College can be a time of learning, a time of adventure, and a time of stress. Many of those tensions arise from bills. From student loans to textbooks, college life is expensive. Many students sign up for student credit cards during college.
Student credit cards are issued to any member of the academic community, regardless of whether a student is full or part-time, undergraduate or graduate, international students visiting, working, or studying in the US, and administrators age 16 and older. years. For students under the age of 18, parental or guardian consent is required.
Applying for a student credit card is recommended, as it can help students build their credit history that they will need in the future, especially to obtain loans, including car loans, home loans, or even cash. A large number of international students and scholars find it really difficult to get a credit card as they lack a credit card history. In order for them to build a credit card history, they must have a credit card or at least have a history of paying off debt of any kind. It is actually a frustrating situation, especially if you are in urgent need of financial assistance. Many international students who applied for a credit card have been turned down.
How can I get a student credit card?
Before applying for your credit card, keep in mind that this should not be a free pass to buy what you want. Make sure you will be able to make your monthly payments!
1. It is always better to get a secured credit card to help you build your credit history. Ask your bank if they offer secured credit cards. A secured credit card is a type of credit card with a deposit. The deposit becomes your line of credit. This means that when you reach your credit line, you must pay or else your credit card will be suspended. If you can religiously pay your monthly credit bills, you’ll be able to build a more reliable credit history.
2. Student credit cards are open to students who have lived in the United States before or for some time, so an international student will still have a chance to get a credit card.
3. For full-time students, you can contact your bank to apply for a student credit card. Your bank will handle your credit card application.
4. There are cases where your student credit card application is denied; When this happens, you need to find someone with a good credit standing to act as your guarantor.
Benefits derived from obtaining a student credit card:
Student credit cards help students learn to be responsible, especially in terms of money management. By using these cards wisely, students can begin to increase their credit scores. A student credit card is also a great way to teach students about interest and debt. With the right and proper guidance, students will be able to get more benefits when getting a student credit card.
The disadvantages of student credit cards:
A student credit card, when not used responsibly, can result in a large amount of debt that follows the student even after graduation from college. The reason for this is that many times students max out their cards, especially those who don’t have any money management skills, have trouble understanding that a credit card is not “FREE MONEY”. It is a debt that must be paid.
Sometimes students have very little income, making it difficult to pay these credit card bills. Each month the bill continues to rise and becomes more overwhelming. Often, late payments and interest begin to add up, making it difficult for students to pay off the debt. The minimum payment is simply not enough to make a dent in the problem.
conclusion
When signing up for a student credit card, remember that you and only you are responsible for paying your bills, so be responsible with your spending. Control your excessive spending on things you don’t need.