If you're like many Americans who are looking to obtain a Wells Fargo college card, your bank account probably won't be your first stop. Instead, you'll most likely turn to the Internet to find the most reasonable terms and prices available for a card. In this article, we'll discuss several things to take into consideration before you submit your application.
The good news is that Wells Fargo college cards are available to anyone at all, regardless of financial situation. The only requirement is that you need a valid bank account and a personal checking account in your name. The bank card provides a low introductory interest rate, sometimes just below the bank's standard, and high rates thereafter, depending on your creditworthiness and the actions of your cardholder.
Another thing to consider is that a Wells Fargo card can not only be used for purchases at their stores, but it can also be used at other businesses, including other banks and restaurants. This is convenient for people who have business contacts with other lenders, such as credit card companies or car loan companies. These companies have their own programs with Wells Fargo, so these consumers may be able to get a much better rate than they would find on their own.
Although a new card can make great savings, the downside to applying online for one is that you may not know if the account holder has bad or good credit, or whether they've ever been bankrupted. You might find out that the account holder has a previous criminal record or has bounced a check from another person and you won't know the history until you receive a letter in the mail from Wells Fargo.
In fact, it's important to shop around when you shop for other types of credit or cards, including those with Wells Fargo college cards. Since it's a bank, they can often offer better rates on their own cards, but the savings may be reduced if they offer the same or better rates with other lenders.
If you decide to apply for a Wells Fargo college card, you should be aware of the fact that many banks don't give out these types of cards if you don't have a checking account in their name. However, these cards provide excellent benefits for students and for those who aren't financially stable.
You will have a low interest rate that is tied directly to your credit, which means that even if you're behind on your bills, you'll still have access to a credit card to pay your expenses. Because of this, it can be a very smart idea to establish credit as soon as you can after . . . . . . you graduate from high school. Once you begin to build your credit, you can use the credit card as frequently as you need to, without having to pay interest on it every month. You can pay off your balances and keep it from building up too much by paying the balance off any outstanding debt that you might have.
While most people would prefer not to use credit cards to purchase goods, there are many reasons why someone with bad credit might want one. If you've applied for one and were turned down, don't give up hope.