College is fast becoming among the most popular educational pursuits in modern times. But what is really a credit card offered for college students is nothing short of financial bomb Shelter, it also comes with fees, restrictions and attractive offers. Here are 10 credit card features that you might not know you’d like to have when trying to get approved for a college student credit card:
1. APR on Balance Transfer
When you take out a balance transfer credit card to transfer your other accounts, you then pay the annual fee for it. However, APRs attached to college credit cards are often very affordable. Although APR does not apply to a full ‘load of’ credit card, many students do have high APR credit cards.
2. Regular APR Earnings (or Cash Back from Cash Back Programs)
If you pay your balance in full each month, then this offer gives you an extra 0% APR on purchases and balance transfers with your card. Regular APR Earnings and cash back programs do not fall in the category of those interest free and no annual fees on all purchases. You might not get any interest free balance transfers if you use the card often.
3. Low Interest Rate on Balance Transfers
This introductory APR rate is usually only 0.00% on full and balance transfers. Try paying off your debt in full every month and you’ll definitely enjoy your new card. Unlike a card with such attractive introductory offer, many student credit cards offer very low-interest rate APRs.
4. Reward Programs for Savings
These 0% APR introductory offers work even if you’ve paid off your money. Try to use the 0% credit card for purchases and transfer all your outstanding balances. Balance transfer rates generally are very low. The 0% APR can also mean free tuition at the college or university. Try to limit spending on those rewards and you can save over a hundred dollars on your tuition fee!
5. 0% Intro APR on Cash Advances
The 0% intro 0.00% interest rate may mean you can pay no interest when your finance bill comes due. Try it instead. This can make huge savings on finance. You will feel like you’re completely paying off the debt, not even counting the annual fees and whatnot. Try and pay off your entire balance every month.
6. 0% APR on Cash Advances
Keep your balance low and let the reward programs work for you. Use the 0% APR as long as you pay off your debt monthly. This can be an effective way for you to put money down during the day while keeping your balance high. Additionally, use the 0% APR on cash advances only for the credit card company to watch out for.
7. Introductory or Annual Percentage Rate (or 0.00% APR) on Purchases
Credit card companies have made it even easier for you in the market by charging you at no interest rate on both full and part-time purchases. Your monthly credit card bill is the only payment on the payment date. If you want to pay off on monthly basis, then choose the card with low credit card interest rate best for you.
8. Small Purchases or Regular Purchases
Some students might like to buy all of their meals and supplies. Maybe a couple of gifts for their collection or Christmas too. Many cards offer 0% APR for purchases and part-time purchases. The rates vary but are the same. Try to choose the card with 0% APR on both purchases and part-time purchases as well.
9. 0% APR on Purchases
Try to pay off your entire balance every month and make a plan to improve your payment by paying off the balance only. Once you make your plan a goal, you will notice you will get a 0% APR for both purchases and part-time purchases. Never want to pay more than the basic monthly payment for purchases and part-time purchases yet? No problem!
Get high credit card or savings card today because through student credit card you can make your financial career a little smoother.
Credit Card Credit Reports: Frequently Asked Questions
What are the main reasons why people apply for a credit card? Let’s suppose, the consumer is interested in his or her first credit card, and seems to be having a rather difficult time getting approved for one. The credit card company obviously wants him or herself the most, and in order to give them incentives to apply for their credit card, they require all of their potential cardholders to submit a form to be approved for all credit cards at no additional cost.