Having credit cards doesn’t always have to have negative consequences. Use them to work for you and you’ll reap the benefits.
Good reasons to get credit cards for students:
- It can help improve your credit score. It may be ideal for establishing credit.
- Learning how to run a credit card account properly teaches you important money management skills
- You could benefit from cash back rewards
Tips for getting the best credit cards for students:
Check your credit history before you apply and improve your score if necessary. This way you can make sure that you get the best possible deal for your unique personal needs.
Never spend more than you can afford to repay within the 0% interest period. This way you can ensure that you don’t spend more than you can afford.
Avoid making multiple applications too close together. If you apply for too many cards at the same time, this could have a negative effect on your credit record.
Check the annual interest rate. This will give you a better idea of how much you’ll be paying.
Ensure that you understand the terms. It’s vital to read the fine print before you sign any credit agreements.
Credit cards for students usually come with smaller credit limits. So every time you use the card you should keep in mind that it’s for establishing a good credit record. So you should avoid going over your credit limit.
Always make sure that you repay your balance in full. This may help you if you want to negotiate a lower interest rate in the long run.
Avoid withdrawing cash on your credit card.
Use one credit card. You don’t have to get more than one student card.
Choose your student credit card carefully. It’s important to take the time to research and compare credit cards.