Two Worry-Free Years
Written: Jun 01 '00 (Updated Aug 15 '00)
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Product Rating:
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Pros: They even accepted me!
Cons: Very high interest rate, still no web access.
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| ruff's Full Review: Student Visa/Mastercard (The Associates) |
I picked up a Student Visa from Associates National Bank shortly after entering college. My reason for choosing them? They let me. With no credit history, save for a secured JCPenney charge account, I was flatly denied by every other card issuer in existence. I was even denied by card companies that sent me letters claiming I was pre-approved.
(On the upside, those denials allowed me many, many free copies of my non-existent credit report. If you're ever denied for credit because of your report, be sure to call the reporting bureau to ask for a copy. It's free, and they're required by law to give it to you. The reporting agencies I dealt with had very convenient toll-free automated hotlines.)
So when Associates approved me for my card, I was intoxicated with freedom, despite having only $500 in credit. My Student Card carries a grace period allowing me to avoid finance charges, provided I pay the balance in full by the due date, and I'm not carrying over a balance from the previous month. This works out fine for me because I very seldom use the card, and I usually pay back purchases on the same day, using an online bank account (see my profile). I don't think I've paid a finance charge in seven months. There's no annual fee for the card.
Which leads me to the only flaw I've found with my Associates card: No online access yet. They've been promising internet access to the account for more than a year, now claiming it's in beta and will be available by the end of 2000. Call me a spoiled internet brat if you must, but I demand real-time access to all of my banking accounts, 24 hours a day. I expect to start relying on my card more frequently in 2001, and without daily balance reminders, I fear I'll go into debt. Beware.
The monthly bill they send me is very nice. They redesigned it more than a year ago, and compared to other credit card bills I've seen (Capital One, Providian, etc.) it's clear as a glass of drinking water. The amount due is printed in big bold type at the end of a "quickie" table that also shows the APR, the finance charges, the past balance, and the due date. With Associates, you know exactly where your account stands, and they make it easy to check for errors, though I haven't found one yet.
The Student Card has a pretty bad interest rate: 18.24% for purchases, and a whopping 22.24% for cash advances. Their 3% cash back offer is only good when you carry a balance, and they only pay out at around Christmastime, so don't count on it being a big help. I'm already shopping around for a better interest rate, but this is about what I expect to receive from anyone, being technically unemployed.
I don't have any horror stories for you. Associates has been good to me. They began increasing my credit line within three months of my joining. I don't need a very high limit; what they've given me is already more than I ever hope to owe any card issuer. So, I'm happy. If you'd like to sign up, their website is www.studentcreditcard.com. (Don't forget the www.)
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APR quoted was accurate as of this writing. Please check with Associates for updated info.
Update: The Associates now has an automated phoneline that can be used to the check balance, due date, last payment posted, and credit limit. I still want the website, but this is good for now. The number is 1-800-547-3673.
Recommended:
Yes
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Epinions.com ID:
ruff
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Reviews written: 69
Trusted by: 46 members
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