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4 popular credit cards for college students

4 popular credit cards for college students

A good credit score is essential as it can be a criterion for lucrative job prospects or renting an apartment. Moreover, a good credit score is an uncompromisable necessity while applying for a loan that has terms and conditions that favor you. To ensure that you have a good credit score, it is better to start building it young and early. One of the easiest ways to do so is by applying for a student credit card from prominent credit cards companies. Now, there are several credit cards companies that offer lucrative credit cards, making choosing the right one confusing. To help you narrow down your choices, here are some of the best credit cards companies that offer student credit cards.

  • Bank of America® Travel Rewards Credit Card for Students: One of the biggest credit card companies in the country Bank of America offers a slew of benefits with its student credit card. With each dollar spent using this card, students can earn 1.5 points. This applies to purchases without any caps. The points can be redeemed as discounts on hotels, flights, rental cars, and vacation packages. There are no restrictions or blackout dates applicable for availing these discounts. With no foreign transaction fee or annual fee, the card allows one to earn nearly 25,000 points on spending about $1000 in the first 90 days.
  • Wells Fargo Cash Back College Card: A top-rated credit card company, Wells Fargo offers one of the most popular student credit cards. With this card, students get a cashback of nearly 3% on purchases of about $2,500 made at medical stores, grocery, and gas stations. This cashback is applicable only for purchases made in the initial six months of opening the credit account. For other purchases, students can earn a cashback of nearly 1%. Additionally, without an annual fee, the card has quite a low intro APR. Plus, students get free access to Wells Fargo’s online credit management tools.
  • Citi Rewards℠ Student Card: With this student credit card, students can earn significant rewards on purchases. The card rounds up the rewards to the closest 10 points. Additionally, students can earn up to two points for every dollar spent at supermarkets and gas stations. This is applicable only during the first year of opening the credit account and if the minimum combined purchases are worth $6000. After one year period, one point per dollar can be earned on purchases.
  • Discover it® Student Cash Back: With no annual fee charged, this is a suitable credit card for students who are just learning to handle credit. For students who obtain good grades, the card also offers statement credit. There is no APR charged on purchases for the initial six months. Furthermore, the card does not penalize in case of late payment in the first bill statement. Students can earn a cashback of up to 5% on every purchase through online shopping, select rideshares, restaurants, supermarkets, and gas stations. Additionally, an unlimited 1% cashback can be earned on other purchases.

Credit card balance transfer is a process by which the outstanding debt on one credit card is transferred to another account. Some credit card companies charge lower interest rates and transfer fees than others in this process. Ensure to check the balance transfer policies, credit limit, rewards, and other important information before getting a credit card.

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Pros and cons of automated investing

Automated investing services, or Robo advisors, have become ubiquitous in the present times. Many financial service companies now have their own automated investing services. There’s no doubt that the introduction of Robo advisors has made investing an accessible financial option to many. However, automated investing has some disadvantages as well. So, before you decide to opt for the best automated investing service, have a look at its pros and cons.Pros of using Robo advisorsLow feeLow management fees are one of the biggest advantages of opting for a Robo advisor. Big names in the finance industry such as Charles Schwab Corp.'s Intelligent Portfolios offer Robo advisors for free, while some financial institutes such as Betterment and Wealthfront charge a low 0.25% as a management fee. High-quality investment portfoliosAlgorithms used in some of the best automated investing services such as the ones provided by Betterment are backed by Nobel prize-winning investment models. These models are created to offer the greatest return on investment for the smallest risks. Access to a financial advisorMany traditional financial services companies now use Robo advisors to select assets for their client’s investment portfolios. This allows them to offer their clients financial advisers that can help them with taxes, loans, and any kind of financing or investment.Easy to useRobo advisors make the entire investing process extremely quick and easy. With Robo advisors, all you need to do is answer some questions about your financial goal, risk tolerance, and capital, and the algorithm will come up with an investment portfolio that is suitable for your needs. Low minimum balanceEven individuals with low net worth can enjoy the services of professional advisory via Robo advisors. Several investment companies such as Betterment and Ellevest offer access to the best automated investing services even with zero balance. Cons of using Robo advisorsThey're not financial plannersIndeed, in terms of purely creating profit-racking portfolios, the best automated investing systems can be better than human financial planners. However, a Robo advisor cannot understand your short- and long-term goals and financial concerns as a human financial advisor. A good financial planner understands your financial aims and helps you create a portfolio that helps you meet your future retirement goals. Financial planners are especially helpful at times when the market is not performing well. They can be limitingRobo advisors can’t go beyond their pre-programmed questions when creating an investment portfolio. They can also be limiting if you’re looking for more complex investment strategies, and can’t engage in trading on your terms. Many sophisticated investors demand a larger investment portfolio with different asset classes, which may not be possible even with the best automated investing systems.

