Students that are concerned to establish a good credit record whilst in college can benefit from a student credit card provided it is used responsibly. Naturally if there is a reward to had for using the card then the student has the opportunity to make a small profit on the card as long as a balance is never carried. The College Rewards Visa card from the Incredible Bank is certainly worth consideration, for students who have any form of income whilst in college, and is available to those with a limited credit history.
The most prudent use of credit cards involves paying the balance off in full each month to thus avoid interest charges. However applicants should always be aware of the interest rate levied on the card. The Incredible Bank card APR ranges from 11.99% – 20.99%, dependent on credit. Cash advances which are never recommended attract an APR of 23.99%.
Balance transfers are available for a fee of 4% or $10, whichever is the greater, with the same fees applied to cash advances. Foreign transactions cost 2% for dollar transactions and 3% for foreign currency. The grace period for purchases is between 24 and 30 days.
The card offers a good rewards program with one point earned for every dollar spent. Additionally students can earn an extra 1000 points the first time the card is used. A maximum 30,000 points can be earned in one year, an amount most likely beyond the means of most students.
Points can be redeemed in a variety of ways including cash backs, gift certificates, travel discounts and merchandise. They can also be redeemed for any card purchase.
In addition to the rewards program the College Rewards Visa card has a number of attractive perks. Cardholders are eligible for free collision and damage insurance, plus an auto collision damage waiver for hire cars. Extended warranties are available which can double a manufacturers warranty for up to one year. Cardholders also receive free travel assistance and access to 24 hour toll free cardholder services, although the account can be managed online.
Potential students could also consider establishing their credit history early with the Incredible Bank Young Adult Visa card, available to teenagers aged 16 and over. The card requires a responsible co-signer who earns a minimum of $12,000 per annum. Interest rates range from 9.99% to 20.99%. If the Young Adult Visa is used responsibly it can help to establish a student’s credit making it more likely that a student applicant for the student card would qualify for the lowest interest rate.