How to Compare Student Credit Cards By Tom Tessin At Isnare.com Ezine Articles

When it comes to applying for a credit card, people will often tell you that you need to compare the cards before you actually go out and apply for one. If you don’t follow this advice, you’re already leading yourself down a path of disaster. Why? Think of any purchase that you make in life. Do you just go out and buy the first car you see? Do you go out and buy the first video game you see? No. You do your research before you pull out your hard earned money. A credit card is no different.

When it comes to a student card, I’m going to show you some things that you need to look out for before you fill out that application. You want to make sure that you only apply for one card because the more cards you add in a limited time, you may find that this will affect your credit score, which you won’t want to, happen.

Check for the major logo – When you’re looking for a card, always make sure that you check for those major logos like Visa and MasterCard. If they don’t carry a major logo, you may find that most merchants won’t even accept it. Not only that, you may be applying for a card that isn’t even legit. The company may be in it to steal your information.

Look for rewards – A major reason that college students sign up for a credit card is simply because of the credit card rewards. When you use your card, you should get rewarded. Most cards work the same where you’ll get one point per dollar. Once you get enough points, you’ll be able to cash them in for goodies like electronics, gift cards and more. As long as you pay your card off in full each month, you won’t have to worry about any interest rates.

Look at the APR – If you don’t plan on paying your card off in full each month, you will want to look at the APR also known as the annual percentage rate. This is the rate that will be tagged onto your unpaid balances. If you say had a balance of $500 and only paid off $200 that month, you’ll have to pay interest on that $300.

Annual fee – This is an important one when it comes to credit cards. Make sure that you look at the annual fee. This is the fee that you’re going to have to pay regardless of how much you use your card. While most cards don’t have this fee, you have to make sure that you look out for this fee. Some cards do have it so beware.

When comparing student credit cards, these are the main factors that you should look out for. When doing your comparison, print out this checklist and write down what each card has. It will not only make it easier for you, it will be a better card for your wallet and your future.

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