Student Credit Card | Choosing the Best Student Credit Card

Choosing the Best Student Credit Card

As you look for a student credit card, you may be overwhelmed by all of the information out there. You see charts in front of you with numbers associated to APR, annual fees, bonuses, minimum requirements, credit scores, and more. All of this information combined can give you a pretty big headache as you try to decide what student credit card is right for you. To make it easier, let’s first decipher what all these numbers mean, and then see how they relate to your lifestyle.

Student Credit Card Factors: What Does it All Mean

Use this simple chart to understand the terminology behind your student credit card.

Effective APR	Your interest rate after the introductory period is over.
Bonus	Most student credit cards have bonuses or extras associated to them like cash back or points.
Credit Needed	This factor considers what credit score is needed for approval.
Minimum Requirements	This could include certain traits you need to get approved for the student credit card like a steady income.
Annual Fee	Some cards come with annual fees on top of your APR.
Intro Rate	This is the introductory APR, which you receive for a short period of time when you first get the student credit card.
Intro Period	This is the short period of time that your intro rate exists.
Balance Transfer	Sometimes you can transfer the balance of one student credit card over to another. Do this only if one card has a lower APR than the one whose balance you are transferring.

Your Student Credit Card and Your Lifestyle

Now that you understand what all of the terms mean, it’s important to see how these factors fit into your lifestyle. When choosing a student credit card, you need to determine which card works best for you based on the factors above. Do you want a card that has a lot of bonuses, a low APR, a long intro rate, or all of the above? Do you know what fees are associated to your student credit card? These are all important questions to answer, and each answer will bring you closer to finding the right card for you. We suggest you make low fees and a low effective APR your top priorities rather than let bonuses or introductory perks draw you in. This ensures that you are getting a student credit card that you can manage without fear of falling into debt.