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Why not all students can get a credit card?

When students enter university, they should get credit cards to help them begin building credit history.
Credit card is useful and practical in adult life. The sooner young people start to use such products and learn to be responsible, the better.
It is advisable to get card before a student arrives to college, because it help to avoid pressure of campus kiosk. Moreover, young people can talk about credit products with their parents and lenders in advance.
The best variant for students is a card without annual fee, which rewards purchases with discounts or cash back. All big banks offer such beneficial products. Cards with annual fee must be eschewed, no matter what privileges they include.
When it comes to using credit card, students have to understand that bankcards should be used for different purchases that must be paid off every month and they haven't to abuse their credit limit. Usually high interest rates lead to greater problems with debts if student isn't careful with his/her spending.

Why is it hard for student to get a credit card

- Lack of credit history makes it hard to get first credit card. Oil company cards or secured cards can help you to create credit history.
- Lack of permanent job and a stable source of income.
- Bad credit that is result of delinquent loan, medical bills, or old card account. To repair your credit you can pay non-credit card bills urgently and use a co-signer to get secure card.
- Many young people cannot be responsible for their actions with credit cards.

Parents who want their children to apply credit card have found a secured bankcard is the best variant. Therefore, parents are able to control the amount of spending and they can get statement, which tells how the money was spent. Secured credit card is the best method to help college students to get good credit score.

How to minimize credit card debts

- Control your debt and remain aware of spending.
- Leave credit card at home and take predetermined amount of money to the party.
- Create monthly budget (it can involve budgeting credit card spending and repayment) and stick to it.

If students exercise sensible spending, they can graduate with great credit score. It will help them to get money to open up own business, to buy a good car or a big house.

How to choose a credit card for student?

Getting the first credit card is a very exciting and important step, it's like a getting driver's license. A student credit card is the best choice for youth starting out with credits.

We will give some tips on how to choose the most appropriate student credit card.

- Since young people don't have experience with credits, they should apply for credit cards that can approve a limited history.
- When students are starting out, the lower credit limit can teach them how not to charge a lot. A very high limit makes it easy to charge much more than you can pay off. As a result, it can lead to debt.
- Pay attention to the interest rate. A low rate is preferably because it helps to end up paying less for using credit limit. You must remember that you will not be able to get a very low rate which is provided for borrowers with a good credit history. If the interest rate is relatively high, pay the balance in full on monthly basis to avoid large finance charges.
- You should choose a card for students that doesn't have annual fee. Banks offer many card products without annual fees. Moreover, some cards waive an annual fee if the client makes a purchase within a calendar year. This card is acceptable if you make purchases once a year, or more often.
- Make sure you know the fee structure and the payment dates. Remember that many cards have over-the-limit fees and late fees. Avoid credit cards with unjust fees.
- Credit cards will help clients to charge more conscientiously. If the student has a cosigner, he/she runs the risk of neglecting a card because he/she knows that parents will pay bills. However, if you are late on a payment, it'll affect the cosigner's credit too.
- Having rewards on the credit card is an additional advantage. If there is a good card product that doesn't have bonuses don't miss it. From other side, if the student finds an appropriate credit card that does offer rewards, it's even better. But don't misuse the credit card in order to get more bonuses and rewards.

2015.07.16 Olivia D.
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