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College Students and Credit Cards

Posted by: Lisa Nichols | Jun 11,2008

We often hear about credit nightmares involving college students and credit cards in the news. But there are plenty of good reasons for students to begin building their credit history while they’re still in school. It’s important to provide students leaving for college with information about credit cards and how to compare them before they go.

 

College Credit Cards Help Students Build Credit History

 

College credit cards help students build their credit history while they are still in school. A solid credit report can help new graduates get an apartment, a home loan, a job and the best rates on insurance. Using a college credit card wisely can help build a credit history so that employers, landlords and other entities have a detailed picture of a new graduate’s accountability.

 

Using Student Credit Cards Responsibly: What Kids Need to Know

 

Before kids leave for college, parents should talk to them about using student credit cards wisely. Children will begin receiving credit card offers while they are in school. Parents can start by showing them the letters that they receive from credit card companies so kids have an idea of what to expect. It’s especially important to review the student credit card disclosure document, explaining fees, interest rates and responsibilities. The best college credit card offers will have a low interest rate or provide rewards just for using the card.

 

The Best College Credit Cards for Students

 

The best college credit cards have low interest rates or offer rewards to cardholders. Student credit card offers will arrive at kids’ dorms and apartments beginning their freshman year. Parents should encourage kids to call them when they begin receiving offers in the mail. That way, they can go over the fine points of the credit card disclosure together, to decide if it’s the right card for their needs. The best college credit cards will have a low introductory interest rate and low interest rate after the promotional period ends. Some of the offers will be for rewards credit cards, that provide cash back, gift certificates or airline miles for using the card to shop. Kids should compare the pros and cons of different offers carefully, to find the best college credit card for their unique needs.

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