The Top Credit Card Options for College Students

The greater security, convenience and flexibility that credit cards may have to offer make them a popular option among many college students. With so many different types of cards to choose from, learning more about the available options can help to ensure that smarter and more effective financial decisions are able to be made. Choosing the wrong card often means that students are more likely to be faced with higher interest rates, fees and penalties should they be unable to pay off their balance in a timely fashion.

Low-Interest Student Cards

A low-interest student credit card is one option that students would do well to consider. While there are a number of prerequisites and qualification factors that may limit access to student cards, being able to take advantage of lower interest rates is not an opportunity that should be taken lightly. Student credit cards are often an ideal option, one that can provide superior financial flexibility while minimizing long-term costs.

Secure Credit Cards

Typically used by those who are seeking to establish or repair credit history, secure cards feature a set spending limit that may allow students to minimize the cost of any financial missteps that may be made. Secure cards may be even more attractive to students who may lack the financial history needed to qualify for a more conventional card. Secure credit cards can be an attractive option for those who are concerned about accruing long-term debt during the course of their college career.

Debit Cards

Avoiding credit cards entirely or finding ways to minimize their use is a popular option for students who are serious about staying out of debt. Debit cards that draw funds from a standard checking or savings account can allow students to make purchases electronically without having to worry about interest rates and other financial penalties. While cards that are able to provide financial assistance may be more convenient, there are plenty of students who choose to use debit cards in order to simplify their financial situation.

Electronic Payment Services and Mobile Devices

The growing mainstream acceptance of third-party payment services and mobile applications that can allow students to transfer funds and make purchases from their smartphone or tablet are providing a wide range of additional options. Growing concern regarding the long-term consequences of student-loan related debt and access to new technologies and services have the potential to make quite an impact on the financial habits of college students. Future trends like mobile applications and electronic payment options may find growing numbers of students relying on credit cards less and less in the days ahead.