Considering A College Student Credit Card

If you are heading off to college, you already know that it is going to be expensive. Hopefully you have already sat down with your parents to work out a budget. There are going to be many things out of your hands like the cost of tuition and housing, whether you are going to be living in the dorm or an apartment. The cost of books is going to be large but it is also a variable since you may be able to find used books instead of paying sticker price at the college bookstore.

But there are going to be incidentals that need to be accounted for, and this is where you will want to get a college student credit card. There are credit cards that are designed specifically for the college student. The interest rate is going to be higher than the credit cards that your parents have, but keep in mind that the lending institution is taking a chance on you since you very likely do not have credit established at all at this point in your life.

The first place to look for a good rate on a college student credit card is the financial aid office at your college. But know that this is not the only place to look and a search there only barely scratches the surface. Many of the places that advertise in the college’s financial aid office are giving a rebate or kickback to the college for the privilege of being able to advertise there, based on each student that signs up for a college student credit card. This is not necessarily a bad thing nor is it illegal, but what about the companies that can offer a college student credit card, and instead of paying a rebate to the college, they are more willing to pass those savings on to YOU?

Be wary of college student credit cards that offer a huge credit limit. A college student is not typical prepared to handle the financial responsibilities of a huge credit limit, and the temptation to “whip out the plastic” for just about anything is not going to teach you the financial responsibilities that you need to learn both now and later in life. A credit limit of something like $500 or even $1000 should be more than sufficient to keep you in the NECESSITIES if something unexpected should happen, without allowing you to get yourself into a financial jam by charging it to the hilt.

Most of these companies who specialize in a college student credit card will also raise your credit limit, and perhaps also lower your interest rate, after you have established yourself with them, paying the minimum monthly payment on time each month. The length of time varies but is usually done with a consistent track record of timely payments after 6 months or 1 year.

Bottom line: do not rely totally on the financial aid office at your college if you are searching for your best deal on a college student credit card. There are a number of companies that can offer this to you, and frequently their deals will beat the deal of the company being advertised at the college.

Need more information about a College Student Credit Card? Visit our web site for details and information,