Credit Cards and Students

Those student years... happy and joyous, independent and somewhat carefree time. Nevertheless, teens face their first difficulties after all. It is not only about their forming psychology, first love, communicating with people on a more serious level, but also learning how to manage their finances.

Quite often parents pay for their kids' college, and sometimes they also provide their children with pocket money. However, basically kids, when entering a college, are not kids anymore, i.e. they are regarded as adults. Consequently, they have to cope with all problems (including financial) on their own.

You might think that students, with nothing to care about, spend money on various entertainments, e.g. parties, expensive and fashionable clothes, CDs, DVDs, cinemas, and so on. However, most of them reasonably buy those things which help to study – books or programs, for instance, or visit various elective courses. Actually, students do their best to become independent, especially in finances, with the help of any part-time job, for example. Nevertheless, there is no doubt: this money is not enough to compensate for all of those expenses.
One of the methods is to obtain a credit card. Nowadays very many credit card issuers offer various deals especially for students, so choosing the best is not a great difficulty. Even if your credit score is too low (or you have no credit at all), you are free to choose and apply online.

Certainly, the limit on such a plastic is not that high, so you will not be able to cover, for instance, the total cost of your education. Nevertheless, owning a student credit card you will not have to ask your parents to give you pocket money anymore.

So, as soon as you are 18, you are eligible to apply for a student credit card. Such plastics help to manage personal finances reasonably and give the necessary convenience (take into consideration this furious speed of life when studying or working!).

In practice, however, this wise managing often loses its essence. So the judicious costs turn into senseless waste of precious savings. Of course, students are not young teens, so very often they face the lack of experience when dealing with numerous credit card offers, many of which seem to be incredibly attractive. That is why their parents' attention and control is required.

So, what are these student credit cards, really? First of all, it is quite easy to obtain one, since so many issuers offer them, such banks as Citi, Chase or Capital One. Your credit score may be low (or no credit score at all), still you are free to apply for one. The APR of these plastics is usually 10-20%. The credit limit of these plastics is $500-1000. Student cards often have some favorable terms, such as 0% introductory APR or no annual fee. Moreover, these may be cash rebates or point rewards cards.