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UMe’s Student Credit Card Best Practices

Are U a student looking to take your first steps towards financial independence? Whether you’re looking forward to your college journey or just starting to manage your finances, when used correctly, the UMe Student Credit Card can be an ideal companion! This financial tool is designed with students in mind. We offer plenty of benefits that can help you learn to build credit and manage your expenses. Using a credit card responsibly is crucial to build a strong financial foundation and to avoid falling into debt. We want to make sure you navigate the world of personal finance responsibly.

In this guide, we explore some key features and advantages of a student credit card to help you understand why it can be an essential tool for your path to financial success. Together, we’ll go through some credit card best practices so that you’ll know how a credit card can empower you to make the best financial decisions and set up a solid foundation for your future. Let’s dive in and discover how the UMe Student Credit Card can be your financial ally during your academic journey.

Here are some UMe best practices for how to use your UMe Student Visa Credit Card wisely!

Understand Credit Card Basics: Before getting your UMe Student Credit Card, make sure you understand how it works. Know the interest rate (APR), fees, due dates, and credit limit associated with your card. Read the terms and conditions carefully.

UMe Student Visa Credit Card Fees: There’s no application fee. There are no cash advance fees. There are no balance transfer fees. There are no annual fees. The only fee associated with your card is a late fee, which is $10 per occurrence. But, if you pay your bill on time each month, you’ll never have a fee on your account — ever.

Know your Rate: Your UMe Student Credit Card rate is our lowest available rate, which is 12.90% APR. APR = Annual Percentage Rate. If you pay your balance off each month, you will not pay any interest on your purchases — which should be your goal every month. A 12.90% APR means that if you carry a balance on your credit card beyond the due date, you will pay an extra 12.90% of the borrowed amount as interest over one year. So, if you borrow $100 with this APR, you would need to pay back the $100 you borrowed plus an additional $12.90 in interest.

Create a Budget: Establish a budget to manage your finances effectively. Track your income, expenses, and set limits on how much you can spend on your UMe Student Credit Card each month. Stick to this budget to avoid overspending.

Pay on Time, Every Time: Always pay your UMe Student Credit Card bill on or before the due date, which is the 28th of each month. If you make a payment late, you will incur a $10 late fee, which will negatively impact your credit history with us. But, when you make your payment on time, your credit history will show that, which will positively impact future loans with us.

Pay in Full: If possible, pay off your UMe Student Credit Card balance in full each month. This will help you avoid paying interest on the outstanding balance and keep your credit utilization low, which is a good habit to get into, as it affects your credit score in the future.

Be Cautious with Rewards: Be mindful not to overspend just to earn UMe Rewards. Always prioritize your budget and financial responsibilities over rewards.

Check Transactions & Statements Regularly: Use the UMe Mobile App to monitor your card transactions in real time. A good habit to get into is to review your UMe Student Credit Card statement each month to ensure all charges are accurate. If you notice any discrepancies or unauthorized charges, report them to us immediately.

Manage your Card: Use UMe CardNav to manage your card usage, available in the UMe Mobile App. Set controls regarding the transaction types, geographic rules, and the merchant types where your card can be used, create travel notifications, so your card will work wherever you are, turn your card on or off—in seconds, set dollar limits for transactions, and receive instant alerts regarding your transactions.

Build Credit History Wisely: The UMe Student Credit Card can help you build your credit history with us, but it’s essential to use it responsibly. Responsible credit card usage can positively impact your creditworthiness over time, making it easier to obtain loans or lower interest rates in the future.

Avoid Multiple Cards: It’s generally best for students to start with just one credit card to build credit responsibly. Having multiple cards can increase the risk of overspending and missing payment deadlines.

Protect Personal Information: Keep your UMe Student Credit Card information secure. Never share your card details, such as the card number, CVV, or PIN, with anyone.

Limit Online Purchases: Online shopping can be convenient, but it’s easy to overspend. Be cautious and limit online purchases to items you genuinely need.

Communicate with UMe: If you have limited financial experience, consider discussing credit card usage with a UMe Personal Banker. We can offer guidance and support to help U use your credit card responsibly. Give us a call at (818) 238-2900 or send us an email to contactus@umecreditunion.com. We’re here for U!

A credit card can be a helpful financial tool when used responsibly, but it can also lead to debt if mismanaged. By following these best practices, you’ll build a positive credit history and develop good financial habits for the future.

When U turn 18: At age 18, you’ll be eligible to apply for a UMe Visa Platinum Credit Card, which will give you the option for a higher credit limit. Your APR will be based on an evaluation of your creditworthiness.

UMe Pro Tip: Making your UMe Student Credit Card payments on time each month will have a positive effect on your creditworthiness, which will affect what you’ll qualify for on your next UMe card! 🙂

To apply, call or email for an appointment. Since this is your first credit card, we want to walk U through this personally and properly …because U matter to Me — to all of us — at UMe!


Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!