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Learning About A Student Credit Card

Jun 14, 2008
Once you graduate from your high school and enter college, you become eligible for a student credit card. Many banks and financial institutions offer student credit cards to college students. They are very easy to avail of and are ideal for a student to establish a good credit standing. Nonetheless, there are some problems associated with student credit cards that most students fail to understand.

Things You Need to Consider:

Once you decide to avail of a student card, ensure to consider a few things. First, you need to ascertain the annual fees of a bank issuing credit cards. It is the amount that a credit card company charges on their card every twelve months. Some student credit cards do not have such annual fees.

Before applying for a student credit card, understand how this credit card works and how you can avoid getting yourself in troubles. Usually, credit cards offer loan on purchases. You may purchase anything without paying instant cash using your student card. Eventually, you need to pay such purchase charges with certain interest to credit card companies. Most companies permit 30 days to repay the due amount.

If you fail to repay this amount within a certain stipulated period, the credit company may charge an interest on your card. Usually, credit card companies charge a percentage of interest on the overdue amount. Hence, if you have a balance of $100 and if your credit card company charges 15% interest on your credit card, then you owe $115 to your credit card company. You also need to consider the interest rate and other charges levied on your credit card. Most of the credit card companies also charge penalty fees for going beyond the credit limit.

The interest rates charged on student credit cards are rising since the past few years and hence, if you possess any student credit card, you need to ensure yourself by paying the minimum amount due duly to avoid any sort of hefty interest on your credit card. Hence, it is advisable to get enough knowledge on the ins and outs of credit cards and a credit card company's interest charges on their cards.

At times, if you spend more than your credit limit, your credit card company may charge some amount of interest on your excessive amount. This not only triggers additional fees on your credit card, but also suggests that you no longer can make use of your credit card. If you pay more attention to the different norms and conditions of student credit cards, you can choose a suitable one for usage.

Suggestions:

Avoid spending more than the credit limit, since it is likely to cause to pay more than your budget and damage your credit standing. Student credit cards are an ideal way to build credit standing. However, one needs to be very careful while using them. Ensure to use them only when need arises. Try deriving maximum benefits from them and avoid calling for any difficulty.
About the Author
Find a student credit card and more of Tom's work at FINDcollegecards.
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