What to Know About Student Credit Cards

1. What to Know About Student Credit Cards?

2. As the name suggests, one might readily think that student credit cards are meant for students. However, it might be a myth; anybody can acquire a student credit card. The aim of launching student credit cards aims to fix the habit of credit building in younger adults. It is popularly called so, and today we will briefly go through its essential eligibility criteria. Furthermore, we will also see the benefits and the downsides of owning one.

3. As A Student, Can You Get A Credit Card? If you are a college student considering getting a credit card, the issuer will require you to have an independent income. This means you must be able to earn your own income. If you are under 21, having an independent income is impossible. However, that would not deny you from issuing a student credit card. You will need your parents to co-sign with you and the parent nominee must be an independent earner. If you are over 21 and have a job, you can apply for a student credit card independently. An independent income or a job is heavily emphasized because it ensures good credit. A strong credit score also indicates that you are a reliable candidate who will be able to repay the borrowed funds.

4. Pros and Cons Of Owning a Student Credit Card PROS • A student credit card encourages a young adult to start building credit from a very young age. This can positively reflect in your future credit card issuing process. Having an excellent credit score from early on will make your future loaning and credit card issuing process easier. This way, you will never have to struggle with making significant purchases or building a house in the future. It is because you will have easier access to banked funds. • Student credit cards offer security against theft or lost credit cards. If your card is lost or stolen, and the third party (thief or whoever found it) uses it, the issuing bank will hold no liability against you. This is particularly true if you have a student credit card from Aspire Credit Union. • You can enjoy reward points on every purchase by issuing a student credit card. Though, in these credit cards, the amount of reward points is limited. CONS • One of the significant constraints of student credit cards is their limited rewards. • Your credit score will be harmed if you fail to make payments. Late or failed payment reports can stay on your credit report for up to 7 years.

5. Conclusion Student credit cards are a great way to educate young adults about financial responsibility and independence. Hence, as a parent or guardian, one can encourage their child to opt for one. One reliable way to obtain one is to contact us at Aspire Credit Union. Through our student credit card, you will receive benefits while also building your credit.

6. Contact Information… Contact Number Address 701-837-5353 1430 South Broadway, Minot, ND 58702 Email Website Support@aspire.creditunion https://aspire.creditunion/ Facebook https://www.facebook.com/aspirecu LinkedIn https://www.linkedin.com/company/aspirecu/