Student Credit Cards – Are They Right For You

If you have a teenage or college age student, then you already are aware they prefer not to heed your advice anymore. Unfortunately, even though they may not realize it, they need you a lot more now than they ever did. These are the years where they will want to start using their own money but may not know how to manage it. Sooner or later your children will be trying to obtain their own credit card and begin building their credit ratings. By allowing you to help them, you can help steer them away from credit card debt, which will follow them for years to come, not counting the thousands of dollars in interest charges they will be paying to get rid of that debt.

Explain to them the way credit cards work, and then together you can go online to show them the different advantages and disadvantages to each card so they will be able to compare credit cards when they are on their own. For now, since you are doing this together, decide on the type of credit card which is best for your student.

Many credit card companies offer a student credit card, which is designed for student consumers. They can be an excellent option for a responsible young person who would like to manage their own finances while building credit.

Another option is for you, the parent, to make them an authorized user on your own account. You will be able to watch the child’s spend habits. This will enable you to teach them to curb their spending and about the dangers of credit card debit. Since it is your account, any misuse will affect you and your credit score. Also you will be responsible for any charges your child makes on your account.

Here is a list of some of the best student credit cards available online:

Capital One No Hassle for Students is a card for credit that helps build credit ratings. 0% Introductory APR on purchases for an introductory period. It also offers a 25% Annual Bonus on the cash you earn during the year.

Capital One Platinum for Students is a card that assists in building a strong credit history. It features a 0 percents interest rate on all new purchases for an introductory period. There is no annual fee.

Chase Bank Chase +1 Student MasterCard offers 0% Introductory APR for 6 months. There is no annual fee and cardholder can earn 15 Karma Points just by getting approved for a Chase credit card.

Citibank Citi mtvU Platinum Select Visa for College Students offers 0% Introductory APR for 6 months. There is no annual fee, and cardholder will earn 1 Thank You point for every dollar spent on all purchases.

CitiBank Citi Driver’s Edge Card for College Students offers 0% Introductory APR for 6 months on purchases and balance transfers. The regular interest rate is applied after that and it charges no annual fee.

Credit cards offered to students usually do not charge an annual fee and offer 0% Introductory APR with balance transfers available. If you have no credit history established then you may want to look into a secured credit card to give you some credit history before trying an unsecured credit card.