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Rewards Credit Cards

Reward credit cards - learn how to get travel and rebate rewards with your student credit card offer.  Maximize the benefits of your college student card by looking out for the rewards. You might end up with travel rewards, cash rebates, or other credit card rewards.

While student credit cards are generally inferior to other credit cards, it is possible to find good cards that offer solid rewards. Indeed, when choosing a student credit card, it can be a good idea to look for rewards cards, shunning the cards that do not offer programs that benefit you beyond extending you credit.

Choosing a rewards student credit card

For the most part, the credit cards that you see advertised on your college campus are not very good cards. Few of them offer rewards programs. Instead, if you want a rewards student credit card, you have to look online, or check the offers that you get in the mail. Here are some things to look for when you are evaluation student rewards cards:

Interest rate: This is an important point to consider. Credit cards have interest rates ranging from 7.9% to 29.9%. Some are even getting up to 31.9%. While, as a student, you are unlikely to get a rewards card for the lowest interest rate, you should look for a credit card that offers an APR in the 11.9% to 19.9% range.

Also, introductory interest rate is an important thing to consider. Many rewards student credit cards come with 0% or some other low APR (1.9% or 3.9%) for the first few months. Most student cards only offer these intro rates for four months (a semester, in other words), but it is possible to find cards that have longer intro periods, stretching to six months or even a year. Try to get a student rewards credit card that has a longer intro period.

You should also consider that intro APRs often differ between purchases and balance transfers. Make sure you understand what the introductory APR covers.

Fees: Evaluate the fees offered by the student rebate credit cards. With the application information, rewards student credit cards also include information on late payment fees, over the limit fees and balance transfer fees. These fees can vary greatly, so make sure you choose a card with lower fees.

Payment flexibility: Some rewards student credit cards allow you the option to choose your billing cycle, as well as the time of the month you prefer to pay. Take advantage of these cards if you can, allowing you to create a schedule that works better with your cash flow.

Credit card rewards programs

In addition to looking at the basics of rewards student credit cards, it also makes sense to, well, look at the rewards programs. You want to choose a program that works well for you. Some of the rewards that you can get from various programs include:

 Travel points and miles.
 Free merchandise and consumer goods.
 Concert tickets and perks.
 Statement credits.
 Cash back.

Evaluate your needs, and what rewards program would most benefit you. It is important to make sure that you choose rewards that you can use. Many cards now offer flexible rewards, allowing you to pick from all of the above options, depending on your needs at the time.

One of the more interesting student rewards credit card programs is the MTV card offered by Citi. Not only can you earn points (to be used on a variety of items even travel and cash back) by spending money on the car, but you can also get points by keeping your grades up and by making your payments on time.

Maximizing the value of your rewards student credit card

When you choose a rewards student credit card, it is important to maximize the value you are receiving. Credit card companies offer rewards because many students run up huge balances in order to earn points. However, when they do not pay off these balances, but carry them for months (and even years), the credit card company comes out ahead, since your interest charges more than make up for the rewards given to you. In order to make sure that you are getting the better end of the deal, you should do the following when using your rewards student credit card:

  • Only buy what you can afford and what you would buy anyway.
  • Pay off balances as soon as possible (every month is best).
  • Avoid late payment, over the limit and other credit card fees.

When you carefully choose your rewards student credit card, and use it wisely and responsibly, it becomes a great financial tool that you can use to garner several benefits.

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