Student Credit Cards - 3 Simple Truths

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Student Credit Cards - 3 Simple Truths
Credit cards, when used wisely and used when it is most needed, can be a very helpful financial tool for the self-supporting student who is struggling to make ends meet. Credit cards are known to have their disadvantages, yes, but credit cards, when in the right hands, can become helpful financial aids too.

There are some truths about student credit cards that a self-supporting student applying for a credit card should know about. It is important to know what these credit card benefits are so that as a student, one may be able to enjoy and maximize these benefits to their fullest.

1. Credit Card Bonuses- student credit cards have bonuses. These bonuses come in the form of rebates, cash-back on purchases made on daily commodities such as food, grocery, and gas. These are truly beneficial for students who pay their debts on time, allowing them to get rebates on some items charged.

2. Credit Scores - Credit scores are important. Credit scores are credit scoring system done by FICO to determine a consumer's ability to pay back any debts made. There are five criteria which affect credit scores, and these are the credit holder's payment history, the amounts owed to credit companies, length of credit history, application or acquisition of new credit lines, and the overall mix of credit types. When a student is applying for new credit lines, loans and other credit cards, credit scores are reviewed by credit companies before credit application is granted. The higher the credit score, the more chances that new credits will be extended by the credit company.

3. APRs - APRs are the annual percentage interest rate of the credit cards. This is how much interest you pay for every charges you make using the card. There are credit cards that offer 0 APR for the first year, or credit cards that charges you with nothing into the first year. The lower the APR, the better.

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Compare Credit Card Offers

Getting the credit card you want makes having the right one worthwhile. So many different offers make it necessary, though, to compare credit card offers before you sign on the dotted line. Here are a few tips about things to look for that will help you get the right one.

Go For 0% APR Interest

One of the best cards will give you an introductory period of anywhere between 12 to 15 months. Note that some cards, though, only give you the introductory offer for either 3 or 6 months - that is hardly a serious offer these days. With the longer time period you can have no interest on things that are charged to the credit card. This means savings for you and the option to make payments as long as the introductory offer lasts. Just be sure to make your payments on time.

Balance Transfers

A good credit card will give you this option, but if you have no existing credit card balances - then you probably will not need it. If you do, though, this feature allows you to transfer those balances onto this new credit card. Look to make sure that the 0% APR interest actually applies to the amounts transferred, though, since many cards have a different rate of interest for transfers. You also want to see if there are any fees for the transfers, since some cards can charge you up to 4% for the privilege.

Interest Rate

Getting the card you want means comparing credit card offers on the interest rates. Some are low interest, and others are higher. The interest rate refers to the amount of interest you will pay after the introductory time limit is expired. But this rate can also kick in if you are ever late - even on a single payment. The better your credit rating is - the lower level of interest that you will be able to get. If you are in the habit of paying your credit card bills always on time and in full, though, you will never need to worry about the interest rate - since you will never pay interest (on most cards).

Rewards

There are many types of rewards you can get with credit cards, but be sure to compare and get one to meet your needs. Also check to see what kind of rebates / discounts / cashback you get with ordinary purchases - it can all add up.

Other Fees

Many credit cards carry a number of fees with them. Be sure to compare your credit card offers in relation to the fees on them. Some cards have almost no fees attached, and other cards can almost drain you dry from an excess of fees. These fees may be listed as annual fees, minimum balance fees, activation fees, monthly maintenance fees, late fees, and many more.

By making sure that you compare credit card offers - at least six to ten different ones, you will be able to select the one that is best for you. Read the fine print carefully since signing may by itself put some charges onto an account you have not even used yet.




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Student Credit Cards - 3 Simple Truths
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