Max Anderson
Student Credit Cards: The 7 Golden Rules
Many college students can't wait to apply for their first
student credit cards. The problem is, if a student is too
eager, the student credit cards they apply for can quickly
go from being a wonderful financial tool to being a huge
financial burden.
Here are seven tips every single student needs to know
about managing student credit cards.
1. More is NOT Merrier
The person who said you can't have too much of a good thing
definitely wasn't referring to student credit cards. The
more student credit cards there are in a student's wallet,
the more tempted they'll be to go on little spending binges.
A good rule of thumb to follow is to not have more than two
student credit cards open at any given time.
2. They Aren't a License to Spend
When some students get their very first student credit
cards, they like to think of it as a license to spend. This
couldn't be further from the truth. That cute little
designer purse can wait until you have a full-time income.
Save your student credit cards for emergency purposes only.
3. It's Cash -- Spend Accordingly
When a student gets their very first student credit cards,
it is too easy to forget that every time a purchase is made
with the card, the student is going to need the cash to
back that purchase up.
Sliding a plastic card for a $100 purchase usually doesn't
cause as much pause for thought as handing over $100 in
cash does.
Every time you use your student credit cards, make sure you
understand it IS cash that you're spending.
4. You're Not a Big Shot
When you get a student credit card, it may be hard not to
flash that card in front of your friends -- buying a few
rounds of beer or a lunch or two. Avoid the temptation.
Flashing your student credit cards will not make you the
big man (or woman) on campus. It will just put you into
debt you don't need.
5. Pay On Time, Every Time
Every single credit card statement that you pay during your
college years is going to affect you into adulthood.
What does this mean?
This means that you HAVE to pay your student credit cards
on time each month or you're going to pay for it with bad
credit in the future. That can result in not being able to
rent an apartment or buy a home. It can even affect your
job opportunities.
6. It's Not Nice to Share
Once your friends see that you have student credit cards,
they may be tempted to ask you to borrow them or they might
want you to let them use it to make a purchase.
Financial arguements can really put a strain on friendships.
Do yourself a favor -- unless you are willing to pay for
your friends purchase and take all of the responsibility
associated with it, don't let them borrow your student
credit cards.
7. Don't Be Afraid To Ask For Help
Now that you're in college, you probably don't want to run
to mom and dad for help unless you absolutely have to.
Don't get too big for your britches when it comes to
student credit cards.
It's a new experience and you're going to need the advice
of those more experienced than you at times. Make sure you
turn to your parents for advice when you have questions
about your student credit cards.
----------------------------------------------------
For more tips on getting the best student credit cards,
saving money and avoiding getting taken, check out
CreditCardTipsEtc.com, a website that specializes in
providing credit card tips, advice and resources.