http://www.brokegradstudent.com/7-things-students-need-to-know-about-credit-cards/ Paying back $22,000 in student loans by making money online Thu, 09 Feb 2012 04:42:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.brokegradstudent.com/7-things-students-need-to-know-about-credit-cards/comment-page-1/#comment-741 Emily @ Taking Charge Thu, 10 Apr 2008 15:37:02 +0000 http://brokegradstudent.com/7-things-students-need-to-know-about-credit-cards/#comment-741 I think most of this is great advice -- I just have one issue with the fourth point. If you have no credit, you may be much more likely to be approved for a student credit card than a regular credit card. That is the one big advantage. However, student credit cards on the whole are not a great deal. Many have no reward programs, and the APRs on student cards are generally higher than any other type of credit card. This is because students are very high-risk investments to credit card companies -- they usually have no to little income and are new at credit. So if you plan to carry a balance, you will be paying often significantly higher interest charges with a student card. If you are only accepted for a student card, use it for six months, build up some good credit, then apply for a regular low-interest card. I think most of this is great advice — I just have one issue with the fourth point. If you have no credit, you may be much more likely to be approved for a student credit card than a regular credit card. That is the one big advantage. However, student credit cards on the whole are not a great deal. Many have no reward programs, and the APRs on student cards are generally higher than any other type of credit card. This is because students are very high-risk investments to credit card companies — they usually have no to little income and are new at credit. So if you plan to carry a balance, you will be paying often significantly higher interest charges with a student card. If you are only accepted for a student card, use it for six months, build up some good credit, then apply for a regular low-interest card.

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