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As
any student is aware, banks are hankering after you business. Everyday you will
receive offer upon offer for credit cards. As you embark on this new phase of
your life you
begin
to understand how important having your own financial independence is and this
includes having your own credit card.
Your
first step is to complete a credit card application. There are many choices of
Credit Card Company available and all of them will want you to sign up with
them. They will offer you incentives to sigh with them such as magazine
subscriptions, tee-shirts etc. Do not be blinded by these gifts, they are not
the reason why you should be choosing one company over another. The decision can
have drastic impact on your life.
Try
to obtain at least three separate credit card applications, which shouldn’t be
that difficult with so many companies vying for your business. Start to compare
the deals that you are being offered or even better go online and view the
benefits from a wider range of companies. There are even financial comparison
site that will do all the work for you.
When
choosing which card suits you are best keep in mind what feature matters to you
the most? Another major priority is what the actual cost of the card will be.
The cost is not just the debt you run up but all the associated charges. These
can include the annual basic fee which is always charged whether you actual used
the card or not. Browse the various offers and see if you can find a card with
no annual fee, After all what the point of paying out money that you don’t
have too.
Another
consideration is the interest rate that will be charged on your balance. Typical
interest rate range from 12% to 18%. There is also the APR figure (Annual
Percentage Rate) which you should be very mindful of as it actually represents
the complete amount you could be paying in fee in a percentage form.
Some
people find affinity cards more appealing. There is always the possibility of
the card showing the college or university logo but the most popular are the
card that highlights political, environmental or social causes.
Investigate
the pros and cons of the credit card that interests you; do not rely of just a
presentation made by an on campus sales person. They may not have all the
answers to all your questions and a little digging when dealing with financial
matters never hurts
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