Why Are You Getting A Student Credit Card?
All college student credit cards will have a higher regular APR than any regular credit cards for good and better credit. The college student credit cards in this way can be compared to credit cards for bad credit. Therefore when choosing a college student credit card you have to consider offers that have a low regular interest rate. You also need to remember that no matter how great your college student credit card offer may be the real reason for accepting a college student credit card, first of all, is to build your credit. The best practice of using your new college student credit card is to pay off your balance right away.
A student credit card is the best tool possible for starting to build your credit. It is going to be the easiest card your will every be able to obtain and most college students will be approved for one. The credit card companies realize you have very little or not credit so far and are willing to take a chance on you to start building your credit history and score. They believe if they give you a chance at the beginning you will remember them and become a very reliable and steady customer. They are probably right. I know I would be more apt to stick with the company that gave me a start.
They will also offer you many different benefits and perks in order to get you to choose them as your college student credit card. You will see many offers out there for this kind of card and have much to choose from. You need to compare your offers though. Do not take the first offer you get. There will be many offer to come and to choose from. Take your time and try to start thinking like an adult that has chooses.
Once you have obtained that perfect student credit card, do not go crazy with it. It will probably have a low credit limit and you do not want to charge it to the max in the first month. Charging no more than 40% is a good number to stick to. Let’s face it you are in college and do not have all that much income to make large payments every month. Your new student credit card will come with a minimum monthly payment but you need to pay more as often as possible than the minimum. If you charge up to the max as soon as you get it you are actually damaging your new credit history. In essence you are telling the creditors you do not know how to handle credit. The 40% number is a number they like to see you at. It shows maturity with credit. This is what is going to help build a good credit history.
Just receiving the card is not going to build your credit. You have to pay you bill on time every month and be wise with what you charge. Using your card for an emergency will help you be able to pay it off every month. You should not have an emergency every month.
Apply for a student credit card here.
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Student credit cards.com @ December 26, 2008