Visa Student Credit Card

Credit Cards for Students

College students are in a unique position. They are actively courted by credit card companies despite the fact that they may not have much income and probably don't have much of a credit history. For this reason it is not unusual for young people entering college to graduate with one or more credit cards in their wallet, and it is also not unusual for these credit cards to have balances on them.

The advantage goes to college students whose parents took the time to equip them with the personal financial savvy to handle a credit card while in college.

Choosing a Visa Student Credit Card

Visa student credit cards can be applied for by students with or without parents as cosigners. The advantage to having parents as cosigners include:

• A potentially lower interest rate for the student
• Active parental involvement in the student's finances

The major disadvantage to having parents as cosigners is the fact that the parents will be left to pay the Visa bill in the event that the college student defaults on the account for whatever reason. In other words, the parents are just as liable for the Visa student credit card as the student.

The advantages of having an individual credit card without a cosigner include:

• Personal responsibility and tangible experience with budgeting
• Privacy and a lack of parental involvement in personal finances
• Credit-building with an individual account

Visa offers student credit cards that can be vigorously controlled by parents or that do not feature any parental involvement whatsoever. College students who are of legal age can decide for themselves whether they want to allow parents access to the Visa account or if they would rather have a completely individual account.

Credit Card Provider

Most financial institutions offer Visa credit cards for students, but not all cards are created equal. While one financial institution might require an annual fee or a higher interest rate, another financial institution might not require any additional fees and may offer relatively low interest rates.

It is a good idea to do some research and find the best interest rate at the most favorable terms possible while searching for a Visa student credit card. Here is a brief list of some financial institutions offering Visa credit cards to college students:

• Citibank
• Chase
• Bank of America
• Wells Fargo
• U.S. Bank

This is only a brief listing of financial institutions offering Visa credit cards to college students. Plenty of other banks and credit unions offer a variety of credit card options to college students. Start your search by checking with the financial institution you currently bank with – no matter how small. You may actually be able to find a better deal with a bank or credit union that you already have accounts with because you have a financial history with them.

On the other hand, don't be apprehensive about applying through a completely different provider as long as it is a reputable institution.

Rewards and More

Some Visa credit cards for college students come with rewards and other perks. Reward programs typically give cardholders the opportunity to earn points toward cash back, merchandise, travel, or discounts. While these programs can be a nice way to earn some bonuses with credit card purchases, it's important for college students to look at the interest rates and terms of these cards before applying. No matter how attractive the rewards program is, it may not be financially-advantageous to sign up for one of these cards if the interest rate is high and the fees are plentiful.