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Getting The Lowdown On Student Credit Cards

Apr 7, 2008
If you're applying for a student credit card, chances are it's going to be your very first credit card you apply for. Like anything we do in life, when it comes to doing something for the first time, it's going to be completely foreign to you. To help make the situation better, I will try to explain how a student credit card works and how you can find the best one that can suit your needs.

A student credit card is no different than a regular card. The only difference you'll find that these cards are designed for college students. You'll also find that these cards are generally issued with a lower credit limit and a higher APR (annual percentage rate). As you build your credit over time, these rates and limits can improve. In the meantime, you'll have to live with the higher rates.

As I mentioned above, you'll realize that you're not going to get the greatest benefits but keep in mind that these cards do generally offer rewards. These rewards can vary from getting gas rewards to shopping rewards, so just because you sign up for your first credit card, it doesn't mean you're going be shorthanded and not get anything at all.

What to look for when applying

When applying you're going to have to keep a few terms in mind and it will help if you write these three key words in. These terms are rewards, APR, and annual fee. I'll explain what each one will mean to you and how you can find the best rate.

Out of the three I listed above, rewards will probably be the least of your concerns but it should be something you keep in the back of your head. You'll be surprised on how many people use a credit card just for the rewards. Remember if you pay your credit card off in full each month, you can really reap the rewards of the credit card. In order to find what reward will work best for you, simply look around at what's being offered and see what will best suit your needs.

When it comes down to applying, the APR otherwise known as annual percentage rate is probably the most important term when it comes to your credit card. This is the rate that will be charged to your unpaid balance monthly. Remember, if you pay your bill off on time in full, you won't have to worry about this rate. But, if you think you're not going to be able to pay this bill, make sure you find the lowest rate possible.

Our last term mentioned is the annual fee. With student credit cards, you're probably not going to find many cards with an annual fee but this is something you'll have to look out for when you apply for a card. Try and avoid a card that has an annual fee. There are so many cards on the market that don't have you pay an annual fee.

When you're looking for your first credit card, be sure to compare the cards and keep the terms I mentioned above in your game plan. If you can do this, you'll be on the right path to a perfect credit card.
About the Author
Get student credit card reviews and find more of Tom's work at FINDcollegecards.
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