Although credit card issuers view student credit cards amongst the highest credit risk groups and accordingly charge higher interest rates, they provide an excellent opportunity for young people to start establishing a credit history that will ultimately get them a credit rating.
A good credit rating is not only important in helping a person secure credit but is also very useful when it comes to securing job, getting insurance and a host of other important things most people will need to get done in their lifetime.
Evidence that a good credit rating is of absolute importance is the popularity of any offer that purports to help repair a bad credit rating.
Characteristics Of A Student Credit Card
A student credit card will usually have more restrictions than an ordinary credit card. Many student credit cards typically require the additional signature of a parent. This is a commitment that in the event that the student credit card holder is unable to pay, the parents will foot the bill.
Student credit cards will also tend to have a low credit limit, usually as low as $500. The bank sees student credit cards as a starting point for the individual...
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