8 Things You Should Know Before Applying for a Student Credit Card

There are a lot of credit cards aimed at students, and most have enticing bonuses to get you started on the road to building up your credit score. But not all student credit cards are created equal, so if you don’t choose the right one, it could do more harm than good to your credit and financial future.

Are you looking to get your first credit card? Or, maybe you already have one but are looking to get an upgrade? In either case, it’s essential to know the ins and outs of student credit cards. Whether you’re trying to finance textbooks or determine which rewards are the best, certain features and tips can help you make the most of your card. Consider these eight things before you apply for your next student credit card.

1) Pick a Card That Is Easy To Use

A good card will make your life easier, not more complicated. If you’re going to be spending money on it, why would you want something more challenging to use than necessary? Having an easy-to-use credit card for students will help you stay on top of your spending habits as well. As one study reported by Discover showed, people who use their credit cards infrequently are much more likely to miss payments or even fall into debt than those who use them regularly—even if their overall expenses are lower. A good card is both affordable and straightforward; if there’s a complex fee structure involved with using it, then odds are there’s another one waiting when it comes time to pay off your bill each month too.

2) Choose A Low-Interest Rate

Many credit cards charge high-interest rates if you don’t pay off your balance in full each month. If you plan to carry a balance, choose a card with an annual percentage rate (APR) as low as possible. Check out some of slice’s favorite low-interest student credit cards. It’s also crucial to check your credit before applying for any loan or line of credit—doing so will give you a clear idea of where you stand financially and help you avoid mistakes that could cost you down the road.

3) Be Careful What You Charge On Your Student Credit Card

While it’s essential to learn how to build credit as a student, you should also you need to be careful what you charge on your credit card. If you’re carrying a balance, consider skipping non-essentials (like new clothes or nights out) and sticking with necessities like groceries and utilities; paying off your credit card debt is one of the best ways to ensure you build a positive history in your file. That way, when you graduate and get ready to take on real-life responsibilities with your first student credit card after graduation, it won’t be all that different from using yours in college.

4) Look for Rewards Programs And Perks

Some cards like slice card offer rewards programs, points, and perks (such as cash back or airline miles) that can add to actual savings. If you choose to apply for a student credit card, you must pick one with rewards programs that are appropriate for your level of spending and financial situation.

For example, if you’re starting with a part-time job while attending school full-time, opt for something minor like no annual fee, so you don’t risk accumulating too much debt or missing essential payments.

Many cards like slice super card also provide trip cancellation and travel accident insurance and other valuable perks like rental car insurance and extended warranties on merchandise. If you’re making a lot of purchases online, you should look for online account management tools such as mobile apps and one-click ordering.The best part is that the slice card offers all these tools to you with an amazing user interface.

5) Think About Security Features

Security is one of your top concerns when you’re deciding which credit card to apply for, and it should be. Be sure to look for a card that uses industry-standard security features to prevent fraud and theft.

Also, be sure to check statements regularly for fraudulent purchases. If you see any suspicious charges, call your bank immediately and ask them what steps you should take next. It’s essential to treat your credit card like cash from day one—especially when you’re still trying to build credit.

6) Learn About Your Cibil Acore

The CIBIL score is an acronym for Consumer Information on Bills, and it’s your credit score. The number provides information about how you’ve used credit in the past—so it’s important to know what your CIBIL score is before you apply for a student credit card. Ensure that your lender pulls your report from Equifax (this is what most U.S. lenders use). Once you’ve been approved, start using your new credit card regularly—but make sure you never spend more than 30% of your available limit at any given time; it will look good to lenders if they see that you can manage accounts responsibly and don’t max them out.

7) Understand How Student Credit Cards Work

An important thing you should know about student credit cards is that they aren’t created equal. The interest rates and fees charged by different companies vary widely. Also, your credit history (or lack thereof) will play a big role in whether or not you qualify for one of these cards. One point to note: If you’re under 21, you may have limited options when it comes to applying for credit cards. Certain card issuers won’t issue them to anyone under 21, while others will only offer them to an authorized co-signer who meets their age requirements. A third group will approve young people on their own as long as they show up with proof of income or savings of some kind (another good reason to have a job).

8) Compare Features On Several Cards

What do you want to get out of your credit card? The first thing you should think about is which features are most important to you. If you’re focused on earning rewards, that might mean looking at cards with high bonus categories and generous rewards programs. If your goal is to pay off your balance each month without interest, it’s essential to find a card with low-interest rates or no fees. You can checkout slice no cost EMI cards where you can convert your purchases in EMIs and pay as your convenience. Or if you don’t use plastic often, but have found yourself getting hit with late fees because of forgetfulness, then maybe an easy-to-use app will be best.

Conclusion

Student credit cards do not have many standard consumer protections that other credit cards have. They tend to have much higher interest rates and aren’t suitable for paying off big purchases. However, they can help build your credit and give you money management skills to help you later in life. If you decide to apply for one, make sure you know what you’re getting into and find the best credit card in India with low fees so you can minimize your overall debt level. And always pay it off on time to keep those bad debts out of your life!