Apply college student credit card from any nationalized bank. Basically it is that the student’s parent will go for an add-on credit card having the student’s name printed on the card for which you will be eligible to use it as any other normal credit card. However, the billing address will be of your parents address in case you are living away from your home. Lot of nationalized banks offer these credit cards to college students but most say that a city card is very convenient for them.
As per basic norms of the banks it only that has regular income source being employed somewhere or self-employed can go for a credit card on his or her name satisfying the financial position to the banks. However, the privilege to apply college student credit card solely relies on parents’ interest. A student individually cannot apply for a card unless as said above if it is an add-on card from her or his mother or father. The first card holder, that is your parents will be responsible for bill payments.
5 Points Before You Apply College Student Credit Card
- Interest rates applicable to your card as they are pretty much high on college student credit – cards
- Monthly or periodical repayment options and amount to be paid. It is obviously good to go for a low repayment tariff being a student
- Credit limit offered to your card. Better to choose a low credit level to limit your expense ceiling
- Check if your city has the facility as not all the cities have got this option to provide a credit card. The city you study might be different from that of your parents.
- Choice of bank as not all the bank has the same terms and conditions in terms of interest rate and repayment norms
The interests rates have to be considered before apply for a credit card under the above option. Though the interest rate varies from time to time, generally speaking the interest rates are very high for a student credit card (it is always better to ask thoroughly before opting for this option which the executive or any other personnel might not be saying it thinking you is aware of the conditions. Also the interest rates differ from year-to-year and it is safe for you to check the current rates)
The most important point to be thought before applying for a student credit card is that you should not be a spendthrift as credit cards will do magic to make you spend limitless which will lead you to a lot of trouble while repaying them with interest.
It is good and must to consider all the above points before going for a student credit card while you are still in college. Be sure that you have all knowledge about using, managing and maintaining a credit card. Knowing to swipe and spend is not the only knowledge as they are just tip of an iceberg. Numbers of incidents are there who ended up in trouble through credit cards. It is safe to learn before you get into this financial freedom option.
Apply college student credit card if you are sure that debit card will not solve your purpose. Now-a-days, almost every shops and online transaction portals accept debit cards too. Many people consider a debit card to be safe in spending however credit card is not at all a bad option having lots of advantages over a debit card.