Student Credit Card Tips
Having a Student Credit Card is Important: Running up credit card debt in college can lead to years of headaches. However, having a student credit card is essential. The key benefit provided by student credit cards is the establishment of your credit history. Without a student credit card, it may be difficult to qualify for credit cards after college and your lack of a credit history may make it more difficult to secure good rates on home and auto loans.
Use Student Cards Responsibly: While having a student credit card can go a long way in helping to establish your credit history, using it irresponsibly can erase these benefits. Consider your credit card bill your most important bill and always pay it on time. This will not only help you avoid late fees but, more importantly, it will demonstrate your ability to manage credit to future lenders.
Don't Spend Money You Don't Have: Having a $1,000 credit limit isn't the same as having $1,000. And if you run up balances, you will quickly learn it is much easier to get into debt than it is to get out of debt. With a 15% interest rate, carrying an average daily balance of $1,000 will cost you slightly more than $150 a year. Keep this in mind before making purchases you can live without.
Learn More About Understanding Credit Card Offers at www.FTC.gov