Nov 1 2017 37430 1

Nov 1 2017 37430 1

This information is brought to you by

Henry & Laly Sanz

Team H&L Miami at Real Estate Empire

What to Know before Applying for a Student Credit Card

Building good credit takes time, and it can be a few years before college students or graduates can have a top credit score so they can get a credit card or loans at low interest rates.

A student credit card can help as a college student’s first credit card, though it does come with some conditions.

First, a student will have to do more than attend college. They’ll need some type of income, and without any credit history, a card may be difficult to be approved for.

One way to get around that is to get a secured credit card, which requires a cash deposit of anywhere from $300 to $5,000 as collateral. The deposit will be paid to the card issuer if you don’t pay your bill. Secured cards may have high activation fees and annual fees.

Some secured cards will allow customers to move to unsecured cards—meaning you won’t have to give the lender a deposit—after 12 months of good credit behavior, such as paying bills on time.

Other credit cards aimed at students allow co-signers, who are people you know who have an established credit history and will be responsible for the bill if the student doesn’t pay it. Such a card may be needed if you don’t have a steady income and are applying for your first credit card.

Most student credit cards don’t have sign-up bonuses, rewards points and other perks, though some offer lesser rewards for newbies. That shouldn’t be the point of getting your first credit card as a student.

The main point is to use it as a tool to learn how to responsibly use and manage small amounts of credit, pay bills on time, and spend within your means. Students are unlikely to buy big purchases with credit cards, but to pay off what they can afford each month without paying interest.

Starting good credit habits early in life can pay off years later when you want to get an auto loan, home mortgage or have more credit cards.

If you don’t use your credit card well, remember that any negative information can stay on a credit report for seven years in most cases. That can be a long time until you’re able to qualify for a credit card at all, let alone one with a good interest rate.

I hope you found this real estate information helpful. Please contact me for all your real estate needs today!

Henry & Laly Sanz

Associate Realtors

Team H&L Miami at Real Estate Empire

10200 NW 25th Street, Suite A-100

Doral, Fl FL 33172

Primary Phone: (305) 592-1588

Secondary Phone: (305) 345-2188

Send me a message

Real Estate

More Posts you may be interested in: How To Be Productive When Working From Home

Buying a Home? How Technology Can Help

4 Ways to Save Money at the Movies

The Possibilities of Paint: How to Revamp Your Home’s Exterior 

Keep Your Kitchen Ready for Buyers

© 2017 RISMedia. All Rights Reserved.

Team H and L Miami Headshot
Phone: 305-458-3583
Dated: November 1st 2017
Views: 74
About Team: Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Apr 20 2018 37430 1 - 9 Home Improvements That Can Help
Apr 19 2018 37430 1 - What You Need To Know About
Apr 17 2018 37430 1 - In the Market for a House? A
Apr 16 2018 37430 2 - 6 Inexpensive Home Staging Tips

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Real Estate Empire Group
10200 NW 25 St Suite A100
Doral, FL