College Credit Cards Building A Good Credit History At An Early Age
College student credit cards are intended specifically for students who normally would not qualify for regular credit cards, as they do not have a steady income or a credit history. As a student, it is a good idea to establish a first-rate sound credit history at an early age, which would help you get a regular credit card in the future, regardless of your employment status.
College Credit Cards Versus Generic Credit Cards
In theory, college credit cards are identical to regular credit cards. However, a college credit card is meant for college students who do not have previous credit history. Hence, these cards have more restrictions or conditions than the generic cards. The top three restrictions include:
– Co-signature from the parent or guardian at the time of application
– Lower credit limit (Example: $500 to $1000)
– Higher interest rates than traditional credit cards: Normal interest rates on these cards are 16-18%
Advantages of a College Credit Card
A college credit card has become a necessity for most students. The advantages are...
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