Credit for College
What are the best credit card options to get for a kid in college? Are there any that fit this bill? Well, obviously we all know that credit card companies can really charge a huge interest tab to “high risk” college students who may not have necessarity built the greatest credit record for themselves, or simply do not have enough credit card history to justify a low rate credit card.
It is estimated that over 3/4 of all active college students actually have a credit card. A credit card for college students is a college necessity, like food and water. College kids practically live on credit cards many times (unfortunately), and it’s important to find one they will not be paying on for an eternity due to high interest rates that never seem to go away, and make for one awfully LOOOONG payoff period.
Financial experts say that although college kids often times do not have adequate credit history due to their age, they are still entitled to receiving a decent interest rate. By decent, I mean one in the mid teens, which is the “accepted” standard in credit card interest for not getting completely ripped off.
Also they should look for a credit card with no annual fees and a grace period on late payments. This way, they will not end up incurring late fees over and over for only being a few days late if they run into trouble, another road block to getting high interest credit card debt paid off in any reasonable amount of time.
