There is no denying that good credit is important. Having too much debt, however, can be detrimental to your credit score.
If you’re thinking of getting credit cards for students, you need to take a few factors into account first. For instance, you need to be clear about why you need to have a student credit card.
Tips for credit cards for students:
- Make sure that you read through the terms of any credit cards for students agreements. You need to take the time to read the fine print and make sure that you fully understand the credit agreement.
- Check the fees and interest rates and compare. Ideally, you should compare at least 5 different credit card providers. The best credit cards for students have a low interest rate, a low credit limit and no annual fee.
- One credit card is enough. You don’t have to have multiple student credit cards. One card is enough and you should make sure that you pay it off on time every month.
- Only use an amount you can afford to pay. Having a student credit card doesn’t mean that you should go mad and overspend. You should be clear about why you have a student credit card. It could be for emergencies or it could be there to establish a good credit record.
- Make sure that you pay your balance in full every month. You can avoid extra fees this way. This is the main way to make sure that you keep your credit record intact.
- Stay under your credit limit. Avoid maxing out your credit limit by all means.
- void fees by shopping around for a no-fee card. Compare, compare, compare!
- When you do get credit cards for students, keep in mind that it’s important to set yourself up for a positive financial future.
To apply for a student credit card- click here.