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MasterCard Student Cards

MasterCard Student Cards
MasterCard student cards are some of the most popular student credit cards available. In this article we will review two MasterCard student credit cards, two MasterCard prepaid cards, and the pros and cons of each. Keep reading for tips on using your MasterCard.

After Visa, the most accepted and recognized credit card brand is MasterCard. MasterCard is especially popular in Europe. And, even though not as accepted as Visa, MasterCard is still accepted almost everywhere, and it is possible to buy things at most online retailers with a MasterCard.

To cater to students, a number of MasterCard student cards are available. These are both credit cards and prepaid credit cards. In either case, it is possible to start building credit. This is important, since a good credit history is vital to financial moves later in life, including buying a house, buying a car, getting insurance and even getting a job in some cases.

MasterCard student credit cards

The main issuer of MasterCard student cards is Capital One. Capital One has two student credit cards available:

  1. Capital One Standard Platinum for Students. This is a standard platinum level credit card. There are no annual fees and there is a 0% intro APR. The credit line is limited to something manageable to help you avoid getting into too much debt too fast. Additionally, there is $0 fraud liability in the event that your card is stolen or lost. Additionally, you have the option of using an image of your choice on the credit card.
  2. Capital One No Hassle Cash Rewards for Students. While the Capital One Standard Platinum for Students does not have a rewards program, this card does. Like the other MasterCard student card, it has a 0% intro APR and $0 fraud liability. But there are cash back awards as well. You can earn a bonus on your yearly cash rewards, as well as 1% cash back on every purchase you make.

Credit cards can be a good way to start building credit – in fact they are the fastest way to build a credit history. However, it is important to be careful to pay off the card regularly in order to avoid incurring debt.

MasterCard prepaid credit cards

A prepaid credit card has a lot of the same benefits as credit cards. MasterCard student prepaid cards are accepted everywhere regular credit cards. Additionally, prepaid cards have the benefit of not charging an interest fee, since they are paid in advance. Here are some of the issuers of MasterCard prepaid student cards.

  • Exact Prepaid MasterCard offers 100% approval. You do not have to go through a credit check in order to get approved. Additionally, you do not have to worry about late fees. You get free direct deposit to make it easier when you go to reload your card – or make online bill payments. You also have access to MasterCard's super-easy PayPass system that allows you to clear transactions simply by tapping a PayPass enabled terminal.
  • SilverCard Prepaid MasterCard offers similar benefits. You can directly deposit your checks onto this card for use later. There is an activation fee, but it can be paid for with a special rebate. You can also issue electronic checks online through this card.

MasterCards can help you build credit with either a traditional credit card or through use of a prepaid card. Indeed, that is the advantage prepaid credit cards have over debit cards: It is possible to use a prepaid credit card to improve your credit score.

Financial tips for wise use of your MasterCard student cards

Whether you have a credit card or a prepaid card, it is important to practice good financial habits. Developing these habits now will help you later in life. Here are some things you can do to make sure you are developing good financial habits as you use your MasterCard student cards:

  • Create a budget. Figure out how much you make each month, and how much of it is spent on bills and purchases and entertainment. Decide to control your spending so that it does not exceed your monthly income.
  • Pay your bills on time. All of your bills, from tuition to rent to credit card payments need to be paid on time. This shows responsibility and will reflect well in your credit report.
  • Pay your bills in full. Always pay the amount you owe. On credit cards, make at least the minimum payment every month. With prepaid credit cards, reload on a regular schedule.
  • Check your financial statements and credit report. Make sure to reconcile your financial statements every month to catch mistakes. Also, check your credit report and fix any errors.

You can use MasterCard student cards as an integral part of your financial development.

Related Article: Capital One Student Cards >>

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