after that you cant use them.
usermma
October 6th, 2009 at 7:23 am
change to another 0% interest card for 12 mths, some have small balance transferes, that will keep the interest payments off, some cards offer 9mths or 12 mths free balance transferes, you can go on line and choose the best credit card company to use
Lillian Angelina's proud mom
October 6th, 2009 at 7:23 am
If that is the only cc card you have, you would be better off trying to obtain a loan to pay it off. Just paying the minimum will take you forever to pay it off.
If you are having a hard time making the minimum on the card now, even if you were to get another credit card with 0% and transferred the balance, your monthly minimum would still be about the same, and that 0% is only good for usually no less then one year.
Try for either an unsecured or secured loan and pay it off. You will save on the interest and DON'T use the card anymore. Do not close the account, just cut the card, closing will lower your credit score.
If you can not get a loan or another credit card, then do whatever you can to pay more then minimum. With today's problems with the banks, they are going to raise the formula to figure minimum payments, and you will have to pay more anyways or sink even lower into the credit hole.
Hope this answers your question.
tuesday101
October 6th, 2009 at 7:23 am
Okay, let's see if I can help.
I'm looking through your question, and I don't think you ever indicated how you were hoping to pay for these courses. It looks like part of the problem is that you don't have any idea what it's going to cost you yet, so let's start out trying to guesstimate that.
I'm assuming that you're a Florida resident – I can't imagine anyone crossing state lines to register at HCC. Florida residents pay $78.24 a credit hour to attend HCC.
I'm also going to assume that you're planning on registering as a full-time student – that's a minimum of 12 hours, and it's probably the equivalent of 4 classes. Hauling out the old calculator, 12 credits at $78.24 each works out to $938.88. Some classes have extra charges – laboratory fees, for example, but for the sake of argument, I think we can assume that you're going to be looking at a tuition and fees bill of a little less than $1000 for the Fall semester.
I'm not surprised that they'll want you to give them a bank account or a credit card to sign up for extended payments – I suspect that the TIPS program requires that you agree to allow them to auto-debit your checking account or auto-charge your credit card. You can understand, I'm sure, why they're not just willing to take every student's word for it that they'll "pay this later". Bank accounts or credit cards = sure thing.
Assuming that you don't have $1000 in cash lying around – and that you're otherwise ineligible to sign up for TIPS (because you don't have a bank account or a credit card), the next most obvious choice is to turn to financial aid. You mentioned that you completed the FAFSA form, and I think you must have been offered a Stafford loan.
The government-created and government-backed Stafford loan program is the cheapest and best available form of educational loan. The interest rate on the loan is low and fixed, you'll pay it back over a maximum 10-year period (which won't even begin until 6-9 months AFTER you graduate from school (or drop out), you won't need a credit check or a cosigner to qualify, and you'll be able to request a temporary postponement of payments if you encounter financial difficulties when you get out of school. You're not going to find a deal that good from any other lender.
Let's assume you borrowed $1000 each semester for 2 years at HCC: It would take you 8 years and 9 months to repay that $4000 at a monthly payment of $50 a month. That sounds like a long time, but $50 a month isn't too bad. You can always pay more, and pay it off faster.
If you were offered a Stafford loan, and you decide to take that route, you'll need to notify the financial aid office that you are accepting the loan, and they will direct you to a list of lenders who make Stafford loans.
When you choose a lender, your next step is to go online and electronically "sign" the legal agreement (called the Master Promissory Note) between you and the lender. The Note says that they promise to mail the money to your school – and it says that you promise to repay it according to specific terms. Make sure you read that – they're all the same, but you need to know exactly what it is that you're agreeing to.
The nice thing about starting out a community college is that their tuition fees are reasonable. You can get into the college thing without running up a huge amount of debt, even if you have to pretty much fund your education with Stafford loans. Students who choose more expensive educations face semester bills that far exceed the maximum borrowing limits on Stafford loans, so they're left wondering where they can find another $10 or $15,000 to borrow. Your $1000 a semester bills are well within Stafford limits, so you'll be fine.
As for mom not paying for it – If you spend any time reading the questions that are posted here everyday, you'll soon discover that an awful large number of students find themselves in the same boat. Hopefully, if you go ahead and take the loan, your mom will at least float you the $1000 for the couple or three weeks it might take for your loan money to come in. At that point, your school will refund you your payment, and you can return it to mom.
I hope that helped you, even a little bit. Best of luck to you!!!
Z
October 6th, 2009 at 7:23 am