Choosing a Credit Card for College Students

Posted by Tracy Kerscher | July 28th, 2009 | Advice for Students

Many people leave college with lifelong friendships, newly discovered independence, and a degree. Unfortunately, many young people also leave college with bad credit.

College students are bombarded on a daily basis with offers of free gifts, simply for filling out a credit card application. However, they usually don’t consider the consequences that being an irresponsible credit card holder can have on the rest of their lives.

Fortunately, all college credit card applications do not have to have an unhappy ending. When credit cards are used responsibly, they can play a critical role in developing your credit and establishing a high credit score. When deciding upon a student credit card, be picky, and choose a card that will benefit you. Consider the following: How high is the interest rate? Is there an annual fee? Will you need a cosigner? What rewards and benefits does the credit card offer?

Below is a review of one student credit card that offers a great rewards program benefiting responsible credit card holders.

The Citi Forward(SM) Card for College Students, issued by Citibank, is for students who have it together. That’s because this card rewards you for staying within your credit limit and paying on time. Students who use this card correctly will receive 100 bonus points per billing period and a potential reduction of their interest rate of up to 2%. The Citi Forward(SM) Card for College Students also rewards cardholders for purchases. Students receive 5 points per dollar spent at restaurants, book stores, video rental stores and movie theaters, and 1 point per dollar spent on all other purchases. Points can be redeemed through the Thank You network for cash, gift cards, music, electronics and more. Students can easily earn bonus points when they sign up for paperless statements and make at least $50 in purchases with the first 3 months. This card comes with a 0% intro rate on purchases and balance transfers for the first 6 months. After the introductory period, the variable interest rate is reasonable for a student credit card.

The Discover® Student Card is an ideal card if you want to earn cash rebates on card purchases. Through the reward program, you’ll earn a 5% rebate for purchases made in popular categories that change four times a year like travel, gas, restaurants, movies, and more. Plus, you’ll earn up to 1% for general purchases. You can also earn up to a double Cashback Bonus® for redeeming your rebates for gift certificates from participating Discover® Card Partners. The amount of rebates you can earn is unlimited. This card offers an interest-free introductory period for purchases with no annual fee, but the rate for purchases is reasonable after the introductory rate expires. This card provides limited benefits and services.

Other available student credit cards

Tags: college credit cards, college student credit cards, discover student card, gas, movies, restaurants, student credit cards, travel
Filed under: Advice for Students |

3 Responses to “Choosing a Credit Card for College Students”

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