Best Student Credit Card - There's So Many - How Will I Choose the Best One?
Getting your first student credit card gives you a great feeling. It's probably one of the first things you will do as an independent adult...along with going to a bar and getting your driver's license (err... hopefully not in that order :/ ). Credit cards can provide that sense of a little bit of financial freedom, right? But how do you choose the best student credit card?
Truth is, there is no BEST student credit card! They all have different interest rates (yes, if you borrow money you will have to pay for the privilege), they have different rewards points and so on. Choosing the right card for you depends on what you want out of your credit card and which features are more important to you. So, let's go through some of the things to consider before you submit your application.
APR is the annual percentage rate of interest. Or in real terms, it's what the bank charges you to borrow money from them. If you go for a low APR card, you probably won't be getting any reward points.
0% APR. Don't be fooled by cards stating that they have 0% APR...it's usually only for the first six months. If you make a late payment they will sock you with a sky-high interest rate.
Annual Fee is what the bank charges you just to have the card...even if you don't use it! A lot of student cards don't have an annual fee but if that is the case you can bet that the APR will be slightly higher.
Grace Period is the period of time between when you spend money on your card and when the bank starts charging you interest. Usually 20 - 25 days. IMPORTANT - there is no grace period for cash advances.
Reward Points. Some student credit cards offer rewards points for every dollar that you use on credit. You can get cash back on purchases at supermarkets, gas stations, drug stores, etc. Cards that offer rewards points generally have a higher APR. They can be useful if you pay off the balance each month and thereby dodge the higher rate..
So, choosing the best student credit card for you comes down to a couple of things really. Do you want low apr, no annual fee or do you want rewards points?
Please remember, if you borrow money you have to pay it back. Use credit responsibly or the bank will OWN you!
Adrian Reeve
Article Source: http://EzineArticles.com/?expert=Adrian_Reeve
Truth is, there is no BEST student credit card! They all have different interest rates (yes, if you borrow money you will have to pay for the privilege), they have different rewards points and so on. Choosing the right card for you depends on what you want out of your credit card and which features are more important to you. So, let's go through some of the things to consider before you submit your application.
APR is the annual percentage rate of interest. Or in real terms, it's what the bank charges you to borrow money from them. If you go for a low APR card, you probably won't be getting any reward points.
0% APR. Don't be fooled by cards stating that they have 0% APR...it's usually only for the first six months. If you make a late payment they will sock you with a sky-high interest rate.
Annual Fee is what the bank charges you just to have the card...even if you don't use it! A lot of student cards don't have an annual fee but if that is the case you can bet that the APR will be slightly higher.
Grace Period is the period of time between when you spend money on your card and when the bank starts charging you interest. Usually 20 - 25 days. IMPORTANT - there is no grace period for cash advances.
Reward Points. Some student credit cards offer rewards points for every dollar that you use on credit. You can get cash back on purchases at supermarkets, gas stations, drug stores, etc. Cards that offer rewards points generally have a higher APR. They can be useful if you pay off the balance each month and thereby dodge the higher rate..
So, choosing the best student credit card for you comes down to a couple of things really. Do you want low apr, no annual fee or do you want rewards points?
Please remember, if you borrow money you have to pay it back. Use credit responsibly or the bank will OWN you!
Adrian Reeve
Article Source: http://EzineArticles.com/?expert=Adrian_Reeve
Labels: Best Student Credit Card, How Will I Choose the Best One
Getting your first student credit card gives you a great feeling. It's probably one of the first things you will do as an independent adult...along with going to a bar and getting your driver's license (err... hopefully not in that order :/ ). Credit cards can provide that sense of a little bit of financial freedom, right? But how do you choose the best student credit card?
Truth is, there is no BEST student credit card! They all have different interest rates (yes, if you borrow money you will have to pay for the privilege), they have different rewards points and so on. Choosing the right card for you depends on what you want out of your credit card and which features are more important to you. So, let's go through some of the things to consider before you submit your application.
APR is the annual percentage rate of interest. Or in real terms, it's what the bank charges you to borrow money from them. If you go for a low APR card, you probably won't be getting any reward points.
0% APR. Don't be fooled by cards stating that they have 0% APR...it's usually only for the first six months. If you make a late payment they will sock you with a sky-high interest rate.
Annual Fee is what the bank charges you just to have the card...even if you don't use it! A lot of student cards don't have an annual fee but if that is the case you can bet that the APR will be slightly higher.
Grace Period is the period of time between when you spend money on your card and when the bank starts charging you interest. Usually 20 - 25 days. IMPORTANT - there is no grace period for cash advances.
Reward Points. Some student credit cards offer rewards points for every dollar that you use on credit. You can get cash back on purchases at supermarkets, gas stations, drug stores, etc. Cards that offer rewards points generally have a higher APR. They can be useful if you pay off the balance each month and thereby dodge the higher rate..
So, choosing the best student credit card for you comes down to a couple of things really. Do you want low apr, no annual fee or do you want rewards points?
Please remember, if you borrow money you have to pay it back. Use credit responsibly or the bank will OWN you!
Adrian Reeve
Article Source: http://EzineArticles.com/?expert=Adrian_Reeve
Truth is, there is no BEST student credit card! They all have different interest rates (yes, if you borrow money you will have to pay for the privilege), they have different rewards points and so on. Choosing the right card for you depends on what you want out of your credit card and which features are more important to you. So, let's go through some of the things to consider before you submit your application.
APR is the annual percentage rate of interest. Or in real terms, it's what the bank charges you to borrow money from them. If you go for a low APR card, you probably won't be getting any reward points.
0% APR. Don't be fooled by cards stating that they have 0% APR...it's usually only for the first six months. If you make a late payment they will sock you with a sky-high interest rate.
Annual Fee is what the bank charges you just to have the card...even if you don't use it! A lot of student cards don't have an annual fee but if that is the case you can bet that the APR will be slightly higher.
Grace Period is the period of time between when you spend money on your card and when the bank starts charging you interest. Usually 20 - 25 days. IMPORTANT - there is no grace period for cash advances.
Reward Points. Some student credit cards offer rewards points for every dollar that you use on credit. You can get cash back on purchases at supermarkets, gas stations, drug stores, etc. Cards that offer rewards points generally have a higher APR. They can be useful if you pay off the balance each month and thereby dodge the higher rate..
So, choosing the best student credit card for you comes down to a couple of things really. Do you want low apr, no annual fee or do you want rewards points?
Please remember, if you borrow money you have to pay it back. Use credit responsibly or the bank will OWN you!
Adrian Reeve
Article Source: http://EzineArticles.com/?expert=Adrian_Reeve
Labels: Best Student Credit Card, How Will I Choose the Best One
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