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Which Type of Credit Card is Right for You?

As a college student with little or no credit history, it is important to choose the best credit card for your financial needs. With the popularity of college credit cards on the rise, you can now choose from a wide variety of different types of credit cards that will help you build your credit history. Along with these cards come many benefits and features that students can take advantage of, from cash back incentives, airlines miles, and free money towards your favorite shops to gas credit, movie discounts, and hotel rewards. So not only will you be able to build your credit for future purchases, but you'll also get great discounts along the way!

But don't get sidetracked by the list of great bonuses you can get with a student credit card. Managing your credit wisely and making sure the card offers good credit card protection are very important when choosing which type of credit card is right for you. You also need to make sure you ask yourself a few important questions before you pick the best credit card, such as:

  • What is the APR (Annual Percentage Rate) I will have to pay? How long before I have to start paying it?
  • Is there an annual fee for the card?
  • Is there a fee for balance transfers?
  • Do I need good credit to apply? Or a cosigner?
  • Can I afford to pay more than just the minimum payment each month?
  • What rewards/benefits will I receive?
Establishing good credit brings everything from lower rates on student loans and mortgages to better credit card rewards
Find the best student credit card for your unique lifestyle and everyday activities
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The Best Credit Card for Your Financial Needs

Choosing your first credit card can be a difficult decision to make, so StudentFinanceDomain.com is here to provide you with a list of some of the best credit cards available to students. Many of these offer a low APR interest (Annual Percentage Rate Interest), great benefits and rebates, and easy online access. You can even choose a travel reward credit card and take your student expenses abroad. The following is a list of the different types of credit cards available to students:

  • Introductory - Offers a zero or low APR that remains fixed for a certain amount of time
  • Debit - Allows you to only spend up to the amount you have pre-deposited into your account
  • ATM - Used to get cash and complete other transactions at a bank machine or automatic teller machine
  • Airline/Travel/Hotel Rewards - Offers frequent flyer mileage credits or points that can be redeemed for plane tickets, hotel stays, meals, and car rentals
  • Cash Back Rewards - Provides cash rebates, gift certificates, and cash rewards that can be deposited directly into your savings account
  • Retail Rewards - Allows consumers to earn extra points while making credit card purchases that can be redeemed with certain retailers
  • Gas Rebate - Provides cash rewards or cash back on gas purchased
  • Auto Rewards - Earn rewards for spending that can be redeemed toward the purchase of a new or used automobile or other auto-related expenses or merchandise

If you just want to test how a credit card works by not actually using a line of credit, it's best to ask your bank for a debit or ATM card. These types of credit cards will allow you to extract money that you already have in your account. With these you can have the benefits of a credit card without the worry of paying the money back. But if you want to start building your credit, your best bet is to get a low introductory credit card. Use it for small purchases that you know you can pay back each month. Then once you have established good credit, you can enjoy all the different types of rewards cards that are available for your enjoyment

Managing your credit is very important, so whatever type of credit card you choose you must always pay the charges on time or you will develop a bad credit rating. And if you have bad credit, you won't be able to get any future credit cards or other lines of credit. So just make sure that you keep up with your payments and pretty soon you'll have a good enough credit rating to start investing in your own business, buy your own car, or purchase a nice home after college.

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