Signing Up For A Student Credit Card
They Are All Over Campus: Student Credit Card Kiosks
Have you seen them? There are stands all over campus offering you a free t-shirt or water bottle if you sign up for a credit card. It’s easy to sign up for one and you get these free items as well.
Without taking a look at the details university students fill out the form without hesitation. Be careful of signing up for just any card because you may be shooting yourself in the foot from the get go financially.
Keep An Eye On The Credit Card APR
A lot of the credit card issuers will market the card to you via its introductory APR or annual percentage rate. That is the interest rate that the credit card companies will charge you on the balance you owe the credit card company. You can go shopping with your brand new credit card but when the intro APR expires your APR then adjusts to the regular rate which can be pretty hefty.
You’ll find these types of credit card “free gift” kiosks all over campus calling students out for free stuff if you sign up.
You are better off to compare credit card rates of a list of credit cards. The more choices the better. The introductory APR and the ongoing APR is listed for each card along with additional details that will assist you in making the right decision during the credit card apply process.
Other Credit Card Benefits You May Not Know About
By taking your search to compare credit cards online you will have a huge list of credit cards to choose and apply for. All the details laid out for each card along with additional benefits that they may offer.
In addition to the convenience that a credit card offers wherever you go, you may find that your credit card also offers additional benefits such as a rewards program or airline miles so you’ll be getting bonuses whenever you use your card.
More Than One Credit Card?
To use these benefits strategically you can apply for more than one card and use specific cards for specific situations (one card for gas rewards and one card for airline miles). Save your credit card company contact info in your cell phone or keep it handy just in case your credit card gets stolen or becomes lost. A new card will be shipped out to you once you have notified the credit card company. You also will not be held responsible for the charges on the card made by someone else.
Specific Cards May Carry A Yearly Fee
Some credit cards also have a yearly fee for having their card. These types of credit cards that have those annual fees have certain long term benefits that differentiate themselves from other cards.
In most cases you may not need a card with all the additional perks being that you are a university or college student at the moment.
Watch Your Credit Card Spending Once You’re Approved
Things that parents normally had to do for their sons or daughters such as booking a flight or paying for items are all done with a credit card. Now students can apply for a solid credit card and have that freedom. Once you apply for and receive your new credit card do not allow your spending to get out of control. You have got to stay disciplined in how much you spend and keep track of it.
Some people may start using their new credit line impulsively and when that happens it could lead to debt where they are unable to pay the entire balance back.
Paying Your Credit Card Bill On Time
The credit report will show that you have a late payment on your credit card (regardless of the amount) and it will stay on there for years. With just one late payment on your credit card your APR / interest rate can double.
Keeping a pristine credit card history is vital to protecting your financial well-being. Compare credit card rates among each and every student credit card and find the right card that will be the most beneficial to you.
Mail this post