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Instant student credit cards can be both a blessing and a curse to any college bound student without the financial means to pay for school. For most students, college is covered by student loans and financial aid. For other students, their parents foot the bill and give them a weekly allowance. For some, they must foot the bill themselves by working, however, it is often difficult to make ends meet.
For these students, instant student credit cards may be the answer, as they will allow them to make charges that they can pay down at a predetermined rate. These instant student credit cards are often accompanied by low starter rates that tend to rise drastically after a said amount of time. Often students will find themselves paying little to no interest fees, to only be met with 14 to 20% interest fees within a few months. This could often leave the student in a financial mess as they are scurrying or overworking for money just to make the minimum payment on the instant student credit cards.
These hidden fees and sudden hikes are the cursed part about instant student credit cards. By taking a few precautionary steps, any student can find a credit card that fits their lifestyle and financial means. First of all, find a credit limit that is suitable for you.
There is no need for a $5,000 credit limit when you are a student, for it will only encourage poor financial habits and you will not be able to pay off the charges that you run up month by month. Keep your credit limit low to ensure that you will not run into any financial troubles with your instant student credit card. By paying off you instant student credit card on a monthly basis, you will also be establishing something known as good credit, which is imperative in your future life. Establishing a good credit can be easily completed with instant student credit cards as low as you keep your charges to a minimum and a payment schedule which is fully paid off.