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Student Credit Cards
College students are a prime target of card issuers. Why not, since many students are over the age of 18 and can legally sign up without having a co-signature.
Besides, a credit card is a great way for college students to establish credit as well as a convenient payment instrument. However, many students do not have the skills and knowledge to handle credit cards. Some good lessons are:
- Always remember that credit is a loan.
- Shop around for the best deal by studying closely each card's terms and conditions.
- Always pay your bills on time.
- Keep careful track of your finances.
- Try to pay your balance in full each month.
- Limit the number of credit cards you acquire.
- Create a budget and spend within your means.
- Review your statements carefully.
- Immediately inform your credit card company of an address change.
- Keep a list of your credit card account numbers and phone numbers in a safe place.
- Review your credit reports periodically and check for inaccurate, incomplete or outdated information.
Do not overextend your credit...
Due to wide availability of credit cards on campus, many students start getting into credit card debt deeply before they get out of school. According to one survey, the average undergraduate has more than $1500 in credit card debt. The problems occur when students are not taught to use credit wisely. It's not the credit cards, but the lack of education that gets students into trouble.
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