Instant Approval Student Credit Card 5 Alternatives To Student Credit Cards
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By Marie-Claire Smith
Anything worth doing takes time. Rome was not built in a day. (etc.) Most of us have heard these kinds of statements over and over again. And, for the most part, they are true.
However, this is not helpful advice when you find yourself needing a student credit card fast. Instant approval student credit cards are a great idea, if you can find one.
The challenge today is that there is a host of new rules concerning college students and credit cards. The law now makes it much harder for credit card companies to approach college students for a new card. For example, people under 21 in the U.S. are now required to have an adult co-sign the card applications, which usually means a parent.
Also, new studies show that college student credit card debt is becoming a serious concern, with the average card-carrying student graduating with thousands in debt.
Fortunately, you do have some alternatives that are just as good or better than getting a card. If you are looking for an instant approval student credit card, here are 5 alternatives to student cards:
1. Get another adult to co-sign your application:
Your first alternative is to still move forward with the card idea but to get a different adult – someone other than your parents – to co-sign on the card. This is perfectly legal. However, it may be tough to find someone to do this since they will now be liable in case you run up a large balance and cannot pay it down.
2. Consider using a card for emergency backup only:
A second option is go ahead and get your parent to co-sign the card, but to give them access to your online statements so they can help monitor usage. You would basically be using cash-and-carry for most purchases, but you would have the benefit of a card as backup for emergency reasons.
3. Go cash-only for daily purchases:
Another idea: give up the card idea completely and just go cash-only. That is a sure-fire way to avoid debt problems. The only downside to this, of course, is having no emergency backup in case you were to run into a financial crises.
4. Ask a parent to be your emergency backup:
You could get your parent to agree to be your emergency backup to help you get out of the occasional tough financial spot. The downside: finding a way to get the money quickly if you are stranded at an auto repair shop in the middle of nowhere and need mom to help you pay for that new set of tires you need. Not a very easy way to handle making a quick purchase.
5. Buy a prepaid debit card for day-to-day purchases:
A fifth alternative: get yourself a pre-paid debit card. These cards require no co-signer and do not have anything to do with your credit situation (bad or good). It works just like a credit card does. Just buy a card for a certain value and then keep it as an emergency backup, while using cash for day-to-day purchases. And, there is no application process to worry about.
Consider these 5 alternatives to using an instant approval credit card to help you pay for college and living expenses.
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