Student Credit Cards – Find the Best Student Credit Card

by Susanna Hamilton, Contributing Editor on August 5, 2013

Student Credit Cards
Credit Cards for College Students:

While parents are justifiably concerned about young college students applying for a student credit card, this is actually the best time for young people to begin learning the responsibility of building a credit profile.  Parents can assist their college age offspring in finding the best student credit card that is designed uniquely for the ways in which college students use credit.

College Student Credit Cards Can Be Useful:

Most of us are aware of the challenges that are faced by college students as they get ready to go back to school. Students will need to purchase supplies for school, as well as required books and appropriate clothing.  Parents who have taught their college students the value of credit can help them decide on the best student credit card.

In making sure your student has the right information about student credit cards.. you can help them make better decisions.  There are several student credit cards that include cash back credit cards and credit cards with zero introductory interest that may be right for your student entering college.

Choosing the Best Student Credit Card:

Parents should work with their college students to find the best student credit card for their needs. Most students spend money at bookstores, clothing stores and gas stations.  Other uses may include restaurants, grocery stores and perhaps travel, for students who may be attending college a long distance from home.

Reviewing the various student credit card options involves determining how your college student will be using their credit cards.  Many cards offer special discounts or cash back when the card is used for specific purchases.  Others offer introductory periods with no interest allowing students to buy their necessary supplies and pay them off over several months without incurring interest.

Fees and Interest Rates:

There are several credit cards for college students that offer low annual rates as well as a zero interest rate for a specific period of time. These offers should be reviewed to determine which student credit card best meets the student’s needs. Each company that offers credit cards for college students offers some program that is ideally suited to college students of all ages.  Review the terms and conditions and decide on the best option (or options) to meet the credit card needs of your college student.

Teach Responsibility through Credit Management:

Parents spend their entire lives teaching their children about managing money.  From their very first savings account until they apply for their first student credit card, it is up to parents to make sure that college students learn to manage their credit wisely.  Parents should have an honest discussion with their college students about managing their first student credit card. Make sure they are aware of the long-term benefits (and challenges) associated with responsible credit management.

Having a student credit card during college is considered part of growing up and taking responsibility for your future.  Parents should answer all questions that are posed to them in an effort to help their college students make good credit decisions.. and to make sure their college students make the right decision as to the best student credit card for their needs.

While there is no doubt that credit can be abused, there is no reason that a student who understands the responsibilities of credit cards cannot successfully build credit for their future.  Understanding the various options that are available to them, understanding how to use credit effectively and finding the right credit cards for college students is one of the first steps that a college student must take to successfully manage their own financial future.

 

Article Courtesy of Credit Card Approval Center

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