Credit Card and Loans

There are hundreds of credit cards that are available for college students and each with a unique set of offers that it is no easy job for a college student to choose a Credit Card. Most of the college students do not have any previous credit history nor do they have any experience in managing their financial debts.

Use Wisely. While a student credit card can be a great tool that would help in making the ends meet, but if used carelessly it can even lead to the beginning of financial trouble. That is why it is very important that one learns the correct way of using a credit card so that students can even qualify for getting finances and loans from the bank in future.

Good Credit Score. Building a good credit score is also helpful in getting students study loans and other finances on a very cheap APR. On the other hand if you use credit card carelessly, you could easily damage your credit history which will lead to paying for expensive sub-prime loans.

Cash Rebate and Discounts v/s Interest Rate. Student Credit Cards mostly offer cash back rebates on daily expenses such as stationary, books, eat outs, etc. Each dollar that you spend earns you points that you can later redeem as gifts or even cash in some cases. Thus paying for such expenses through your credit card instead of cash is not only a great way of keeping track of your monthly expenses but will even earn you discounts from your rebate points.

Each student credit card offered from a bank or from a credit card service offers a different set of benefits, hence it is important that one has a fair idea of their offers and discounts before selecting your credit card. Also, one needs to carefully examine the interest rate on unpaid balances, as they can easily outweigh the offers and discount that you get on the card.

Annual Percentage Rate. Most of the student credit cards offer credit at the rate of 15% APR which is standard. But, if you are always running out of cash towards the end of the month, it is better to go for a card that offers the lowest APR as you will often be using the credit line as a payday loan.

Careful of the Hidden Charges. Here is another thing that you need to watch out for. Most of the Credit Cards levy unnecessary fees on student credit cards such as account opening fees, late payment fees, annual fees, etc All these charges are often not disclosed at the time you go to apply for a card and so it very important that you ask and be aware of any such charges or fees. Also sometimes those credit cards with no annual fees have a waiver only for the first year and you might end up paying for it the next year if you don’t get it cancelled in time.

You can get your student credit card at : – Best Student Credit Cards