by Tim Morgan
Student credit cards give students access to the amount of money they want when they want it. Depending on your usage, it is important to choose the right credit card, which will help you save more money while still spending on what you need.
Before choosing a credit card you need to decide what it is you need a credit card for. Will you use it more for impulse buying or is it to be kept for emergencies only? You should also make an honest assessment of your current financial responsibility level so you know if you can handle accounts, budgets and money matter responsibly.
Different student credit cards offer different categories of benefits that are designed to suit various purposes. Make sure you choose the student credit card that is most beneficial to you depending on your spending requirements. If you have a car, a driver’s card that offers rebates or points for money spent on car repairs or gas would be very useful.
If your major expenditure is on music, you should opt for an entertainment card that offers points for purchasing CD’s, DVD’s or even for buying movie or concert tickets. Other cards offer air miles that can be used against hotel stay or booking flight tickets. Selecting a card depending on what your biggest expenditures are gives you the most savings by way of free stuff that is given away such as free tickets, trips, movies and even free Disneyworld tickets and the like.
Equally important is to read and fully understand all the credit card terms carefully. If there is a high possibility that you will carry forward a balance from one month to the next, it is important to look for low interest rates. Teaser rates can be deceptive; what you need to check is what it will increase to when the introductory period is over. Besides comparing interest rates of various credit cards, check out how the interest rates would be affected by late payments. Also look into any associated fees that may be involved.
Weigh the pros and cons of buying a credit card that charges any kind of annual fee versus another that does not require any annual fee to be paid. If you intend to avail of the special incentives offered, such as frequent flier miles or hotel stays, then an annual fee may be worth paying. But make sure that the incentive is worth the annual fee that is being charged.
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