What are the Top Benefits of a Student Credit Card?

As a college student, you will soon (if you haven’t already) realize that your financial life is changing. For this reason, there may come a point when you consider the benefits of applying for a student credit card.

Before taking this leap, it’s important to assess your situation. For example, are you confident in your ability to spend within reason?

If you’re on the fence, here are several of the top benefits of a student credit card:

• The opportunity to build credit early in life. Rather than waiting until you graduate, you have the ability to build a solid credit history while you’re still in school. This can benefit you in many ways upon graduation, such as when you go to purchase a vehicle or rent an apartment.
• It teaches financial independence. Let’s face it: there will come a time when you takeover every aspect of your finances. You can use a student credit card to take the first step toward independence.
• Lower credit limits. One of the biggest fears of students (and parents) is spending more than they can comfortably afford to repay. Fortunately, with a student credit card, you may not have to worry about this. With a lower credit limit – when compared to more traditional offers – you can stay within your means.
• Access to a variety of tools. Depending on the credit card you apply for, you’ll gain access to a number of tools. An example of this is online account access. This doesn’t sound like a big deal, but it goes a long way in helping you track your spending, understand your card, and make payments on time.

As you can see, there are many benefits associated with a student credit card. Before applying, take the time to compare the many offers as to understand what each one can do for you.