The credit card companies opened their doors for the young consumers not very long ago. But almost every 18-year old knows that he or she needs a credit card in order to build credit history.
College seems to be the right place to start! College students are offered to fill out tones of credit card applications to find the right credit card.
But getting the first credit card is not a simple decision. So here are some tips for better understanding student credit card offers.
Students can get approved for student credit cards easily. They can have a little credit or no credit at all. A great variety of banks offer credit cards for students.
These cards can be very beneficial. Students can enjoy 0% APR, no annual fees and different rewards.
So the first step you have to make is to shop around for the best credit card for you.
When I was in college, there were many credit card companies, who had their employees walking around the campus offering free T-shirts, hats, pens, etc. In exchange we had to fill out credit card applications.
Or they had our school logo on their credit cards and everyone wanted to get them to support our school spirit.
Remember it is not a wise way to find a good student credit card! It is not all about free stuff or school spirit! Read all the terms and conditions this credit card offers and find out if you really need it.
If you are applying for a credit card with reward, find out what exactly you are getting. For example if you are getting points find out how many you need to be qualified for the reward.
Be honest with yourself! Realize that you are making a big decision that can influence your financial future! Think carefully if you are responsible enough, if you have enough money to pay off the debt, if you can spend wisely!
We all know that credit card companies are aware of the fact that young people are more likely to make mistakes. Therefore they can charge you with high interest rate or with huge late fees.
Always keep in mind that student credit card doesn't offer free money. Owing it, you have a responsibility to pay back! Don't get more that one credit card when you are in college. You simply won't handle two or more.
Don't forget that the first credit card can make you or break you!
I remember a lot of my mates from college who were almost completely broke after college! They graduated college not only with diplomas, but also with a huge credit card debt.
If you take the decision of getting student credit card responsibly and use it wisely you will never leave college with uncountable debt and bad credit history!