While all credit card
companies would want you to apply for their credit card, every student credit
card comes with a credit limit. Credit limit offered on a particular card
should be one of your principle guiding lights. How much credit do you need in a
month? If you were signing up a high credit limit credit card, ask yourself if
you actually need that much credit. If possible sign up for low credit limit
card as it will force to minimize your expensive and save your available credit
for really unavoidable expenses.
Annual Fee of A Student Credit Card
Annual fee is one of the one of the principal costs of a credit card and the other is the interest rate you would need to pay on that card. However, if you carefully browse around and negotiate with card companies insisting on a Students card which comes with no annual fee, most card companies especially the bigger ones like Visa or Mastercard would happily oblige you with one. If you can save on the annual fee, then you will be able to save a significant amount of money, something which will definitely please your parents.
Student Credit Card
Generally speaking, most student credit cards charge an interest rate between 11 to 16% on your outstanding balance. The lower your interest rate, the lower your credit card expenses. So choose a card which offers you the lowest possible interest rate.
Students Credit Card Reward Points
Some student's credit cards offer reward bonuses, if you shop in stores sponsoring the card company. These card give you reward 'points' which can be redeemed for a number of attractive gifts and discounts. Some cards even offer cash back offers
Affinity Credit Card with Your College Logo
Affinity cards are embossed with the logo of your university or college. While its nothing more than cosmetic gesture, but it's very ingenious way of personalizing your credit card.
While it's perfectly understandable to listen to sales reps prattling on about the benefits of their credit card, remember that these reps will never share the fine print information with you. So it's best to do your research online and make the smartest decision.