When it comes to college life, we all agree that studying is the most important part of it. But there is also another aspect to consider, the financial one. Expense control during college years is something that we should always keep a close eye on and part of this is to pick the right credit card for your needs.
Even before you start to earn any college credits, you get bombarded with offers of financial credit. When you're away from home, having credit is very important for basic expenses as well as traveling from home to campus, depending on how far away you move.
Of course, credit also helps you trick out your dorm room from that awful, institutionalized look to something that resembles your personal style. Getting the credit you want starts with completing a student credit card application.
You will find banks and credit card companies vying for your business all over campus. Some offer food (Can you believe that?), some give away magazine subscriptions, and others toss trendy tee shirts at you if you sign on the dotted line.
But none of those so-called gifts are the reason you should choose a credit card. Every college student likes freebies, but this decision has a far-reaching, long-term impact on your life. This is too serious to base your decision on a cheap freebie.
Don't rush to complete the first student credit card application that's thrust into your hands. Get at least three applications and compare the deals offered to you; or better yet, shop online, where there is no pressure from anyone to apply, and compare benefits.
These financial companies are all willing to give you credit, perhaps the same initial amount of credit. So what features matter most? First, you need to know what the credit card will cost you (or mom and dad if they're footing the bill).
One cost is the annual fee and the other is the interest rate on your balance. Your best choice is a student credit card with no annual fee. Why pay this when you don't have to? Taking time to shop around for a good deal will turn up a no fee card.
Typical interest rates range from 12% to 18% on your balance. The term APR refers to annual percentage rates. There are more features that can attract you to a specific credit card company.
You may be able to get an affinity card, which is a student credit card with your college or university logo. Other groups also have affinity cards - including political, environmental or social causes.
Some credit cards offer points that can even be used for travel or gift rewards. You earn these points by paying your minimum balance on the due date and keeping within your credit limit.
If you frequently shop at stores, restaurants or travel sites that offer reward points, then you can get more for your money with this type of credit card. Other cards offer cash back - based on eligible items purchased from grocery stores, drugstores, convenience stores or discount stores.
It's okay to eat the snacks and listen to the pitch from the on-campus credit card presentation. Just remember that some of these companies hire students who only know a few sales lines and don't really have all the answers that you need to make an informed decision.
As you can see, when it comes to select the right credit card for your college years, there are many options to choose from. Take the time to shop around, listen to the offers, go online and compare and select the one that better suits your needs as it will be time well spend.
Solicitations for student credit cards on college campuses are as common as fraternity sweatshirts. Representatives trying to convince kids to apply for student credit cards have become more prevalent over the years. Students are an easy target. Most of them are discovering a new sense of autonomy, as they take charge of their daily lives. For some, student credit cards offer the promise of instant gratification and new spending power. Many state legislatures and college administrators, however, feel that credit card companies are taking advantage of students at a time when many are very naive about financial obligations and do not yet understand the long term consequences of debt. Rutgers University banned companies from marketing student credit cards on its campus several years ago. Some universities are considering less drastic measures to reign in behaviors that push student credit cards, as state lawmakers discuss ways to help them do that. California, Oklahoma, New York and Texas are among the states that have passed laws that rein in marketing and solicitations of student credit cards, and Illinois is currently debating similar restrictions. The New Jersey legislature recently began its efforts to dampen aggressive practices around student credit cards, as well. Lawmakers announced a bill that would make it mandatory for banks to offer financial seminars and programs before any student credit cards could be distributed to new applicants. Those financial courses would give new applicants background on what various rates and fees actually mean, what happens when balances are not paid, how debt is accrued and how debt and delinquencies affect credit history. The bill also limits sales gimmicks, so students are not wooed into applying for credit cards just to get the free pizza or shirt. Lawmakers believe restrictions in the bill will help protect students from making poor financial decisions that could have long term consequences. They want the students at its universities to understand the responsibility they take on when they open a credit card account. The country is coming to terms with the economic downturn and consumers are restructuring their financial goals. The years of a booming real estate market and economy left some feeling they could spend freely without consequence. The financial events of the past year has many now rethinking their habits and trying to pay off accumulated debt on credit cards and elsewhere. The efforts of many state legislatures and university administrations to tame the marketing of student credit cards aim to prevent students from falling into the trap that so many consumers have fallen into. By providing protection for vulnerable and financially green students on campuses, perhaps it will help build a foundation for responsible consumer spending.
Both Ray Torres & Barry Waters are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Ray Torres has sinced written about articles on various topics from Credit Cards, Recipes and Medicine. Ray Torres is the keeper of Credit-Cards-Central.com , a free online resource where you can shop, compare and apply for credit cards online and articles and tips on credit cards use. For more information and options on. Ray Torres's top article generates over 4400 views. to your Favourites.
Barry Waters has sinced written about articles on various topics from Credit Cards, Credit Card Interest Rates and Credit Cards. Read more articles on , goto getsmart.com/credit-cards.. Barry Waters's top article generates over 165000 views. to your Favourites.