Student credit cards are almost a requirement in today’s academic world. It seems like there is always something that requires payment, whether books or a deposit on some field trip or just paying the apartment electric bill that is ridiculously high this month because you left the refrigerator door open all night after that kegger.
Having a student credit card is also a valuable lesson in money management that should be learned as a teenager or young adult. Many adults do not have their first exposure to credit cards until after they are out of college, at which point they find themselves in very unfamiliar territory because they have never had to manage credit before. Financial management of your student credit card is critical to your success later in life, and lessons learned while still in school with financial management are lessons that will stay with you for the rest of your life.
Many student credit cards have low limits built in so that a student will not be tempted to max out the credit card with things that are not really needed. Again, this is part of the discipline process that any new credit card owner would go through. A number of consecutive months of consistent and on-time payment history will typically allow that credit limit to be increased, which further reinforces the good financial management responsibilities that accompany credit card usage.
Although most student credit cards have a higher interest rate than those offered to non-students or individuals with a positive established credit history, it should be noted that this is a very fair trade-off for offering credit privileges to someone who likely does not have any credit history established at all.
The student credit card will allow the student to get a greater sense of security as well as learning fiscal responsibilities. The student will also become familiar with how timely payments will be reflected with a positive credit score, which can give the student a financial jump start on the world after graduation.
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