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College Credit Card is meant for students who are over 18 years old. A student need not have an income-base for applying for a College Credit Card. A student must make an effort to pay off the outstanding loan within the due date in order to get a good credit rating. It helps a person apply for more loans and credits easily in the future.
One should go through the details on annual charges, interest rates, over-the-limit charges and late charges mentioned in the College Credit Card and always try to pay the minimum payment to avoid late charges. One might be tempted to select a card with zero interest rate, but he should also check out the time period for which it is valid. Generally, low/zero interest rate is valid for the first 6 months and the interest rate shoots up after that. A good College Credit Card will offer a low Annual Percentage Rate (APR) and a high grace period for making payment.
APR: A good College Credit Card will offer 0% APR for an introductory period before taking up their usual APR. Good College Credit Cards will offer no annual fees and a longer grace period.
Points for Card Use: One of the greatest attractions of a College Credit Card is the rewards system. Most College Credit Cards offer two types of rewards: points and cash back. One can look for a College Credit Card that offers high point and cash back value for attaining a high GPA, use of the card at book stores, restaurants, and gas stations and for paying bills on time.
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Fee/Charges: College Credit Cards that have a lower fee for late payment or exceeding credit limit are better.
Additional Features: A College Credit Card should offer free online access for account management and paying off credit easy. A good College Credit Card also offers alerts when the user is going to exceed the credit limit or when the due date is nearing. It is better to go for a card that has a 24/7 phone support system.
CIBC, Capital One, RBC, Scotiabank, BMO are some of the leading banks in Canada that offer College Credit Cards. BMO, CIBC offer zero annual fee, while Capital One has 24/7 phone and online support system and has a low interest of 14.9%
For many college students it is hard not to yield to the temptation of using credit cards. Most of the times, students have a tendency to spend more than their capacity and are unable to repay the creditors on time leading to a poor credit rating. The best thing to do is to keep the outstanding balance as low as possible and pay off the debts within time.
