Personal Finance

Why are student credit cards limit a joke?

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  • Jun 23rd, 2012 9:48 pm
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Dec 2, 2008
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Why are student credit cards limit a joke?

The limit and lending guideline are a joke. They feel like a debit card. Can't ever make purchases with the limits they set.
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qaz393 wrote: The limit and lending guideline are a joke. They feel like a debit card. Can't ever make purchases with the limits they set.
Because YOU'RE a student. Majority are unemployed,(some find PT work) so majority have no income.
Student loan default rates are crazy in and around 15%. If these students are defaulting on OSAP you better believe they're defaulting on any CC's they may have.

I personally think no students should be granted CC's
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mikeymike1 wrote: Because YOU'RE a student. Majority are unemployed,(some find PT work) so majority have no income.
Student loan default rates are crazy in and around 15%. If these students are defaulting on OSAP you better believe they're defaulting on any CC's they may have.

I personally think no students should be granted CC's
:facepalm: :facepalm: :facepalm:

i make minimum wage and spend over 5k per month and pay off every single penny. i hate to pay off credit card early as that ruins my cash flow.
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mikeymike1 wrote: Because YOU'RE a student. Majority are unemployed,(some find PT work) so majority have no income.
Student loan default rates are crazy in and around 15%. If these students are defaulting on OSAP you better believe they're defaulting on any CC's they may have.

I personally think no students should be granted CC's
I agree, if you are a student, you should piggyback off your parent's cc and learn how to control cc.
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qaz393 wrote: :facepalm: :facepalm: :facepalm:

i make minimum wage and spend over 5k per month
and pay off every single penny. i hate to pay off credit card early as that ruins my cash flow.
unless you sell drugs off the back of your van... if i were the cc company, i might reduce your limit. ;)
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If you one day grow up to be an adult who has kids that are old enough to get credit cards, you'll understand why the limits are so low...
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qaz393 wrote:
i make minimum wage and spend over 5k per month of my parents money and my parents pay off every single penny. i hate to pay off credit card early as that ruins my cash flow.

Fixed your statement for you

qaz393 wrote: i hate to pay off credit card early as that ruins my cash flow.
This is the exact reason why students should not get credit cards.

All I see you saying here is, "I only make the min payment so that I can use cash for other things. Yes I know students cards are almost always at 19.9% but if I gripe enough about the credit limits maybe they'll get increased so then I'll have that much more headroom to spend as I continue to only make the min payments per month. Don't want to pay any more, makes no sense"

The funny thing is, most students think the same way with perpetually maxed out cards through their entire schooling until they get tired of looking at it and then default on it.
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mikeymike1 wrote: Fixed your statement for you



This is the exact reason why students should not get credit cards.

All I see you saying here is, "I only make the min payment so that I can use cash for other things. Yes I know students cards are almost always at 19.9% but if I gripe enough about the credit limits maybe they'll get increased so then I'll have that much more headroom to spend as I continue to only make the min payments per month. Don't want to pay any more, makes no sense"

The funny thing is, most students think the same way with perpetually maxed out cards through their entire schooling until they get tired of looking at it and then default on it.
why would you default if you pay every month in full?
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qaz393 wrote: why would you default if you pay every month in full?
really?? :rolleyes:

well if you pay it off in full every month then there wouldn't be a need for an increase would there?
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mikeymike1 wrote: really?? :rolleyes:

well if you pay it off in full every month then there wouldn't be a need for an increase would there?
they give a joke limit of 2k when i spend easiy 5-10k per month. i has to put money into the credit card so its like a debit card.
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qaz393 wrote: they give a joke limit of 2k when i spend easiy 5-10k per month. i has to put money into the credit card so its like a debit card.
The only JOKE here is this thread you've made

coopercold above hit the nail on the head
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Apr 3, 2012
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wait wait wait let me understand this

how and if you are you making minimum wage and paying back $5000.00-$10000.00 in full every month or am i missing something o_O ???


you thought you had it bad TD only gave me $500.00 visa when i was going to school to start then 3 years after that got a increase to $13500.00 and the card still is owing $0.00 as of right now with the other 7 credit cards i have


so in the end you are lucky that you got $2000.00 better then my $500.00 i had 2-4 years ago


other reasons they give you low limts are due to the fact you are a student and have low income and little to no credit history or payment history if any with the bank they want to see what you buy and and see if you repay what you owe on time from month to month or in full and yes other banks can see what you buy and use the funds for due to the fact we took out a cash advance once on my HBC MC then chase Sears MC increased our cash limt to the same as HBCs cash limit for some reason :|
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mikeymike1 wrote: The only JOKE here is this thread you've made

coopercold above hit the nail on the head
If this dude didn't have 7300 posts I would deem him a troll.. so what gives?
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qaz393 wrote: they give a joke limit of 2k when i spend easiy 5-10k per month. i has to put money into the credit card so its like a debit card.
If you have a spend like that, and you consistently pay it off, then I would be astonished if you had trouble finding a higher limit.
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Mods should reset this guys post count to zero -- clearly, increasing his post count seems to be his only motivation.
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Mark77 wrote: If you have a spend like that, and you consistently pay it off, then I would be astonished if you had trouble finding a higher limit.
+1

Bank will increase you limit quickly if they deem you a safe bet. This is a horrible troll thread.
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Mark77 wrote: If you have a spend like that, and you consistently pay it off, then I would be astonished if you had trouble finding a higher limit.
+1

This is why I refrained from posting until now.
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coopercold wrote: To make $5000 (pretax) a month at Ontario's minimum wage ($10.25), one would have to work over 487 hours a month, or approximately 16 hours per day -- every single day.

Therefore, your statements, erm, don't compute (I'm trying to be kind)..
You're likely underestimating the number of hours. If he was spending $60K per year that is AFTER-tax $. He'd have to make $80K which would require working more than 20 hours every single day.
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This is the same guy who been posting in the MBNA thread telling people he's been phoning his CC grantors and report income increase to $70,000 so he can get a limit increase.

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