Opting For The Right Student Credit Cards Made Easy
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Opting For The Right Student Credit Cards Made Easy


Updated: December 26, 2012

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Applying for the first credit card can be as exciting as getting your driver's license for the first time. The credit card you opt for should be able to help you build a good credit report and score which will prove to be handy as you grow older. Hence, it is imperative that you choose the right card for this purpose. Though there are a number of options, it is the student credit cards that work best if you are applying for the card for the first time. Let us take a look at a few things that you need to keep in mind while applying for student credit cards.

Firstly, you will have to understand that you do not have a credit history to your backing. So, you will need to apply for cards that do not need this document. While there are banks that offer you the option of a cosigner, it is recommended that you don't opt for it. Go on for student credit cards that give you a free hand in operating it responsibly.

You may also want to take into consideration, the awards being offered on the cards. There are a number of banks that throw in freebies for using them often. However, don't let go of good student cards if they don't have any reward offers. There are many other important factors to consider than just these rewards.

Find out the annual fee that you will need to pay in order to avail this card. There are financial institutions that provide introductory offers on their cards. Look out for those cards since most of them come with zero annual fee for the first year. Ensure you gain clarity on the amount that you need to pay after the introductory period is over.

The interest rate being offered on the student credit cards is another critical factor to consider. Due to the increasing competition in the financial sector, most banks are offering highly competitive rates on their credit cards. Hence, shop extensively and find out cards that offer the lowest interest rates along with optimum benefits.

Finally, take a look at the various fees that will be levied by the banks on these cards. Most often than not, there are a number of hidden fees which will come to light months after you avail the card. Find out if the bank charges late fees, penalties and inactivity costs.

Keeping simple things like these in mind when choosing student credit cards will go a long way in helping you establish a good credit rating.

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