Rewards or Low Interest Credit Cards for College Students?

May 16, 2012 by  Filed under: Credit 

Whether you are a student looking for a credit card that you can use through school or a parent wanting to find a good card that they can send away with their son or daughter when they leave for school, here you will learn a few tips on how to select a low interest credit card for college students.

There are two different perks to credit cards and you have to choose which benefits best suits your needs and lifestyle.

The first is low interest cards. These will keep the charges on your purchases to a minimum, which is important for first-time credit card holders such as students who need to make sure their interest charges are manageable each month.

The second is rewards cards. These may not have the lowest interest rates, but the rewards points can be a great bonus when you make purchases. Rewards point are great for students because it encourages responsible spending. The rewards are given on purchases for necessities such as food and books.

Low interest cards are the best choice for students because they offer an opportunity to pay off student loans through a consolidated, low interest channel. Other debts also tend to pile up during college and it can be a struggle to juggle school along with a heavy load of bills. Having a card can reduce monthly bill payments temporarily to relieve some of the financial burden while a student is in school.

Credit cards that are targeted for students can even offer deals that will charge no interest if the balance is kept under an agreed upon amount. This is a great way to teach students how to budget their money each month to avoid interest fines. Keep in mind however that once a students schooling is completed, this agreement may be discontinued and the interest rates charged each month may be raised.

Another reason applying may be a good idea for a student is that a low interest card can be a great help in times of emergencies. Every parent worries about their child going off to college, even if it is nearby, and knowing that your student has credit available as a safety net can be a major stress reliever.

When you apply for a card, make sure that the interest rate is low to keep your budget under control and remember to only make purchases that you can pay back within a reasonable time period.

For help finding great 0 interest credit cards, visit Fast Credit Card Approvals.

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