WalletHub, Financial Company
@WalletHub
Yes, it is worth getting a credit card as a student, if you are 18+ years old and have some income. Student credit cards help young adults start building credit history, and they often provide better rewards, interest rates and fees than other types of starter credit cards.
While it can be risky to have a credit card when you are young and inexperienced with personal finance, you can minimize that risk by setting a strict monthly budget, only using the card for purchases you can pay off in full each month, and setting up automatic payments from a bank account. The benefits of a student credit card are well worth it as long as you handle the card responsibly and don't damage your credit.
Why It's Worth Getting a Credit Card as a Student
- Credit building: You legally can get your own credit card as soon as you turn 18 years old, which is the typical age for going to college. Student cards let you start building credit right away, which can pay big dividends after college.
- Ease of access: Student credit cards are available to students who have little or no existing credit history.
- Perks: Many student credit cards offer rewards, and some may have special benefits, like bonuses for good grades.
- Low cost: Student credit cards usually have $0 annual fees.
- Unsecured: You will not have to put down a security deposit to get a student credit card.
- Better terms: The interest rates and fees on student credit cards are often lower than those on other starter credit cards.
Student credit cards have many advantages, so it's definitely worth getting a credit card as a student. And if you use the card responsibly, you could have good (or even excellent) credit by the time you graduate.
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