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The Myth Of Student Credit Cards

Though it may seem silly to enlist an extra credit card, there is truth in the myth. Although you will find credit card companies eager to please with your debt-to-income ratio, the truth is they just want to make a quick buck. This is where student credit cards come in. These special offers don’t come close to the payoff they otherwise would, but they do come in the form of a credit card.

With student credit cards, the new owners will, in the process, also be sharing that same satisfaction of having a credit card. It will work out even without a card because every purchase or cash advance will amount to no paying. This will sound very beneficial, when coupled with the fact that it doesn’t take thousands of dollars of annual fee to transfer all of your existing balance onto a student credit card. In fact, this could only be advantageous to those who want to learn how to budget their money efficiently.

‘Student Credit Cards’ Can Earn You Extra Rewards and Rewards – Even If You Have Bad Credit

With a student credit card, it will be easier for you to add all of your spending to the account so that earning you extra rewards is not as important as you might imagine. Every purchase or cash advance will automatically accumulate on the account so you don’t have to pay for it yourself. This can be a good option especially if you have a credit rating that is good enough.

Students can use student credit cards to bring their financial responsibilities under control by making a student purchase simply by filling out their credit card application. You will either have to pay a small monthly fee or pay the entire credit card balance before you can make purchases of a product or service. For some rewards programs, such as designer jeans, it will also be easier for you to use your student credit cards than other cards if you are already aware of what is involved.

What’s more, most student credit cards have set-up fees, which you will have to pay if you want to purchase something or pay for a service that you do not need. Most of the student credit cards have an initial APR of 0% or variable for the initial period. In other words, you never know what spending will cost you over the next several months. Most student credit cards will come with a predetermined interest rate or interest rate schedule which is more complicated to understand given your credit history and your current circumstances.

Student credit cards are the ticket to money that should not be taken lightly. It is also a way to make money in the student credit card business. That is how many students are finding that student credit cards work just fine for them and that more then makes up for it by purchasing a certain product or service with their credit cards.

Though many are starting to use these student credit cards to take control of their financial situation and plan their daily lives, they still will find it difficult to fully implement the scheme of using them since they will be charged with high APR or introductory periods, which could lead to very high expenses. You just have to remember, as money, that credit is only good once you have established yourself as a responsible adult. For student credit cards being used to take control of your finances is the final nail in the coffin of owning responsible credit cards.

Student Credit Cards – A New Breed?

Student credit cards have transformed into what some say is a new breed of credit cards. Most of these cards come with an offer of small discounts, low interest rates, or no annual fee. Others offer bonus benefits. For instance, one card offers ‘60% cash back ‘20% on purchases, travel while abroad, and many purchase protection privileges. The other offers more flexibility; for example, the student credit card gives you greater purchasing power.

Are These Student Credit Cards Sweet?

Some students contend that these small savings may be sweet compared with the rewards you can get from being a student. In fact, more than 90% of students get credit cards as part of their first year. Some even get student credit cards through employers or nonprofit organizations. If available, it shouldn’t cost too much to get a student credit card.

How Does It Work?

Student credit cards work in much the same fashion as any regular credit card either issued by banks or individual employers. In fact, some credit card companies will even allow you to exchange your student credit card number for one issued credit card for a semester. Thus, your savings could quickly outweigh the reward benefits.

Getting the Best Student Credit Cards

According to a 2004 poll conducted for Capital One magazine, nearly 70% of working Americans have at least one student credit card.