Choosing the best credit card for college students depends on factors such as ease of application, APR, annual fees, customer service, and rewards. Students should prioritize their needs, such as low APR or rewards, and aim to build credit and develop good financial habits. Customer service and rewards programs are also important considerations.
Finding the best credit card for college students will depend on several factors, including ease of application, annual percentage rate (APR), annual fees, customer service, and rewards. Each student will have different needs, and while some might prioritize a low APR in anticipation of potential short-term debt, others might prioritize rewards and cash back. A good college student credit card will meet basic spending needs, help build credit for the future, and teach students to develop good financial habits.
Ease of application is one of the most important factors in choosing the best card. Different credit cards will require different reference credit levels, and for students opening their first card, meeting these requirements could be difficult. Student loans can lower a student’s credit score, and a lack of credit history is also a hurdle to overcome. Some students choose to have their parents involved in their credit accounts to increase their chances of being accepted, while others like to start over with an individual account to build the most credit.
The APR, or interest rate, on a college student credit card is also a common factor in choosing the right card. Some students may find themselves in credit card debt at the end of the year, either due to lack of budgeting or necessary additional expenses. Finding a card with a low or flexible APR might be a good option for these students. Annual fees are also a common concern. Students will generally want to avoid cards with high annual fees unless the benefits and rewards clearly outweigh the price of owning the card.
Customer service is another important feature of a good credit card for college students. Many students will be unfamiliar with managing a credit card account, so the available card representatives will be incredibly helpful in explaining the process and answering questions. Even students who are familiar with using their own credit cards can benefit from customer service, especially if they plan to travel or study abroad.
Cardholder rewards and benefits are also considerations in finding the right credit card for college students. Cash back rewards, travel rewards like airline miles, and protection from a lost or stolen card can all be advantageous for college students. Different students will find different rewards programs more beneficial. For example, off-campus students who frequently use their cards to buy groceries may find certain cash-back rewards programs more useful, while students who frequently travel out-of-state may prefer airline miles or travel rewards.
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