Starting your life as a young adult comes with its share of perks and excitements. It further comes with a whole bunch of responsibilities, which include chances to give a vote, procuring driver’s license and what not. Teens have the liberty to gain their shares of financial privileges like working their ways out to open an account in a bank or signing up for the very first credit card.
Now, it is the duty of every parent to help teach children to choose the right path of good credit and well spending habits. Student credit card is one of those basic steps towards setting up a goal, establishing a good credit history and managing to get some short terms, rewards, and interest-free finance.
Good credit is always mandatory to gain favourable rates on some loans in nearby future like insurance premiums towards the lower side, renting apartment and more.
Even a good credit rating can help you gain better car insurance when you are eligible to drive. Without a proper credit history, moving forward in your life becomes a crucial path, to be honest.
Table of Contents
Student credit cards – meant for whom?
At this present scenario, the law requires the student to be at least 18 years of age to get credit cards on their own. In the real case, getting the credit card at 18 years of age is not that simple like applying for one and getting approved the next minute!
Just because you have reached the 18 years of age and are qualified to get a credit card, that does not mean you should get one. You have to prove a reliable and steady source of income, just to get the student credit cards requests approved by the financial sectors.
Well, the parent’s allowance is not the example of a steady income source. The banks are currently looking for a reliable monthly paycheck as proof and kids don’t usually get that unless they start working at tender ages.
This law is to prevent kids from falling under the pressure of credit cards debts. So, it is designed to protect not just the card issuer but most importantly, the student.
Time to work on the basics:
The market houses so many types of student-based credit cards, and each one coming with a set of benefits and some drawbacks. It is always vital for you to do your bit of research thoroughly on the cards you are planning to qualify for.
Moreover, you have to take some time out and check on the rewards and benefits each card holds. There are some options who offer no yearly fee and there are others, which as money back opportunity for the dollars spent.
Just go through each financial institution first, check out their available student credit card based on the features, compare one card to another, and finally make a decision.
Benefits you cannot afford to miss out:
Yes, you have done your bit of research and finally agreed upon trying your hands on the student credit card. It is a clever task you have worked on. Before you head start with the selected credit cards, going through the advantages at least once might help you big time.
It will help you to know whether you have made the right decision or not. Some of the basic advantages involved under student credit card are:
- Financial resources and education
- Promising support from an issuer with multiple payment options through reminders and alerts
- Rewards designed solely for the students
There are some additional rewards selected for the students, willing to pay on time or earning some good grades. Using credit cards in a responsible manner, while holding the post of a student, is always a great start to your credit building experience.
Those kids willing to handle money in a responsible manner can get huge benefits from student credit cards. This is often the biggest issue, whether you are matured to handle the responsibility of credit usability or not.
Try out some areas serving the best student credit card:
If you ever get the opportunity to search through the internet, you will be pleasantly surprised to come across so many online and brick and mortar financial institutions, claiming to offer the best student credit card.
Each one of them will have lucrative features to it, which you have to go through and compare before making the right choice. But, if you ask experts for help, they have some names which they want you to try out.
- Go Banking Rates: It is one of the noted platforms, which will help students in picking up some of the best credit cards, solely designed for their use. It is based on the current perks, introductory rates and offers, and some new purchases.
- com: this proves to be a promising resource for some of the latest offers on student cards with the listing of some perks, APR and more.
- com: It is another interesting platform to try you in offering some pros and cons based information on various credit cards for students.
- com: Another interesting and promising site for you to check out has to be this Nerdwallet.com. It is perfect for students, looking for credit cards under some of the best deals in town.
Why you need a student credit card in your life:
The major reason to head towards student credit card is to build a stronger credit history. As you are starting it too young, even when you are in school, so you have enough time to build a strong credit score for the future loan and other services.
With the additional services by your side, there is no need to wait any longer before trying hands on the finest credit card options for students out there.
- Purchasing proper credit card for students will offer the finest cash back options over here
- It offers you higher credit lines
- There is no pain of paying an annual fee around here
- You can further get coverage for any fraud cases, and more
Just go through the valid options and make up your choice. There is no turning back from there, once the choice has been made.
