Choosing a Student Credit Card

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As there are so many student credit cards available in the marketplace, the problem arises on choosing the right one. Here are a few points that we should consider:

The APR: Most of the credit cards for undergraduates come with a 0% APR. Before we sign up, we should confirm where the zero interest is being applied. The 0% APR might only be valid to transfer balances while some other cards might give the zero interest on other things also.
Moreover, confirm about the details of the introductory offer, like its time period etc. Some credit cards give only 4-7 months while others might offer a longer period.

Additional Charges: besides the APR, remember to confirm all the additional costs on your card (annual fees, over-the-limit fee, late fees, etc.).Keep in mind that a low interest rate does not mean that we have got the best credit card in the marketplace. Confirm that there are no “hidden charges”.

The grace period: An ample grace period ranges from 20-30 days depending on the issuer. Do not forget to submit the payment before the grace period ends to avoid extra charges.

The perks & rewards: After bearing in mind the interest rate & the credit card fees, think about the rewards that best matches our lifestyle & needs. On the other hand, do not forget that a student credit card with rewards would be beneficial only if we would pay off our balances each month. Otherwise, we would be subjected to a greater interest rate