Plastic payment instruments are an indispensable attribute of modern life. The number of people who use cashless payments increases every year. Today it is possible to quickly get the best credit cards for students online via the Internet and buy various products, pay for utilities, participate in bonus and partner programs.
Leading banks put forward fairly simple requirements for potential borrowers. A credit card without a certificate of income is a real option. Institutions offer financial services to various categories of people: freelancers, those who work illegally, pensioners, temporarily unemployed people, students.
Students are usually one of the most financially needy segments of the population. As a rule, none of the students can boast of permanent earnings. The scholarship is not paid to everyone. In addition to the usual consumer loans, many students with paid education require funds to pay for their studies. You can get them when you apply for a loan. Usually, such loans are provided with the guarantee of the student’s relatives.
Features of credit cards for students
Few students have a permanent income, so providing the best credit cards for college students for the bank is considered a risky venture. At the same time, after receiving borrowed funds, each of the young people will prefer to deal with a familiar lender when there is a need to borrow more money by credit. Thus, the registration of student credit cards is a kind of advertising for a financial organization.
Credit cards for students have their own specifics:
1. The main feature of a student loan is considered to be less favorable conditions for its provision than for people who have a permanent income. This is due to the minimum guarantees that the bank has when working with students.
2. Credit cards for college students are issued without confirming their profitability.
3. Students usually have no credit history. Such a client is considered a “dark horse”. They don’t know what to expect from him/her.
Basic conditions for issuing student credit cards:
1. When issuing credit cards to students, the highest interest rate is set, which sometimes reaches 45%.
2. A small amount of credit is credited to the card since the bank is willing to risk a small amount.
3. Student cards usually have discounts and accrue bonuses when servicing certain chain stores with which the bank has concluded corresponding agreements.
4. Best credit cards for students with no credit amounts are provided with a preferential service period, which ranges from a few weeks to a quarterly period.
5. For students, most lenders usually provide some services for free, such as SMS notifications. Adults have to pay for them.
How to issue a student credit card
Not all credit organizations provide credit cards for college students with no income due to the lack of reliability of such clients. Therefore, you must first decide on the financial institution that is ready to issue a student credit card. You should study the terms of its provision and the requirements for repayment of the debt.
If a student wants to issue a card, they need almost the same set of documents as any other Bank client:
– a general passport and, as an addition, a foreign passport, if available;
– it is possible to provide a driver’s license or pension certificate;
– student ID card or credit card to confirm your attitude to the student body.
The application is submitted via the Internet or by visiting the bank’s office in person. When making a large enough loan amount, Bank employees may ask to provide a certificate from the Dean’s office about the availability of the scholarship and its amount. If you want to increase the likelihood of borrowing money, a young person should attract guarantors, which can be his/her parents.
After approval, the student is given the best debit card for college students with a certain limit. The card is usually issued with a grace period, during which the student will be able to use the money provided by the bank for free (without charging interest).
Important! It is worth remembering that in case of violation of the terms and conditions set in the agreement (terms or amount of payments made) of preferential lending, the interest will be accrued for the entire period, starting from the first day of using the loan.
A credit card is an attribute of adult life
When you become an adult, you want to feel like a real adult, to prove to others your independence, ability to make decisions, and take responsibility for them.
One of the guides to adulthood can be a credit card intended for young people. This particular banking product will help you learn how to manage your own funds competently and effectively, plan expenses, and service your loan in a timely and responsible manner.
As a rule, the credit cards for college students set a small credit limit for small purchases, so you will not be able to get into debt. If the credit card has a grace period, you can buy a purse you like at a sale, pay off the debt from the next scholarship, and still not pay interest.
Many student cards are issued using two documents, allowing you to accumulate bonuses for purchases and receive discounts from Bank partners. Youth credit cards have an original design (you can also use your own image) and an acceptable service cost.