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Deep Look at a College Credit Card

Jul 23, 2008
Each person has different financial requirements and hence credit card companies have devised various kinds of credit cards, so that they suit individual financial requisites. For instance, for businesspersons, there are business credit cards, similarly for self-employed people there are personal credit cards. Then, why not for students? Of course, student credit cards too exist alike other types of credit cards. They are available from banks and financial institutions.

These credit cards are devised especially for students to manage their routine expenses of college and to build good credit scores before they graduate from their respective universities. These cards are very useful incase of any emergency for students.

Things to Know:

In recent days, credit cards have almost become an essential thing to carry. At times, people end up in debt problems due to improper usage of credit cards. However, in case of student credit cards, you need to beware and use them only for expenses related to studies and academics. There are many instances, wherein students use these cards for personal use and eventually fall under huge debts.

Usually, keeping in mind the students, most credit card companies have designed credit cards for students with lower interest rates. Hence, you are less likely to end up in heavy debts. Nonetheless, pay all your monthly bills regularly, as these cards also have late payment charges as standard credit cards hold.

A latest study revealed that around 80% of college students possess student credit cards with a normal balance of $3500. A worrisome thing to consider here is that, when students make use of these cards to purchase things, they fail to see how much they spend on their cards. Another worrisome trend is that many students use these credit cards to reimburse their loan amounts.

Always remain be cautious for your spending habits with these credit cards, because if you spend excessively or fail to pay the dues on time, certainly, you may end up disbursing additional interest charges. This may also damage your credit standings. This may also influence a loan application in the near future.

Alternatives:

If you think that these credit cards are a bit expensive according to your budget, why not consider prepaid credit cards designed for students like you. They are risk free and help to manage your financial conditions well.

For these kinds of credit cards, there is a certain credit limit imposed, so you cannot spend more than what you have. Thus, you do not have to pay any additional charges for extending overlimit.

You can apply for such types of credit cards online. You get the application processed within a matter of hours with a response from the online credit card company within a few minutes.

Even though student credit cards are both trendy and practical, you need to use these cards prudently. In recent days, there are numerous rewards available on these credit cards, hence it is wise to select such cards to gain maximum benefits out of them.
About the Author
Find a student credit card and more of Tom's work at FINDcollegecards.
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