Are You Ready for a Student Credit Card?
As a student, you may have a strong interest in applying for a credit card. While there are many benefits of carrying a student credit card, you don’t want to go down this path until you’re 100 percent sure that it’s the right decision.
Here are five questions you can answer to clear the air:
- How do you plan on using your new credit card?
- Do you have a plan in place for paying your balance every month?
- Will you qualify for a student credit card on your own, or will you require a co-signer?
- What steps will you take to ensure that you don’t overspend?
- Do you trust yourself to act in a responsible manner?
As you answer these questions, you’ll inch closer toward making a final decision for or against a student credit card.
If you realize that now’s a good time to proceed, start to compare the many available offers. When doing so, these are the types of details to focus on:
- Spending limit
- Interest rate
- Safety and security
- Online account management
- Customer service
You should also read as many online reviews as possible, as these provide a clear overview of what other students think of each card. Don’t rely solely on the information you read in online reviews, but definitely keep it in mind when making a decision.
Unless you’re 100 percent sure that you can benefit from a student credit card, it’s best to hold off for the time being. You don’t want to make a mistake that can impact your finances now and in the future.
However, if you’re confident that a student credit card would make a nice addition to your financial toolbox, learn more and decide how to best move forward.
What are your thoughts on student credit cards? Did you have one of these while you were in college? Did it satisfy all your needs?