Student Credit Cards Without Student Credit Card Interest Rates

Now that you have started college, credit card companies are going to chase you with an ardor you only wish you could see from your fellow students. To a credit card company, you are their dream date: young, with a clean credit report and (they hope) no understanding at all of how credit cards work. They want you to take a credit card with an irresistibly low introductory rate, spend madly, and owe them thousands upon thousands of dollars when your interest rate shoots up at the end of the introductory period. Lets make sure that doesnt happen.
The first tip is to not be suckered by that bright, shiny "0 percent interest rate" printed on the front of the brochure. Thats nothing but an introductory rate. After a set period, probably six months, it vanishes, and suddenly you owe the real interest rate. The interest rate on a student credit card is typically a little higher than the rate for an older persons credit card, and is currently around 13 to 20 percent. Student default rates zoom up to 25 to 31 percent if your payment is even a day overdue. The new, higher interest rate applies retroactively to all your purchases, so even if you charged an item when your interest rate was zero, at the end of the introductory period you must pay 13 percent (or 19 percent, or 30 percent) until your entire balance is paid off. Once the interest starts compounding, you could pay two or three times as much as the item is worth.
The key is to choose a card with the lowest possible regular interest rate, then spend as though you were already paying that rate on your purchases. To find a credit cards real interest rate, look for the fine print or for a chart that illustrates the rates. Find the standard purchase annual percentage rate (APR) and the standard cash advance APR. These are the rates you will really pay. Compare all of your student credit card offers, ignoring the introductory rates and all the frills and cash back offers; the only important considerations are the standard purchase APR and the standard cash advance APR.
Once you have found the credit cards with the lowest regular interest rates, read the rest of the fine print for catches like annual fees and high default interest rates, and use it to narrow your selection. Now that you have a few likely offers with low interest rates and no nasty surprises, you are free to consider rewards packages and pick the student credit card you like best. Have fun with your new credit card and start laying the groundwork for your future credit... on your terms.