Student credit cards are typically people's first foray into the world of credit and finance.
These cards which students use for a variety of reasons including paying tuition and fees, buying books and school supplies, and purchasing other products and services necessary for matriculation are many times given by parents to their children mostly to foster and encourage proper financial management.
Credit cards for college students usually have a low credit limit as it is known that most students have little or no income, and thus cannot afford to run up high balances.
This is seen as an advantage by many parents because most of them wish to teach their children the value of money, not tempt them to spend carelessly.
Just because one is still in the process of choosing credit cards does not mean that he or she can be careless about it.
Finding the best student credit card deals is important not only to have an efficient card with inexpensive maintenance but also to harness the skills of the student in choosing cards.
As we all know, the right attitude towards money is one of the essential ingredients that can contribute to a person's success.
If you are currently looking at credit card offers from leading credit card companies such as Chase, Capital One and Discover there are some important terms and conditions to keep in mind while comparing cards: What is the APR or the Annual Percentage Rate of the card? Many companies now offer low credit card rates for college students, which is a good idea since this will save you greatly on the long term.
Some even offer 0% APR introductory rate, which can run up to six months depending on the terms of the company.
Just be sure to inquire how much the regular rate is after the introductory period expires.
Is the APR fixed or variable? Most student credit card deals come with a variable interest rate, which means that it fluctuates with the financial index.
As the index goes up or goes down, so will the rate of your card.
If you are the type of person who prefers stability, it is often a good idea to go for a fixed APR which is designed to be a safeguard against being charged higher interest rates as the Prime Rate increases.
What are the benefits offered? Different companies offer different rewards such as cash back or reward points.
Choose only the kind of perks that would be actually useful for you.
What are the penalty charges? All companies have different policies when it comes to penalties but most typically, you will be required to pay for penalty charges for late payments or for going over the credit limit.
In order for you to know about these charges, be sure to read the terms and conditions thoroughly.
What are the other fees? The common fees include annual fees, application fees, balance transfer fees and finance charges.
Compare costs of different products carefully so it would be easier for you to choose the one that will be most inexpensive.
The point here is that you must carefully read the disclosure statement and understand the terms and conditions set forth by the credit card issuer.
Finding for the right student credit card deals is a matter of searching for a card with low interest rates, low fees and one that will complement your spending patterns with features and benefits such as a rewards program.
These cards which students use for a variety of reasons including paying tuition and fees, buying books and school supplies, and purchasing other products and services necessary for matriculation are many times given by parents to their children mostly to foster and encourage proper financial management.
Credit cards for college students usually have a low credit limit as it is known that most students have little or no income, and thus cannot afford to run up high balances.
This is seen as an advantage by many parents because most of them wish to teach their children the value of money, not tempt them to spend carelessly.
Just because one is still in the process of choosing credit cards does not mean that he or she can be careless about it.
Finding the best student credit card deals is important not only to have an efficient card with inexpensive maintenance but also to harness the skills of the student in choosing cards.
As we all know, the right attitude towards money is one of the essential ingredients that can contribute to a person's success.
If you are currently looking at credit card offers from leading credit card companies such as Chase, Capital One and Discover there are some important terms and conditions to keep in mind while comparing cards: What is the APR or the Annual Percentage Rate of the card? Many companies now offer low credit card rates for college students, which is a good idea since this will save you greatly on the long term.
Some even offer 0% APR introductory rate, which can run up to six months depending on the terms of the company.
Just be sure to inquire how much the regular rate is after the introductory period expires.
Is the APR fixed or variable? Most student credit card deals come with a variable interest rate, which means that it fluctuates with the financial index.
As the index goes up or goes down, so will the rate of your card.
If you are the type of person who prefers stability, it is often a good idea to go for a fixed APR which is designed to be a safeguard against being charged higher interest rates as the Prime Rate increases.
What are the benefits offered? Different companies offer different rewards such as cash back or reward points.
Choose only the kind of perks that would be actually useful for you.
What are the penalty charges? All companies have different policies when it comes to penalties but most typically, you will be required to pay for penalty charges for late payments or for going over the credit limit.
In order for you to know about these charges, be sure to read the terms and conditions thoroughly.
What are the other fees? The common fees include annual fees, application fees, balance transfer fees and finance charges.
Compare costs of different products carefully so it would be easier for you to choose the one that will be most inexpensive.
The point here is that you must carefully read the disclosure statement and understand the terms and conditions set forth by the credit card issuer.
Finding for the right student credit card deals is a matter of searching for a card with low interest rates, low fees and one that will complement your spending patterns with features and benefits such as a rewards program.