Student Credit Cards
Student credit cards are a necessary evil in many ways. It is far better if a student doesn't
have to borrow, but today that seems to be more and more difficult to achieve. If a student must have a credit
card, then it is essential that the best one is chosen. The student must also know how to manage their financial
situation responsibly, of course.
Student credit cards can be obtained with instant approval online quite easily. This is probably a frightening
prospect to many parents. To minimize any problems, parents should oversee the choosing of the card and how credit
will be repaid. Of course, the borrowing limit should not be so high that the student can get into serious
Student credit cards have their good points too. Everyone needs to build up a credit history and the younger they
start the better. Students, who use their cards responsibly, making their monthly minimum payments on time and not
getting into bad debt, will start to build up a good credit history.
By the time the student has left college or university, they should have the basis of an excellent credit score,
which they can build on over time. Starting off on the right foot is always better than trying to repair what went
wrong. If you are a student it would be wise to give this some consideration before applying for one of the many
student credit cards available.
When choosing student credit cards always look first at the APR, or interest rate, and any fees associated with the
card. The lower the interest rate on borrowed money the better, and paying annual fees on a card should be avoided
if possible. The card will have a grace period. This is the time allowed before interest is charged, and the longer
the better from a repayment point of view.
Shop around and look at as many student credit cards as possible. They are all different and offer different
benefits. It may not be possible to get all the best benefits in one card, so you may have to settle for the best
compromise you can find. In general, the lowest interest rate is usually the best deal as this will mean the least
money being spent if the monthly charges are not always paid off in full.
Credit card companies don't particularly like customers who pay off the cards in full every month. However, it is
the best way to keep your credit card costs to a minimum. Students can also benefit from doing this and it's a
great way to learn how to manage money at the same time.
Managing student credit cards can be tricky at times. You are dealing with someone who is young
and probably wild at heart. They love parties and having a good time, which also usually means spending too much
money. Luckily, most credit card companies know this and will keep the
limits on student credit cards sensibly low. In this way it should be possible for students to have a good time and
manage their money easily too.
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.