There are special programs for credit cards for students. In
fact most credit card companies offer some type of credit card
specifically for students.
While Visa is a particular credit card company, you will be able to secure a Visa card from any number of lending institutions. Finding the Visa card that is right for your student and your family may seem like a trivial issue, but different lenders, all using the Visa name, have different lending policies. It is in your best interest, and in your student’s best interest to do your homework.
If you are anything like me, you get a plethora of credit card offers in your mailbox every day. You may get them from your alma mater. You may get them in affiliation with a club or business organization you belong to. You may get them from any number of lenders who are looking to lend money to anyone they can. Be careful about the solicitations you receive from lenders you have no relationship
or knowledge.
You may find yourself receiving offers from a bank you have done business with in the past.
or you may get new offers from a bank with whom you are currently doing business. Of the offers you hear about through the mail, these offers are usually the ones you will want to consider first.
Still the best way to get a Visa card from a traditional bank for your student is to contact a lending officer at a bank that you know is reputable. While the big name banks, like Bank of America,
Chase, and others are being a little tighter with the purse strings in these challenging times, they are still the safest, most secure way
to get credit cards for students.
Other places to secure a Visa card include a credit union, airline, oil company, or brokerage firms, or major
manufacturers. Many have some type of special offer for credit
cards for students that provide additional benefits.
Depending on your employer, or if your student has a job his employer, you may be able to receive a Visa card from your credit union. Schools, government offices, police and fire departments, as well as other employers, offer membership in a credit union as an employment benefit. These institutions will often offer a line of credit for a lower interest rate than you can find in a commercial bank. Also, if you bank there, your good standing with the credit union increases your ability to acquire an
credit cards for students.
While in the past only banks and lending institutions offered Visa cards, it is now possible to get them from some of the companies you do business with on a regular basis. Consider airlines. Your favorite provider probably offers you a mileage program that allows you to earn free flights. They may also offer a Visa card. This Visa will usually allow you to use your purchases to add points to your mileage program, earning your free flights with more frequency.
The same can be said of major companies like General Motors, General Electric, and AT&T. These companies offer Visa cards linked to their products, allowing you to earn points as you use their card for the purchases you make every day.
While you used to only be able to purchase gasoline on your gas station credit card, major oil companies are now offering a Visa card for any purchase you normally make. Using this card will sometimes provide you with discounts at the pump, or perhaps free products when you make a certain quota in purchases on the card.
Finally, another source for credit cards for students is your brokerage firm. Often a firm will offer a Visa card to clients to link directly into their investment accounts. Your broker knows your financial situation better than anyone, and can help you find the best deal for you and for your student, so don’t discount this option when you are doing your homework.
Getting a Visa card for your student is a decision you should not take lightly. With the credit market in its current situation, know all your options before you make a decision about which one is right for you and your student.
Check with companies where you do most of your business and ask them about the possibility of getting
credit cards for students. If you are a faithful customer in good standing, they are likely to make you a deal that will keep you doing business with them.
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