Things to Look For In Applying For Student Credit Card

When applying for a student credit card, we often hear the advice to take your time in studying your options. But what are the things you should look for when choosing student credit cards? How can you make sure that you’ll pick the right one out of all the many choices you have in the market? Here are specific factors you should consider:

The APR. Most student credit cards offer 0% APR is part of their introductory offer. The 0% interest rate may only apply either to balance transfers or purchases while other credit cards may offer 0% APR for both balance transfers and purchases.

If you’re not going to transfer anything to your new student credit card, then go for one with a 0% APR on purchases. Nevertheless, don’t forget that the zero percent interest rate is just a temporary offer. It can last from 6 months up to 12 months depending on the credit card. Always check how much the APR would be once the introductory offer ends.

Other Charges. The APR isn’t the only cost you should consider when choosing your student credit card. Other charges like penalty fees for late payments and exceeding credit limit; annual fees and processing fees are all part of your student credit card bill that you should be aware of. Remember that a low APR doesn’t always mean that you found the best credit card for student. Make sure that all the fees are within a reasonable range.

The grace period. The grace period is the allowable period before you are charged with interest on your purchases. Some credit cards for students give as long as 30 days of grace period which gives you enough time to repay your balances in full without paying for additional interest. Thus, this particular factor is very important in a student credit card.

The perks and rewards. After considering the rates, charges and grace period, you may choose a student credit card based on the type of rewards it offers. Some student credit card rewards program give you cash rebate points while some student credit cards offer gas bonuses and discounts. Choose the one that will best fit your lifestyle.

The terms and conditions. The complete information about your student credit card can be found on your application form- whether you’re applying offline or online. Before signing up for a credit card, don’t forget to take the extra time to read this document and understand all the terms and conditions of your student credit card. If there are certain clauses that you don’t understand, call the credit card issuer and inquire about it.

Your convenience. Another factor to consider is your convenience on using your student credit card. Is the credit card accepted in a wide range of establishments and companies? Or will it limit you to just a few selected establishments? Also, choose a credit card company that reports to the major credit bureaus to assure the accuracy of your credit report.

Online access to your account. It is also recommended to choose a student credit card that allows you to access your account online at anytime. As a student, you’ll be busy with lots of school work and activities and it will be a tremendous help if you can keep up with your credit card account and payments right from a computer.