Student Credit Card Applications

Before you fill out your student credit card applications, there are three things you should know. Having a credit card is a big responsibility and it shouldn't be taken lightly. Be thorough when you investigate your options and use these three time proven tips to make sure that you commit to a card that meets your lifestyle and needs.

One: Interest Rates

An important consideration before choosing a card is the annual rate of interest that you will be charged on your purchases. Some cards offer a low or zero percent introductory rate for the first few months the account is open. After six or 12 months, the account reverts to the interest rate that the company usually charges, and this can be in the double digits. Be sure you know exactly what you will be charged for interest and whether the rate applies to new purchases only or to balance transfers as well.

Two: Grace Period

The next thing you need to know before you fill out your applications is what the grace period is. This is the number of days the lending company gives you before you start getting charged interest on your purchase. By paying for your purchases during this window, you save on interest charges.

Three: Annual Fees

The third thing you need to know before you fill out student credit card applications is whether the card you are considering has an annual fee. This is a set fee that is automatically charged to your credit card account each year, whether you actually use it or not.