Student credit cards are a truly useful item these days. Some student cards even offer reward points, or a system which provides users with points for every dollar they spend. Some cards even offer zero interest APR (annual percentage rate) on purchases, and allow them to hold a balance from one month to the other, without incurring high interest. Here’s how to get a student credit card using a cosigner.
Ask Your Parent, Guardian or Relative to be the Cosigner
For student credit card co-signers, a parent, relative or guardian is among the best choices. However, legally the person need not be related to you, to become a co-signer, as anyone who already has a credit card that’s in good standing can be used as one. Just make it clear to the co-signer that he or she will be responsible for the debt if you default on it. Convince your relative or friend that you won’t default on it, and you’ll pay your debts on time every month.
Shop Around For Student Credit Cards
Shop around for appropriate student credit cards, and identify those that meet your requirements. Also check out the card’s interest rates, as well as the annual fees and rewards programs they offer.
Apply For the Credit Card
The application process for student credit cards is usually a very simple process. Just make sure you have the co-signer call the company’s customer service hotline on the back of the card, and tell the representative that they wish to co-sign for the card holder. The customer service representative will then review your information, and a decision could be made within a matter of minutes, or within a few days.
Inform Your Co-Signer If You’re Having Trouble Paying the Bills
Although your parent, guardian or friend who’s the co-signer may not be happy hearing this, immediately tell them if you’re having problems with paying the balance, or if you’ve missed a payment. And though they won’t find this amusing, they’ll appreciate that you’re letting them know about it, before a lot damage has already been done.
How To Use Your Student Credit Card Wisely
Here are a few helpful ideas on how avoid incurring large student card debts, and maximizing its use:
- Buy Only The Necessary Stuff. The best way for using your student credit card would be to stop purchasing unnecessary and expensive clothes or items. Learn to live on a budget, and use cash for paying for goods and services. Also make sure you quickly pay-off any credit card balance each month.
- Keep Track Of Purchases. By keeping close tabs on the purchases you make using the student credit card, you’ll pay the bills on time, while continuing to build a credit history.
- Pay More Than the Minimum Amount. If you’re not able to fully pay your student credit card balance each month, at least pay he minimum amount, or else you will pay off the debt much longer.
Student credit cards are very popular because they enable college students in the United States to pay for everyday expenses such as food, groceries and utilities. Many of these cards also provide a rewards system (and other cool incentives), especially when students get good grades, and pay their bills on time.