There are quite a few people looking for free student credit cards. The question is, do they really exist? The answer to that question is both a yes and a no. Understanding that answer is a matter of understanding the following student credit card fundamentals.
No free ride
First and foremost, understand that you are going to pay something for a credit card at some point in time if you carry a balance on it. If you don't pay your credit cards in full each month, finance charges will apply. There isn't such thing as free student credit cards. Cards may start out free and may offer other perks, but somehow, someway, you're going to end up paying for it.
That being said, there are indeed students carrying free student credit cards. How do they do it? They follow these simple steps.
Pick a card
First, you need to pick a student credit card, but not just any card. Look for one with no minimum monthly finance charge and no annual fee requirements. Cards that don't have minimum monthly charges and no annual fees won't cost a dime if you don't carry a balance on the card.
Pay on time, every time
Once you have your no annual fee student credit card, make sure you manage it properly. Pay your balance in full each month and always pay it on time. When you pay your balance in full, interest charges don't accumulate. Just make sure the company has your payment in time to process it by the card's due date. If you don't, late payment penalties and finance charges will start to add up.
Take it a step further
If you want to take it a step further and get a card that isn't only free, but rewards you as well, then look for a student credit card with a perks program. Many cards offer cash back or points that you can redeem for merchandise and gift cards. While they do tend to charge more interest, it won't matter as long as you pay your balance in full each month.
The bottom line
Whether or not a student credit card is free really depends on what the terms of the card are, and how you manage your spending and payment habits. Free student credit cards are out there, but it means finding the right one and paying your balance in full each and every month.
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Sean Masterson will provide you with cutting-edge up-to-the-minute credit card tips and advice. Whether you've never had a credit card, have perfect credit or have credit so bad card companies won't even look at you, Sean has the right advice. For more tips on student credit cards, saving money and avoiding getting taken, check out http://www.creditcardwhizkid.com, a Web site that specializes in providing credit card tips, advice and resources.© 2008 Sean Masterson
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