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Being a high school or college student carries unique financial constraints. Thankfully, there are student credit cards available to help you manage your financial situation more adequately. How do you choose the perfect student credit cards for your needs? What makes a good credit card for students, as opposed to a poor choice that can easily lead to a bad financial situation? Student credit cards can be a two-edged sword, if care is not exercised when spending with the card. In short, no matter what card you choose, you must exercise restraint and caution when using them. That said, these credit cards can be tremendously helpful and even let you earn great free stuff!
The perfect student credit cards should offer many different things, including:
• An introductory interest rate of 0% APR
• A low interest rate when the introductory rate expires
• Fraud protection if your card is stolen or used without your permission
• 24-hour customer service to help you with any problems regarding your bill or card use
• Specific usage rewards, such as airline miles, reward points for music and merchandise or other items that appeal to you
• A manageable credit line (not an exorbitant amount)
Student credit cards should also offer you the ability to be approved with only a limited credit history. Of course, there are options for students suffering from no credit or even bad credit. For these students, the perfect option may be a prepaid credit card. These can be used with a moderate income and help you begin rebuilding your credit before it becomes something that will haunt you for the rest of your life.
Obviously, you should never apply for student credit cards if you do not have a stable source of income. Most credit card companies will require that you have proof of employment, though some will not. Avoiding the dire financial straits that can result from indiscriminate spending on student credit cards is also vital. Be a smart consumer and remember that anything charged on your credit card carries interest payments, as well as those wonderful rewards that are so appealing to you.
If you shop around, you will be able to find several student credit cards that match your particular needs. Cards are available that offer double reward points, unlimited cash back, the ability to earn money for keeping a specific GPA and more.