College credit cards are the credit cards that have been specially designed for college students. College credit cards are more popularly known as student credit cards. College credit cards allow the students to experience the benefits of credit cards much earlier in their life. Through college credit cards, the college students are able to learn more about credit cards and their use. In fact, for most of the students, their college credit card is their first credit card that acts as a gateway to the world of credit cards. Some other students might have previously used supplementary credit cards linked to their father's credit card account; however, for such students too, their college credit card is the first one that is truly theirs.
College credit cards are not very different from other types of credit cards in the basic sense; they function in the same way as any credit card would. However, there are some differences, which basically arise from the fact that college credit cards are used by people who have no prior experience with credit cards and who perhaps don't understand the concept of credit cards completely. Hence, the credit card supplier is at risk with issuing credit cards (college credit cards) to such people whom he is not sure about. Most of the students don't have a credit history either. In such a case, the supplier of college credit card cannot be sure of receiving the credit card bill payments in time (and even receiving them at all). To counter such risks, the supplier of college credit card requires the parent of the student to co-sign the college credit card application form as a guarantee. Moreover, the credit limit on college credit cards is generally around $500-$1000 per month, which is lower than what it is for other credit cards (this credit limit is generally sufficient to fulfil the typical needs of a student). Another risk mitigation instrument used by the college credit card suppliers is the interest rate or APR. The APR on college credit cards is generally higher than that for other credit cards. Again, this is done to dissuade the students from overspending on their college credit card (and finally not being able to pay their credit card bills). However, if we were to look at these impositions in a positive sense, we would find that these are actually in favour of the student (who is still getting trained to take on the real world of credit cards). Moreover, college credit cards also help the students in establishing a (good) credit history which is another important benefit that becomes handy when the student needs any type of loan at a later stage in his/her life.
So, college credit cards are really something that every student should consider going for.
College Credit Card Offers
Whether you're looking for your first credit card to start building your credit card or you're looking for more cards to add to your arsenal today, it's important to know the advantages of having a college credit card. While most people treat it like plastic, you have to be one of the few that are responsible. If you're responsible and you only use it for what you can afford, you'll be able to avoid that road of debt in the future. Now, let's take a look at all the advantages a college card can give you.
Build your future – When you think of your future, do you think of a house, a car payment or even a loan? Well, without a credit history, you're not going to be able to get these types of things. This is why it's important to start using your card today in order to build your credit history. Just by using your card a few times a month and paying it off will show an increase in your score over a few years. As long as you're responsible enough, you'll see a nice increase.
Safer than cash – Rather than carrying around $200 in your wallet, why not just carry a credit card? In today's era, you're able to use your credit card just about any place. From a fast food joint to your local super market, you'll find that just about everyone accepts it. It never hurts to carry a few dollars in your pockets for something but if you find that your wallet gets stolen, you're never going to get that money back. With a credit card, it will depend on your card company but you'll never owe more than $50 on those unauthorized charges.
Buy things online – If you're going to college in today's world, you'll find that you can save a lot of money by buying things online like textbooks, electronics, etc. Well I hate to break it to you but you're not going to be able to buy things online with cash but when you use your card, you'll be able to buy those things. It's safe and very secure.
Get rewards – When you spend your cash, it just leaves your hand and you don't get benefits from it. Instead of doing that, why not get points every time you swipe your card? There are many student cards out there that will give you rewards just for using your card. Let's say you spend $500 and get 1 point for every dollar you spend. You have already earned 500 points and with that total, that's enough for a gift card at some credit card companies. You get this for just using your card, it's that easy!
As long as you pay your card off in full each month and you're good with your money, you're going to take advantage of them and have a bright future when it comes to credit. If you don't have a card now, I suggest you look into one and get one as soon as you can.
Both Charles And Kim Petty & Tom Tessin are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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