Student Credit Card

In days gone by, credit cards were generally frowned upon, and still are by some members of the older generation, but these days, it just makes good sense to have a credit card. This applies equally to the student population, and a student credit card can give parents a little peace of mind when their son or daughter goes off to college. It is reassuring to know that if they need to fly home that they can do so!

So how does a student credit card differ from a regular credit card? Why is it that it is highly classified as a student credit card, and not just any credit card for that matter?

Basically, the student credit card is not so very different from the other types of credit cards. However, because it is a student credit card, the benefits stated therein are completely focused on providing the student’s with their basic needs.

Moreover, the student credit card typically has lower interest rates, especially for students who have good grades. They can negotiate their interest rates for a lower rate provided that they pay their balance dues on time and they maintain those good grades.

Normally, the student credit card has no annual fees (students really cannot afford to pay these fees anyway!)and have credit limits that are low, maybe only only $500, not huge, but good for emergencies. After a year or two of handling this credit responsibly, this credit card limit may be increased, but do note that you do not have to approve this increase if you feel that the student could not handle the larger limit.

Today, most parents agree that it is okay to let college students obtain their very own credit card. This is because not only do they want to let their kids manage their finances alone, but also because having credit cards helps establish a credit history (hopefully a good one!), which will help them in the future. Without a credit history, it can be hard to get loans, or even rent an apartment or house, so it is worth building a good one.

Student credit cards are usually secured credit cards, often secured by the parent, with a limit also set by the parent. Also, parents can let their child’s credit card be linked with theirs, so that they can keep track on their child’s credit card transactions.

So, even if the student credit card is different from other credit cards because of its considerable interest rates, it is still a credit card. Thus, students must really be responsible in handling them; otherwise, they are bound to suffer bad credit history in the end.

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