BEST COLLEGE STUDENT CREDIT CARDS

The major advantage of getting a credit card as a college student is that it can help you to establish a good credit history as you use it and assures you some security in times of emergencies. But there is a dark side to irresponsible credit card usage as a student where you may find yourself deep in credit card debt which will give you nighmares for years to come and put a dent on your credit history.

The General Accounting Office, the investigative arm of Congress, issued a report on the use of credit cards by college students. The findings of the report showed that college students landed themselves in serious financial mess because of accumulating huge credit card debt.

The issuers of these credit cards created a party atmosphere including loud music when promoting their cards to students that masked the responsibilities of owning a credit card. They also offer incentives such as as t-shirts and water bottle. And the cards are very easy to aquire. There are few income requirements to worry about.

The result is that most of the students who take up these cards end up getting financially bruised due to ignorance in using credit cards. When searching for the best student credit card please find out the following:-

Fees associated with the card - Credit cards are not free money. Credit card issuers are out to make money out of you. Its important to be aware of the fees associated with college credit cards. These include:-

* Finance Charge - This is the interest charge on the unpaid balance of your bill each month. It can run as high as 20%!
* Cash Advance Fee - We seriously advise you avoid cash advances. The fees associated with cash advances are usually very steep and interest rates quite high.
* Late Payment Fees - As the name suggests, this is a fee levied on you if are late in making payments on your balances
* Annual Fees - This may vary with the issuer of the card. This can run from as low as US$15 to $75. Please note that not all cards charge an annual fee.
* Transaction fees & other charges - Issuers may charge a fee for late payments or going over the card's credit limit.
The Introductory Rates - The incredibly low introductory rates last about six months. Find out what the APR will be after the introductory period