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Find the Best Student Credit Card for You

Find the Best Student Credit Card for You
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Credit card issuers have made it possible for students to get credit cards for their individual needs. The best student credit card has incentives which include bonus points and cash back rewards for on-time payments and staying within credit limits. The credit card companies offer low APR and a long grace period to enable the student to make payments. Most student credit cards offer 0% introductory APR and adjust the rate after this period. Lenders offer free credit lessons and a budget calculator so the students can learn how to manage credit. Students have many options to choose from.

Independent Students

If you earn sufficient income you can qualify for a student credit card if you have good credit. Even students need a good credit score to obtain credit cards. Students can apply for a credit card when they attain age 21 from at any national bank if they have good credit history otherwise they will need a Co-signor. Banks encourage students to pay at least the minimum monthly payments on their cards instead of carrying large balances from month to month, by offering them incentives.
 
If you have a poor credit history, you may not qualify for the best student credit card at that moment, but if you make monthly payments on time, your credit score will improve and you will be able to qualify for a prestigious card in the future especially if you remain with the same lender.

Training Wheels

Students can ask parents or other adults to co-sign for them to get an unsecured credit card with limits which are known as Training Wheels. If you are a student and you have a cash deposit in your savings account you can obtain a secured credit card with the deposit as collateral. If you default, the bank will use the deposit to recover the outstanding amount. The secured credit card payments are reported to the major credit bureau and this will build your credit history so you can qualify for unsecured credit card in the future.
Sharing a credit card with your parents.

You can share a credit card with your parents if you are below 21 years on condition that the parent, a friend or family member agrees to co-sign and share the card with you. When the student defaults the Co-signer takes responsibility of the liability. Since the co-signer is held liable for the whole balance, he or she may track your purchase activities and spending all the time because he/she knows it will be their debt if you fail to pay.

Be smart when using your credit card

Financial Aid may not be enough for students to pay for all they require and they may need a line of credit. Students in college find themselves on their own when balancing a checkbook or tracking their spending and they may not have the money management and financial skills necessary. Lenders provide the students with the financial skills necessary and offer incentives to ensure that they use credit cards responsibly. Use the credit card tables we have provided to choose the best student credit card for your situation.

Last modified onWednesday, 03 April 2013 06:47

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