Student Credit Cards

Is a student credit card right for you?

Actually, the answer could be "yes" or "no", depending on your circumstances! Of course, the best advice is to save up for something and then buy it with cash. Unfortunately, different online services often require a credit card. Here are some ideas to getting a credit card:

First of all, obtaining a student credit card is becoming easier, and many companies are offering such cards to students in this growing market. From a student's perspective, it allows a person to pay for things online that only can be purchased on credit. Furthermore, it can help students build a good credit history that is often needed later in life for bigger purchases (like a car or home).

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In spite of these advantages, students have to be careful with using credit cards, because interest rates on such cards are often higher and more than likely have higher penalties if you fail to pay them on time. Furthermore, students may spend well beyond their means and end up with more debt that they can pay off.

There is a happy medium: students can get a debit card that has a credit limit, where money for purchases is deducted from a student's existing funds from their account. A debit card operates like a checking account, and when the student's spending reaches the credit limit, they can't continue to spend (which is a good thing).

Before you decide to get a student credit card, look carefully at the agreement terms for each company and compare the advantages and disadvantages of each. Searching the Internet for such offers will give you a good start on what to look for in a company.

Note to students: it's very wise to keep a copy of your billing statement in a safe place, as your account number and the credit card company's toll free number are listed on it and you'll need this information if your student credit card is ever lost or stolen!

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