It wasn’t too long ago when students could sign their name and qualify for some of the best student cards. This lasted until the introduction of the Credit Card Reform Act, which was aimed at curbing the rate of students obtaining credit cards without a reasonable ability to pay the credit card balances. The Credit Card Reform Act mandates that applicants be evaluated on their own ability to pay off their balances, meaning they must have income. This, of course, should be a given, however, this was not so common knowledge in previous years. Nevertheless, now, under strict guidelines, students are able to have access to some of the best student-focused credit cards on the market. We’ve got some of them for you, along with decision-making tips that will help you choose the best one.
Credit cards are a wonderful tool to have in your wallet as a college student. They offer a very easy payment method, and when used properly help students to build a credit history. This credit history will follow them when it comes time for bigger loan purchases such as a car or house. But there are so many cards to choose from, making the process seem like such a daunting task.
It’s a great things that there are cards designed specifically with students in mind – Best Student Cards
Research. Make sure you find out all you can so you are able to find the best student cards on the market. This will help you match a card to your needs and budget. Ask yourself a few questions. Can you afford a certain interest rate? Will you be able to afford penalties? Is the credit limit one that will fit your lifestyle? Credit card companies should be able to help you answer these questions.
Learn the costs. As mentioned, it’s important to know exactly what you’re dealing with when it comes to annual, interest, late and over-the-limit fees. Assess whether you can affording adding these fees to your budget.
Some of the best student cards include popular ones like the Discover It card for students. This card is great if you plan on paying your balance in full each billing cycle. Once again, before applying for this card, accurately access if you can afford paying your potential balance in full, however, if you are capable, this card is great when it comes to rewarding great financial behavior. Discover It for Students offers a 0% introductory APR on purchases for 6 months. The Citi Dividend is great for students how many plan on carrying a balance. Look for the Citi Dividend to also have a 0% introductory rate
Although guidelines have become stricter when it comes to qualifying students for credit cards. Credit card companies are placing more options in the hands of consumers. Credit cards are now geared towards a specific market, targeting students and helping them to build credit through responsible spending. Before choosing a credit card ensure that research and comparison is done to get the most of and the best student credit cards.
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