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What you must know about guaranteed business loans

If you’re looking for funding your small business with a loan, you’ll most likely come across the term “guaranteed business loans.” People often misunderstand this term as business loans that are guaranteed to be approved. But, this is not what guaranteed business loans means. To clarify the confusion, let’s understand what the term actually means, and discuss the most popular types of guaranteed business loans. What are guaranteed business loans? In simple terms, guaranteed business loans in the world of small business loans refer to loans that are secured or backed by a guarantee. The guarantee can be in the form of collateral, deposit, or an agreement. This essentially means that the lender is guaranteed to receive their money back even if the borrower fails to pay. When we talk about guaranteed business loans, we refer to loans with a personal guarantee or, more commonly, loans guaranteed by the small business administration (SBA). Let’s take a look at both these types. Personally guaranteed business loans As you understand from the term “personal,” when you make a personal guarantee on a business loan, you essentially agree to sell your assets to pay off the loan, if your business is unable to do so. This means your lender now has the legal right to right to collect your assets to recover their losses. SBA-guaranteed business loans SBA backed loans are the most common type of guaranteed business loans. However, you must know that these loans are not directly offered by the Small Business Administration (SBA). The loans are provided by their lending partners, mostly banks, and SBA guarantees a portion of the offered loan. This is how SBA assures lenders that they will receive a large percentage of loan back, even if the borrower fails to pay. Typically, SBA guarantees a payback of up to 85% of the loan amount to the lenders. SBA offers guaranteed business loans to small businesses through a variety of programs. Of them, the most popular and common type is SBA 7(a) loans. Let’s understand more about it. SBA 7(a) Loans A person or a small business group can get SBA 7(a) loans of up to $5 million. This can be used for various business purposes, such as buying another business, renovating the office, or using it for other business-related issues. The loan term on SBA 7(a) loans are variable and depend on the way you’re planning to use the funds. According to SBA, loans for working capital or daily operations have a 7-year term; loans for new equipment purchases have 10-year terms, and loans for real estate purchases have a term of up to 25 years. The interest rates on SBA 7(a) loans primarily depends on who your lender is and your qualifications. And the good part is that the lender is not allowed to charge a rate beyond the SBA’s mentioned limit. It can take anywhere from a few weeks to months to get an SBA loan. You can visit the SBA website to check if you qualify for the loan and how to apply. Your chances of getting qualified are substantially higher if you have a strong personal and business finances.

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Pros and cons of automated investing

Automated investing services, or Robo advisors, have become ubiquitous in the present times. Many financial service companies now have their own automated investing services. There’s no doubt that the introduction of Robo advisors has made investing an accessible financial option to many. However, automated investing has some disadvantages as well. So, before you decide to opt for the best automated investing service, have a look at its pros and cons. Pros of using Robo advisors Low fee Low management fees are one of the biggest advantages of opting for a Robo advisor. Big names in the finance industry such as Charles Schwab Corp.’s Intelligent Portfolios offer Robo advisors for free, while some financial institutes such as Betterment and Wealthfront charge a low 0.25% as a management fee. High-quality investment portfolios Algorithms used in some of the best automated investing services such as the ones provided by Betterment are backed by Nobel prize-winning investment models. These models are created to offer the greatest return on investment for the smallest risks. Access to a financial advisor Many traditional financial services companies now use Robo advisors to select assets for their client’s investment portfolios. This allows them to offer their clients financial advisers that can help them with taxes, loans, and any kind of financing or investment.

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