College Credit Card

College Credit Card

Your credit history is essentially your financial "reputation." Lenders use information on how you have handled your financial obligations in the past when determining whether to approve or deny a credit application. In addition to helping lenders determine if you are "creditworthy," your credit report can be reviewed by any company or individual with a "legitimate business need."

For example, your credit report can be used to determine your eligibility for an apartment rental, employment, and insurance. You should seize the opportunity to control your future by understanding responsible money management and learning tips to build and maintain a good credit history. Credit is a contract in which you promise to pay in the future for goods, services, or money received today. Forms of credit backed by collateral (money or property you put up as a guarantee you will repay) are secured. If you do not repay as agreed, the lender will be able to repossess the collateral. Car loans and mortgages are examples of secured loans. Most credit and charge cards are unsecured, but there are some secured cards available for those who cannot qualify for an unsecured card.

College Debit card - allows you to access funds in your checking or savings account. It is accepted wherever the logo on the card is displayed. This is not a loan and using it does not establish a credit history.

College Credit card (revolving account) - allows you to make purchases or take cash advances and pay back a portion of the balance you owe each month with interest. The minimum payment due is usually a percentage of the outstanding balance, typically 2 – 3%.Most credit cards charge other fees (i.e. cash advance fee, late payment fee, annual fee) in addition to interest.

College Charge card (open-ended account) - allows you to purchase items or take cash advances and requires you to pay the entire balance in full each month. No interest will accrue if the balance is paid as agreed, but there is often an annual fee. Other fees may also apply (late fees, cash advance fees, etc.).

The selection process can be narrowed further by asking other business people, particularly people who also are in your industry, for recommendations. In the final decision, however, it's the CPA's chemistry with you, not with someone else in your industry, that matters most. Make sure your prospective CPA is someone you're comfortable with because you're establishing a relationship that can get to be quite intimate. Make sure they have the expertise you need, that they really work with startups or small businesses.The expertise an accountant brings to your business should extend beyond the ability to figure your taxes.

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