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.
Jun 22nd, 2012 11:55 pm
Jun 23rd, 2012 12:16 am
Because YOU'RE a student. Majority are unemployed,(some find PT work) so majority have no income.
Jun 23rd, 2012 12:27 am
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
Jun 23rd, 2012 12:28 am
I agree, if you are a student, you should piggyback off your parent's cc and learn how to control cc.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
Jun 23rd, 2012 12:30 am
Jun 23rd, 2012 12:33 am
Jun 23rd, 2012 12:39 am
This is the exact reason why students should not get credit cards.
Jun 23rd, 2012 12:59 am
why would you default if you pay every month in full?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.
Jun 23rd, 2012 1:10 am
really??
Jun 23rd, 2012 1:17 am
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.mikeymike1 wrote: ↑really??
well if you pay it off in full every month then there wouldn't be a need for an increase would there?
Jun 23rd, 2012 1:41 am
The only JOKE here is this thread you've made
Jun 23rd, 2012 1:53 am
Jun 23rd, 2012 1:54 am
If this dude didn't have 7300 posts I would deem him a troll.. so what gives?mikeymike1 wrote: ↑The only JOKE here is this thread you've made
coopercold above hit the nail on the head
Jun 23rd, 2012 2:11 am
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.
TodayHello wrote: ↑...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Jun 23rd, 2012 3:20 am
Jun 23rd, 2012 3:56 am
Jun 23rd, 2012 7:18 am
+1
Jun 23rd, 2012 10:13 am
+1
Jun 23rd, 2012 10:15 am
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.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)..
Jun 23rd, 2012 10:22 am
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