When you are looking at all of the student credit cards that are out there you may assume that they are all created equal, but this is not necessarily the case. As a student, you want the credit card that will best suit your specific needs. Every student is different as is every credit card, so you can bet that there is a credit card out there that will suit your needs perfectly. Many students buy into the fact that they have to conform to meet their credit card, but it should be the other way around.
When you are shopping around for a credit card one of the first things that you will want to consider is the interest rate. The interest rate doesn’t have to be a make or break thing, but it should be something that you consider very carefully. Most of these cards have a great introductory rate but you will not want to consider just this, but look beyond it so you don’t end up in trouble later. For instance, it would make more sense to get a card that started out a little higher but didn’t go above 18% than to get something that started out really low and then sky rocketed to 28%! Look carefully at the interest rates before you accept a card.
Another thing to consider when you are looking for a student credit card is the credit limit. You will need to determine how much credit you need and then look for a card that can offer you this. Remember when you are looking for student cards that you probably aren’t going to find something that is going to give you a $50,000 credit limit. Many students just need $500 or $1,000, and if this will be your first credit card this may be a good jumping off point.
If you already have credit cards you may want to look into whether or not the credit card allows for balance transfers. Balance transfers allow for the card holder to transfer their balances from other cards to their new card. This can be beneficial with a student card because you will have a lower interest rate, which means that you will be able to pay off the card balance more affordably because you aren’t paying a higher interest rate along with it.
You may also want to look into whether the card offers any rewards or incentives. Many cards today are offering point systems that you get for every dollar that you spend on the card. The points can be used to purchase airline tickets, concert tickets, shopping vouchers, etc. These cards are usually reserved for those that have excellent credit, but if this applies to you, it could really pay off as you would be able to earn rewards simply on buying the things that you would have purchased otherwise.
As you can see, there are many things to think about when you are looking for a student credit card. You should remember that not all cards are created equal and you may or may not need all of these features. Luckily, with so many cards out there you shouldn’t have a hard time finding something that fits your needs perfectly.