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The 4 Common Stereotypes When It Comes To Student Credit Cards | student credit cards

There are several different student credit cards out there. When comparing your options, pay special attention to the following details: Annual Percentage Rate or APR. The APR on student credit cards can be very high. If you carry a higher balance from one month to the next, the APR will reflect that increase in money you owe. This can add up fast.

Make sure to look at all aspects of the student credit cards before you apply. How do they reward you? Do you get free gas for your vehicle or airline tickets? If so, these rewards may not be useful to you. You may want to find cards with points programs instead.

With many student credit cards, you may be able to choose your rewards or earn points toward other things if you maintain your minimum balance. Some cards offer a special type of credit line. A secured credit card is one that requires collateral. This could be your car or home. Should you neglect to make your monthly payments, the lender can repossess your item, which would result in an increase in your credit limit.

It is important to compare student credit cards because you will soon qualify for a regular credit card. It will take several months, depending on your credit score, but you will eventually qualify. Most student credit cards will report to one or more of the three major credit bureaus: TransUnion, Experian and Equifax. Your credit report will determine what you pay for interest. If you have poor credit reports, you may not qualify for a good interest rate and you could even be declined outright if you do qualify.

Before applying for any student credit cards, you need to start building credit. Start with a high credit limit to start, then work on lowering your balance every month until you have a lower credit limit. Pay your bill on time and you will increase your chances of qualifying. After you qualify for a regular credit card, you can then apply for a secured one or a prepaid one.

Prepaid student credit cards are a great way for college students to get their feet wet in the world of credit. They offer no perks and no annual fees. You must pay a one-time setup fee for the card, and you must use the card on an agreed upon schedule. These types of student credit cards are great for those who do not plan to spend much money and for people who need immediate perks. They also are perfect for those who only need occasional perks and don't care about having a long history with credit companies.

If you decide to go with a prepaid student credit cards, you need to shop around a bit to find the best deal. Look at different offers from different issuers to compare interest rates and terms of service. You may need to shop around to find the best coverage for your needs. Check into how often your issuer may need to be paid, because if you happen to miss a payment, they will likely charge you an exorbitant late payment fee.

The biggest perk you will receive from student credit cards is a lower credit limit. This means that you can purchase the same things as a regular card holder for a lower price. You should always try to use as much of your credit limit as possible to pay down your balance quickly. You never want to have too much debt, since that can damage your credit rating. If you follow these tips, you will find that getting a student card is easier than you think.


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