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Tuesday, 13 March 2012

Graduate Student Credit Cards

Which Credit Card is Best for Graduate Students ?

Finding a credit card as a graduate student doesn’t have to be hard. Since only 2 percent of undergraduates have no credit card usage, according to a Sallie Mae study, most graduate-level students already have a credit card. The question is, how is your credit? And, are you still in school?

Credit Cards While in School

If you are still in school and need to boost your credit score, numerous student credit cards are available to help you to do just that. Student credit cards like the Journey student Rewards Card from Capital One are effective because you don’t have to have good credit to get them. This card has an APR of 19.8 percent, no annual fee and offers one percent cash back on purchases, plus a 25 percent bonus if you pay your bill on time.

The Discover Student Card is another good example. For graduates, this credit card offers zero percent APR for the first nine months continued to 13.99 percent to 20.99 percent depending on your credit score. You earn five percent cash back on the purchases you make at gas stations and restaurants. There’s no annual fee either.

Improving Credit Graduate Credit Cards

If, as a graduate student, the credit cards in your wallet are not offering the best APR’s for you, consider investing in a new offer. If you’ve worked to improve your credit score, it may be time to look for new offers. The following may fit your needs, but at this point, you’ll need to choose what’s best for your specific needs.
  • The Citi Dividend Platinum Select Card for College Students offers a zero percent APR for seven months, an APR of 13.99 percent to 21.99 percent and five percent cash back on eligible purchases. No cosigner is required for this card. You’ll need good credit.
  • If you plan to do a lot of traveling to and from school, the Capital One VentureOne Rewards Card is the route to take. You’ll earn 1.25 miles per dollar you spend on every purchase you make, plus 10,000 bonus miles. There is a zero percent APR introductory offer with a regular APR ranging from 11.9 percent to 19.9 percent. There are no foreign transaction fees either.
  • If you are like many other graduate students, you have a lot of credit card debt. If you’ve improved your credit score at this point, consider balance transfer offers. The Citi Platinum Select Visa offers a zero percent APR for 21 months including balance transfers. The regular APR is 11.99 percent up to 21.99 percent. There’s no annual fee.
Graduate student credit cards need to play to your needs. According to Nellie Mae, the Sallie Mae student loan agency, graduate students carry more than $12,000 worth of credit card debt. Keep this in mind as you go through your last years of school. Wise financial management can help you to avoid leaving school with thousands of dollars worth of debt. The right credit cards can help.

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