The Advantages of Student Credit Cards
A student credit card offers you a great way to move into the world of financial independence. Building credit early is more accessible with a student credit card, with many incentives to make purchases and pay them off in a timely manner, as well as options to support you if you miss a payment. The advantages of a student credit card include: financial education and resources, support from your institution with payments via alerts and reminders, and rewards geared towards students. Most importantly, lenders may grant lower limits and rates to students to allow them to start building credit history.
“Building credit while in college can be very important in creating a good credit foundation,” says Christine Forman, a marketing director for Discover. “Some cards even offer students extra advantages, including rewarding you for purchases on gas and dining out and for earning good grades.”
The Advantages of Student Credit Cards:
- Lower credit limits — Some lenders will grant lower limits to help students start to build credit history
- Rewards — Discover offers multiple ways to earn, such as cash back, miles and other incentives
- Protection — Discover cardmembers are never responsible for unauthorized purchases on their card
- Tools — Discover offers helpful tools like a Spend Analyzer and Automatic Bill Payment to help students budget and automatically pay bills on time
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