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UNDERSTANDING STUDENT CREDIT CARDS
Using a credit card while in college has many benefits. However, finding the right credit card for your needs is not always so easy. Below is information that will help choose the right student credit card offer.

Two Types of Student Credit Cards
Those with an established credit history should apply for a regular credit card. However, if you have no credit, then you should consider a secured credit card. These types of credit cards require a deposit that is roughly the same amount as the card's credit limit. Secured cards also tend to have higher interest rates. There is also an annual fee associated with these card types.

Know What the Interest Rates and Fees are Before You Apply
Every single credit card on the market has an interest rate. However, most card offers will have an 0% introductory interest rate that can last anywhere between 3-15 months. Please note that if you carry a balance on your credit card or fail to make a payment, you will lose the introductory rate. Once the introductory rate is over, the interest rate you receive will depend on what your credit rating is. Typical interest rates for student credit cards range between 8-19%. It is also very common for college cards to have fees attached to them, sometimes more than one.

**Before you commit to any student card offer, make sure you understand what all of the fees and rates associated with the card are. A good idea would be to compare student credit card offers before you apply.

What Kind of Rewards Are Being Offered?
Almost of the student credit card offers available have some type of reward associated with them. Rewards usually include DVD's and CD's, free movie rentals and tickets, discounts on books and clothes, cash back and more! There are several student card offers designed towards drivers and the points you earn as a result of card use go towards the purchase of a new or used car!

The reward rate for student credit cards is typically one point for every dollar your charge with your credit card. It is common for credit card companies to offer different reward rates for the different types of purchases you make. Meaning, you will get one point for every dollar you charge, but you can also earn as much as five points towards card related purchases.

Get Rewarded for Good Grades
Several credit card offers reward student for good grades. For example, if you maintain a B average, you will be rewarded 2,000 point for the semester. So, you can earn an additional 4,000 points if you maintain a B or better for the year!

Build Credit!
Most student credit card offers are designed to help student develop good credit if they practice smart credit card use. Make sure you make your payments on time every month and try not to carry a large balance so that you can minimize the interest costs. Remember, before you commit to any credit card offer, compare the various types of available student credit cards so you get the best card for your needs.


Related reading
-Parents co-signing student mortgages
-Auto loans for students


 

 

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