Types Of Student Credit Cards
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Types of Student Credit Cards
Overview
Entering college often means navigating the world of credit cards for the first time. Initially, you might think student credit cards are plain and uninteresting. However, many cards are designed with students in mind, offering attractive rewards and various options.
Credit card companies generally don't take advantage of students. Instead, they offer enticing benefits ranging from gas rewards to cash back. Although these cards might come with slightly higher interest rates and lower credit limits, responsible use over time can improve your credit score and terms.
Before you apply for a student credit card, it's essential to understand the types available that cater specifically to college students.
Types of Rewards
Point Rewards System
Many student credit cards feature a point rewards system. For example, Citi Bank’s ThankYou Network lets you earn points for every dollar you spend. You can redeem these points at their online store, which offers a wide range of products from gift cards to electronics. Opt for a card that offers similar rewards to ensure you get the most out of your expenditures.
Cash Back
Cash back cards are a straightforward option for many students. Instead of accumulating points, you'll receive a percentage of your purchases back as a rebate. For instance, if you have a card with 1% cash back, you'll get 1% of your total spending back as cash. This system is ideal if you prefer immediate savings over points.
Airline Miles
Though less common among students, some credit cards offer airline miles as rewards. If you travel frequently, this can be beneficial. Typically, you'll earn one mile for every dollar spent. Keep in mind that these miles are often limited to a specific airline, so choose wisely if you travel with a particular carrier.
Auto Rewards
Auto rewards can be particularly useful for students who drive frequently. These cards provide rebates on gas purchases, auto maintenance, and more. For example, certain Citi Bank cards reward you for every mile you drive, making them an excellent choice for students on the go.
Conclusion
As illustrated, there are a variety of rewards available with student credit cards. It's wise to select a card that offers rewards relevant to your lifestyle and spending habits. After all, getting added value from your purchases is always a smart move.
You can find the original non-AI version of this article here: Types Of Student Credit Cards.
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