Student credit card offers you many advantages other than providing fast access to credit and cash. The card makes possible for students to earn rewards or cash back on their expenses. It allows them to build their own credit history and prepares them to take on their responsibilities individually. Whether you are a regular student or a school dropout, student credit card offers you immediate financial help.
With this type of credit card, you may look forward to applying for loans with any credit lending institution. You may buy a car or rent a house as and when needed. As an introductory offer, this credit card comes at 0 percent interest.
You need not pay towards the card usage initially for six months. The interest rate is applicable only when you make any purchases through your card. With so many benefits, all at the cost of one credit card, you need to take proper care of it, so it is neither lost nor stolen or misplaced.
What If The Card Is Lost?
First, do not get scared, if you lose your student credit card. To prevent someone from using it in an unauthorized manner, follow the steps given below:
Bring it to the notice of the credit card company immediately. Inform the firm in writing about the loss, clearly mentioning the day and time when you lost the card. According to the federal law, if you report about the loss immediately before someone else uses it, the loss risk is of $50 only on the credit card. If you delay informing the concerned authority about the loss, you may have to pay much more. Hence, act quickly, when you lose the student credit card.
When you inform the card issuer on time, you are not held responsible, if any unauthorized transactions are done through that card. After a period, say 60 days, the thief may empty your balance account. You may someday receive an overdraft statement from the credit card issuer asking to clear the entire amount other than penalties.
Stay in touch with the credit company, until they rule out some other option in your favor. Make constant phone calls since you inform the credit card loss and send reminder mails to show them your concern over the loss.
Keep an eye on the account you hold with the credit lending firm. Ever since you inform the loss of card, check the statement of account regularly. If you have an online access to account, go through it and save a copy of the latest updates. Preserve the purchase receipts, if you have made purchases through the credit card before it got stolen or lost.
Have Patience:
Look around in your place of residence. Chances do exist of you finding the card lying in any corner of the house. If you do not find it within a hour or so, let the authorities know the loss at once so they take the necessary steps to deactivate the card. Make sure that you don t wait til the next day because remember, it doesn t cost anything to get a new card.
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