What makes a student credit card primarily different from all the other credit cards is its low interest rate that is definitely affordable for the student who has limited financial capabilities yet. If you are planning to get a student credit card, below are some of the factors that you should take into consideration.

a. The annual percentage rate (APR). It will be better if you can always pay for your credit card purchases in full every month. However, if you are well aware that you cannot pay for your balance in full, you should pick a credit card with a very low interest rate. The regular APR for most student credit cards is 15.99%. However, there are those that can offer as low as 11.99% or as high as 19.99%.

b. The introductory offer. Just like most credit cards, student credit cards also have an introductory offer of Zero interest rate. However, this period may last anywhere between three months to six months. Obviously, the longer the introductory period is, the better it will be for you.

c. The balance transfer rate. This is of prime concern if you want to consolidate all your existing credit card debts. The best student credit card will be that card that allows you to have a Zero balance transfer rate during the first 12 months of card use and even well after the end of the introductory offer.

d. The other benefits. There are many rewards that a student credit card may offer. This might include cash rebates and rewards. Choose the card that will allow you to earn more points or more cash backs for the least amount of purchases that you make. Also, consider the redemption features. Know how you can exactly spend the cash backs that you earn. If you cannot spend your cash backs on the purchases that you need or prefer, those earned points will be entirely useless.

e. The default or penalty charges. Aside from the usual interest rate and the balance transfer rates, there are other fees that you should pay attention to. These are the fees applied when you spend over the stated credit limit, the fees that you should pay when you miss your payment due date, the annual membership fees, and more.

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