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Credit cards can be a valuable tool for students. But they do have possible downsides to consider.
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One advantage of credit cards is they can help make purchasing necessities more convenient. Your first credit card helps with building credit history.
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However, if not used correctly, credit cards may cause you financial harm. It's important to try to payoff your balance each month. That way, you won't be charged interest, which can snowball quickly.
Student should consider several factors when choosing the best credit card.
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When comparing credit cards, review key features such as:
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1) APR, or interest rates 2) Credit Limit 3) Rewards
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Typically, students still must meet certain standards in getting approved. That includes income and credit scrore requirements.
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If you can't qualify on your own, some student credit cards allow co-signers like a parent.
Finally, students who don't get approved can consider getting a secured credit card. Secured credit cards function like a debit cards, but help you build credit history.
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