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Choose The Best Credit Cards For Students

Did you know that you can get credit card approval even if you haven’t yet started earning? Student credit cards offer college students above the age of 18 to get their own credit cards, thereby adding convenience and responsibility to college life. These cards are issue with minimal paperwork, with no proof of income. Like any credit card, student cards allow for an interest-free period within which no extra charges are levied if the payments are make on time.

Why Does A Student Need A Credit Cards?

The reasons can be as severe as payments of college fees or for everyday expenses, including luxury and entertainment. In fact, this has been a trend for decades in countries like the United States, where students have traditionally use credit cards to pay for their college fees and hostel expenses, among others. 

A student credit card is also a handy backup in times such as medical emergencies, accidents, and other sudden expenses. Moreover, a credit card allows the parent/guardian to remain stress-free over sudden payments to be make mid-month for college trips and other extra-curricular activities. But more than anything else, student credit cards help nurture the responsibility of managing finances.

The Responsibility Of Managing Finances

For many of us in India, college life is the first time a person begins living away from parental care and is expose to the idea of an independent life as an adult. Maintaining a credit card can be the first step toward financial independence and responsibility. While many parents regret giving their children credit cards at a young age, this is just something that has to be dealt with sooner or later. When the credit card boom hit India in the ‘90s, many adults, let alone children, got carried away with overspending on credit. The maturity of using a credit card responsibly is the answer. 

Giving a college student a credit card, on the positive side, can hone the skills necessary for the future. Today, college students have cultivate the habit of getting part-time jobs much like their counterparts in the west. This also means that college students can shoulder some of the financial burdens of life, especially those for their luxury and entertainment. Student credit card payments can be make partly by the student and partly by the parents/guardians. This is a great way to provide ‘training wheels’ that will help a young adult to gain responsible financial independence over the years. 

Credit Score

This is probably the most useful aspect of a student credit card. Did you know that the best way to improve a CIBIL credit rating is to make timely payments on credit cards? If a student gets into this habit during college, by the time they have graduate, they already have a healthy credit score of above 750. This enables loans for future studies, housing, vehicles, or anything else that could be need in the future. 

Combine this with the high possibility of landing a good job right after college, and you have an opportunity for a young adult to get settle in owning their vehicle and housing in the first few years of employment. This is an excellent opportunity for students today and was not available to the generations of struggling youngsters in the past. 

Selecting The Right Card

Student credit cards come with similar benefits just as cards issue to working professionals; they improve credit scores and offer rewards, benefits, and points that go up every time the card is used for payments. While working professionals might not always pay attention to these aspects of credit card usage, students, on the other hand, are usually thrill with the idea of freebies. These can include access to airport lounges, free movie tickets, and points that can be exchange for goodies, among other benefits. 

Selecting the right card can and should include one that suits the individual’s personal choice of the associate benefits. Some cards allow for an upper limit to be block, which can be monitor by the parent or guardian and can always be remove in times of emergency. 

Conclusion

Student credit cards can help in many ways – to pay for college fees, entertainment, and luxury. They help imbibe healthy spending habits among youngsters and train them to shoulder financial obligations. They also help increase a good credit score during college years. Lastly, the benefits of freebies and reward points are a joy to college students. 

First of all check which credit card you are eligible for and after that apply for the one which you require the most according to all the benefits and features. Second check all the charges including annual charges so that you will get the best credit card as per your requirement. Students also have to check all these features including credit limit. So, that they get the best according to their need.

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