Students have several expenses like books food and many others that they may need and not afford right away. If you are a student, you probably do not have the best credit history. This means that you will not probably get the best credit cards from the banks and some will not approve your application. You need a credit card that will help you grow and you can earn while you are building your credit history.
The Wells Fargo student credit card will give you’re the opportunity to buy what you need while you save and build your credit history. It caters to students’ needs while allowing them to get rewards at the same time. You can have an account and manage your finances easily when you have this credit card.
Wells Fargo Student Credit Card Overview
One of the best credit card options for college students is the wells Fargo student credit card. This is because it has several benefits and offers students a chance to build their credit. They will also have an easier time managing their money so that they will not need to have multiple accounts. When you have a Wells Fargo account, you can do more than just shop.
Benefits of Using The Wells Fargo Student Credit Card
There are several cards available in the market today, but you can choose Wells Fargo because of the following benefits:
1. Cash Rewards
When you have the wells Fargo college card, you will enjoy 3% cash rewards for up to $2500 if you spend the money on gas, gas, and drugstore purchases. This reward is offered in the first six months that you will be having the card. Within these first six months, you will earn a cash reward of 1% on other purchases.
During the first 6 months, you will enjoy an introductory offer of 0% APR and also on any transfers that you do at this time. After the six months are over the APR will vary from 11.15% to 21.15% depending on your spending habits.
All these are the welcome rewards that you will get when you start using this credit card. Although compared to other major credit cards, it can seem little but it is ideal for students who still do not have a credit history.
After the first six months which are the introductory period, you will be able to also still get cash rewards. When you spend up to $2000 you will have reached the threshold of redeeming $20. This you can put in your account, or use to buy a gift card.
2. Account Summary
With this account, you will be able to keep track of your finances. You can learn to manage and limit your spending so that you can save more. If you have a Wells Fargo account, you will know how much you are spending every day or month. This will make it easy for you to know what you are spending money too much on so that you can regulate it. You can do this in the comfort of your home or dorm.
When you have this account, you can easily get the summary of your spending from anywhere you are. This is possible when you download the mobile app because you can log in and check on your account from anywhere.
3. Redeem Rewards
Apart from getting the rewards from the credit card, you can also redeem them easily whenever you want to. If you have a savings account you can redeem cash rewards into it in $25 increments.
You can also apply to redeem your rewards in form of credit that will go towards the principal balance when you are applying for a loan or mortgage. This way, you will have some funds to make as a down payment if you need a credit product. It will bring you closer to getting what you wanted to purchase.
If you have a debit or an ATM, you can request a paper check and redeem it in a $20 increment from them.
This card allows you to redeem rewards for travel or in form of gift cards. This is ideal for students who like to travel and also if you need presents for friends when you do not have the funds to shop for them.
4. Credit Management Tools
For students, the Wells Fargo student credit card is probably the first credit card they have owned. You will notice that it might not have a lot of perks compared to other credit cards from other major banks. This credit card will make it easy for you to manage your finances especially if this is the first account you have had. If you are starting a job, you also need to ensure that you track your spending so that you can build a credit history.
Good credit history will make it easy for you to get loans when you need them. You can apply for a mortgage and many other credit products when you have a good credit history.
Features available with this account like ‘The my money map’ are useful to first-time card users. You will have the ability to look into your credit score from FICO so that you know where you stand with financial companies. Other useful features that will track your money are:
- My money map: you can use this as a general tool to help you manage your account and track your finances.
- Spending report: this will help you manage your money by generating graphs that are meant to help you visualize your spending patterns.
- Budget watch: with this, you can know where your account stands because you can create them. You can learn how to limit your budget and stop when you reach a certain threshold that you will have set earlier.
- My savings plan: the plan monitors your progress while you are saving your money in the account. You can also use it to check your FICO score after some months of using the credit card.
5. Mobile App
Students appreciate a way they can save time because they need to track their money and also plan their lessons. A mobile app makes it easy for you to keep up with several issues that you want. You can use the Wells Fargo mobile app to keep track of your finances and manage your money. This will save you time because you do not need to visit the bank to do the transactions you need.
You can log in to the app and easily navigate to the plan and access all the features you like. With the app, you will monitor your account, make transfers, redeem rewards, and do many other things you want to do from anywhere you are.
If you travel a lot, you need to ensure that you can access your account from anywhere you are. The mobile app is available for you from across the globe and you can use it anywhere you are.
6. Banking Services
With this card, you can save money, get a checking account, check your credit balances, and many more using one portal. If you already have an account with Wells Fargo, you can easily apply for a credit card and reap the rewards that come with using the card.
If you have been receiving benefits, you can do so using the card. The low interests and cashback rewards that come with having the card will make it easy for you to make more purchases. With this card, you make purchases while also working towards building your credit.
First-time cardholders need to be sure that they are getting the best from the card they are using. Although you may not get too many benefits, you need to work towards building good credit. This will help you when you need loans from other credit companies and financial institutions.
With a first job, you may need a checking account so that you can easily cash your checks and also save your money. Wells Fargo will make it easy for you to deposit money and also keep track of your finances from wherever you are.
Why Does A Good Credit Matter
A credit file report is used by financial institutions to determine if you are responsible for your finances. A good credit score will ensure that you get better chances of getting approved for loans when you need them from financial companies. With good credit, you can get more financial companies to give your loans at great interest rates. With the Wells Fargo student credit card, you can follow up on how you are doing financially. You will have reports to look at now and then to keep you in line.
When you know how much you are spending in one place, you do several things to make changes. You can manage your finances and accounts to have a better chance of getting a good credit score. You can start building and improving your credit even when you are still in college. By the time you get a job, you can get a mortgage and start on a better note when you need to in the future.
You will have the following benefits when you have good credit:
- Lower interest rates on loans that you apply for
- Get pre-approved for credit cards and loans
- Have better car insurance rates
- Better interest on down payments for homes and apartments
- Become eligible for some better jobs
How To Create A Good Credit In College
So that you can get credit, you need to start as early as you can. When you are a student, you can apply for the Wells Fargo student credit card and start building your credit score. This will help you gain trust with financial institutions so that you can get more from them. There are a few things you can do to ensure that you have good credit even when you are still a student in college. As a first-time cardholder, you need to start planning for your financial future as soon as you can. This will be easy for you because there are certain issues you can work on to establish credit.
Here are some things you can do to establish credit while you are in college:
- Secured credit card: this is a credit line that will need you to put up an amount as collateral. You need a secured credit card to get a higher credit limit when you apply for loans.
- A retail gas card: when you have established a credit line, you can purchase items in stores and also gas when you need them. Remember that you will also have cashback rewards when you make these purchases using a credit card.
You also need to ensure that you maintain good credit so that you can get more benefits in the future. You can follow a few guidelines that will ensure you have good credit and get lenders to trust you. Once you set up your account, make sure that you keep it in good standing. You will do this by doing the following;
- Avoid late payments
- Do not miss any of the payments you need to make
- Try not to exceed the credit limit that you have been offered by the lender
- Make at least the minimum payments on time or try to pay more than the minimum.
- Make a monthly budget and try to stick to it
Ensure that you are using the credit you get in the right way when you are in college. This will help you keep up with your payment and also teach you responsible financial habits as you continue with other companies. With good records, you can get more lenders and bigger loans when you finally need them in the future.
Conclusion
Once you have your Wells Fargo student credit card, you need to know that this is the beginning of being responsible for your money. If you learn to manage your finances early, you have a better chance with lenders in the future. Avoid making big purchases that you cannot afford to repay and remain in good standings with the bank. Use all the features to ensure you have the best experience with your savings and the bank.