Advantages of student credit cards

By Leni Parrish on December 28, 2011

Several financial decisions have to be made when children are ready to go to college and one important consideration is often forgotten, that is applying for student credit cards.  Many times the subject of choosing the most suitable credit card for the college bound child is overlooked. Some parents consider co-signing to relieve the budget burden of the child.

Student credit cards have their disadvantages as well as advantages and it is good for the child as well as the parents to be aware of them. You can log into the websites of the big credit card companies offering student credit cards to check out the finer details.

Children who are staying far from their parents will find the student credit card very useful. It can be a very valuable asset especially during times of financial emergency. It helps the child become worry free money-wise and self-dependent. Most student credit cards have low credit limit which restricts the child from overspending and it also teaches him to plan his expenses. This helps the user understand budgeting as well as spend money judiciously

Providers of student credit card try to attract students with a number of profitable offers such as discounts, cash back and more. Students can benefit from such offers and these cards typically have low fees and APRs.  It is quite easy to get student credit cards and there numerous lenders and banks who offer students credit cards exclusive of all charges. The applicants also don’t need to provide their credit history to the card companies. Students simply have to apply for the card and the student credit card providers will do the rest.

When a college student gets a credit card it also helps him in building student’s credit score which is useful for his future financial transactions. Students below the age of 18 can get a card if the parent becomes a co-applicant. More than 18 years old student can apply for as well as get a credit card himself.

You can decide on the most suitable student credit cards based on the student’s budget and needs. It is vital to sit down and discuss the responsibility of having a student credit card. You can check out the reviews or talk with students who have student credit cards to find the most satisfactory option. If the student continues with payment on time it is possible to increase the credit limit. This will also help in changing secured student credit cards into regular credit card.

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