Learn about the Discover credit card for student loans!

The APR for this card is well above average, but there is no annual fee and 0% interest on charged on purchases for six months. Therefore, those who plan to spend over $3,000 a year (to earn the 1% cash rebate), and plan to redeem their Cashback Bonus award at the participating retailers (to earn a full 5% rebate and double cash rebates), and plan to pay the account out in full at the end of each months statement (to avoid costly finance charges) will benefit most from what the Discover Student Card offers cardholders.

Student loans and student credit cards are a great way to begin the process of acquiring loans to support yourself through college and making your money stretch as far as possible in the lean student years ahead.

Do compare your credit card companies and their range of credit card options - Look out for the best deal, it is time well spent.

Do check your current credit card balance interest rates - Call the company and ask them for a lower interest rate. If they don't make an offer, look around for other credit card companies making low rate offer to transfer your balance.

Do learn about penalties you can incur - You need to know what actions you avoid, and what price you pay if you make a mistake like a late payment.

You can easily end up paying $35 - $100 extra in penalties just because you posted the payment cheque a day late! Some companies may even raise your interest rate by 10-15% for just one late payment.

Don't forget about annual fees that apply to cards - Cards that offer rewards and cash-backs often charge annual fees that you may not ever recoup from your purchase 'savings' so do your homework here.

Do spend your credit allocation wisely - Don't use your card for small consumable that you could have paid in cash, because the small amounts will creep up, and suddenly you are paying interest on what would have been cash purchases, and you now don't have any credit left on your balance for the emergency purchases you got the credit card for in the first place.

Do keep copies of your receipts - This way you can compare the charges on your card at the end of the month to what is on your statement and look for any unauthorized charges.

Don't forget to print out and keep all your receipts for your online purchases - If internet records go awry it is a real mess, so make sure you print and file every single online transaction that you make.

Do keep a hard copy of all your credit card account information and expiry dates - Make a copy of all your credit card account numbers and expiration dates. This is especially important if your credit cards are ever stolen, you can call the company and have all your details right at hand to cancel the card.

Don't give out your credit card information especially online - Always make sure you only give your actual credit card number and details on a secure https: site

Don't fall for fake phishing and e-mail scams - If you ever receive an email that says your account has been compromised, or ANY reason they tell you to 'click on the link' and then go log in and confirm your details, it is almost certainly a fraudulent email.

If you 'mouse over' the link you will normally see a very strange and very long URL displayed, that has no resemblance to your financial institution.

Your credit card company will never send you an email telling you to click on a link to confirm your details. They will simply tell you to go to the home page and enter your details.

If in doubt, do not reply or click on any links - ever. To go to your account, always type the financial institution URL direct into your browser window, where it should immediately redirect to a https:// address before you log in.

These tips should help to keep you out of trouble and using your credit card for the best advantage to you and your wallet.

Student Loan Repayment Tips