4 Ways to Choose A Student Credit Card
With the new Credit Card ACT taking effect, students are starting to think that they won’t be able to apply for a student credit card, because of income requirements, co-signer issues, etc. This couldn’t be further from the truth. As long as you’re going to college, you can supply a proof of income, you will get approved, trust me.
I’ve been working in the credit market for a few years now, and I primarily deal with students, and those that have bad, or no credit, such as a student. If you’re in the market to find a student credit card, I want to show you what you should look out for.
The rewards are your friends
There’s nothing better than applying for a card, and getting rewards for every dollar that you spend. Yes, there are great student credit cards out there that will reward you. Most people think that when you’re new to the credit game, that the banks won’t treat you with respect. Again, this couldn’t be further from the truth.
Always get a major logo
If you’re card isn’t from the big 4, you’re going to find that many merchants may not accepted your card, which is going to hurt you with some purchases. I highly recommend Visa, MasterCard, Discover, and/or American Express (AMEX)
Don’t worry about the APR
The APR could be 49%, should you worry? Of course not! The only way that you should worry is that if you don’t pay it off in full each and every month. Get in the habit of paying your bill off in full. By doing this, you won’t have to pay any interest rates. If you do plan on carrying a balance, the APR will be very important, but then again, this can lead you down that awful road to debt.
Gather a review
If you’re like me, I love to read reviews online. Let’s say that you find a card that you’re interested in applying for. Make sure that you do a quick search online using search engines such as Google, and Bing. By doing so, you will find out what other people think of the card. A lot of people online tend to be negative, but you can get a fair idea on what the card is all about.
Be smart, look over at least 5 cards before you hit the apply button. If you’re going to apply online, make sure that you’re applying on a safe website. It’s best to look for the “lock” logo on your browser up top just to confirm.
Tom Tessin runs http://www.findcollegecards.com, a leading source for students looking to apply for a student credit card. Read reviews, compare, and more!
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Actually the best advice is the use a cash back student credit card for all your purchases and then just pay off the balance in full every month. This means that while the person using cash for all of their purchases is paying the full retail price the person with the cash back credit card is in effect only having to pay 95% to 99% of the price.
Best advice, save up, pay cash, owe no one.