Response Card

Credits Card For College Students: Good Or Bad?

Credit cards for college students offer a great way for young people to establish their credit histories while they are still in school. They are great to have in case of an emergency when quick cash is needed. Also in a world were transactions take place online, these cards come in handy.

Credit cards for college students work just like your normal credit card. You can make purchases or take out cash advances. The card carrier is still responsible for making payments on time or risk being assessed late fees and interest.

In order to get a card, the student will need to complete an application. They must demonstrate that they can pay the bill each month by having a job or having a parent co-sign. The interest rate will be higher since banks view students as high risk due to the fact most of them don’t have full time jobs. You still start with a lower line of credit which may increase once you prove that you are a responsible card holder.

Although having a charge card can have a host of benefits, there are many pitfalls that must be avoided. For many students, this will be the first time in their lives that they have this much purchasing power. It can be tempting to go out and buy things you don’t necessarily need. That 40″ flat screen for the dorm room or Coach Bag to carry around campus would be really cool. You can run the risk of charging near your credit limit or having payments that you can’t afford. You don’t want to ruin your credit before you even graduate.

Credit cards for college students are great for establishing a good credit history, only if used wisely. Conversely, you can ruin your credit history before you have you first full time job. The best use of credit cards while still in school is to only charge amounts that you can pay in full at the end of the month.

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