Best Student Credit Cards

With credit card companies trying to find new markets while simultaneously balancing the risks involved, student credit cards have seen a huge surge in the recent past. College students have become a target market for credit card companies who lure these students with low introductory interest rates on college credit cards and special student credit cards.

This, besides creating a vast choice in credit cards like Student Visa Card, Student Mastercards etc. for college students, has led to some uncertainty and danger borne by varying interest rates and repayments of loans taken.

Most of us including college students are afflicted by the plastic disease and are unable to decipher the interest rate codes and long term implications on multiple credit card that are constantly being offered to us. It has thus become imperative for us to read the fine print and know exactly what credit cards we take up, the interest on it and what we end up paying in the long run.

Interest rates vary considerably with different credit cards and may range between 7% to as much as 30%. However, most student credit cards or college credit cards will begin with a low introductory rate or even a 0% offer to make it more appealing. However, after the initial period of offer ends, the interest rate may rise to about 16% to 18%.

Generally, the best student credit cards have a normal interest rate of around 15%. It is always better for the student to stick with a low consistent credit card rate than a fluctuating one else he will end up paying excessively for the credit card privilege.

One of the perils of student credit cards is that most college students fail to realize how much debt accumulates when expenses are frivolously booked on a credit card and how difficult it is to get rid of it. Student credit cards are definitely necessary especially in emergencies, but if misused or used irresponsibly, can cause tremendous damage.