Jun 17 2011
Applying For A Student Credit Card? Here Are 3 Ways You Can Get Approved
Being a college student means having a good idea of how expensive books, tuition, and movies can be. If you only work during summer, then it’s likely you’re looking for ways in which your funds can be stretched through the winter months. Helping you through this is a student credit card. What you can do is find one that has low interest and good terms so you can charge during the lean times then when you’re making money on your summer job, you can pay it off.
To get a student credit card, follow these guidelines
Find some cards for comparison
This is actually quite easy. At college fairs, credit card companies often set up tables and booths. Around campus, you may find fliers and applications. With an online search, you can also find a student credit card. Remember, the cards you are considering should be specifically student cards. Besides having low interest rates, credit cards aimed at students have more lenient credit score and credit history criteria.
How to pick the one that has the best terms
Credit cards are not created equal. It’s likely that your first credit card is your student credit card, and there are terms and jargon you’ll encounter which is why you might as well educate yourself a bit. If you choose the one with a low interest rate, it would be better since that amount is the extra that your card will tack onto your balance every month. Look for one with a longer grace period, too, which is the amount of time you have to make a payment before interest begins accruing. A card that has low late payment fee and no annual fee are other things you should consider.
Apply!
Simply fill out the application–either on paper, online or on the phone–and answer the questions on the form. You’ll need to reveal all the basics, like your name, current address and phone number. You also have to provide them with your permanent address and phone number. The application will include lines for information about your school, your school’s address, your enrollment status and your year of graduation. They may also inquire about your bank accounts and employment.
If you’re currently employed or have significant savings in the bank, chances are your line of credit-the maximum balance you can hold on your card-will be higher. But even if you only have a summer job, you should still be able to qualify for $500 – $1,000 in credit.
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