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Bank Credit Cards

If you already have a bank account, and have been saving up for college, you and your family may want to consider bank credit cards as an option for helping you to secure your educational future and help organize your finances. Here are some of the benefits of using bank credit cards for student expenses, as well as some tips on how to make sure you’re securing your financial and educational future. 

It’s important to research the qualifications for each of the credit cards that you’re thinking of applying for, even if you’ve been with your bank for a few years. You need to know how much you can expect to pay in interest, what your monthly payments will be, and whether or not you can take out a student loan with the bank.

While banks like Bank of America and Wachovia have bank credit cards that you can apply for, and may be interested if you have an account with these banks, keep in mind that the process you will go through to determine your qualifications is similar to the application process for other credit cards. So, months or even a year before you know you will be enrolling in school and want to apply for bank credit cards, do everything you can do repair or establish your credit, so that you can increase your chances of being approved for the card.

Bank credit cards can also be part of bank accounts that are reserved for students. You may be able to use your ATM card as a credit card in some instances if it possess the Visa or MasterCard logo, and most student bank accounts do not require you to have a minimum balance, or to pay monthly fee for account maintenance.

If bank credit cards will be your primary method of paying for school, you should ask the bank you applying for the card with whether or not loans are available that can be applied to the card. This way, you will only need to take this card with you when you go to student accounts to pay your bill for the semester.

It is important to remember that even though you are using the bank credit cards for school, credit bureaus are still monitoring the way you use the card, to ensure that your bill is being paid on time, and that you are paying your balance with the interest included. So, be sure to only use what you can afford on your bank credit cards, and don’t max your card out, especially on a regular basis. Also, don’t use the card for things that are not urgent, or are not school related--this will help you to section off your finances and make your bills easier to pay--a skill that you’ll need well after college. Good luck!