Credit Card Student

Accumulating positive credit marks can be a good thing for students, especially if they are responsible. With proper credit education, students have a chance to learn a thing or two about the financial world, while establishing themselves for the future. In order to do that, students will have to choose from among credit card student offers. The student credit card application process is relatively easy, and many companies will take students with no credit history at all. Credit card student offers must be considered carefully, though, as not all cards are created equally.

Low introductory rates
Credit card student offers typically include a low introductory rate to entice students to spend. This can be dangerous for those kids who have never had credit before, but if used properly, it can really help. Students credit cards will sometimes offer six months or more of 0% APR on all purchases, meaning you can buy things like books and supplies with those cards at the beginning of the semester. Look for these offers and don’t pull the trigger unless you get one that really catches your eye. A good example of this would be the student Visa credit card called the Citi Forward. This card offers a full year of 0% APR for qualifying students.

Interest free balance transfers
One thing that characterizes credit card student offers is a low balance transfer enticement. Students have to be sure not to abuse this privilege, as it can be highly tempting to simply ask for a check from the credit card company. When used properly, students can get money to pay off their other expenses at 0% for a short period. Some credit card companies have limits on balance transfers, so it’s important to choose a card that offers few restrictions. This is just another financial tool that can help students make ends meet during college.

Gauging interest rates
Credit card student offers will typically come with relatively high rates by today’s standards. The lowest that you will find will clock in right at 13% for students who have no credit history. With this in mind, it is important to pay off the balance right on time, since that kind of interest rate can truly add up if you let it. Another thing to keep in mind when getting student credit cards is that they will often feature some difficult conditions in the fine print.

Read the terms and conditions carefully, just to make sure they aren’t pulling you into a poor situation. Some creditors will go so far as to bump up interest rates to 30% or more if you miss a single payment. This is how they pull students in, then trap them in terrible debt for the foreseeable future. No matter how good credit card student offers look on the surface, be sure to dig deeper and make sure that they aren’t trapping you. Some honest card providers are out there, so choose to work with them rather than those who seek to trick you with fine print.