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Credit Cards For Teens - How to Get One

Jul 30, 2008
Student credit card is of great help in countries such as the US, UK and Canada, where parents have to spend enough money on the educational needs of their children. These credit cards come as an instant help to reduce their financial burden and to meet the academic requirements of teens. This card proves useful for people who do not have the available finance for educating their kids.

Teens need not bother any more for paying off the expenses related to their education and personal lives. These credit cards are designed to tackle the finance-related queries of teens. Many credit card companies offer these types of cards along with some incentives and that too with low interest rates.

A Few Considerations:

It is good for teens to look for a credit lending company, which either issues such credit cards with low interest rate or does not charge any interest. This gives you a good start initially and over time, you develop personal interest in these credit cards and accept them as future companions to address your financial queries. There are many credit lending institutions, which lend money on affordable interest rates with long repayment duration.

Teens, as beginners may opt for such credit cards, through which funds are available at less than 19 percent rates. For teens who take a personal loan, the rate of interest is below 6 percent. However, for this opportunity, you have to meet the eligibility criteria. Campus sources such as universities, departments and student unions offer the hardship and scholarship rewards to successful students, who meet all the criterions for these cards.

How to use?

Below are some tips for teens for taking best care of the student credit card:

1. You need to plan the budget first. You may control the expenses through this and overcome any bad credit in your name. Plan the budget with the help of a credit card statement by listing your expenses per week and month on items such as food, bus fare, books and payment of bills. This gives you a fair idea of the overall expenses. Accordingly, you may prioritize your needs.

2. You may use such credit card for making major purchases. Make use of the card toward purchasing items such as books and furniture. There are many credit cards for students designed for the college goers that charge too much interest. Hence, check with the terms of credit for avoiding credit card debts.

3. Avoid misuse of a student credit card. Plan the budget well by restricting the expenses that occur in a week or a month as you decide. Do not forget to pay balances or bills on time.

Word Of Caution:

You need to avoid the overuse of the student credit card. Avoid Internet shopping such as buying useless or funky items. Teens have to take care of their credit cards to avoid potential overuse of the same and to maintain a nominal credit balance in their accounts. If you don't feel you can handle a credit card yet, it's probably best you wait a few years until you feel financially responsible.
About the Author
Find student credit cards and more of Tom's work at FINDcollegecards.
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