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What You Should Know about Student Credit Cards

Updated on December 17, 2011

When you go to college there is a good chance you'll be bombarded with offers for credit cards. An average student will receive between 5 and 7 offers the first week of school, but they aren't always your best deal. You can find a lot more offers online. Before you apply for any student credit cards, be sure you fully understand just what they are. You want to be able to use them with discretion.

Student Credit Cards - These cards have been designed to work for high school students as well as college students. Student credit cards are similar to regular credit cards. They have interest rates and minimum due payments, but student credit cards usually include features aimed at attracting younger cardholders.

Co-Sign Requirement - A few student credit cards have to be signed by the student's parent or guardian. This is for ensuring the company can recoup their money should the student default on paying.

Lower Credit Limit - A student credit card includes lower credit limits than other cards, usually from $500 to $1,000. This helps students to learn about managing their finances carefully.

Higher Interest rates - Student credit cards usually are issued to students who have little or no kind of credit history. This means that the companies are taking a higher risk. That means they will charge higher interest rates for student credit cards.

Low Interest Vs. Rewards - Once you start your search you will see the numerous amount of student credit cards you have to choose from. Prior to applying for any of them, you need to think about what kind of priorities you have. If it's believed you are going to carry a regular balance then look for cards with low interest rates. Look for cards with rates in the mid-teens zone. Stay away from 20% or above. If you are planning on paying off your balance every month and need some cash then look into a rewards card.

Plan For Your Future - With student cards you can begin to make wise financial decisions. When you make purchases and pay off your balance, you are able to build your credit history and increase your credit limit. Having a good credit record helps you in landing jobs because many employers today check your credit score before they will hire you.

When you use student credit cards wisely they can be useful tools for credit-building. It's your vehicle to get you to solid financial planning. You should look for one that best suits your needs. The apply for it to use as an investment in your financial future.


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