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A Guide to Finding the Best Student Credit Cards
Student credit cards
annually bombard freshman as they enter college. It
has become a fall ritual. Parents should be vigilant
in discussing the importance and responsibilities that
go along with having a credit card before the students
ever leave home. Don't get me wrong, I think it's a
great idea that students have their own credit card
when they go away to school, but it is extremely important
that they get the right card and use it wisely.
The best student credit cards are the
ones that have low spending limits. A high limit credit
card given to a college student could be a recipe for
disaster. It should be made clear to the students that
their credit card is for emergency use only, unless
they want to get a job and pay for any of the charges
that are made on it. That sounds like a good idea, but
probably isn't very realistic.
When finding the best student credit
cards, it is imperative to seek out the lowest interest
rates that you can find. This is really obvious, but
nonetheless needs to be stated. Many credit card companies
will offer 0% teaser rates for the first six months.
Beware of these rates because they're often followed
by exorbitantly high interest rates and then you are
stuck. It is most certainly not uncommon for students
to carry balances for more than six months, so I suggest
that you avoid this option.
Just about all student credit cards
offer some type of incentives such as rewards points
or cash back incentives. This is done for obvious reasons.
The most common of which is to entice the cardholder
into using it more often. Overall it is a pretty good
deal to receive rewards for credit card charges as long
as you bear in mind that this is not free money. Whether
you realize it or not, you have already paid for those
points.
Managing your account online is a great
feature for students. For starters, just about every
student has access to the Internet and can easily access
their credit card statements. The second great reason
for this is that the parents can also monitor the activity
on the card even if they are thousands of miles away.
This kind of accountability for impressionable young
students is an excellent way to keep them from getting
themselves into trouble. It also keeps the parents from
getting stuck paying their kids huge credit card bills.
For a student credit card it is important
that they have a lost or stolen card feature that guarantees
protection against unauthorized activity. Lets face
it, sometimes kids are not as responsible as we might
like them to be. Having this protection goes a long
way in easing the parent's mind when they hand their
student a credit card.
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