Student Credit Cards Survival Guide

Students should train early when it comes to managing personal finance. Can credit cards be used as tools for financial training? Others may be skeptical about letting students own credit cards for fear that uncontrolled credit card spending can only lead to debt crisis. However, owning a student credit card can be used for building personal credit. Let’s talk about the challenges that students will face as cardholder and tips on how to survive those challenges:

Student Survival Guide

Choose the right student credit card. There are several student credit cards to choose from and choosing one can prove to be difficult. The trick is to do your research, compare your choices and examine the Terms and Conditions before making your final choice.

The best way to pick a credit card is to shop around first. Visit credit card review web sites so you’ll know which cards are best in the market. Reading reviews will help you eliminate student credit cards that are not suitable for your needs and focus on the ones that are suited for you.

Don’t be content with just the minimum payment. Most student credit cards allow the lowest minimum due payment. Although this may seem like a great deal, don’t forget that as you prolong your balance in your account, you also incur additional interest rate costs. Thus, no matter how low the minimum due payment is, your goal must be to pay off your balance in full each month.

Use your student credit card only for important charges. The danger in owning a student credit card is the tendency to spend more than what you need or what you can afford to pay because you simply charge expenses to your available credit. As a student and a credit cardholder, it is your duty to exercise control over your spending. Self-discipline and motivation are two important traits to develop. Use your student credit card responsibly and stay away from trouble.

If you’re not sure whether you can pay back your balance in full by the end of the month, it’s best not to make the purchase using your student credit card. Also, consider carefully if you really need to make that particular purchase. Is it really important for your studies or is it just a whim or a personal luxury? This is your chance to develop your sense of responsibility as an adult especially with regards to managing your own money.

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.
Copyright 2009
Page copy protected against web site content infringement by Copyscape

Leave a Reply

Your email address will not be published. Required fields are marked *