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Ways for Building a Solid Credit History with a Student Credit Card

If you are a college student, acquiring a college or student credit card is the easiest way to build a good credit history. Perhaps you have seen credit card applications displayed around campus. The application process is very simple, and most people are approved. Although obtaining a credit card is perfect for proving credit worthiness, it is essential to responsibly manage credit.

Advantages of a Student or College Credit Cards

Aside from the obvious advantage of establishing credit history, student credit cards are ideal for basic purchases. For the most part, college students are strapped for cash. Hence, a college credit card may be used wisely to purchase semester books and pay for other unexpected expenses that arise. Furthermore, some college students obtain a student credit card to purchase an inexpensive used vehicle.

On average, student credit cards have a low limit. Average credit limits are about $1,000. Credit card companies recognize that first time credit card users may become overly excited with seemingly "free money," thus, the limits are kept low. Low credit limits make student credit cards easier to manage. As you build credit, the credit card company will gradually increase your spending limit.

How to Use Credit Wisely

To avoid accumulating excessive debts, college students must resist the urge to buy whatever they want. In some instances, a college credit card company will approve students for a large credit limit. This is dangerous. Do not purchase items you cannot afford. By doing so, you will likely join millions of other people who are drowning in debt. Rule of thumb: payoff balances each month. This contributes to you remaining debt free.

How to Apply for a Student Credit Card

To get approved for a student credit card, college students must be employed. The application will request employer, income, school, and personal information. Moreover, the creditor will review your credit report. Prior to completing the application, you should read the terms of agreement. What is credit card's introductory rate? What will the rate be after the six month introductory period? Furthermore, what are the late fees, and is there an annual fee? Compare Student Cards and Apply.

Maximize Benefits With A Reward Student Credit Card

Building a Good Credit History

Getting a Student Reward Credit Card offers many benefits in addition to convenience. Most importantly they can enable you to start building a good credit history and credit score.

A good credit score will give you many advantages later in life. Your credit score will determine how easy it will be for you to get a loan in future and what terms and interest rate you will be offered. On the other hand a low credit score can limit your financial options considerably. Your credit rating will have tremendous impact on your future financial life.

To get a good credit rating, use your Student Credit Card wisely. Always make payments on time and never exceed your credit limit. Don't let your outstanding balance build up and, as much as possible, pay the balance off each month.

Getting The Most From A Student Reward Credit Card

When looking for student reward credit cards, look for the card that offers the best incentives on purchases you make the most. Some cards award you a full five points (roughly equivalent to a 5% cash back) on charges made in restaurants, bookstores, record stores, video rentals and movie theaters and one point for other purchases.

Some even reward you for getting good grades (up to 2,000 points a year) and for paying your credit card bill on time. Points can be redeemed for gift cards, CDs, airline tickets, or tickets to the MTV Music Video awards.

To determine which card best fits your needs, look at your spending patterns and which type of rewards you prefer to earn. Remember that if you will be carrying a balance, you may be better off looking for the student credit card with the lowest APR.

A lot of Student Reward Credit Cards offer great benefits very similar to those of non-student cards. But with so many offers available, it's worthwhile to do a little homework to get the card that best suits your needs. Don't just respond to the first offer you come across, but take some time to educate yourself on how to choose the student credit card that is best for you.

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