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Best Credit Card For College Student |
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There are very few credit cards available that are specifically designed
for students, but there are a number of credit card companies that offer
their regular cards to students; both graduates and undergraduates, and
we have listed them all below.As long as you are at least 18 you can
apply for any of the visa credit cards detailed.Your credit card
application will still be subject to the issuer's usual acceptance
criteria, but at least you won't be wasting your time applying for a
card you have no hope of being accepted for, and potentially damaging
your credit rating! First of all, no one is telling you to cut up your plastic and return to the stone age. Credit cards are an indisputable fact of college life and there are many good reasons to have one. Credit cards give you protection for your purchases, allow you to shop online, and provide a cushion in case of emergencies. If you don't already have a card, you'll have plenty of opportunities to apply for one once you hit campus. Many credit card companies set up booths and tables at the beginning of the semester, offering sign-up incentives such as t-shirts or water bottles. But before you sign on the dotted line, keep these facts in mind : Student credit cards are a great way to establish your credit history. You are studying hard at school to gain the skills necessary for a successful career. After graduation you will find a great job and want to make some large purchases that require financing. Without a previous credit history, you may not qualify for a car loan or a mortgage. A student charge card make it possible for you to establish your credit history while you are still studying so that when you land your dream job you can qualify for more credit such as a car loan or mortgage. Credit Cards Are Not "Free Money" In fact, they're really high interest loans in disguise. Here's a breakdown of some typical credit card fees: Finance charge This is an interest charge (can be as high as 20 percent) on the unpaid portion of your bill each month Annual fee Some companies charge yearly membership fees of anywhere from $20 to $100 Cash advance fee Avoid cash advances -- fees are steep, and interest rates are usually higher Late payment fee Paying late can also result in hiked interest rates, Carrying a Balance Can Be Costly. Not paying off the entire amount in your account each month can lead to big finance charges. |
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