College Student Credit Card Offer
Cards for Students Under the New Credit Card Laws
Traditionally, students starting their college years could count on an easy to obtain credit card to help out with expenses, covering everything from books to pizza. Credit card issuers would allow students to charge up a line of credit without having to demonstrate an ability to repay; while this seems like a good way for a young student to make ends meet, frequently the student was left with mountains of debt at the end of their college experience.
New laws effective as of February 22, 2010 now require that students have proof of their own income to repay their debt, or have a co-signer who will take responsibility for the debt should the student be unable to repay.
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Lenders will also no longer be able to offer freebies to students to entice them to complete a student credit card application, and will be limited in their ability to approach students on campus with new credit offers.
Congress, when passing the bill, also included their recommendation that students complete financial counseling before taking on debt in the form of a credit card, but that is not required by law, just something congress would like to see done. When starting out on your own, it's always a good idea to review budgeting and the use of credit. Following these tips will help you manage your finances for years to come.
Students can still obtain credit cards while in school:
These changes in the laws do not change the fact that going to college is expensive and students, even those with scholarships, loans or grants will still have to cover many expenses out of pocket. There may still be reasonable factors for the use of credit while in college.
Working students can apply for a card if they are able to prove they have income to allow them to repay the debt. Students under 21 without their own income can have a parent, or other credit worthy adult co sign for a credit card. Before entering into this agreement, it's important to review the credit card terms very carefully. Once a line of credit is granted to a student with a co-signer, only the co-signer will be able to authorize a credit line increase, so it's important to track the use of the card closely and discuss the use of the card with the student.
Secured Credit Card Applications are a also a good way to open a smaller line of credit that typically won't allow a student to get themselves into too much trouble. With a secured card, a co-signer is not required, but a savings deposit is.
What is important to remember is that these expenses are all expected, and planning for them, by establishing a line of credit or some other means, is an important part of back to school preparation.
Student Credit Card Comparison
If you are a college student and you are looking to compare some of the most recent credit card offers and applications, then feel free to browse some of the most popular college student credit card offers on the net on our online student credit card application page.More credit cards coming soon!
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