Being a student can be a tough life, but for a good cause. As a student you are preparing yourself to have an excellent life that is secure. But there is a price to be paid and that price comes in the way of not having a lot of cash. As a student, you more or less have what you get from your part time job, from your financial aid, or from your parents. In some cases, you may get income from all of these sources.
But while you’re a student, you do have to start making other provisions for the future. You’re already making arrangements to have an incredible career so that you can have a family and support them. You are also working to have a great career so that you can have all of the things that you want in your life.
The interest rate is not very high for students. This is a different type of credit card, so you don’t have to worry about having something that is 20% or more.
As for responsible use of your new student credit card, you need to make sure you don’t charge too much and pay off your balance. What this does for you is give your credit score a nice little boost. One of the factors in determining your credit score is how much of your available credit you’re using. You want to make sure you don’t use up all of your available credit or you will be maxed out. Being maxed out is not something you want.
You also need to make sure you make your payments on time because you may have to pay fees, such as late fees. If the late fees takes your balance over the limit, then you’ll have to pay an over limit fee. So make sure you are aware of the fees that could be charged to the card. If you’re aware of the fees, you can be a little more diligent with it.
Also, make sure you don’t have too many credit cards. Keep your income in mind and don’t get in over your head. As hard as it is to not take advantage of every credit card offer you come across, you have to be responsible. If you exercise this sort of responsibility, then you’ll be sure to continue being responsible like that throughout your life. It’s all about self-control. You’ll be quite proud of yourself when you’re able to easily build your credit after college and can make a great life for yourself.
I'm Trevor Poulson, owner of T.K. Financial Group, LLC. a real estate investment firm. I’ve spent 15 years in the legal profession as a trial preparation manager in personal injury, and real estate law. Then opened up my own company in 2006. My experience in real estate and finance has helped me to understand the credit/debt situation in this country. We are now branching out into online marketing with our site http://www.creditcardissuer.us I also write a bi-weekly blog under http://credithelper.wordpress.com
Any info about student credit cards?
I will be turning 18 soon and I would like to starting building credit and I want to know more information on it. Is there a certain limit they put on it? What happens when you you meet the credit limit? Do you call and cancel or something? Any or information would be greatly appreciated!
Answer
Student Credit Cards were designed with two purposes in mind: To make the pain of dropping a few thousand dollars in one semester easier, and to teach young adults how to properly use credit. A good Student Credit Card will offer a low APR (Annual Percentage Rate), a high grace period for which you can make your payment, and resources to help better track your financial situation such as a budget calculator or free credit lesson.The Citi Dividend Platinum Select Card for College Students is another great card to get if you are looking to earn cash rebates. For the first six months, you will earn 5% on these types of expenses. For other regular purchases, you will earn 1% rebates. This is a simple card to save money on things you would spend anyway.
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