Student credit card choices can be overwhelming and confusing but using the following factors, you can surely pick out which one is the best:
1. Low Interest Rates
A credit card with a low rate is very important especially if you plan to use it for installment payments. You can save a great deal of money by keeping a card with the lowest possible APR.
2. Reasonable Credit Limit
Students do not really need to get a card with the highest credit line. However, having a reasonable credit limit allows you to spend within your budget’s range without maximizing the use of your credit.
3. Sufficient Grace Periods
Be sure that your student credit card provides at least 25days or 30 days of grace period. This is the period when you can pay off your balances in full to avoid the interest rate.
4. No unnecessary promos.
Avoid student credit cards that offer too many tempting deals such as gift certificates to shops or diners. What matters most is that you can use your credit card for emergencies and to build a good credit history.
5. Hidden charges.
Look out for credit cards that offer incredibly low introductory APR yet are packed with hidden charges.
6. Online Account Management
Go for a student credit card that enables you to check your account online. Thus, you can closely monitor your account using your laptop or computer.
7. Incentives and Bonuses
A student credit card that offers rewards is great as long as you can keep up with your payments. To avoid the interest rate, be sure to pay off your full balance before your due date of payment.
8. Check Credit Cards from the Credit Union
Don’t forget to consider student credit cards that are offered by credit unions. Although not as popular, these cards are known to be very student friendly and with reasonable rates.
9. Build Your Credit History
Not all credit cards for student report to the three major credit bureaus so make sure that the one you pick offers credit reporting service.
10. Genuine Student Credit Cards
Some credit cards may be advertised as “college credit cards” when the truth is they’re just regular credit cards. Credit cards that are especially designed for students must provide specific features to help a student manage his/her account easily and build a good credit history.
About the Author
Samantha Wilson is a consultant for credit cards for students. For years she has written student credit card articles that would help build student credit.
Copyright 2009
When I was in college, I was also using a credit card but it’s far way different from today’s perks and rates. It’s a great help for me back then.
@ Jessica
Yes, I agree. It has totally improved! 🙂