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How to Obtain a Credit Card for Students

January 27, 2012 | Comments: 0 | Views: 124

Nowadays, credit cards have become an inseparable part of our lifestyle. Not only do they make every financial transaction easier, they can also make their holders, including students, learn how to be financially independent. If a cardholder is able to build a good credit history, it will help him or her become qualified to obtain a loan, get insurance, and make it easier to rent an apartment. For instance, if you want to start a business and you need a bank loan, the bank will look at your credit history and decide whether you are qualified or not. Today, not only working people can qualify for a credit card, but students may also qualify for one. Here are some hints on how students can become qualified to obtain one of these plastic money cards.

First of all, students under 21 should use their parents' credit card, which means that they should be authorized to use their parents' account. It is quite common for parents to permit their children to become authorized users, and if the parents have a good credit history, it will add points to the children's credit history. If children under 21 insist that they need to have their own card under their own names, it is more complicated to apply, as they need their parent's or guardian's signature. However, if the student has a steady job with a steady income, he or she may be qualified to obtain a card. Once they get one, the responsibility for paying the balance will be all theirs. Because there are different types of plastic money, students must investigate which type is most suitable, including the interest rates, credit limits, annual fees, and so on. A student credit card should have an interest rate and annual fee that is lower as well as reasonable credit limits. If students want rewards, the card usually has a higher interest rate. Students who already have obtained a card must use it wisely and pay off the balance every month. They should only use it to buy things that they can afford. They should not use it to buy expensive things, except in the case of an emergency.

In addition, students must endeavor to pay their other bills on time. Why? Because the utility payments are one of the things that banks may look to decide the credibility of applicants. Credit cards for students should not be hard to get if students have all the qualifications.

Obtaining credit cards for students is possible if students know the tips on how to qualify. Students must then use the credit card wisely and efficiently.

Source: EzineArticles
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