The Best College Student Credit Cards
College student credit cards are a bit different than your standard credit card offers in that, in most cases, they are issued to individuals with no prior credit history. Because of this, banks and credit card issuers assume a greater risk. Not only because the student has no established credit rating, but they usually have little or no income.
But with that said, the reward far exceeds the risk. The credit card issuers know full well that today's college student is tomorrow's gainfully employed customer with, hopefully, a secure paycheck. Those issuers include all the major credit card companies including Discover Card and Chase Manhattan.
Some important features to look for in college student credit cards include:
- Are there any pre-existing conditions to qualify
- What is the interest rate
- Are there any fees
- Any rewards programs that will be beneficial
Due to the fact that students typically are just beginning their financial lives, so to speak, it is important to come out strong and establish a good credit history. It is also advisable that the individual does not charge anything that he or she cannot pay off in full when the bill arrives. Be aware of the fact that college student credit cards typically carry higher interest rates.
Apply For A Student Credit Card Online
When I was a student, credit card companies came out with cards that had high limits. They were setting students up for a fall since they had little or no income with which to pay back the balances and exorbitant fees that were added when a payment was late or missed. I am so glad to report that credit card companies have finally gotten it right.
Student credit cards from Capital One and Discover Card offer viable solutions to the problem of no credit for students everywhere. A credit card helps students manage their finances now and in the future. The rates are higher than a regular credit card, but not as high as some credit cards on the market today. Interest rates are still less than twenty percent APR.
Students immediately earn anywhere from 1% to 5% cash back on the purchases that they make. The additional service of online banking allows them be in control of their finances. Online bill payment means no snail mail to hold up a payment. The transaction takes place instantly.
Young adults are in a unique position today. Credit card issuers realize this and are making the transition from student to gainfully employed adult that much easier. Take the time to read all of the terms and conditions to find just the right card. Then, apply and brighten your future
