College/University Credit Cards Tips
Read these 6 College/University Credit Cards Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Credit-Cards tips and hundreds of other topics.
No annual fees and college credit cards
When shopping around for a college student credit card be sure to look for one without an annual fee. With a little bit of research it is very easy to find college credit cards that does not require an annual fee. Most major credit card providers offer no annual fee credit cards to college students. If you're a college student, you know that every bit of savings counts.
Use a college credit card to help buy a car
Find a college student credit card that helps you save for a new car. Some student credit card companies offer rebates that are meant to be applied toward a new or used car purchase. These car rebate plans typically allow for a limited amount of money to be earned every year for a period of five years. You earn money toward your car rebate every time you use your student credit card to make a purchase. When it's time to buy your car, request your rebate check and go pick out your new wheels.
Charge smart
One of the best lessons you can learn as a college student is how to use a credit card responsibly. Resist the urge to treat your new college student credit card as free money. See it for what it is--a high interest loan that can turn an innocent splurge for a night out into a huge bill that will take too long to pay off. Responsible use of college student credit cards includes paying the credit card bill before it nails you with high interest fees. Get a college student credit card, but use it for emergencies and easy-to-pay-back purchses only.
Build your credit history early in life
Getting a college student credit card can help you build a good credit rating that will benefit you later in life. College students who open a college student credit card account, pay all balances on time, and don't exceed their limits are in a better position to get larger and better loans sooner after graduation. These loans can be for things like homes and cars. By responsibly using your college student credit card you can prove to lenders that you are a safe borrower so they'll offer you better interest rates for your loans.
Earn cash back for everyday purchases with a college credit card
College credit cards can save you money if you take advantage of their cash back programs. Many credit card companies offer student credit cards that earn money whenever you use them. Some cards will even give you more back for specific partner stores such as supermarkets, drug stores and gas stations.
0% introductory rate for college students
When choosing your college student credit card, take into consideration more than which card company is handing out free T-shirts at the student union. One thing to look for is a 0% introductory rate. These deals on college credit cards let you borrow money on your card for free until the introductory rate term is up. Then the interest rate reverts to the original high rate. These cards can be especially useful at the beginning of a semester when you may have a lot of books to buy and apartment setup fees to pay, but you haven't yet received a paycheck from your job. Make sure that you pay your college credit cards off as soon as you can to avoid having to pay extra for those things you bought at the beginning of the semester.
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| Linda Handiak |
