How to select Best Student Credit Cards with No Credit? | Best ...

How do you obtain a credit card when you have virtually no credit left at all? That is one of the toughest predicaments young students, immigrants and various other category of professionals find themselves confronted with.

We live in times of great economic uncertainties, which make it all the more important for students to own credit. Doing so not only enables them to pay for just about everything-from obtaining a house to buying grocery- but also help them reap long-term benefits of financial stability.There are various advantages of no interest balance transfer credit card if you are planning to buy them.

Importance of building a credit line-up

A great misconception doing the rounds these days is that those with bad credit history enjoy a distinct advantage over those who have none at all. Nothing could be further from the truth though because there is absolutely no way a financial entity can evaluate your ability to clear off debts.

Another reason why a student must try and create a good credit history is because getting a private student loan these days essentially hinges upon your ability to establish credible credit history. Credit.com suggests that anyone wanting to come out this quintessential catch22 situation is to get a new credit card.

Thankfully, there is a way out of this seemingly impossible situation in the form of various credit cards that specifically cater to students with no credit. Best offers for college student credit card are the ones which don?t entail a yearly fee and also motivate students to work hard and make timely bill payments by offering rewards and incentives if they are applying for Fulbright Scholarship Program.

Here are some credit card plans that are worth trying for students:

1. Discover it??

Discover student credit cards with no credit history is a great option for those who are looking to build from the scratch. Not only does it include a 0% grace period for all purchases made up to a 6-month time frame; it also has no yearly fee and offers a great cash back scheme wherein 5% of all purchases worth $1500 (made from gas stations, supermarkets and hotels) or more are returned to the cardholder. They are also entitled to have 1% cash returned on specific purchases.

?2. College Student Visa Credit Card

This is another great card which can go a long way in helping students build their credit history.? Credit lines range between the $300-$500 mark, which is ample testimony of its credibility and relevance. Furthermore, it is also different from other similar cards in that it lets student check their monthly credit score on the web for free. The annual fee is $75for the first year but it does not necessitate any security deposit.

3. CitiForward Card

Apart from relieving student from the burden of a yearly fee, this credit card also offers five points for each dollar spent on things like movies, books, etc. Furthermore, CitiForward also brings down the interest rate if you happen to pay the bills on time and confine yourself to the specific credit limits. If that wasn?t enough; here is another motivation: It also offers to insure your cell phone as long as you use the card to pay your phone bills.

4. Journey Student Rewards from Capital One

This credit card provides 1% cash back offer on all purchases made by you. In addition, it also offers 25% cash back on all your monthly cash back schemes if you?ve managed to make timely payments of bills. The best part is that this cash back offer has no expiry period nor is there any limitation to your redemption plans.

5. Considerations before applying

Before seeking a credit card option if you have no history, do factor in these considerations:

1) Do make intelligent comparisons between the various offers available to you and judge on the following criteria: Interest rates, yearly fee, incentives, rewards, grace period, add-on offers, and other key guidelines.

2) Go for a prepaid card because they don?t require any credit history on your part and can still be used normally to make online purchases and pay various bills.

3) Getting a guarantee from a co-signer is a wonderful way of applying for a credit card because it enhances your chances of getting your request granted. It may also tilt the terms and conditions of the credit card in your favor.

4) While prepaid credit cards are great for students, do remember that it is not free money, so use it judiciously and stick to your budget plan. Misusing cards can spell disaster in the long run.

5) It is a good idea to keep such cards strictly for personal use. Allowing your friends and other loved ones to use the card can be tricky because you?d need to start all over again in case it gets lost or stolen away.

Source: http://www.bestpersonalfinancenews.com/credit-cards/how-to-select-best-student-credit-cards-with-no-credit/

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