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Major Things to Consider With a Student Credit Card

Jul 28, 2008
Student credit card offers many benefits for students. Credit lending institutions deprive students of their rights to hold numerous credit benefits. Credit card companies instead give credit to working professionals and businesspersons. They ignore students, who are considered as the future of a country's economy.

Hence, it is equally important for students to get the encouragement and support by making available for them the credit opportunities. Student credit cards help students to grow independently in their chosen fields, and ultimately it helps a country to progress financially too.

These credit cards help students to establish their own credits and provide them with sufficient finance to take care of their individual living and education needs. Prices of commodities have gone up and so is the cost of living and education. These credit cards not only help students, but also parents who find it difficult to finance for their children's higher education needs.

Further Information:

Recently, several credit lending institutions, credit card companies and banks issue these types of credit cards. These cards give students the opportunity to build their credit history at a young age. All a student needs to do is take care of his/her credit card to reap its long-term benefits.

Before you choose any student credit card, it is good to read the contract or the fine print carefully, which people refer as the terms and conditions related to the offer. Though this may sound boring, it is crucial for students to understand the terms of credit associated with these types of cards.

When you take a card, check for the interest rates, restrictions, annual fees, exclusions, bonuses and penalties that come with the card. You may contact the concerned authority issuing the card for any clarifications if you do not understand any rule mentioned in the terms of contract.

All those applying for such types of credit cards have to be thorough with the rules and regulations before they fill in the application forms. This is to avoid any potential economy loss in future. It is best for students to choose a card that has a lowest interest rate and service fee. Credit companies know well that students are prone to credit risk. Hence, certain credit card companies intentionally charge higher interest rate on these cards.

For the initial six months, credit card companies provide students with 0% Annual Percentage Rate (APR) on cash advances and purchases made through these credit cards. The money students save from this, might be used on buying school supplies, books and paying the lab fees. Students need to remember that, as soon as the introductory offer finishes, the rate of interest on these credit cards start soaring. Hence, you have to pay the card balance as the introductory offer reaches its expiry period.

A Student's Companion:

Student credit card is beneficial for a student right from the early primary education to taking admission in college for higher studies. It takes care of your financial needs during education. It gives a sense of responsibility and a feeling of financial independence to a student.
About the Author
Find a student credit card and more of Tom's work at FINDcollegecards.
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