Best Credit Cards – Best Student Credit Cards
There are many options for those looking for credit cards. In decades before, card holders did not have as many options for credit cards as they do now. Credit cards have significantly evolved from a basic card to those that cater to specific demographics. One card type in particular that is becoming increasingly popular is the student credit card.
Understanding Student Needs
As the CARD Act of 2009 has limited the younger generation’s ability to get a credit card on their own as a way of protecting new credit foundations, those under the age of 21 can not get a credit card without the assistance of a parent or guardian. However, student credit cards are available to assist parents in helping their children adapt to college life and their first time away from home.
Student credit cards are designed to offer students what they need when they need it. Most college students have access to a student credit card to cover emergency expenses, book costs, and general living expenses when away from home. Student credit cards also offer incentives that make sense for a young student. From discounts on school supplies, dining, and entertainment, student credit cards earn incentives and rewards the card holder can actually utilize during their school years.
Comparing the Benefits
There are different rewards incentives among the different credit card providers and it makes sense for credit card shoppers to compare several cards that make sense for a new financial life. Most college students will begin to develop their credit foundation while still in college and the activity on a credit profile will carry over for many years to come.
Comparing student cards should consist of looking at interest rates on the various cards, understanding how rewards are earned, and making savvy credit decisions early in life. Find a card that makes sense for a student’s new life or compare the cards that have incentives for students further along in their academic studies.
Student Cards Make Sense
College students who are learning to become independent from their parents can effectively use a credit card to start their own financial foundation. A credit card is a good introduction to understanding real-world financial matters. Students can become authorized users on a parental account or use parents as a co-signor on the student-oriented credit card.
With the incentives student credit cards are offering, students can also learn ways to save money during their time in college. Discounts on school supplies and college-age entertainment are just some of the incentive card holders have access to regularly. Students also can find rewards programs offered by card providers that give significant discounts on airline travel, car rentals, and other travel-related services for flights home or when studying abroad.
Looking to the Future
Once a student has established a good credit reputation using a student credit card, after graduation they will be more likely to qualify for traditional credit card accounts that reflect their new lives outside of the classroom. Some student credit cards are set up to grow with the card holder after graduation to ensure continuity in their financial life.
Whether leaving home for the first time or living the life of a graduate student, student credit cards can be a great springboard into the world of responsible personal finance. Acquiring a student credit card should only be done after research and comparison of several cards since there are many options and available incentives.
Finding the right student credit card can make a difference in your personal financial foundation so choose the one that has terms and conditions that make the most sense for you.