HOW TO CHOOSE BEST STUDENT CREDIT CARD / APPLY FOR STUDENT CREDIT CARDS / REQUIREMENTS FOR STUDENT CREDIT CARD ???
Student credit cards can be issued by various banks especially when a scholar identifies and distinguishes as a student. Student credit card could be seen as the way out for students and young adults to retrospect into the future and have the feeling of what having a real credit card looks like.
Because young scholars do not really know so much about credit cards, it would definitely need the supervision of an experienced person to help him/her with choose the best student credit card suitable. It’s actually a welcomed development, young scholars applying for credit card.
The student credit card cadre comes with interesting packages (knowing fully well that students don’t have a large source of income or even steady income). With the special features and tailored rewards, the student credit card could be described somewhat as fun at this level.
Student credit cards are more like a starter credit card program for young scholars. It launches student into the financial awareness of how the credit card works. Although, some of the rewards are geared towards motivating young people to cultivate the good habit of paying debts, being financially stable and most importanly, building credit history. The student credit cards are still very peculiar and different from the random credit cards.
Note: Applicants for student credit cards must be atleast 21 as at the time of application however, a young scholar younger than 21 could also apply only if;
- Parent / Guardian cosigns
- The student has a steady source of income (a credit card holder must keep up with the payments of debts).
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WHY SHOULD YOUNG SCHOLARS APPLY FOR STUDENT CREDIT CARDS?
Acclimatiziation is not a very easy task for international students especially when it comes to cartering for your immediate needs. To enjoy a new environment and rise to atleast 40% comfortability, lots of financial involvement is required.
These range from renting a place, transportation, feeding and most importantly some academic materials and lots of other needs. Pushes like this could make a scholar think, “do I really need a Credit Card?” In as much as virtually every involvment has its pros and cons, evaluation of which outways the other gives a better sense of direction.
Below are some of the reasons why a young scholar especially international students should apply for student credit cards:
1) Limited Expenses:
Financial institutes are already aware of the high risk a student owning a credit card is into (the high interest rate involved with the student credit cards). They examine the income of the student and decide the credit limit based on their findings. With this practice, the student credit card is limited to certain amount of expenditure.
2) Credit Card Rewards:
Classic credit cards do have their rewards as well as the the student credit cards. However, the student credit cards’ rewards are tailored to fit the life style of young scholars. Some of these rewards are but not limited to:
- trips
- cash backs
- gift cards
- discounts etc.
3) Credit Buid Up:
The easiest way to build up credit points on time is the use of credit card as a young scholar which avails student the opportunity to qualify for competitive credit in the future (only if the credit card was used well while in school which involves payment of debts).
Most graduates who used their student credit cards perfectly by keeping their credit utilization belwo 35% while making sure that each month, they pay off their balances qualify quickly for mortagages. Buying a car or a house is quite easy for them because they have been tested, trusted and proven to be credit worthy.
4) Credit Card Special Consumer protection rights
Transactions with the student credit cards comes with some consumer protection rights. The student credit cards allow students to enjoy nice warranty and guaranty deals for purchase of electronics and gadgets and could also cover some insurance schemes depending on the issuer.
5) Foreign Transaction charges
Student credit card holders have testified to the “no foreign transaction / hidden fees or charges” associated with foreign transactions made.
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How to Apply for Student Credit Cards
The process of applying for credit card for students depend on the age of the appplicant as at the time of the application and also the financial capacity of the applicant. Applicants below and above 21 as at the time of applications are required to do the following:
Applicants Above 21 Years
- Make serious inquiry and research on the best cards and best credit card issuer that best fits them alongside the requirements needed to apply for the credit card.
- Make available all necessary documents with regards personal assets and income to prove they are qualified to apply for a credit card.
- Make available all necessary documents that validates the applicant as a scholar in the mentioned institution.
- Submission of application form alongside documents in number 2 and number 3.
Applicants Below 21 Years
- Make serious inquiry and research on the best card and best student credit card issuer that best fits them alongside the requirements needed to apply for the student credit card.
- Make available all necessary documents with regards personal assets and income to prove they are qualified to apply for a student credit card.
- Make available all necessary documents that validates the applicant as a scholar in the mentioned institution.
- Make available co-signers information which would also include information on source of income and assets.
- Submission of application form alongside documents in number 2, number 3 and number 4.
Get started now, click here to start your preliminary research on the best student credit card that fits your need and apply.
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