How to Get the Best Student Credit Cards
January 28th, 2009 Filed under: Uncategorized — Credit Card Author |Having good credit opens a lot of doors that would otherwise be closed to you. You need a credit card in good standing to get credit to buy a car, reserve a hotel room, airplane tickets and rental cars. Even high school and college students can apply and receive credit cards. Some student credit cards require a parent or guardian cosigner, but there are some that have student credit cards with no cosigner. Try to look for student cards that require no cosigner. They are out there, it just might take a little more searching for them.
In order to apply for student credit cards, you should be at least 18 years of age, and have a job or other income you can use to pay the credit card payments. You can apply online and get a decision within minutes, or you can apply by mail. Once a decision is made by the credit grantor, you should receive your credit card within a week or two. If you are denied credit, keep trying to apply for a few others. Keep in mind, applying for a credit card does affect your credit, so do not over do it. This is a good learning experience for students. Start with one credit card, and make small purchases on it that you know you will be able to pay off every month without having to pay interest. That usually help you to get a credit limit increase after a few months. At that point, you are building credit that can be used for getting financing for a car or later, a house.
These cards usually start with a low credit limit like $200 to $500 depending on your income. In this case, you may want to apply for a couple of student credit cards. One can be used for the small purchases, and one can be for emergencies. Be aware of credit card offers that have any additional fees attached to them like an annual fee, or a processing fee. There are credit cards for students that require no cosigner and no additional fees. Be on the lookout for those.
Getting student credit cards is a good way to learn how to manage your finances and understand financial responsibility. The sooner you start to build a good credit rating, the sooner you can become independent and have the ability to finance other products you may want. It is also a good way to keep track of what you are spending on academic events and extra curricular activities.
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