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Listed below are some important criteria that need to be considered while comparing student credit cards.
Types of Credit Cards:
In spite of innumerable types of combinations available, credit cards are still classified into three major categories that include secured credit cards, regular credit cards and premium credit cards. Secured credit cards or prepaid cards are good for students who do not have any credit history. Regular credit cards are entry-level cards that are apt for beginners. These cards have a low credit limit, limited benefits and very few services. Premium credit cards are high-value cards that carry higher credit limit and have many more rewards and benefits.
Credit Card Fees and Interest Rates:
Various charges levied on the cards and interest rates on the credit are the primary source of income for credit card companies. A variety of fees are levied on the cardholders. Some of these include annual fee, membership fee, charges on cash advances, and charges on balance transfers, charges for exceeding credit limit, late payments and even under payments. One should shop around to look for companies offering credit cards at lower interest rates and charging fewer fees.
Special Offers and Reward Programs:
Many credit cards offer rewards or loyalty programs to their customers. Some of these include cash back programs, airline miles programs, gasoline programs, retailer programs, and automobile programs. Also, other types of promotional offers include 0 percent interest rates for a particular period of time, low rate on balance transfers and fixed rate low APRs. One should carefully select a card that offers reward programs that are suitable for their lifestyle.
Also, while choosing a right credit card, one must always compare the customer care standards. Better the customer service, better is the quality of the credit card and the card issuing company.
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