Student Cards to Meet Unexpected Expenses and Gain Experience with Credit

Student credit cards offer multiple benefits, including shopping convenience, affordable rates, urgent cash, and flexibility. Many issuers offer cards to students who are enrolled full-time and are new to credit. This is one way to gain experience, develop sound financial habits, and build a solid credit history.

Credit Card Options for Students

Students are offered plenty of choice, from prepaid and secured cards to low cost solutions. Some issuers offer cards with different fees, however, including transaction and processing fees. In addition, while some issuers report payments to the bureaus, most financial institutions report credit card payments only. There are other options, one being to apply with an adult cosigner or to obtain a card jointly. A regular student card is a good option, whether a Visa or MasterCard, with multiple benefits such as cash back, no caps or restrictions, high limits for making timely payments, and others. Some banks also offer convenient online tools to allow students to check their credit score free of charge. Other cards attract new customers with generous bonuses – students get a 25 percent bonus for timely payments. Many issuers advertise student cards with no annual fees and points to be redeemed for cash, media and books, goods, electronics, and other items. There are credit cards that offer access to entertainment events, theatrical performances, sports events, dining, concerts, and a lot more. Together with participating retailers, issuers offer presale tickets, VIP packages, travel rewards, and other perks.

Criteria

These cards are designed for customers enrolled in a university or college. Banks ask applicants if they are enrolled part-time or full-time and whether they are employed. Students are also asked details such as type of program and year in school, i.e. medical, dental, law, graduate, or trade school, community college, or high school. Some banks also ask about accounts held in other banks and whether you are an existing customer. There are banks that require that customers provide details such as number of dependent children, marital status, expected year of graduation, faculty, college or university name, and sources of funding, including scholarship, loan or grant funding, part-time or full-time job, parental funding, and so on. Once approved, students are offered multiple benefits, including the option to select a payment due date, along with no penalty rates and no late fees.

Other Cards

Depending on their credit rating and profile, students can apply for rewards, no annual fee, and other types of cards. Those who study in the U.S. may want to apply for a U.S. dollar credit card which helps avoid transaction and other fees. U.S. dollar credit cards are ideal for making reservations and purchases in U.S. dollars. Customers are offered plenty of choice, including Discover, AMEX, and MasterCard options that help meet unexpected expenses such as last minute trips, health-related expenses and medications, and others. Whatever the type of card, responsible use means paying at least the minimum before the grace period ends.