Benefits of Student Credit Cards

By Leni Parrish on January 19, 2010

As a student who is enrolled and studying in a university, there are basic needs that must be provided either by the parents or guardian. One of these needs is a substantial amount of money that will be used to pay for expenses such as unexpected project fees, transportation, food, and many others. However, instead of cash and coins, would you rather prefer a credit card?

Essentially, having student credit cards provides numerous benefits to cardholders. One of the most visible advantages would be the convenience of just swiping the card when you are paying for expenditures. Another benefit is that you are able to build your credit score while you are still studying. After some time of making up to date payments, the credit score also significantly improves. When you do this, the discipline of paying bills on time is being instilled in you. Moreover, now that you have a limited budget given your credit card maximum value, you will learn ways on how to control your purchases.

The issue of safety is similarly addressed by student credit cards. While a wallet or a pouch with cash can be stolen from you, the credit card would need a personal identification number (PIN) before cash can be withdrawn. If you lose it, you can contact your bank immediately and they will do the necessary actions to make sure that your money is safe. Of course, the PIN is kept secret and only the cardholder will know.

During emergency situations in which an outlay of cash is needed, you can definitely use your student credit cards. Usually, all establishments nowadays accept payment from cards. On the other hand, if the store is not yet updated and is not capable of processing the payments through a card, you can run to the nearest automatic teller machine (ATM) and make cash advances if your card allows it.

In addition to all the gains mentioned, credit card companies give rewards and discounts to their customers. These can be in the form of cash back, freebies, and free products from partner stores. Usually, they make these rewards unique so that their subscribers will remain loyal to them.

Meanwhile, when it comes to getting student credit cards, it is relatively easy. You just need to fill out an application form and submit it online. Although there are changes on the policies brought by the new Card Act, you can still get your preferred card. According to this law, a student below 21 years old will need a parent or a legal guardian as co-signer.

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