Types Of Credit Cards

Majority of the cards you’ll probably notice offer lucrative schemes and rewards. There is an endless list of types of student credit cards, so it becomes very difficult to select the appropriate one for you. All these types of cards can be differentiated on the bases of interest rate; cash back amount, annual fee, bonus and rewards. So you have to pick up the one which is the most beneficial for you.

Few types are discussed below:

1. Low-interest credit card:

i. It offers a low initial introductory annual percentage rate (APR).
ii. It also offers significant savings on interest when the amount of large purchases is paid back before the end of introductory period.

2. Balance transfer credit card:

i. It offers consolidation of credit card debts.
ii. To transfer the debt to a low APR plastic card can save a huge amount of interest.

3. Reward credit card:

i. They offer various hotel discounts, frequent flyer miles, free fuels etc just to promote the usage of card.
ii. It is beneficial for those students which are flying (travelling) frequently and are more engaged in shopping etc.
iii. Based on how much is the usage of student credit card over a definite period of time.

4. Airline mile credit card :

i. It is almost same as the card mention above but the reward can be redeemed only in the form of air travel.
ii. A free air travel given per mile for fixed amount of dollars you spend.

5. Cash-back credit card :

i. It pays back cash rewards for making purchases with the card.
ii. Excluding interest and finance charges, it pays around 1 cent per dollar spent.
iii. It is preferred if you are regular in paying off payments every month.

6. Secured credit card:

i. It is the best option if you have a very little credit.
ii. It is secured with collateral or cash deposits.

7. Pre-paid cards :

i. It is actually a misnomer as it works same as gift cards for retail shopping.
ii. You have to deposit a certain amount and then you can use that card to make purchases up to that amount.
iii. It generally offers bonus and rewards. Moreover no credit check is required.

Major credit card providers are:

1. American Express
2. Visa
3. Citibank
4. Discover
5. MasterCard
6. Capital One
7. Chase
8. Retail Credit Cards


Read more about student credit cards option at ..... Student Credit cards - www.studentcreditcards.in

Student Credit Cards

One of the challenges for school bound boy or girl is to get first credit cards. The effort to get first student credit card is as good as getting your driving license first time. Getting first credit card is not easy as lenders look for your consumer history to decide for credit application. As a student having established consumer history to apply for credit is difficult.

Often students take help from their parents in getting credit card with their guaranty or apply for pre-paid credit card to establish consumer history. The option of opening debit card with local or nationalized bank or opening a pre-paid credit card with Credit Card Company is the first step towards getting your own card. With time you will build credit history and it gives lenders confidence in your credit trustworthiness. Paying your bills such as doctor bills, retail bills, utility bills and paying your tution also builds credit history. Some of the credit organization partner with universities and colleges across nation to provide credit cards to student.

Make sure you build your consumer history in positive way. Any derogatory remarks against you in credit file will hamper your chances of getting credit or student credit card. Read more about how to get first student credit card. Student Credit Cards