Picking And Choosing Among Student Credit Cards

Would you say that all teenagers are bad with their finances? Would you trust your teenager with a credit card? Well, no matter what your perspectives on the situation are, students are increasingly being targeted by credit card companies. This is clearly the "catch 'em young" philosophy in action. There are many detractors to this policy of enticing teenagers to turn into credit cardholders. One of the most voiced opinions is that the credit card providers are simply only interested in making profits by exploiting the financial inexperience of young people. Teenagers are not well known for being good with their money. In fact, most of us learn to take care of our finances only with experience and many cash crises.



However, perhaps it is time that we began to trust the teenagers of the world. With the kind of exposure that the young people of today get, it is most probably that they will avoid entanglement in webs of debt. Moreover, the high school and college years are the easiest years to realize what the value of money is. The experiences that we gain at this time teach us to make our money go far. So this is a great time to introduce your college-goer to the big bad world of credit cards.


Well, credit card companies have been on to this idea forever. As a result, college campuses have become the marketplace for many providers. Students are swamped by credit card providers of all kinds from various credit card companies. Many of them offer freebies like t-shirts and caps to entice young financially unaware students. At times the offers might sound too good to be true. At such times, students must ensure that they are not taken in by great sales pitches. See to it that you get a credit card that seems affordable. For instance, there is no point in going in for a card that offers and initial interest-free period but whose interest rates might be quite unaffordable. Ideally, one must look out for cards offering lower rates of interest, say about 16 percent. A card that has a grace period for payment might be the perfect choice for youngsters who might have a tendency to default on the payments.


Ultimately, what matters is not whether you got a credit card at a really low cost. What matters is how well the student makes use of it. A student who is able to budget for his expenses prudently would do well with credit card rewards. And one can always switch credit cards in between -- after all, that's what zero percent balance transfers are for.

By: Ajeet Khurana

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