Student Credit Cards are special credit cards that can be availed by students who are at the college level. As a dedicated credit card for students with bad credit or one with no credit, the Student Credit Card allows new cardholders to take small steps towards building their credit history as well as manage expenses. Rightly known as easy credit cards for college students, the eligibility criteria to apply for credit card is quite simple. It requires students to be beyond the age of 18 years and does not involve an income eligibility limit. In addition, the interest rates are low on such cards and they are valid for over five years.
Now that you know about the student friendly credit card, the next thing to focus on is how to choose a student credit card.
If you are wondering what are the best credit cards for students, you need to be aware of the parameters that need to be evaluated before choosing one.
Apart from applying with the issuer directly by presenting the documents, you can also choose student credit card online and apply for it using any of the three methods-
While choosing a credit card consider the Annual Percentage Rate, minimum repayment required per month, interest rate, rewards and loyalty points, annual fees and other charges levied on the card.
The best credit cards for students are the ones in which the minimum repayment, Annual Percentage Rate, annual fee, and other charges, are low. Also, the interest charged should be very low or nil. The Student Credit Card should be able to earn cashbacks and rewards too.
Getting a Student Credit Card is the best credit card for students building credit before graduating. Provided the card is managed well, the score can be used to get regular credit cards for students with good credit as well as for availing credit at competitive terms in the future.
The Student Credit Card can be used to pay for various purposes such as enrolling for courses online, purchasing books, refuelling your vehicle, etc. It also offers various benefits such as discounts and cashbacks, which can help students save a lot of money. The card is easy for students to use and maintain as it has low joining and annual fees. Also, with a low credit limit on these cards, students do not end up falling into a debt trap by spending recklessly while at college.
A Student Credit Card is designed to manage the expenses of a student when they are pursuing higher education. However, one can upgrade the Student Credit Card to a feature-packed regular Credit Card at any point of time during the card’s validity.