Why College Students Need a Credit Card in August 2024

August 23, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

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Establishing credit is best achieved by having a credit card, which can be a great financial resource. Student credit cards operate just like any other credit cards, but they are specifically designed for young adults with limited credit history. It provides the convenience of a credit card, making it handy for making purchases, especially with online shopping, while also helping you build a credit history and a good credit score. These credit cards usually carry a lower credit limit and higher interest rate.

Student credit cards generally have lower credit lines and a cap on how much a student can spend on the card to minimize the risk to the lender. This smaller limit can make it easier for the student repay the balance or make the minimum monthly payments. Applying for a student credit card can be a great help for a college student.

First off, most major credit cards can require a high annual fee, but with a student credit card there is no annual fee. Some student credit cards have such a low APR or none at all. You are saving so much more than someone who isn’t a college student. Do you like to go to restaurants? Are you spending a lot on gas and groceries? Well, with a student credit card you get cash back on things like dining, gas and food and how expensive things are this would definitely be a big financial help. Check out the best and top rated student credit cards for students we have listed for you below.

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