Student credit cards
Student credit cards are an absolute necessity for the college or university student.
Not only are they useful when times are hard, as when a loan or overdraft hasn’t arived or has been activated yet, they also usually have an instant approval process as they are geared towards students.
Credit cards be it Mastercard or Visa are usually given out by the banks, and each bank has different features, such as APR (Annual Percentage Rate), bonuses as in air miles, or vouche points; that make them all individual, and fuels competition, the credit cards themselves make their money from charging vendors for using them.
Banks are always keen to issue credit cards to students as they know they have disposable income usually from their student loan, and a number of banks have made relationships with colleges and universities to brand the credit card in their logo.
The interest rates for student credit cards are also pretty good, and are not as high as standard credit cards which can go as high as 39.9%.
Credit cards have always been the advantage of not just not geting benefits for using the card, you also get the convenience of not having to carry so much cash, which for a student can easily get misplaced or borrowed by your fellow flat mate, leaving you high and dry.
Student loans have always had a low interest rate and so it should come as no surprise for credit card companies and banks to equally target students with equally low APRs, but ofcourse once your student days are over the rates quickly change to standard ones, which is where the banks hope to make most of their money from.
Visit credit cards debt help, for credit cards debt and general debt consolidation advice from our debt experts.
Filed under: credit cards for bad credit