Instant Approval Credit Card for Students
September 13, 2009
Students may find it hard to apply for a credit card because their finances are not that stable. They may assume that they would have to go through the entire process of going to a bank and applying manually before being able to avail of a credit card. Actually, students can just as easily apply for an instant approval credit card as anybody else. In fact, there are some instant approval cards that are geared especially towards students.
Citi mtvU Platinum Select Visa – The bank analyzes the information contained in the student’s application even the credit rating is also taken into account. If a bank decides that the student is qualified, it gives a 0% APR on balance transfers and purchases. Cardholders are entitled to ThankYou points whenever the card is used for purchases and other such transactions. More points are earned at bookstores, movie cinemas, restaurants, record stores, and video rental stores. Aside from points earned when something is charged to the card, additional points are also given for on-time payments, and whenever the monthly credit limit is not exceeded. This card also provides an incentive for maintaining good academic performance. A substantial number of ThankYou points are awarded twice a year for cardholders who have a high Grade Point Average. These ThankYou points can be exchanged for electronics, gift cards, music-related products, travel rewards, and more.
Citi Forward Card – If the card holder does not exceed the credit limit and pays on time for three consecutive months, the bank reduces the Purchase APR by up to 2%. Reward points are given for every purchase, but more reward points are earned through purchases connected with books, dining, music and movies. Bonus points are given when a cardholder’s purchases reach a specified amount (currently $50) within three months after the account has been opened. Signing up for paperless statements within the same period also earns bonus points. For the first six months, there is 0% APR on balance transfers and purchases.
Discover Student Card – Each cardholder can get up to 20% cash back bonus for online shopping. There are also double rewards if the card is used in any of the cash back bonus partners. This card offers no limit to the cash rewards that can be earned. A student can choose from many card designs including clear, monogrammed, open road, and wildlife.
Of course, a student must remember that when applying for an instant approval credit card, there are a lot of things that need to be considered. These include annual fees, application fees, APR, late fees, and rewards.
