High School and College Student Credit Cards
In today’s world, having a credit card is a luxury. Credit cards are a great convenience,
meaning that you don’t need to worry about cash when making a purchase. Although some credit cards have strict
requirements, there are a lot of manufacturers that are giving both high school and college students the chance to
get their own credit cards. Student credit cards can be used the same way as a traditional credit
card, although they do come with certain restrictions and limitations that other credit cards don’t normally
A lot of companies and banks that offer student credit cards will normally need a co-signer as a form of
insurance or collateral. This person will sign on the loan with the student, and will be the person the company
falls back on if the student is unable to pay the bill. Normally a parent or guardian, the co-signer is considered
to be back up and a peace of mind for the issuer of the student credit card, as they can always count on the
co-signer with good credit to pay if the student can’t.
Normally, the APR or interest rate is higher with student credit cards, which helps to minimize the risk for the
company. The spending limit is also different with these credit cards, as most are between 250 - 800 dollars. The
reason for this, is because most students have established any credit, and therefore won’t have a great credit
rating. Although the spending limit is obviously lower with these cards than other credit cards, they will still
help students establish credit.
Students who plan to make a large purchase, can greatly benefit from using student credit cards. To make large
purchases, you’ll need good credit - which is where a student credit card can really help out. You can use these
credit cards as a stepping stone to building credit, and establishing a good credit rating. If you can get your
credit rating high with your credit card, you’ll then be able to be approved for much higher loans in the
Student credit cards can also help students gain a sense of responsibility. The card works just like any other
credit card, although the spending limit is much lower. Once the student has mastered usage of the card, he or she
can manage money much better later on in life. These cards are great for students to have, and can teach them money
skills that will last a lifetime.
Just like traditional credit cards, students should also know that student credits cards can be dangerous.
Although they are great to have, there are pitfalls such as overspending. If students spend more money than they
having coming in, they will be unable to pay their credit card bill, which will then affect their credit. If the
company goes after the co-signer to pay the bill, it could also affect their credit as well. Therefore, students
should always have a budget in mind before they start using their credit cards.
All in all, student credit cards are great to have. For high school students or college
students, these credit cards are a means of freedom, and a way to teach responsibility. They can come in handy
during emergencies, which is reason enough to invest in them. If your son or daughter is in school right now, you
should look into student credit cards. They can help your
child to establish credit - which will take them farther wherever they go in life.
Credit in Minutes Tip #1
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report
every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them
with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets
Credit in Minutes Tip
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many
credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially
stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
Credit in Minutes Tip
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be
true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time
will keep your score up where it should be.