Student Credit Cards : What To Look For
Credit cards for students can provide need access to cash for emergencies or as a way for parents to supplement their cash needs. A student can also begin to establish good credit. Good credit will serve you well throughout adult life. There are a few specific things that you should look at when determining which card will be the best choice.
Credit card rates can vary widely so pay close attention to the terms of each offering. Many of the more popular cards have an introductory rate of 0% for the first six months. Look at the terms of the card carefully to find out what the rate will change to after the introductory period is over. Rates can typically vary between 11% and 21% on most student credit cards.
With some student cards points are awarded for purchases. Reward points can be redeemed for things like cash, concert tickets, airline tickets, gift cards and many other things. Airline tickets are especially nice for students attending school far from their homes.
A credit limit can range from $200 up to $5,000. Starting with a low limit at first will reduce the chance of the student going wild and spending money for items they really don't need.
Some companies require proof of income and some don't. In the event that a student doesn't have proof of income the card company might approve them with a cosigner. It all really depends on the specific credit card companies guidelines.
Cash back or rewards earnings are other feature of some student credit cards. Cash back varies from 1% to 5% usually based on the specific types of purchases. For example tuition or book purchases may receive a higher percentage cash back then grocery purchases.
Other incentives offered by student credit card companies are things like cash advances, balance transfers, rental car insurance, online statements, online bill pay and travel accident insurance.
To make the right credit card choice you need to decide what benefits meet your spending requirements. By paying close attention to the terms of the cards you apply for you won't get surprised in the future.
Credit card rates can vary widely so pay close attention to the terms of each offering. Many of the more popular cards have an introductory rate of 0% for the first six months. Look at the terms of the card carefully to find out what the rate will change to after the introductory period is over. Rates can typically vary between 11% and 21% on most student credit cards.
With some student cards points are awarded for purchases. Reward points can be redeemed for things like cash, concert tickets, airline tickets, gift cards and many other things. Airline tickets are especially nice for students attending school far from their homes.
A credit limit can range from $200 up to $5,000. Starting with a low limit at first will reduce the chance of the student going wild and spending money for items they really don't need.
Some companies require proof of income and some don't. In the event that a student doesn't have proof of income the card company might approve them with a cosigner. It all really depends on the specific credit card companies guidelines.
Cash back or rewards earnings are other feature of some student credit cards. Cash back varies from 1% to 5% usually based on the specific types of purchases. For example tuition or book purchases may receive a higher percentage cash back then grocery purchases.
Other incentives offered by student credit card companies are things like cash advances, balance transfers, rental car insurance, online statements, online bill pay and travel accident insurance.
To make the right credit card choice you need to decide what benefits meet your spending requirements. By paying close attention to the terms of the cards you apply for you won't get surprised in the future.
About the Author:
Now you know what to look for when choosing a student credit card. The next step is to compare the different student credit cards that are offered to figure out which one meets your needs the best. At Visa College Card we review a number of different student credit cards for students.
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posted by SolveItQuick at
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