What Should Be Your Criteria for Choosing Student Credit Cards?

Getting credit cards when you’re in college shouldn’t be taken lightly. You’d need to know what you’re getting into as it will have a great impact in the future of your finances. You also have to be careful not to get into deep debt while in college.

You have to take note of what you have to look for in credit cards especially that you’re just starting out. The best card for you would be one that would allow you to get the things you need without having to resort to signature loans and yet limit the possibility of getting into debt. Below are some of the things that you’d need to consider.

  1. APR. Try to look for fixed interest rates. If you find one that’s too high, then you can just get one with a variable rate. The important thing is knowing what type of interest you’ll be getting. If you will get a variable rate, then find out how and when it will change and what it will become. Of course it is best to not carry a balance on the card so that you need not concern yourself with interest rates. Check if the interest rate is just introductory or not. If it is, get one that will have the low APR longer.
  2. Rewards Cards. Get cards that give you something back every time you use it for purchases. You have to check what type of rewards you’ll get so that you’d be able to select one that you particularly like or greatly benefit from.
  3. Penalties. You have to know what you might end up paying in the event that you miss a payment or go over your limit.

Whatever card you choose, handle it well so that in the end, you would be able to get low interest on a $5000 loan and the like.