University Students Are Unaware Of How To Select Student Credit Cards

They Are All Over Campus: Student Credit Card Kiosks

As a college student you will likely run into a lot of people at stands that are running credit card offers giving out free shirts, pens or frisbees. You think to yourself “Why not?” as it would be a huge convenience to be able to get one.

One thing you will notice is that college students don’t look at the details of the card agreement and blindly fill out these forms. Credit cards are financial tools but you have got to apply for the right ones otherwise you may be digging yourself into a hole of debt that you will have trouble getting out of.

Keep An Eye On The Credit Card APR

A lot of the credit card issuers will market the card to you via its introductory APR or annual percentage rate. That is the interest rate that the credit card companies will charge you on the balance you owe the credit card company. What you need to know is the APR or interest rate after the introductory APR is over which can be 6 months to a year.

These types of credit card providers are all over campus trying to woo students into getting you to sign up for a card with them not knowing the true consequence of using one.

The only give you one choice: one credit card. It is much better to compare credit card rates of a number of credit cards online and look into the details of each card. Knowledge is power when it comes to the credit card apply process so being able to compare credit card rates is vital to making the best decision on a credit card.

These Benefits Make Credit Cards Even Better

Having a huge variety to choose from with credit cards available for almost every type of need (0% into apr, low apr credit card, no annual fee, rewards, etc.) you’ll make better choices in terms of credit cards when you go to an online credit card comparison site.

The majority of the credit cards out there now have gasoline rewards, a points system or airline miles for whenever you use your credit card. In some cases they may offer double the rewards or even cash back depending on the type of card you are using.

More Than One Credit Card?

Having multiple credit cards is another way to take advantage for the rewards that credit card companies extend to their users (using a credit card for cash back and another for airline miles). Save your credit card company contact info in your cell phone or keep it handy just in case your credit card gets stolen or becomes lost. You will not be responsible for items that are purchased from your stolen credit card and they will send out a brand new card to you once you have reported it.

Depending On The Credit Card You May Need To Pay A Fee Each Year

Also keep in mind that some credit cards have annual fees that you must pay just to use the card. The cards with yearly charges may have additional benefits that set them apart from other credit cards on the market.

In most cases you may not need a card with all the additional perks being that you are a university or college student at the moment.

Stay Disciplined With Your Credit Cards

Having a credit card will open up options that weren’t available to you before such as renting a car, booking a hotel room, reserving a flight. With a certain amount of credit extended to you keep in mind that you must stay discipline with your spending. It is not free cash and you must be responsible enough to pay it back.

It will be exciting to have a new credit line extended to you but be careful not to get to used to swiping that card everyplace you go. It is not free money, it adds up and you will have to pay it back.

Do Not Be Late On Paying Your Credit Card Bill

Your credit history is like a report card and if you pay your credit card bill late even one time it shows a negative record on your account. Your annual percentage rate or interest rate that you have on your credit card can double or triple depending on the card with just one late payment.

So always keep track of your spending and make the payment on your credit card bills on time. Take a look at the details of several (not just one) credit card offers, compare credit card rates and make an educated decision on the right student credit card for you.

149 Comments. Posted by admin on Monday, July 26, 2010 at 2:26 pm.

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