{"id":8647,"date":"2019-11-07T13:36:21","date_gmt":"2019-11-07T13:36:21","guid":{"rendered":"https:\/\/www.loanry.com\/blog\/?p=8647"},"modified":"2023-01-28T23:54:27","modified_gmt":"2023-01-28T23:54:27","slug":"guide-student-credit-cards","status":"publish","type":"post","link":"https:\/\/www.loanry.com\/blog\/guide-student-credit-cards\/","title":{"rendered":"The Ultimate Study Guide to Student Credit Cards"},"content":{"rendered":"

[vc_row][vc_column][vc_video link=”https:\/\/www.youtube.com\/watch?v=YRzDN2aaTPU”][vc_column_text]As exciting as college can be, it\u2019s also a bit overwhelming \u2013 and we\u2019re not just talking about the papers and exams that are cramming your schedule. We\u2019re talking about the financial aspect, too. Even if you have financial aid, there are probably some\u00a0expenses it doesn\u2019t cover. Sure, you could ask your parents for help, but you want to be independent. And anyway, you need to prepare for life after college. How can you do that while paying for your own expenses? Student credit cards.[\/vc_column_text][vc_column_text]<\/p>\n

What Is a Student Credit Card?<\/h2>\n

Student credit cards<\/a> are a lot like regular credit cards in the sense that you use them to pay for your purchase and then repay the money. The differences<\/strong> typically come with the approval process and the perks<\/strong> that come with them.<\/p>\n

Let\u2019s talk about the perks first. Most regular cards offer perks like airline points or cash back at the gas station. These are great rewards for many people. However, they don\u2019t always apply to students.<\/p>\n

You know what does apply? Free annual membership to Amazon Prime, meal perks, and streaming subscriptions.<\/p>\n

Those are the types of rewards you can gain from using a student credit card. Even better, some offer things like a statement credit if you keep your GPA up to a certain level. Talk about an incentive to hit the books!<\/p>\n

Another difference is in applying for the card. Issuers that offer student credit cards are well aware that you haven\u2019t yet had time to build a credit score. Some students haven\u2019t used their credit a single time.\u00a0Therefore, they make contingencies for that. They typically go more by income than anything else. And most allow you to get your parents to co-sign or even for you to claim your spouse\u2019s income if you happen to be married. In short, they can be a bit easier to get for many students than regular credit cards.<\/p>\n

Reasons to Get a Credit Card As a Student<\/h2>\n

There are plenty of good reasons to get a student credit card. Before we dive into those, though, it\u2019s important to understand something. Credit cards are handy and can help you out. But if you use them irresponsibly, it can mess you up for years to come.<\/p>\n

So as we talk about these benefits, remember that we are talking about responsible credit card usage. Don\u2019t let your credit card be an excuse to go wild and fill your dorm full of stuff you can\u2019t afford.<\/p>\n

Now that we\u2019ve had that talk, let\u2019s get to the fun stuff.[\/vc_column_text][vc_tta_accordion c_icon=”chevron” active_section=”1″ css_animation=”none” collapsible_all=”true”][vc_tta_section title=”Incredible Learning Experience” tab_id=”1655734375503-1c4574e4-d138″][vc_column_text]You\u2019re in college to learn, right? Why not extend your curriculum to learn how to manage credit the right way? By using a student credit card, you learn how credit works as a whole, how to track your spending, how to pay your bills each month, and more. And these lessons can follow you until the day you breathe your last breath.<\/p>\n

Understand that you\u2019re new to it, so you\u2019re going to make some mistakes. That\u2019s okay \u2013 we all do. Mistakes aren\u2019t something to beat yourself up over, though. They\u2019re something to learn from, so you can do better next time. So, as long as you’re mindful while you use it, you can learn a lot from using a student credit card.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Fund Your Needs \u2013 And a Few Wants” tab_id=”1655734375503-f3adef2e-4d34″][vc_column_text]It\u2019s not uncommon for college students to live on Ramen noodles and to barely skate by with finances. In fact, many people actually enjoy that part \u2013 at least to some degree. It\u2019s part of the college experience. However, not a single one of those students will deny that they\u2019d like to order a pizza during all-night study sessions or not have to wait for a monthly stipend to buy deodorant.<\/p>\n

Student credit cards can help you get by in between paychecks or monthly allotments without having to call and explain to your parents why you blew all of last month\u2019s. This is, however, one of those don\u2019t go crazy areas. An occasional burger or pizza and purchasing necessities are good. Just try to keep the spending in check.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Pave Way for a Positive Future” tab_id=”1655734414222-154e3e8b-b419″][vc_column_text]You won\u2019t always have a dorm room to stay in or student aid to help cover your needs. One day you\u2019ll graduate and, unless you want to move back in with your parents, you\u2019ll need to rent a place. Unfortunately, this can be hard for most recent graduates as you\u2019ve spent the last two to four years focusing on school.<\/p>\n

A student credit card can make a big difference at this time. If you\u2019ve been using and responsibly managing your card while you\u2019re in college, you have two to four years of positive credit history. This can help you get approved for everything from an apartment to a new car.<\/p>\n

It can even help you land a good job and get lower insurance rates. Bottom line: you can pave a brighter financial future simply by being responsible with your credit before you ever actually need to use it. Who doesn\u2019t need a jumpstart in life?[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”You Can Get Some Pretty Sweet Perks” tab_id=”1655734416936-906637df-1d90″][vc_row_inner][vc_column_inner][vc_column_text]We talked a little about the perks above, but it\u2019s worth mentioning again. Some student credit cards come with some pretty amazing rewards. Who can\u2019t use a free year of Amazon Prime?\u00a0Granted, these benefits vary between card issuers, but most offer something that a college student can put to work.<\/p>\n

For example, there are some cards that offer forgiveness for one late payment in a given period. Since you\u2019re just starting to learn how to manage your credit, this benefit can be really awesome. Some companies even have scholarship programs for their participants. And most offer 0% interest in your first year of use.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_tta_section][\/vc_tta_accordion][vc_row_inner][vc_column_inner][vc_column_text]<\/p>\n

Pros and Cons of Student Credit Cards<\/strong><\/h2>\n

Okay, so let\u2019s review the pros and cons.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_message message_box_color=”alert-success” icon_fontawesome=”fas fa-grin-beam”]<\/p>\n

Pros<\/strong><\/h3>\n