"We're all capable of mistakes, but I do not care to enlighten you on the mistakes we may or may not have made."Dan Quayle
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Money Management Tips For Students With Credit Cards
Keeping control of your money is one of the hardest lessons we have to learn as new college and university students. For many of us it is our first time away from home, and the first time we have to be truly responsible for all the financial affairs in ...
Things to know about credit cards
A credit card is a card that allows you to borrow money for paying your purchases but bound to a certain limit. At the end off every month either you have to repay the whole amount or a minimum amount. A planned credit strategy will enable you to improve ...
Why do you need credit cards?
What is the purpose of having a major credit card? Can I control my spending if I apply for a major credit card? Notice this piece started out with questions, which I feel are three of the most important question anyone should ask, seeking a credit card. ...
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With college student credit card that today, most parents contend that it is okay to let college students obtain their very own credit card. Not only because they want to let their kids manage their finances alone but also because having credit cards or a credit history for that matter is extremely important.
With the advent of credit cards, most people would always be looking into someone's credit history before they can approve anything.
They even insist that without a credit history, people tend to become a total outcast in the society, someone who is not worthy to enjoy anything and everything without a credit history. That is why most college students would struggle just to get one.
But what makes the college student credit card different from the other credit card? Why is it that it is highly classified as "student credit card," and not just any credit cards for that matter?
Basically, college student credit cards do not make such big difference as compared to the other types of credit cards. However, because it is a student credit card, the benefits stated therein are completely focused on providing the student's their basic needs.
Moreover, college student credit card are entitled to lower interest rates especially for students who have good grades. They can negotiate their interest rates for a lower rate provided that they pay their balance dues on time and that they maintain good grades.
On the other hand, student's credit cards are actually secured credit cards. But the difference that sets the students credit card apart from the other credit cards is that their parents can set the credit limit.
Also, parents can let their child's credit card to hook up with them so that they can keep track on their child's credit transactions.
Another thing that sets the college student credit card apart from the other credit cards is that the student credit cards are mainly focused on and quoted for students only considering the fact that they have limited credit history.
Normally, college student credit cards have no annual fees and have credit limits that are only set to $500. And according to some surveys of financial institutions, the average student credit card annual percentage rate is 17.66% for purchases and 19.67% for cash advances.
So, even if student credit cards are different from the other credit cards because of its considerable interest rates, it is still a credit card. Thus, students must really be responsible in handling them; otherwise, they are bound to suffer bad credit history in the end.
About the author:
http://www.credit-card-magazine.com
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