Credit Cards for College Students – Learning the Lesson

Acquiring a student credit card is often advised for young people especially those who are about to enter college. Credit card companies often send attractive offers to prospective customers. If you’re a college student or is about to graduate high school, you may have received dozens of offer from your mail as well. This article presents the facts about credit cards for college students.

Facts about Credit Cards for Students

Should You Get a Student Credit Card?

It is true that you can use your college credit card to establish an early credit history. Once you’ve graduated, you’ll find that most credit cards with the best deals require good or excellent credit history. If you don’t have credit history, you may have to settle with a secured credit card or a sub-prime credit card. Thus, while still in school, this is the perfect opportunity for you to establish personal credit by obtaining a student credit card.

Another advantage of building a solid credit history while still in college is when applying for a car loan. When you graduate, you’ll find it easier to get approved for a low rate car loan if you have good credit. Furthermore, many landlords inquire credit reports to check the individual’s background and credibility. Obviously, having an impressive credit score would work to your advantage.

With these benefits in mind, it’s clear to see why many students and parents choose to obtain college credit cards. But aside from building credit history, what else should you consider?

An Important Lesson

Experiences prove that a lot of young people got stuck in bad debt because of incorrect credit card use. Some students carelessly used their credit cards without considering the possible consequences of their actions. As a result, some even had to file for bankruptcy because of poor financial management.

Thus, every student must realize that responsibilities that are associated with owning a credit card. If you really want to build good credit, you should always keep in mind your duties as a credit card holder. What are these responsibilities?

Start by making the right choice. It is up to you to do research and make the right credit card choice. Don’t just make decisions based on what you hear or what other people tell you. Do your own comparisons. Study the Terms & Conditions. You’ll save yourself from a lot of trouble by choosing the right student credit card.

Be aware about the status of your account. It is also your duty as a credit card holder to monitor your account. Watch out for unauthorized charges or any sign of misinformation on your credit card bills. This way, you are constantly made aware of your spending habits.

One credit card should be enough to give you what you need. Don’t submit multiple applications to different issuers just to get freebies or to see your chances of getting approved. Instead, do your research first and submit an application only to the credit card you’re seriously getting.

About the Author

Samantha Wilson is a consultant for credit cards for students. For years she has written student credit cards articles that would help build student credit.
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