Student Credit Cards
Types Of Student Credit Cards
There are two broad categories of student cards;
these are generally referred to as credit cards for students and prepaid credit debit cards. However, there are clear differences between them.
A credit card for student is essentially a line of credit and
will typically include cards such as Visa, MasterCard, American Express and Discover card. The credit limit often granted with these creditcards will range between $500 - $1000 and will usually carry a requirement that a parent co-sign as a guarantor in the event you should default on repayments.
A credit card for students that is worthy of consideration
is a reward card. If you're self-managing your credit
card finances and plan on paying off your student credit card balance each month, then a reward credit card offers various
incentives that can positively aid your spending habits. For instance, you might be awarded points when you make purchases
on items such as books, food or even gas - which can be redeemed against future purchases etc.,
A credit debit card on the other hand is a prepaid student card which can be pre-loaded with funds and you top-up as you
How Many Credit Cards Do
There are many student credit cards on offer, especially
as credit card companies are forever sourcing new avenues for
marketing their credit card credit products. This of course
means they're also working hard at balancing the increased risks to themselves from doing business with the student market.
Yet, competition has never been fiercer and as a consequence, present even more choices. More choices widen the temptation to secure more than one student credit cards. However, all the experts agree that a choice of one good creditcard is more than sufficient to meet the needs of a college student.
The thing you need to concern yourself with, is which credit card for student life is most appropriate? And what creditcard fees or charges are involved? Not how many credit cards you need!
To satisfy yourself, first gain an understanding of the basic differences between the various students credit cards on offer so you can distinguish which credit card is right for you.
Which Credit Card For Student
It is necessary to do your homework and not just simply opt
for the first student credit card with tantalizing incentives presented to you. Do also bear in mind that many
student credit cards deals do not charge annual fees or charges. Furthermore, they may offer a grace period of a minimum of 20 days, giving you that extra leeway.
Statistics show that most student's first credit card will
likely remain with them throughout college and way beyond.
This is perceived as brand loyalty by credit card providers, so if you're going to stick with a student credit card for that length of time, it make sense to do your homework and land yourself a good one that will work for you.
You will find further information on student credit cards by visiting the major credit card companies' websites and comparing the different student credit card offers.
Among the numerous student credit cards on offer, it is noted that the Citi mtvU platinum select Visa Card is a good option; one of the main reasons being that it offers points to students just for making prompt repayments.
Some of the Major credit card providers who offer
good rates of interest and cashback rewards include
Discover Card, Chase, Citibank and Cashplus - which is a prepaid card for students, supplied by MasterCard (Uk only).
You might also find this credit card company
Student life along with all the financial responsibilities of self-management is not only an exciting time for students but one that can cause some degree of apprehension. Making the
right choice of a credit card for student life can go someway toward easing the stresses and strains as you make that transition.
But remember, appreciate the benefits of using your student credit cards wisely. After all, this is your stepping stone to building a solid credit card/credit
rating and history.
While it may not strictly be necessary to build a credit history during your college years, acquiring a bad credit history on the other hand can undoubtedly affect your future;
your perceived financial stability; and ultimately your chances of entering into the workplace.
The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.
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