Student Credit Cards – Choosing what is right for you!
Student credit cards can be a powerful financial asset for a college student. They can help students build their credit history, and provide a convenient way to pay for purchases that occur everyday. Student credit cards however typically offer fewer perks than other cards, students in college should still compare features and rates to find the card that would best suite them. So, the question it comes down to is:
How to Choose the Best Student Credit Cards for You
As a college student looking to opening their first trade line, you want to build your credit and make smart sound financial decisions. Just a quick press of a few keys in Google and Students looking for Student Credit Cards will find themselves with a slew of institutions offering one. With so many financial institutions offering college students credit cards, how do you pick the best offer for you? Well, here are some things to consider that can help you narrow down your selection:
Student Credit Cards Factors to look for:
Student Credit Cards Rates: Many credit card companies are often all too welcoming with open arms to offer you a credit card. The catch however is the rate that is attached to it. Students in College that do not have any established credit offer creditors no indication that they have the ability to repay the debt. Many a times a creditor will approve a student based on their student status. But, the rate that is attached may not be something you are going to like. Financial institutions generally safeguard themselves with a high rate. It is always a good idea to shop around, ask questions especially when it comes to what the rate is going to be. Careful not be scammed with introductory rates, as they will go up once that introductory period expires. Having a student loan in good standing does improve the odds of getting a better rate!
Student Credit Cards Fees: Just as rates play an important factor in deciding on solid Student Credit Cards that will work for you, Students should also be aware if there is any fee attached to that card. Many financial institutions are happy to give you a credit card but in some cases they do charge an annual rate that is usually charged in the 1st billing cycle. Be mindful that you understand the terms and conditions attached to the card you are applying for.
Student Credit Cards Perks: Student Credit Cards do not offer as many perks that a normal credit card would from someone with established credit would receive but some do offer perks. The main idea of a Student credit cards is essentially not only to establish credit but to get that card to work for you. There are financial institutions out there that offer bonuses like cash back incentives, interest rate reduction. It is always a good idea to be on a look for a card that is going to offer the most benefits but in many cases it is most important to find a card that has no annual fee attached as well as a low rate.
Student Credit Cards offer pros and cons. Just be mindful to look for the things mentioned above before applying. Research, research and more research! Look for a card that is going to suite you and going to work for you! For financial institutions offering Student Credit Cards are still a business! Having a Student Credit can be an exciting thing in a Students life as it does offer flexibility and opens buying power. But, alas with all great things there comes responsibility! It is the first step in a students life to be financially responsible. Careful not use more then you can repay!