One of the most confusing parts about getting your first credit card understanding which perks the credit card offers and which perks are important to you. Different parks can be used to benefit people in different ways based on what they need. In this blog post, I'll be going over what the different types of perks are and how you can use them to your greatest advantage.
0% Intro APR: All college students are familiar with the price of tuition and student loans. One way that I have been able to avoid student loans is by using 0% APR credit cards to turn my lump semester balance into payments that are split up over a few months. This is definitely a strategy I would recommend to other students who have a tuition amount just slightly out of their budget. There are many credit card companies that offered 0% APR as a perk that comes with getting approved for a new credit card. It is important that you use these perks to your advantage.
Cashback and Cashback Match: If there are certain places where you spend a lot of money, like restaurants, for example, some credit cards offer cashback for restaurants. There are also credit cards that offer cashback for gas and if you're someone who travels a lot this could be beneficial for you. If, however, you are a student who lives on campus, doesn't really travel much, and eats food from your College cafeteria then this perk may not be as beneficial for you. Some credit card companies are willing to allow you to collect this cashback for a full year and match at the end, so it has the potential to be really beneficial.
Discounts and Savings: This is probably the most common way companies use a credit card perk to attract applicants and when used correctly it can help out a lot. For stores that you visit often, getting a credit card in order to save more money on your purchases at the store can save a lot of money. The same principle applies when getting a credit card with your banking institution that offers savings at stores that you frequent. It is important that when gaining from this opportunity for savings you keep the big picture in mind and don't just apply for any card that will save you money at stores you don't frequently shop at.
Chase offers a great card with 0% Intro APR for 18 months. This is the card I used to assist me in paying my tuition, the link to apply is below.
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