Making Sense Out Of A Student Credit Card
By Joe Kenny
Being a student in college can be fun, especially if you have access to funds - without having to worry about always carrying cash with you. A student card can take care of many of those problems and provide you with a rating for later on, too. Here are a few things you need to know about how to select a student card that will be just right for you.
Two Kinds Of Cards
If you already have a rating, then you may be able to apply for a regular card. Otherwise, you will probably have to settle for a secured card. These kind of cards require a deposit of close to the amount of the limit on the card - and some even more. There is usually a higher rate of interest, an annual fee, and oftentimes there are other ones, too. You will probably want to stick with the major companies, though, since there are scams connected with this type of card.
Check The Interest Rate And Fees
Every card has an interest rate. It only applies however, after the introductory offer, and if you leave a balance on the card or pay late. Your introductory offer can be anywhere between three and fifteen months. Many student cards have fees attached, and there may be more than one.
The Rewards Offered
You can find different types of rewards with different companies that offer student cards. There is quite a variety of rewards that you can get, including CD's or DVD's, free movie rentals, discounts on clothes and books, and much more. If you want, some students cards are geared toward drivers and your points can be used toward the purchase of you next car - new or used.
Most student cards will give you one point for every dollar that is charged to the card. Some companies will give you different rates of credits for different types of purchases. This means that you may get one point for every dollar charged, but you also could get as much as five points toward the purchase of things related to the card.
Special Benefits For Good Grades
There are some student cards that give a whopping 2,000 points per semester if you maintain a B average or better. That adds up to 4,000 points a year, and that will definitely give you some buying power.
Student cards are also geared to help the student to be able to get good if they use the card wisely. This means that they may require you to read some material before they issue the card. The issuing company will also usually make online services available so that the card can be paid easily - and on time. Besides the above, at least one card will also give you 25 points each month that the payment is made on time. Before you actually sign-up, though, you will want to compare the various student card offers and this will enable you to get the best one for
your needs.
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Joe Kenny writes for Card Guide, offering the latest information on credit cards, visit them today for the latest credit card articles.
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