The best student credit cards available now are those that provide the best benefits to the cardholder. As a student, you may rely on your credit card for a variety of reasons so it can be challenging choosing the best credit card for your lifestyle.
Both Discover and Citibank offer good student credit cards that you can use for your advantage. For example, the Discover Student Card offers an introductory rate of 0% for the first nine months and gives you the option of earning 5% on many types of purchases. This card works best for those who pay their bill in full each month with no recurring balance.
The Discover Student Open Road credit card may appeal to you if you travel frequently. Not only will you receive cash back rewards for gas and groceries, but you will also qualify to receive up to 20% cash back as a bonus for shopping with certain retail shops online.
The Citi Dividend Platinum Select Student credit card is perfect for college students because you don’t need a co-signer and if you qualify, can receive an introductory rate of 0% for the first seven months. You also have access to cash back rewards that include as much as 5% for gas, groceries, and even utilities, like cable or electric. This will help you save money as long as you don’t carry a balance each month.
With so much happening in the economy, how can I trust these companies?
Since most students are new to credit cards, it is completely understandable to have reservations when you are ready to acquire your first credit card, especially after the 2008 financial crisis. The news was filled with horror stories regarding financial institutions going under and taking their customers with them.
To ensure that you are working with the most reputable credit card companies, you will need to do your homework. J.D Power has rated both Discover and Citibank among the top credit card companies for 2011. These companies have strong, steady growth and continue to provide their customers with excellent service.
In addition to their positive reputation, the best credit cards for students place more focus on options that apply to them specifically. Each student credit card offered by Discover and Citibank requires limited to fair credit only. They want you to build your credit history with them to ensure a strong and positive relationship. This will prove to be very beneficial, as you grow older.
How can I apply for a student credit card if I don’t know my credit status?
According to the Fair Credit Reporting Act, all United States citizens are entitled to receive a copy of their free credit report every 12 months. You should get into the habit of obtaining your credit report every year, just to verify the accuracy.
You can find your credit score very easily by going onto the Internet and locating the Annual Credit Report. You simply choose your state and request the report. After a few seconds, you are directed to a page where you will complete a short application. Within a few moments, you will receive your credit report.
Once you have your credit report, you will have many options, like receiving alerts. Being a student, you may want to select this option to secure your credit history. If someone tries to use your personal information to open a bank account or credit card, this service will come in very handy, especially since identity theft can occur without warning.
What happens if my first credit report looks wrong?
If you notice errors on your credit report, no matter how small, you need to act immediately. Contact each credit bureau in writing and provide them with a detailed list of all of the errors. Be as direct as possible and include any supporting documents if needed. Once you reach out to the credit bureaus, you will have approximately 30 days to wait for a response.
The credit bureaus must investigate each claim and notify the vendors who made the error. If the issue is resolved, the error will be removed and your credit report will be updated. You will receive notice in writing of the changes.
If your dispute is accepted but the changes are not made, you have the option of requesting to add your complaint to your actual credit report. Be sure to contact the vendor you have the disagreement with as well.
Many college students will experience the highs and lows of credit card usage during at least once during their school days. Student credit cards are a great way to introduce new users to the financial freedom that credit cards offer while balancing the financial obligations that accompany them.