Student Visa Cards for Your Scholarly Needs

2007-03-08 10:33:40

( Financial )



If you're in college, you may have already realized how high your expenses are. Without a scholarship plan, you have to pay for your tuition, living accommodations, books, school supplies and many other expenses. You will need to spend for all these for about four to five years till you graduate.

Getting a college loan will only pay for part of your college expenses. You will definitely need to shoulder any unplanned or emergency expenses on your own. Using cash to pay for these extras will definitely put a drain in your bank account.

Student Visa Cards

Most credit cards require a certain number of employment and credit history, but most students do not have sufficient records of these. Fortunately, Student Visa Cards have more lenient policies of accepting new credit card users than other types of credit.

Approval of your Visa student account depends on the credit record of your parents, but the card is issued in your name. There is a credit limit, usually one thousand dollars, for the card. This may be small, but sufficient to address most emergency needs. The Student Visa card also carries a low annual percentage rate, making it very affordable for people with limited budgets.

The best part about Student Visa cards is that they are in the student's name, so you get the chance to build your own credit history. So by the time you graduate, you will have earned enough credit history to upgrade yourself to standard credit cards and be highly eligible for competitive loan packages.

Student Visa cards not only function as a credit cards for store purchases, but also for acquiring emergency cash. You can use the Student Visa card at any automated teller machines which display the Visa logo, and get instant cash.

Tips for the New Cardholder

It is very easy to apply for a Student Visa card, as long as your parents' credit history is of good standing. Various financial institutions which issue Visa cards also offer the Student Visa card, and you can also apply online.

Once you have received your Student Visa card, use it prudently and only when you really need to. Avoid the temptation to overspend, just because you don't have to use cash for your purchases. Charge only what you can afford to pay in the next monthly billing.

Bear in mind that whatever transactions and payment performance you have built under your Visa student account will appear in your permanent credit history and will affect your eligibility to obtain future loans or credit cards.


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