Credit Cards for College Students with Bad Credit

Some credit card companies offer cards with special features to students which are given here.
Scholasticus K Jan 5, 2019
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The credit card industry has been criticized in the past for targeting students as a potential customer base for all cards and related services. However, in some cases, the relevant ones have been introduced with a view of aiding the student community.
These have been tailored as per their needs and are usually used by the ones who do not have a very impressive credit report due to student loans, expensive tuition fees, and overall, the high costs of higher education.
The problem of the sky-high cost of higher education is often solved with the help of student loans, government grants, educational grants, and other such funds. In this process, excessive loan and funding disturb the credit report of the students, and in such a scenario, many of them need cards for bad credit.
Students even today suffer a ghastly problem of passing out and having a state of deep debt. The instruments that can be used to improve the report and ratings are the cards for bad credit.
College students have started utilizing this instrument as a repairing solution; however, one still has to be very cautious, and knowing everything about it does help a lot. After all, every timely payment means an increase in the score.

Suitable Cards

In order to know more about them, let us divide the information into two parts, namely the features of the credit card and how to go about it. Looking for the right card offers and prospects is like looking at a balance scale. There is always an up and always a down to every student credit card.
If you have a high credit limit, then the deposit is higher, or you will have to make the credit card debt a secured one. If the limit is lower than them, there is no security. If you have a pretty good score, then there is less APR (Annual Percentage Rate) charged, and if it is down the dumps, then you have a towering APR.
In this case, since the card is meant to be used by students with bad credit, the APR is bound to be higher and the fees are bound to be lower. Apart from this, there can be two types of APRs, namely the fixed and floating rate APRs. Personally speaking, the fixed rate one is a better choice.
Next is the security for the credit creation. Being a students' credit card, it is not likely that it would be a secured one. However, the credit card company demands a certain deposit, which is equivalent to the limit of the card. This monetary deposit serves as a security.
Hence, when you go out into the market, you will have to take a look at its three important aspects: first, the APR, then the security deposit, and third, the credit limit. All these things must be reasonable and well-balanced.

Using Student Credit Cards

The ones for students with poor and bad credit tend to have a huge APR and fees; hence, planning the expenditures throughout one billing cycle is an important aspect of using the card. The APR usually floats in between a particular bracket, hence making payments for basic necessities that are recurring for every month such as food and books is advisable.
This will result into the reduction of your APR. In fact, it is often recommended that every student should use a fixed APR card that has been tailored according to the need of such individuals. Bad credit cards also tend to have heavy fines that occur when the bill is left unpaid.
Hence, spend a fixed amount on the same commodities every month and make provisions for the bill before the month ends. Thus, when the bill hits your mail box, you can ship it off immediately with the payment. Remember, even a small balance tends to invite a late payment fine. There are some interesting offers, e.g. Green Dot PrePaid MasterCard.
If you are not confident about using these cards, then you can take up some other low interest rate ones that are offered by companies such as VISA, MasterCard etc.
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