How To Guide Students On Their First Credit Card

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How To Guide Students On Their First Credit Card

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Going off to college is a significant step all
alone.

• There are numerous choices to make, and also a
  new freedom that lots of young adults aren't used
  too. Cash is frequently of concern to both
  students and parents, and credit card companies
  are unaware of this. Your daughter or son will
  more often solicited by means of a credit card
  company outside of the school.

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• Credit card companies frequently set up shop on
  school campuses throughout registration periods
  to solicit students. They are sometimes seen in
  high traffic areas, aggressively promoting their
  merchandise to anybody available. There are only
  few requirements required to get a student credit
  card as lenders assume that parents can help them
  pay their bills. It only requires your child to
  register to get a credit card and it's not likely
  that they know how much harm they could cause to
  their own credit history, and everything that
  will imply.

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• Student credit cards work and are used exactly
  the exact same manner as any other card, even
  though they have a tendency to have higher rates
  of interest and lower credit limits.
• Even with lower credit limit, the high APR can
  get expensive, and student credit cards have to
  be used with care.

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Check The APR

• Student credit cards have higher interest rates
  than other credit cards. There are three types of
  card offered Elite, Premium, and Standard.
  Nearly every student credit card starts out as a
  standard account, as the young adult doesn't have
  any credit history. Standard accounts have the
  higher APR of those 3 choices. A student credit
  card using a regular APR of about 14 to 18 is
  quite great, and many will be greater.

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Make the Right Choice

• Become involved with your child's finances before
  there's an issue.
• Assist them and walk them through the numerous
  pitfalls of its use before you let them use it
  independently.
• This is a good chance to help your child
  understand the way credit cards function, and
  also how to create a solid credit history.
• Having good credit will make obtaining a vehicle
  and finally a home a lot simpler for them.

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• Ensure they know the monthly billing cycle, in
  addition to how large APR obligations and late
  fees.
• A student credit card default is not any
  different than every other card, and also their
  credit report will endure for it.

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Let the Card Work for You

• Establishing a fantastic credit history is in
  fact quite simple using credit cards.
• They are regrettably an excellent way to destroy
  a student's credit too. Be sure your child
  understand this.

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