Are Student Credit Cards Really That Good?
However, the trend is that more students are turning into consumers of credit when they get their first student credit card in college. Student credit cards can give them a highly convenient way of making purchases; however this is also a time of great responsibility as they start their first endeavor into money management. This will be a great way to test their own discipline when it comes to controlling their credit cards expenses.
If you are a college student owning a credit card, this is the time you start building your credit report, which will be useful when you need the extra money to buy a house or a car. We all know that it is very expensive being a college student nowadays and it can be hard to monitor your credit card bills and payment. This means that it can be a great challenge to refrain from using your credit card to pay for your expenses and chalking up huge amounts of outstanding credit bills.
Having said that, a student credit card can also be very convenient. It offers you the benefit of carrying a huge amount of paperless money around and the prestige of having one. Many student credit cards also offer protection in case the card gets stolen or lost. Another feature is that you will be able to apply for a student credit card at the early age of 18 years.
There is much choice for students when it comes to selecting a card. The first thing when choosing a student credit card is to find one with the lowest interest rate. This will help to reduce on your interest payments if you are unable to repay by the deadline. In addition, student credit cards also allow you to accumulate points from your purchases which you can redeem for rewards such as books, digital gadgets or even your favourite MP3 player.
There is an important factor that must be remembered at all times. That is if you misuse your student credit card and keep making late payments, you will be under a huge debt burden when you graduate and need to buy a home or a car. Bear in mind that student credit cards are different from a student loan. You should treat them as high interest loans which you should pay off immediately. In other words, you will have to think twice when you are making your next purchase with a student credit card. On the other hand, you can have a good credit score if you can properly managed your payments,. If you make your payments on time, you can also avoid the interest charges.
For more information on the different kinds of affordable students loan, versatile students credit card, finding the best student financial aid, please visit the following website: Useful Resources for every college student!
Related Tags: students, student credit card, student financial aid, student loan financing, college student credit
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