Many Credit Cards Will Now Give Some Sort Of Incentive To Get Their Card

Category: Finance, Credit.

Every young student going off to college wants the liberty of having their own credit card.

If you are in the process of choosing your first student credit card, or helping that special student of yours get their own card, before you start looking, some things should be considered- both about the young person, and about the types of cards available. What a great privilege it is, it could even, and sometimes be a great gift idea for a student, too. A Word About You. A credit card can be a blessing or a curse- - all depending on how you use it- and on who is footing the bill. If you are a young person looking to get your very first credit card, then listen for a moment to a couple of things. Regardless of what you do with that credit card, the world is watching, and if you overcharge it, make late payments on it, it will go, or whatever toward your credit rating and affect it for years to come. Learn the proper use of finances and how to best use a card.

When you get ready to buy that car, or clothes, or those electronics, it can affect that, too. The Internet would be a good place to pick up on this information if you do not already know it. A Word About The Cards. Just by typing in the words" student credit card" you will find many Webs sites that can instruct you on how to best use it. Here are some things to look for when you want to get that special student credit card. � The APR. The best is 0% APR. This is the amount of interest that will be added to your student credit cards each month, and it will vary with each card.

Unless you have a good job and an excellent credit history already established, it might be difficult to get this kind of card. For most, it is about a year, but with some it is only good for three months. You need to note just how long of a time this introductory rate applies to the particular college student credit card. After that time frame, there is a standard interest level. � The Cash Back Rewards. Usually, it is somewhere between a 1 and 5% return on a specific type of purchase. Many credit cards will now give some sort of incentive to get their card.

Often there is one level of rebate given on groceries, and gas, medicines, and a different percentage on general purchases, and then another percentage given if you shop at certain stores. Some cards will give you air miles for your purchases, and that could be a good way to save money for flying home during the summer, or holidays. These student credit cards work out great for gas purchases, and other things. The benefit, pretty much ends, however if your payments are late, or if the card is not paid in full each month. Most cards do not carry an annual fee, but enough of them do to make a note of it here. These cards normally charge a little higher percentage in interest, and the benefits may not outweigh the losses. � The Annual Fee. This fee can vary anywhere between$ 15 and go up to$ 135 per year.

Student credit cards are a great idea in that they also can prevent you from needing to have a lot of cash in the dorm. Some college student credit cards may waive this fee for the first year, but charge it later. It gives you an added safety feature- and a good record of your purchases, so you can, too see where the money is going.

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