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College Student Credit Cards vs. Debit Cards
In order to balance the increasing risk factor in credit card industry, the credit card companies are constantly looking for newer and niche market segments. In view of this, there has been a sudden explosion wherein these companies have started targeting high school and particularly college students as their next options for using credit cards. The offers by credit card companies are opening up a variety of student and or college student credit cards to choose from. However, as with everything else, this abundance is also leading to confusion amongst the younger minds. It is learnt that students, then, either respond primarily to the mail offers made by credit card companies or just opt for the debit card or credit card chosen by their parents. In most cases, it is justified that they rely on the judgment of their parents’, it is advisable that that the students’ first research and investigate the different student credit cards offers and companies before deciding on their first student credit card. It is statistically proven that students’ after receiving their first credit card hold on to it out of loyalty to the credit card company or the inactivity of getting a new one. Whatever the case might be, it is then a good bet for the credit card company to ensure that the student opts for that company’s student credit card as it might guarantee them a long tenure from the student.
This, however, raises the issue of finding out where and how to avail of the best credit in the student credit card and debit card marketplace. The Student Credit Card section listed in the website tables detailed comparisons between various top rated student credit card and debit card options allowing you to choose one that serves you best. This kind of a gratis service lets you be the best judge, allowing you to opt for your student credit or debit card rather than taking up the first available recommendation from your bank or the from mail offers that you receive. Major credit card companies like Discover Card, Chase and Citibank have now started issuing cards specifically for students. They offer students great rates and cash back rewards.
It is imperative to first understand the difference between a student credit card and a student debit card before you commence on your search for a student credit card. A credit card is a standard Visa, MasterCard, Discover or American Express Card and usually consists of a limited credit line of about $500 - $1000 assigned initially. The company also requires a parent signature along with the student’s to open the account. This ensures that the parent will be the responsible and liable if the student is unable to pay an outstanding balance.
On the other hand, a student debit card is a prepaid card, either a Visa or MasterCard and one that does not require the signature of a parent provided the student is at least 18 years old. These prepaid credit cards or student debit cards as they are called give huge benefits to students with little or no credit history. They are accepted anywhere that is served by Visa and MasterCard. These kinds of cards do not require for you to give a credit report when applying. They can be funded and reloaded through telephonic services, at ATMs, internet and in person.
| 2010 EDITOR'S CHOICE - TOP 5 STUDENT CREDIT CARDS
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RANK |
CARD |
CATEGORY |
RATING |
APPLY |
| 1 |
 |
| Best OVERALL Student Credit Card |
| Discover Student Card |
| No Annual Fee. Unlimited Cash Rewards. Up to 20% Cashback Bonus When You Shop Online. Customer Service in Less than a Minute, Anytime. |
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97 |
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| 2 |
 |
| Best Rewards Program Student Credit Card |
| Citibank mtvU Platinum Select Student Visa Card |
| Through the reward program, cardholders earn one point for general purchases and five points for every dollar spent at restaurants, bookstores, record stores, movie theaters, and video rentals. |
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95 |
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| 3 |
 |
| Best PERSONALIZED Student Credit Card |
| Discover Student Card - Monogram Collection |
| No Annual Fee. Unlimited Cash Rewards. Personalized Card Deisgn with your initials on the Card. Customer Service in Less than a Minute, Anytime. |
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92 |
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| 4 |
 |
| Best ON-TIME PAYMENT Student Credit Card |
| Citibank Forward Card for College Students |
| Students who use this card correctly by staying within their credit limit and paying on time will receive 100 bonus points per billing period and a potential reduction of their interest rate. |
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91 |
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| 5 |
 |
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88 |
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