Top 10 Best Things About Student Credit Cards
When choosing the best student credit card, there are many choices in the market
but what are the things you should look for? Here are some tips on how to find the best student credit card for college students:
1. Low Interest Rates
This is important not only for student credit cards but even for regular credit cards as well. A reasonable interest rate will save you from acquiring too much debt mainly because of the interest youre paying. If you intend to carry a balance for the next month, a low interest will be a huge advantage.
2. Reasonable Credit Limit
You dont necessarily need a student credit card with very high credit line. Its best to choose a student credit card that is within your range of budget as well. Dont forget not to maximize the use of your credit. Use your credit cards only when absolutely necessary.
3. Sufficient Grace Periods
A grace period is the length of time a student credit card holder is given before incurring an interest rate in his account. Look for a student credit card that gives you at least 20 days or 30 days before you are charged with interest for your unpaid balances.
4. No unnecessary promos
Its important for a student credit card to consider that students need to build a good credit history for themselves by not getting into unpaid debts. Therefore, the best student credit card will not bombard you with promos that are hard to resist.
5. Hidden charges
Watch out for student credit cards that offer low interest rates but will kill you with other charges. Find a student credit card with no annual fee or a reasonable annual fee and reasonable penalty charges.
6. Online Account Management
Since youll be busy with your class schedules and school work, an online account access is indispensable since it will give you the option to check your account online at any time.
7. Incentives and Bonuses
Dont forget to look for a student credit card that not only allows you to spend but rewards you for your purchases as well. Still, keep in mind that student credit cards with reward programs often have higher rates than credit cards that dont give rewards so youll want to be very cautious about being late on your payments.
8. Check Credit Cards from the Credit Union
Dont forget to check credit cards that are offered by credit unions. Most of these credit cards are especially designed to benefit students and come with reasonable rates.
9. Build Your Credit History
Of course, its very important that your student credit card reports to the three major credit bureaus as this is the way to build our credit history. Remember that the main reason why youre getting a student credit card is so you can start establishing your credit history early.
10. Genuine Student Credit Cards
Make sure that the credit card youre applying for is especially created to match your needs as a student. Some credit card companies may advertise credit cards that can be used by students but the truth is, theyre just regular credit cards. Do your research and look for a credit card issuer that really has a separate credit card made for students only.
by: Samantha Wilson
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