Saturday, February 9, 2013

Credit cards for students - which is best for me?

The financial industry has discovered the niche student is a source of income and so they offer a variety of financial products to college students and non-student quality. Of these, the most popular is undoubtedly the credit cards. But there are so many offers out there it is sometimes difficult to decide which is best for you. Here are some guidelines to help you make the decision.

Affordability as the main target

When looking for the right card that you need to aim too affordability. It makes no sense to close a deal with a transmitter charging exorbitant rates just for the fun of it. In addition, it does not make sense, or acquire a product close credit card because of the rewards program it offers. What you need to meditate is the interest rate they will charge you to finance your balances.

Ideally, you should look for a credit card with an interest rate of 15% or less in the figure. Make sure you read the fine print on any offer credit card for additional charges and costs associated with using credit card and you can be sure that you will not pay the fine, analyze what penalty fees and late payment fees and missed payments, etc. you can have a complete picture of what can happen if for some reason you pay late or fail to pay a minimum balance.

Conditions suitable for students

Some transmitters that advertise products for students, but the products are not specifically designed for students, it is the same credit card offered to adults with a different design. Students have different types of expenditure and spend money on different things, so if you are looking for discounts, maybe anyone can make good use of the gas rebates, but a student will not discounts on upscale restaurants or spas.

Therefore, as a student, looking for a student card true credit, which is designed for students taking into account their needs and lifestyle. Looking for a credit card with grace periods (students have less job stability), a card offering discounts on bookstores, gyms, clubs, fast food restaurants, sports, entertainment, etc. However as indicated above, do not neglect to analyze the interest rate and other costs first. After all, a credit card is not a rewards program is a financial product that would provide funding as cheap as possible.

Beware of balance transfers

We will not say that you should keep your credit card and do not consider other products. Instead, we are in favor of a reasonable change and update your financial products. However, it is important to understand that the change of financial products is not always free balance transfers from one card to another can cost a lot of money in terms of interest. Even if you are offering 0% balance transfer, beware because the promotional periods end and if you do not pay the balance in full by then, interest starts to accrue.