Simple factors that help choose the right student credit cards
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Building Credit History » Simple factors that help choose the right student credit cards

Simple factors that help choose the right student credit cards


Updated: December 26, 2012

By
Add to Favorites:

Finding the right student credit card is indeed a challenge today. It is a time consuming task to sift through the various offers and decide the student credit card that is best for your needs. Added to this, there are certain rules of the CARD Act that you need to understand before you apply for the student credit card. According to one of the rules of this Act, banks cannot give out credit cards to students if they do not have a co-signer or cannot produce sufficient proof of income. If you manage to meet either of the two criteria, then here are some factors to consider while choosing the right credit card.

The credit limit

Since the student credit card is the first credit card for most people, banks do not offer a high credit limit on these cards. These cards are to help you establish a good credit history without getting into debt traps. The credit limit offered varies from one bank to the other; hence, find out the maximum limit you will be eligible for.

Rate of interest

The rate of interest on student credit cards is slightly on the higher side. This is because students are considered to be high risk applicants since they do not have a credit history to reveal their repayment ability. Ensure you choose cards that offer the best interest rates and optimum credit limit. You can get the rates lowered over a certain period of time if you manage the card well and make your payments on time.

Annual fees and other charges

Most of the student credit cards today have annual fees associated to them and most of the time, these fees are pretty high. However, there are banks that do offer these cards without any annual fees. While such offers are tough to find, it is worth investing time to learn more about such cards and apply for them since they will help you save up a significant amount of money. Also, find out about the various other fees and financial charges that may be levied on your card at a later point of time.

Rewards offer

Almost all student credit cards offer rewards programs to card holders. Ensure you choose the card with rewards that will be of use to you. A card that offers cash back or discounts at various stores would be beneficial. Do not opt for cards with fancy rewards since the charges associated with such cards are always high.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: August 9, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When Amazon.com was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading

How Much Do Shell Cards Really Save on Gas?

By Allison Martin, Posted: April 20, 2016

There is an endless amount of gas cards on the market, and practically every major gas station, including Shell, has options to choose from. In fact, Shell offers two options for gas cards for consumers. Continue reading