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What's Your Idea Of A
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Unfortunately, you'll be looking for a long time. Banks that offer student credit cards base the annual percentage rate of the cards on many logical factors. The biggest factor is that a majority of student credit cards are designed for students with no established credit history. This makes these cards high risk accounts for banks. They want to collect as much money as possible if you carry a balance. That way, the bank can still recover the borrowed money if you by chance fail to make payments in the future.
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A second factor is also to your benefit. Offering a high annual percentage rate on student cards detours the cardholder from purchasing more than they can afford, allowing you to pay off your balance in full each month. That way you can avoid being charged excessive finance charges each month, which in turn saves you money.
Can I get my rate down later on?
If you do want a low APR student credit card, your best bet would be to apply for a card that offers a reasonable low rate. Keep the card for awhile, making one or two charges on the account each month, then paying it off in full each and every month. Wait about 6 months or so, then call the credit card issuer and request a lower rate. If it doesn't happen in the first 6 months, don't freight, try 12 months.
This can help you in several ways. It will help you to begin establishing good credit. Also it potentially allows you to carry a small balance, at a lower rate, than the card originally offered. You may need this in the future if an emergency arises where you can't pay the balance in full.
If you still can't get the rate lower in a year or so, it might be time to look for a new credit card. At this point, since you have some established credit history, it may be easier for you to get approved for a lower rate card that isn't designed specifically for students. Check out some
low APR credit cards
if you already have a good credit history.
What cards do you consider to have a low rate?
Below you will find a series of cards that offer variable rates lower than 17%. I find these the best low APR student credit cards. The rates are relatively reasonable plus they offer an extra bonus of cash rewards. Compare them to determine which card best suites your needs.
Discover® Student Platinum Card
Discover® Student Clear Card
Discover® Student Tropical Beach Card
Discover® Student Monogram Card
Finding a low APR student credit card isn't an easy task. I hope that this article has given you some insight as to why rates are higher on student credit cards. Good luck on your search for the perfect card. Feel free to
contact me
if you have any questions regarding student credit cards or building your credit history.
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