Getting Schooled On Student Credit CardsPosted by Nick Niesen on October 29th, 2010 Student credit cards will probably be one of the first things you will encounter as you go off to college. This very 'adult' financial tool can be a great help during emergencies when cash is tight and you need to pay for goods or services immediately. As a substitute for cash, it provides a safe and convenient method for purchasing. How to get the best deal on your student credit card Look for perks and extras at the same cost. When looking for a student credit card, remember that nothing is for free. Whatever comes piggyback on your credit card pretending to be a freebie is not really a gift. You're paying for it and just don?t know it. To make the most of your so-called freebies and perks, look for a student credit card that offers discounts, warranties, flier miles, free gas and other benefits. You may only earn them each time you use your card but they can come in handy in the future once you've accumulated enough. Choose a student credit card with low annual fees. If you can, go for a no-annual fee credit card provided there are no hidden fees in the offer. You can save a lot if the credit card company agrees to waive it. Watch out for the renewing period when the credit card company charges the annual fee and make sure you know exactly how much and if you can afford it. Advantages of getting a student credit card Build credit history ? a student credit card is probably your first step in building your credit history and how you manage it will have a significant impact in your future credit rating. Build confidence and independence ? a student credit card allows you to manage your finances for the first time and helps build your discipline and reliability. Disadvantages of student credit card A regular cost concern ? as a student, your main concerns probably would be limited to spending money for food, accommodation, gas for your car and other basic expenses. If you have a student credit card you pay at a minimum, you will be saddled with regular payments month after month. Where to get student credit cards How it affects you and your future Like it? Share it!More by this author |