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STUDENT CREDIT CARDS
Student credit cards, as the name suggest are primarily targeted at graduating students. The underlying concept is that student credit cards are offered free or for minimal membership fees and a student is most likely to be an earning individual within a short span of time which will help him fund his purchases through the credit card.
Most student cards offer good deals to students but it is advisable to keep a check on expenditures such that you don’t fall in a debt cycle even before you have ensured a steady income.
Here are some tips to keep your student credit card in control:
- Choose a low interest card
- Avoid cards with low introductory offer rates which may change to high interest later
- Choose a card with no or minimal annual membership fees
- Look for rates between 13-16% which is the average for student cards
- Choose a card that offers a moderate credit limit
- Ensure you have adequate grace period between purchase and payment dates
- Understand transaction fees and other charges levied by the credit card company
- Keep a check on your balance but avoid revolving credit by paying monthly payable in full.
- Revolving credit i.e paying only a monthly minimum attracts interest on balance payable. This increases debt; hence it is advisable to avoid revolving credit.
- Analyze your credit card statements to ensure credit card does not spur unnecessary expenditures
- Pay your bills on time to avoid late payment fees and other transaction costs that increase the actual amount payable.
