Low Rate Credit Cards for College Student

No Shortage of Companies

Plenty of credit card issuers are more than happy to give accounts to college students; even if the students have never had a single piece of credit in their own name. There are several different reasons for this:

• College students have plenty of expenses, and are likely to use a credit card issued to them.
• Many college students still receive financial support from their parents, and therefore if the students get behind in payments they may be able to ask for help from their parents.
• College students who later become professionals may stay with an original credit card issuer and eventually move on to bigger purchases and higher balances.

College students must take care to not apply for every credit card available to them. Marketing to college students is big business among credit card companies, and even if the several cards a college student carries are all low interest, the fact that they have several cards often leads toward financial trouble.

Find Low Rate Credit Cards for College Students

Here is a brief listing of some of the best low rate credit cards for college students.

Low Introductory APR

• Citi mtvU Platinum Select Visa Card: This card has a 0% introductory annual percentage rate (APR) in addition to a generous rewards program. There is no co-signer required for this card, and no minimum income requirements. It is important to note, however, that upon the expiration of the introductory period the interest rate becomes variable, and if the cardholder misses a payment then APR will shoot up to almost 35%.
• Discover Student Card: This card begins with a 0% introductory APR and then six months later converts to a reasonably low interest rate, meaning the interest rate is higher than what a seasoned credit user will pay but less than what most college credit cards offer. The Discover Student Card also offers a cash-back rewards program.
• Chase Starbucks Duetto Visa Card: The Duetto Card offers an introductory interest rate of 0% for the first six months. After the introductory period the interest rate becomes variable. This card has a rewards program sponsored by Starbucks which allows students to earn reward points toward coffee.

Low Interest for Life

• State Farm Student Visa: This student card has an interest rate which is lower than the interest rate offered to most non-students without a credit history. Cardholders who graduate may be offered a Platinum card as a replacement to their college credit card, thereby receiving a much lower interest rate.
• American Express Blue: Although not designed specifically for college students, this low-APR credit card can easily be obtained by students with low income levels as long as they have already established some credit. This card has one of the lowest interest rates available to applicants without substantial income.
• Chase Student MasterCard: This credit card offers a 0% introductory offer for the first twelve months in addition to an interest rate thereafter which is low when compared to other student cards. How low the interest rate gets, however, is decided by a credit review. In other words, the better your credit the lower your interest rate will be after the introductory period.

Terms and Conditions

Remember that the interest rate is not the only factor to making a credit card a good deal or a bad deal. Take into consideration all the various terms and conditions including annual fees, cash advance fees, and rewards programs. If you faithfully pay your credit card on time every month and do not exceed your credit limit then your credit worthiness will be rewarded when you're ready to apply for a non-student credit card.