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Student Credit Cards |
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There are student credit card companies who exclusively provide
credit card to students. Student credit card companies usually supply
credit card through direct marketing or through a marketing partner.
There are specific merchants who accept student credit card and
facilitate the cardholders to transact with a student card.
The merchant collects the data of student credit card from them
who deal with their cards. The transaction data of the student credit
card is sent to the issuing bank for settlement. In the case of
a student credit card transaction merchant is generally paid within
three business days.
Types of Student Credit Card
:
There are basically three types of student credit cards i.e. Bank
Cards, Travel & Entertainment Card, and House Cards.
Banks issue bank Card, Travel & entertainment cards are issued
by American Express and Diners Club similarly House Cards are provided
by chain of stores.
There are three types of credit card accounts that are provided by
student credit card grantors: Revolving agreement, Charge agreement,
and Installment agreement.
Revolving agreement: By
this agreement consumer will pay in full each month or chooses to
make a partial payment based on the outstanding balance. Credit cards
are issued by department stores, gas and oil companies, and banks
based on a revolving credit plan.
Charge agreement:
In charge agreement the consumer promises to pay the full balance
each month, so he/she does not have to pay interest charges. On the
basis of monthly repayment Charge cards, not credit cards, and charge
accounts with local businesses often provide to the consumer.
Installment agreement: This is one of the better and flexible
options that the consumer signs a contract to repay a fixed amount
of credit in equal payments over a specific period of time. Automobiles,
furniture and major appliances are the few examples that are financed
this way. Through this agreement you can pay back your personal loan
in installment. |
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