If you’re a parent of a college student it may be a source of great anxiety. If you’re a student planning to start the next stage of your life, it’s another piece of freedom that you’ve been waiting all of your life to gain. What’s it? Your first credit card.
College student credit cards have already been the topic of debate and controversy. Some argue that charge card companies are targeting the significantly less than responsible spending habits of college students. They’re offering students a charge card knowing that money will likely be made in finance charges, late fees, and high interest rates. Additionally, colleges and universities often receive kickbacks from the charge card companies for allowing them to create booths on campus, send offers to students and parents on the university mailing list, and give students the offer they can’t refuse. Colleges and universities selling student information to charge card companies may also be regarded as a conflict of interest.
Others argue that learning how to spend wisely and hopefully build a credit history should start as early as possible. If a credit card with a responsible limit is made, it may be Credit Cards For College Students the perfect time to create a confident credit report particularly when most students aren’t bogged down with other financial obligations like house and car payments and the expenses connected with having a family.
If you imagine that college student credit cards are right for your son or daughter, there are certainly a selection of options available in two major categories. First, if a real unsecured credit card is desired, very attractive cards geared towards students can be found. Some give extra rewards points for the types of the conventional university student purchases like books, music, movies, and food and normal points for other purchases.
The interest rates on these cards are at a manageable level but like any bank card, students should practice good credit habits by paying the full balance by the end of each billing cycle. Many cards have an introductory rate only 0% and no annual fee.
Many of these prepaid cards have helpful benefits including no annual fee, free automatic bill pay, and free e-mail and texting alerts with home elevators the card’s current balance. Additionally, places like Western-Union and many more serve as places where money could be included with the card.