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Learning College Credit Cards for the First Time

Jul 28, 2008
College students today spend a lot and do not keep a track of their expenditures. Such students find student credit cards very helpful. They are very useful and at the same time beneficial too. Before applying for this type of credit card, consider your financial needs.

Financial institutions give these credit cards to students considering individual financial requirements. Beginner credit cardholders after finishing all the formalities with financial institutions, you can start using the credit card.

Advantages and Rules:

A person needs to have a fix job and a stable income to apply for a normal credit card. This is not the case in terms of a student credit card. As the name suggest, student credit cards are mainly for students. The amount charged on this card is always lower than the regular credit cards.

You do not to be an employed individual to apply for such credit cards. There are no annual fees charged on these credit cards. People owning such types of credit cards have an access to certain other rewards and benefits given by the financial institutions. The best part of these cards is that, they are accessible online and hence you can manage your accounts online.

Internet is the best tool to purchase a student credit card. You can gather details from your friends or relatives before buying this credit card. You need to determine your needs before selecting a particular type of card. These cards are the first step in building good credit scores, which may help you in the near future. Next, you can use these good credit scores to purchase loans.

Rules

1. These credit cards are meant for college needs only.
2. Avoid unnecessary purchases.
3. Keep a track of your expenditure.

Next, ratings offered by credit card agencies are based on the first credit card of a student. Hence, make sure they do not cancel your first credit card. Credit card companies rate students on the duration of having their cards. This helps when you apply for a new card later on. If your credit history is good, companies may offer the best deals. It is also necessary that you maintain good credit standing right from the beginning. Hence, buy affordable things and pay bills on time, as they are helpful to maintain a good credit record.

If you find any strange figures on your bill, immediately report it to the fraud department. In addition, you need to pay more than the minimum balance to accumulate lower interest rates. A credit rating is very important, as it can either save your money or make you spend money. An individual with a good credit rating will get lower interest rate compared to a person with bad credit rating.

Do not open too many accounts at one time. People who make late payment fees regularly are considered to have bad credit history. The last and important step is to close the accounts that are not in use. These small tips help in maintaining an excellent credit history and helps in getting the best benefits for beginners through these credit cards.
About the Author
Find student credit cards and more of Tom's work at FINDcollegecards.
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