Financial needs of college students are unique. Credit card companies have taken a notice of this and come up with student credit cards. It has become much easier to acquire student credit cards than ever before. Many students get calls or e mails from several credit card companies urging them to purchase their credit cards.
If you are a student and get such calls to buy a student card, you need to remember that it is easy to accept the offer, but it is important to be careful while selecting the best student credit card. Choosing the ideal student card is about evaluating your requirements and weighing those needs against the offers that credit cards companies are providing.
Also, keep in mind that cards are very different from standard credit cards. You cannot use them to buy every other thing. So, begin by managing your finances wisely.
Basic Differences between Student and Standard Credit Cards:
Credit card companies do not charge any annual fee for student credit cards. However, if you are applying for normal cards, you have to pay speculated charges each year as annual fees.
To obtain standard cards, you need to be employed and there is a minimum income criterion for it. Whereas, to acquire student cards, it is not at all necessary that you be employed and there is no such minimum wage criterion.
You do not need to bring someone as signatory in case of student credit cards but in standard credit, you have to provide a co signer. Apart from this, there are zero percent introductory fees on student credit cards and after this introductory tenure ends, you will have to pay minimum APR (Annual Percentage Revenue). However, standard credit cards come with some introductory fees and have a high APR.
Students can access as well as manage their accounts online, without paying any initial additional charges. An exactly opposite rule applies for standard credit cards. You also get gifts or rewards as cash back, points, if you use student credit cards.
After selecting the right student credit card, do not hit the nearby city mall and use your card to buy everything that appeals you. Unnecessary splurging is the easiest way to hamper your credit. Buy only what you need and make sure to pay off the bills on speculated time. This will avoid accruing of late payment charges.
Maintaining a List:
You need to keep a track of all the purchases you made using student credit cards. Maintain a list on the computer and when the bills arrive, compare the amount (on bills) with the amount in the list. See if it tallies or not, because occasionally companies charge customers with double the amount for a product. If this happens, contact your company immediately and inform them.
These are certain important aspects about cards such as researching and learning how a card works, which one needs to know while applying for any type of card. When it comes down to purchasing, make sure you also use your head and not spend what you don t have in the bank.
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