Compare Top Student Credit Cards
The best time to start building your credit history for the future is when you are in college. As a student you don’t have that many expenses, therefore it’s easier for you to save money, pay your credit card bills on time and regularly, and build a good credit history.
Once you graduate from college, with sound creditworthiness, you can apply for unsecured, multiple credit cards with low annual percentage rate and minimum fee.
However, statistics show that majority of the college students misuse their credit cards. Students fail to keep a track of their financial expenses and end up with a huge credit card bill which they are unable to pay.
The inability to pay back the bill results in poor credit history that reduces your chances of approval for a low APR unsecured credit card in the long run.
Tips to Minimize Your Credit Card Bill
Here are some smart tips for you to reduce your college credit card bill and build a good credit history.
Manage Your Financials
Calculate your monthly financial expense. It is good to identify and differentiate your real expenses from the unnecessary ones.
Once you have identified your superfluous expenses, then it’s time you cut them down to minimum.
Use Your Credit Card Responsibly
Going on a shopping spree just because you have a credit card, is very irresponsible. You have to understand that a credit card is a liability. You have to pay back the money with interest. Therefore try to lower your expenses and make sure you don’t exceed your credit limit.
Pay with Cash
Understanding where to use your credit card will help you reduce your credit card bill, drastically. Paying for a $10 meal with your credit card can change into a $100 expensive meal if you don’t pay your bill on time. The best way is to ensure you don’t misuse your credit facility is to pay the petty amounts with cash.
Monitor Your Credit Report
Monitoring your credit report will allow you to keep track of your credit history. If the report shows poor credit then you can work on ways to improve your financial position.
Low Interest Rate and No Annual Fee:
Selection of your credit card company can also help you minimize your credit card bill. Try to choose a credit card company that offers college student credit cards with low interest rate and no annual fee such as Chase bank.
Chase bank offers college student credit cards that have no annual fee, no over limit with cash advance facility. Besides this bank, there are other banks that offer same facilities such as AmEX, Citi, and Capital One.
Before you make your selection and apply for a student credit card, do a proper research on perks, interest rate, and payment flexibility. In addition, take advice from your friends who use credit cards. They can guide you better. You can also log on to websites that offer credit card comparison facility. Compare different credit cards and choose the one that suits you best.