Experiencing Student Credit Card - How Is It?
How beneficial are credit cards for students? Are these just tools for purchasing books and school supplies or is there more to student credit cards
? If youre a student, how can you make sure that you will not experience bad credit problem from college credit cards? Ask yourself, how do you use your student credit cards? Lets discuss the basic principles that students must remember about credit cards:
The Right Information
Before applying for a student credit card, take the initiative to learn as much as you can about them. Understand the factors you should consider when choosing the right student credit card for you. Do not just apply for the first student credit card offer you see. Many articles online are valuable in helping you make the right choice. Student credit card reviews are also helpful in making an informed decision on which student credit card youll choose.
You and Your Personal Credit
One of the best things about credit cards for students is that it allows a person to establish an early credit history. But do you know how your credit score is calculated? Knowing the factors that make up your credit score will help you in using your student credit card correctly.
Be a Responsible Credit Card Holder
Student credit cards are indeed convenient means of purchasing. Even if you dont have the cash today, you can still make a purchase and just pay it back later. But keep in mind that whatever you charge on your student credit card, you have the duty to give it back on or before its due. Failing to do so will cost you additional fees on interest and sometimes on penalties.
As a student, the best thing to do is avoid incurring interest rates from your purchases since it will only put you at risk of bad debt. Thus, before charging on your student credit card, think ten times. Ask yourself these questions:
Do you really need to buy make that purchase?
Or can you purchase it later when you have enough cash?
Is it really important?
Do you really need it for your education or is it just one of your whims?
Will you have enough money to pay it back by the end of the month?
Considering the answers to the above question before using your student credit card will keep you from buying things on impulse.
Students- Seek Guidance from Your Parents
Your parents have more experience when it comes to using credit cards. Dont forget to ask their opinion about which credit cards are worth owning and their advice on how you can better manage your finances.
Some credit cards for students actually require a co-signer and your parents are the best candidates especially if they have good credit. Although your parents will be accountable for the debts you owe in your account, dont use it as a reason for you not to be responsible in the use of your credit card.
by: Samantha Wilson
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