Choosing The Right College Credit Card

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Choosing The Right College Credit Card

Choosing The Right College Credit Card


Updated: December 26, 2012

College is a pretty big and expensive ordeal. The average college student has $3,173 in debt, according to a 2009 study by Sallie Mae, and eighty-four percent of college students have at least one credit card.

If all goes as planned, you expect to go to class daily, meet up with friends, and finish with a degree, what you might not expect are all the credit card offers you’ll run from or to and the debt that you will accrue or avoid.

The choice is yours.

While the CARD Act attempts to prohibit credit card issues from campaigning on college campuses, over 75 percent of students report that credit card companies have targeted them through tables on or near campus, according to a study by the U.S. Public Interest Research Group.

While the giveaways may seem worthy of your personal information, college students should be wary. Credit card bureaus look at credit card applications, as well as the number of credit cards and inquire, when assembling your credit score.

It’s important that if you’re in college that you choose a credit card that best suits your needs. Here are some tips:

  • First check your credit score first. Use a free website like www.free-credit-reports.com to find out where your credit card score stands. Once you get the score, you will know which cards are more likely to approve you or to suit your needs.
  • Think Twice about Credit Card Offers. Credit card lingo can be very confusing, so it’s important to make sure you understand the terms and conditions outlined in any particular card that your interested in. On many cards interest rates tend to go up after the first year, so make sure you know what your zero interest rate will turn into.
  • Use a Credit Card Only for Emergencies or Large Payments. Use discipline when paying with a credit card; it makes more sense to purchase expensive items that are out of your pay scale -- as it will break down the lump sum into more manageable payments. Don’t use your credit card for snacks, restaurant expenses or a night out on the town — the debt will never leave.

If used right, a credit card can be helpful in college. Proceed with caution, and make sure to keep an eagle eye on your accounts before you sign up for them.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
Top 5 Cards for Travel from Our Partners: Winter 2017/18 – Expert Choice

Top 5 Cards for Travel from Our Partners: Winter 2017/18 – Expert Choice

Posted: February 2, 2018

Nights are still drawing out, the wind is cold, and the air smells like snow already - the winter is close. Christmas and holiday season are approaching swiftly, and overwhelming gift ideas are swirling chaotically in your mind. Ready or ... Continue reading