How To Get A Credit Card When A College Student

You may think that because you are a college student you will not qualify for a credit card, but the fact is you will probably be approved for at least one, and may receive several approvals in some situations. It is important that you remember not all credit cards are equal, and only thorough research can weed out the unappealing ones. The interest rate that you will pay can vary from one specific credit card to the next, so examine this factor during your research.

Some colleges may have affinity cards, which carry the logo of the college, but these can be pricey and may not be worth the high cost in many cases. There are some credit card programs which are geared towards college students, while others offer cards with a high initial and yearly fee and a low credit limit.

There have been cards which supposedly offer a $500 limit, but by the time you actually receive the card more than $400 in annual charges and fees have been deducted. You could end up owing the initial $500 plus interest for around $70-$80 in credit. Recent changes in the federal laws relating to credit cards and college students have created some protection. If you are under 18 then you can not get a card in most cases, and if you are under 21 then you will need to have someone older than this cosign, unless you can show you have the financial ability to make the payments on the card without anyone else helping. Check all of the terms and conditions for each credit card before you make your final choices. This will help keep your card costs as low as possible.

If you have difficulty getting approval for a credit card on your own as a college student you can use one of the other available options. You can see if a parent or someone else will cosign for you, so that you get the approval you need and the credit card you want. You could also apply for a secured credit card with a small limit initially. After you make your payments when they are due for a period of time you will normally receive a credit limit increase.

Getting a credit card as a college student is not difficult for most people, but paying off the bill may be. When you apply for credit cards only apply for those that meet your needs and your budget. Stay away from cards that have high initial or yearly fees, and compare interest rates as well. As a college student you are starting your financial life, and not being wise with your credit card use once you have been approved can cause problems with your budget, your financial future,and your life. Just because you qualify for a credit card does not mean that you can afford to use one. Look at your financial situation closely. If you do qualify for a credit card a good idea is to use it only for educational expenses and emergencies.