Student Credit Card Application Stands Wherever You Go
Have you seen them? There are stands all over campus offering you a free t-shirt or water bottle if you sign up for a credit card. You think to yourself “Why not?” as it would be a huge convenience to be able to get one.
One thing you will notice is that college students don’t look at the details of the card agreement and blindly fill out these forms. Credit cards are financial tools but you have got to apply for the right ones otherwise you may be digging yourself into a hole of debt that you will have trouble getting out of.
Focus On The Credit Card APR
The credit card, along with the free t-shirt or water bottle is marketed to unknowing students as 0% introductory APR telling you that there is no interest charged for a certain period of time. Once the introductory rate expires it jumps to its normal APR which if you’re not paying attention can be pretty steep for new cardholders.
These types of credit card providers are all over campus trying to woo students into getting you to sign up for a card with them not knowing the true consequence of using one.
You are better off to compare credit card rates of a list of credit cards. The more choices the better. The introductory APR and the ongoing APR is listed for each card along with additional details that will assist you in making the right decision during the credit card apply process.
Additional Perks Credit Cards May Offer
Having a huge variety to choose from with credit cards available for almost every type of need (0% into apr, low apr credit card, no annual fee, rewards, etc.) you’ll make better choices in terms of credit cards when you go to an online credit card comparison site.
In addition to the convenience that a credit card offers wherever you go, you may find that your credit card also offers additional benefits such as a rewards program or airline miles so you’ll be getting bonuses whenever you use your card.
Multiple Credit Cards?
You can have additional cards to use for specific situations to take advantage of these perks. Another word of advice is to keep your credit card company contact info in a safe place just in case your card gets stolen. A new card will be shipped out to you once you have notified the credit card company. You also will not be held responsible for the charges on the card made by someone else.
Certain Credit Cards Have Annual Fees
There are also credit cards out there that charge yearly fees to its users. The cards with yearly charges may have additional benefits that set them apart from other credit cards on the market.
As a student it may be wise to apply for credit cards that do not have the annual fees.
Watch Your Credit Card Spending Once You’re Approved
Having a credit card will open up options that weren’t available to you before such as renting a car, booking a hotel room, reserving a flight. Once you apply for and receive your new credit card do not allow your spending to get out of control. You have got to stay disciplined in how much you spend and keep track of it.
It will be exciting to have a new credit line extended to you but be careful not to get to used to swiping that card everyplace you go. It is not free money, it adds up and you will have to pay it back.
Paying Your Credit Card Bill On Time
The credit report will show that you have a late payment on your credit card (regardless of the amount) and it will stay on there for years. Remember that with one late payment (even one day late) your interest rate you have on your card can increase astronomically.
It is of utmost importance to make your credit card payment on time or much earlier if conceivable. So compare credit card rates and benefits among multiple credit cards to find the best student credit card for you.