Student credit cards are the latest innovation on campus. However, many students are unfamiliar with even the basics of how to use cards easily fall into debt. It is important to educate yourself and its associated fees work so you can make sure you are making wise financial decisions and not just racking up a bill that will turn into a huge burden to pay off later.
Costs and Charges
Because college students generally lack any kind of credit history, the charges and interest rates on student credit cards are usually higher.
There are ways to avoid this and get lower interest rates when applying for student credit cards. One way to do this is by having a co-signer. That way, the two of you can use the card and also co-manage the payments. If your co-signer already has a credit history, especially if it is a good rating, that will work in your favor and help you get lower interest costs and charges.
What is 6 Months 0% APR?
A six months 0% APR means that you will not be charged any interest for the next six months. Usually this is a promotional offer to attract students to apply for a new card. It is important to read the fine print and find out how much interest you will be charged after the six months are over. Of course, usually only the initial costs of starting college life are high and once a student has settled in to his dorm and gotten his books, etc., the remainder of his living expenses are cheaper. Hopefully, by the time the six months 0% APR is over.
Advantages
The advantages with having a credit card is that it makes so many things much easier for students, such as being able to rent an apartment, apply for a telephone line, etc. -All of these things become easier because it proves that you have a credit history and are reliable.
Often, having one is a requirement for renting an apartment and landlords might not rent to you if you do not have one. When all is said and done, having a credit card just makes one a more responsible, respectable person.
Getting the Credit Card that Suits You Best
Definitely no "one size fits all" applies to credit cards. So it does take some time and research to find out what is available and is also best suited for your particular situation and budget. Often you can find out a lot of information right online by doing a search on the major companies and what they offer students. Usually representatives from the major credit cards will also come to college campuses to explain the benefits of their particular credit card. However, applying online is usually the simplest and fastest way and might even benefit you with some discounts and special offers.
Make sure you do not treat your credit card like a toy and use it responsibly to avoid the pitfalls of over-use.
Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Easy Home Equity Loan please visit EasyLoanForYou.com
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