Best Credit Cards for College Expenses
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As temperatures cool and football returns, many young adults are starting or returning to college. As students flock back to school, many will need to purchase new books, dorm supplies, and other school products. If you do not have the cash to cover these hefty college expenses, you may need to pay for them using a credit card.
If you do use a card, college students will want to pay off this debt as soon as possible, since student credit cards often charge high interest rates. Some credit cards are better than others for covering college expenses.
Citi Rewards+℠ Student Card
Discover it® Student Cash Back
The Discover it® Student Cash Back credit card could be a good option if you do not have the money for college expenses at the moment, but you plan on having the money to cover the transactions in the near future. That’s because the Discover it card offers cardholders 0% APR for six months on purchases after opening the account. After that, interest rates increase to 14.74% to 23.74%. There are some other benefits to the card. Discover will match all cash back earned in the first year that your account is open, and pays 5% cash back on rotating categories. All purchases not covered in the rotating category still earn 1% cash back. Discover charges no annual fee for this card, and good students will earn a $20 statement credit every year they carry a 3.0 or higher GPA, for up to five years.
Whichever credit card best rewards your spending habits, you will want to only charge expenses that are absolutely necessary. Do not purchase items you do not need, simply because the credit card seems like an easy way to pay for things. You will eventually need to pay for these goods and could rack up massive interest fees if you are not careful. The decisions you are making as a young adult will follow you throughout your life, so it is important to learn to use your credit responsibly.