Student credit card
When you enter college you would see that there are a number of credit providers that would have put up stalls all over the college campus advertising for student credit cards. The student credit cards are beneficial if they are used in a proper manner. Moreover this is a way in which you can start building your credit at an early stage in life. Deciding on which student credit card would give you the best option is a difficult task. However, you should make sure that you select an option after understanding all the details of the payments and the amount that you would be charged as interest on the credit card.
There are a number of students every year who graduate with debts along with them. This is because they do not use their student credit card wisely and are unable to meet with the payments towards this high amount that would have accumulated.
Using the student credit card
Before you take a student credit card you should make sure that you would be able to meet with the payments towards the card. You should assess the card based on its APR and other features. You should take a card that provides you with the best APR. When you take a student credit card then it is important that you understand that the card is not meant for using to buy luxuries. You would not be earning much and hence would not be able to maintain the payments towards the card. Hence it is advised that you use the card only when it becomes necessary for you.
The payment towards your credit card would form your credit rating and it is important that you maintain a good credit rating so that once you graduate and are in need of loan you can get a loan at a good interest rate. Moreover if you keep your payments towards the student credit card on time then it is possible that the company that has provided you with the student credit card would give you an option of a usual credit card at good interest rates and APR.
Considerations before taking a student credit card
Before you take a student credit card you should be sure that you are aware of all the terms and conditions associated with the card. It is important that you take a card that would provide you with the best terms so that it is easy for you to keep up with the payments.
You should also consider facts like when you would be able to make the payments on time and whether you would be able to handle the using of the student credit card. It is important to realize that the APR of the credit card gives you the true picture of how much are you supposed to pay towards the credit card. The APR gives the total cost of the money that you are supposed to pay towards the card. You should make sure that you know the APR of the credit card before applying for it. Besides, if you don't understand any part of the credit card agreement then you should immediately consult with the credit card company so that they can clarify your doubts.
Options for student credit cards
When you opt for a student credit card then you can take either a secured or an unsecured credit card. Having a secured credit card is a better option with which you can be sure that you keep up with the monthly payments. You are supposed to deposit money into the credit card account and whenever you use the secured credit card the money gets deducted from your account. The limit for the secured credit card is the amount of money that is in your credit card account.
Unsecured credit cards are the usual credit cards where you withdraw money or use the card ill a certain limit prescribed by the credit card provider and then you are required to pay back the money to the provider as monthly payments with the interest rate charged on these payments.
Student credit card providers
Some of the offers for student credit cards are mentioned below.
Bank of America Student Visa" Platinum Plus" Credit Card : There is no annual fee and no cosigner required for this card. You can have the option of online banking and a total security protection. The APR charged on this card is 19.24%.
Discover Student Clear Card: These cards come with 0% interest rates on the first 6 months on the purchases and there is no annual fee charged. You can use this card online and manage your account. They charge an APR of 16.99%.
Discover Student Monogram Card: These cards do not require annual fee and are charged with an APR of 16.99%. You can choose your own personalized design and build your credit history. They do not charge any interest for the purchases on the first 6 months.
Discover Student Tropical Beach Card : These cards come with 0% annual fee and 16.99% APR. You can easily manage your account online and have an APR of 16.99%.
Citi? Bronze? / AAdvantage? Card for College Students: They have the offer of 0% APR on balance transfers for 6 months ; no annual fee for your card and free membership in American Airlines AAdvantage Program. There are no blackout dates on AAdvantage award travel and no minimum income or co-signer required. They charge an APR of 18.24%.
Citi? Platinum Select Card for College Students : This card gives you an introduction offer of 0% APR for 6 months. There is no balance transfer fee with this offer and $0 liability for any unauthorized charges to your account. You can manage your account online and there is no annual fee charged. You are charged an APR of 17.99%.
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