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Often, when men and women are browsing by means of the distinct types of credit cards obtainable, they come across the category of "Student Credit Cards."  Many people, nevertheless, are not certain what a student credit card is or why they are even presented.  Typically, these cards are meant to be credit cards for college students, despite the fact that they can be employed with higher school students as properly.  To greater comprehend what student credit cards are all about, it is beneficial to take a appear at student credit card basics.

Who can use a student credit card?

Even though student credit cards are usually marketed toward college students, anyone can normally apply for one particular of these cards.  Some cards, however, will ask the name of the college the student attends and will demand verification in order to receive one particular of these cards.

Why does the credit card application ask for the name of the college?

Firms supplying credit cards for college students comprehend that college students normally do not have any variety of established credit background.  A limited credit history makes it much more difficult to obtain a credit card.  On the other hand, these businesses understand the value of getting a credit card even though in college.  The reality that you are attending college demonstrates to the credit card business that you are responsible and you are looking toward your future.  This gives them a modest reassurance that you may well also be responsible for taking care of your debts.

What is a secured student credit card?

A secured college credit card is really much more like a debit card.  With these cards, you (or your parents) deposit cash onto the card ahead of time.  The quantity of money you can invest with the card is limited to the amount of cash that has been placed on the card.

Why would I want a secured student credit card?

Secured college credit cards are advantageous for parents who want to give their college-aged child an allowance even though at college.  In addition, there is no risk of accumulating a debt that you can't repay.

What are the drawbacks to secured student credit cards?

Secured student credit cards usually have a big quantity of fees.  Frequently, there is an enrollment fee.  This fee can be as considerably as $one hundred.  There are also typically annual fees or monthly charges.  In addition, there is a small fee each time cash is place onto the card.

What sort of interest prices do student credit cards have?

Secured student credit cards do not have an interest rate considering that you are not really borrowing funds from the credit card organization.  Unsecured student credit cards that extend a line of credit, nevertheless, often have a greater interest rate than other credit cards.  This is not due to the fact the card is a "student credit card."  Rather, it is due to the fact the cardholder has a restricted credit history.  Therefore, the interest prices are comparable to other credit cards presented to individuals with a equivalent credit background.

Do student credit cards provide rewards applications?

Some college credit cards do provide particular reward programs.  As with other credit cards, nonetheless, student credit cards with unique reward applications generally have an APR that is higher than those with no reward applications.

Why really should I get a student credit card instead of a standard credit card?

There are credit cards obtainable for people with a restricted credit history that are not especially meant for college students.  There is absolutely nothing wrong with obtaining 1 of these cards.  Student credit cards, nonetheless, sometimes have a reduce interest rate than other cards for folks with a limited credit history because the fact you are attending college demonstrates a particular level of responsibility.  In addition, student credit cards often have benefits related with them that are meaningful to college students, such as discounts on school supplies. [http://www.creditcards.org/prepaid-credit-cards/upside-visa-prepaid-card upside prepaid credit card]