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How to Choose the Right College Credit Card for You
Copyright 2005 Richard Keir
Credit cards are a huge industry. Everybody who can get one or
two or 10, uses them because they are a great convenience. But
there are so many credit cards being offered to students these
days that it might seem nearly impossible to choose the right
college credit card for you. But it is very important to
investigate and to choose carefully to make sure you end up with
the best deal you can find.
It's also important not to go overboard and get a half dozen
cards or more. It is very easy to get yourself into serious
financial trouble before you realize it. It is so easy to use
the cards when you want something - but then the bills start
coming and getting bigger and bigger.
The interest rate that a college credit card charges is a
critical factor in your considerations. Let's face it, when you
make a purchase on a college credit card you are actually
borrowing money from the credit card issuer. They will want it
back - with interest. So you must pay a monthly interest rate on
this loan unless you pay your balance off in full every month.
Naturally, the best option is to pay off the credit card every
month, but sometimes that just isn't going to happen, so you
want to get a college credit card with the lowest annual
percentage rate and the longest 0% interest introductory period.
The majority of college credit cards will be very similar in
these two regards so the next point to consider is what kind of
rewards you receive for using the credit card.
For many students, college credit cards are the first 'real'
credit cards that they have gotten and they may not know what
types of reward would be the best to look for. Generally, the
three main reward types that will be most valuable for students
are:
* Cash Back
* Frequent flyer miles
* Free gas
Cash back on a college credit card is actually a kind of points
system. As you spend money these points accumulate on your
college credit card account. Then they can be exchanged for
cash, gift certificates or special discounts at popular outlets
and stores. While the amount of 'cash back' that you get as a
college credit card reward might seem small, remember that every
little bit helps and you will soon be racking it up.
If you have cash available to pay for items like books and other
necessities, you can use your card instead and then pay off the
bill as soon as it comes. This does two important things for
you. First, it helps build your credit history in a very
positive way. Second, it accelerates your rewards. BUT, you must
pay it off, don't spend that cash on something else and end up
paying interest. You have to keep your finances under strict
control.
Frequent flyer miles could be the best rewards to have with a
college credit card if you attend a college a long distance from
your home. As you use your college credit card you accumulate
frequent flyer miles that you can later exchange for flights
back home - or wherever you want to go. Unlike the airline
reward schemes, normally credit card frequent flyer miles can be
used on any participating airline, worldwide.
Free gas when you use your college credit card could be your
best option if you have your own car. Gas prices keep getting
higher and some college credit cards offer rewards that can help
with the rising costs of operating a car by providing rebates
for gas station purchases. These free gas college credit cards
may also offer discounts and points towards other motoring
related items so it can be well worth your time to compare the
different programs available.
With careful research, a little good sense, and careful
attention to your finances, your college credit card can
definitely help make your college years easier and give you a
great head start on an excellent credit rating.
About the author:
As a writer and educator, both online and offline, Richard
strongly supports the value of quality education, whether online
or off. Learn more about college programs, online education and
college finances at http://online-learning.blgz.info/
Written by: Richard Keir
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