Definition of a Student Credit Card

admin — Thu, 22 Oct 2009 12:03:38 +0000

If you are a college student, or even a senior in high school, you may have already received numerous applications forms for student credit cards. A credit card can be used for purchasing good and services just about anywhere in the world. Basically it is a personal line of credit that is repaid with interest as an extra add on. To avoid paying extra fees for lat payments, it is a good idea to pay the balance off totally each month since student cards have higher interest rates. There are a variety of factors that govern the credit limits of college student credit cards. You credit history, personal income and your bank account balances are just a few of these. To get a higher card limit you would need a higher credit score along with higher income. Although after you have made consistent payments and maintains a low balance your lender may raise you limit. Depending on your program, you may be offered “card rewards.” Some offer airline miles where others offer a points system that you can use to purchase gifts. Beware, companies use high interest rates to cover the cost of offering these rewards programs.

World Finance Blog » Student Credit

Definition of a Student Credit Card