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Select College Student Credit Cards Wisely

Aug 17, 2007
College student credit cards allow you to find the most benefit in funding your education, your expenses and even a little fun (just a little) while you are away at school. There are a variety of credit card companies that offering multiple college credit card products targeted for students. If you are interested in these opportunities, you should first commit to investing the time to thoroughly research the landscape of credit cards for college students. These cards can provide the following benefits:

1) Fund your expenses at school

2) Vehicle that provides an opportunity to manage your finances more effectively

3) Begin building your credit score for future use, providing opportunity to obtain a lower APR and higher credit limits

4) Provide a credit history foundation for home loans, car loans and other big purchase ticket items requiring credit

How To Choose Between Cards

While on the lookout for student credit cards, there are many things to consider. The opportunities are not hard to find as there is a wide selection offered by the likes of Discover, Chase, Citibank and American Express. Yet, there is more to finding the best college credit cards than just these things. Doing your homework is critical or you could end up wasting a lot of money.

Here are some additional things to consider:

What is the APR? This is the single most important aspect of any credit card. It is the price tag, so to speak, that the card will charge you for effectively renting their money. Find the lowest APR that you can. The higher the APR the more you will pay if you carry a monthly balance so be wary of those high APR's.

Are there any fees? Often times, there are annual membership and cash advance fees on certain card offers. Yet, at this point, you need to insure that you get the card offering the least expensive APR's and associated costs possible from the very beginning.

Does the card require a co-signer? As a young student, you might be brand new to the credit game. As such, you may have to have a parent or another individual (also known as a "co-borrower") with good credit sign the application. This effectively reduces the risk to the card issuer of default on your account. You may also be able to get a lower interest rate if you go this route.

A good choice for parents? Parents can often use college student credit cards to help fund their child's expense requirements while at school. They can even help the parents carefully monitor where the card is being used.

Credit cards can give students and young people a credit vehicle for purchase activities but also offer a significant opportunity to build credit. College credit cards allow you to fund your education while simultaneously providing a solid credit foundation. Yet, it is extremely important for you to invest some time looking at the many varied offers. This way, you can feel confident in getting the overall best product for your needs. At a bare minimum, be sure to compare at least 3 to 4 college student credit cards to determine what each of them can offer you.
About the Author
Robert Alan recommends that you visit CreditCardAssist.com for more information on how to differentiate between college student credit cards.
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