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Student Credit Cards Can Be Helpful

Posted by Shane Tyler on April 19 2011 @ 7:05 am

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Students may want to seek out credit card offers tailored to them. In the wake of the Credit Card Accountability, Responsibility and Disclosure Act of 2010, financial institutions have changed their policies to make it more attractive for students to open accounts. Student cards are becoming more prevalent, and if a young person is careful, the experience could be beneficial.

The recent legislation prevented card companies from giving away free items to get students to sign up, and also tightened regulations on giving accounts to those under the age of 21, according to The Chicago Tribune.

Student credit cards have become more popular for the younger crowd, and they could help build credit early, the news source said.

New users are subject to higher interest rates, but if a student is cautious, a credit card will help them greatly in the future, the news source added. Credit interest rates for students range from about 13 to 20 percent, but if cardholders are on time with their payments, the rates may be subject to decreasing with negotiations with the card issuer.

If a student is interested in a card, make sure he or she has at least a part-time job, the news source said. Having an income is highly recommended to make sure credit card debt does not get out of hand.

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