The university can be a time of learning, adventure and stress. Many of these stress come from bills. From student loans to textbooks, college life is expensive. Many students enroll for credit cards of college students.
Student credit cards are awarded to all members of the academic world, whether part-time or full-time, undergraduate or graduate students, international students visiting, working or studying in the United States. United, full-time or part-time faculty and administrators 16 years of age and over. For students under 18, parental or guardian consent is required.
It is advisable to apply for a student credit card, as this can help students create their credit history that they will need in the future, especially to obtain loans, including car loans, housing or even cash loans. A lot of international students and academics have a lot of trouble getting a credit card because they do not have a credit card history. In order to create a credit card history, they must have a credit card or at least a history of repayment of their debts, regardless of their type. It's actually a frustrating situation, especially if you have an urgent need for financial aid. Many international students who applied for a credit card were refused.
How can I get a student credit card?
Before applying for your credit card, keep in mind that this should not be a free pass to buy what you want. Make sure you can make your monthly payments!
1. It is always best to get a secured credit card to help you establish your credit history. Ask your bank if it offers a secure credit card. A secured credit card is a type of credit card with a deposit. The deposit becomes your credit line. This means that when you reach your line of credit, you must pay, otherwise your credit card will be suspended. If you can religiously pay your monthly credit bills, then you can establish a more reliable credit history.
2. Student credit cards are open to students who lived in the United States before or for some time, so that an international student will always have the opportunity to obtain a credit card.
3. For full-time students, you can contact your bank to apply for a student credit card. Your bank will process your credit card application.
4. In some cases, your application for a student credit card is refused. When this happens, you must find someone who has a good credit rating to act as a guarantor.
Benefits of getting a student credit card:
Student credit cards help students learn to be responsible, especially when it comes to managing their money. By using these cards wisely, students are able to start improving their credit score. A student credit card is also a great way to teach students interest and debts. With proper and proper orientation, students will get more benefits by getting a student credit card.
The disadvantages of student credit cards:
A student credit card, if not used responsibly, can result in significant debt after a student, even after leaving college. The reason is that often students use their cards to the fullest, especially those who have no financial management skills have trouble understanding that a credit card is not a "FREE MONEY". It's a debt that needs to be repaid.
Sometimes students have very little income, which makes it difficult to pay these credit card bills. Every month, the bill continues to increase and becomes more and more overwhelming. Often late payments and interest begin to accumulate, making it more difficult for students to repay debt. The minimum payment is not enough to solve the problem.
When you sign up for a student credit card, do not forget that you and you alone are responsible for paying your bills, so be responsible for your expenses. Control excessive spending on things you do not need.