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Credit card tips for students
If you don’t already have a credit card before you join campus, you’ll have plenty of opportunity to get one once you do. Credit card companies are increasingly targeting college students to sign up for credit cards. It is common for the companies to offer free incentives like coffee mugs, Frisbees, T-shirts etc merely to fill out applications. But before signing up, give it a great deal of thought.
The fact is, a majority of on-campus credit card offers don’t offer too good a deal for students. A US Public Interest Research Group study found students with on-campus credit cards to have more unpaid balances than those without. High balances are the surest method of falling into the debt trap.
Despite the lack of a regular income and being saddled with student loans, students are considered a good credit risk. According to research students are valuable as customers due to loyalty to their first card and continually making purchases in the future.
The advantage of having a credit card is the ability to build up a good credit history. This proves to be beneficial for availing student loans, car purchasdes, apartment rental, employment and house loan.
Other advantages include security for emergencies, eliminating the need for carrying money and increased responsibility and independence. But for all these advantages, it will be enough to have just one national card like Visa or MasterCard. Credit card info.com reports:
You may already have a credit card, but if you don't, you can be sure there will be many opportunities to get one once you arrive on campus. Many credit companies set up tables in the common areas of college campuses to encourage students to sign up for credit cards. Often, they give away trinkets such as T-shirts, water bottles, frisbees, coffee mugs, etc. in exchange for having you fill out an application. Sound easy? It is, but think twice before you do it.
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