What are College Student Credit Cards? December 31, 2007
Posted by Chetan in : Business , trackbackYou’re probably thinking of getting a student credit card. These cards are getting more popular year by year. According to a study by Nellie Mae 92% of college students already have a credit card. Out of all the credit card carrying students 93% of them would have liked more information on these before they started school. You’ve already made a smart choice by reading this and getting information.
Firstly there is not much difference form a student credit card and a regular credit card. Student credit card usually have none or small annual fees but most likely need a co-signer for these. You should use these cards carefully as they carry high interests rates . You may think you should hold off getting a credit card till you graduate or till you first start your career. This might cost you more in the long run, I’ll explain why.
When you have no credit history most places will not give you credit or would probably charge you a high deposit to start. Getting a credit card as a college student isn’t necessarily a bad thing, as long as you use it responsibly. Here are some tips if you’re thinking of getting a card.
1. Apply for the card that offers the best rewards with leas interest rates. (You may need a co-signer to get these cards)
2. Once you get a card try to spend as much as you can pay by the end of the month (This way card is paid in full each month.)
3. Avoid unnecessary spending.
4. Since you’ll be using the 3 tips above most likely you’ll get good credit, as this happens you’ll receive invitations to cards with higher spending limits if you choose to apply for the new card don’t close the first one you had as this will lower your credit score, because you first credit card is what is giving you your long credit history.
Use the information given and the tips above and you’ll be close to a credit building debt free.

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