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My Student Credit Card Adventure
And some practical advice too!
My first credit card?
I remember my college days when it seemed there was a credit
card advertisement on practically every bulletin board on campus.
The banks would travel to the college and set up application
booths on registration day. Hundreds of students would apply for
a credit card. As an enticement, we were offered freebies like
T-shirts, water bottles, and key chains. So I took whatever they
were handing out. You can't beat free. The next thing I knew, I
had signed on the dotted line. It wasn't long before that little
plastic card arrived in the mail. It was time to establish my
credit history. I was off to the mall. Life was good!
Stuff happens?
I made my student credit card the solution to all my financial
emergencies when I attended college. Needless to say there were
plenty of them. There were tuition bills, school supplies, car
repairs, and midnight pizzas to pay for. The old saying was true.
"When they've got you, they've got you". That little piece of
plastic bailed me out of more financial predicaments than I could
count. I honestly don't know what I would have done without it.
The student credit card "thing" was a pretty cool idea.
My day of reckoning?
The monthly statements arrived one after another. I had been
in the habit of making the minimum payment and ignoring the
bottom line. Not a good idea. All those credit card purchases
left me with a pretty hefty balance. The finance charges were
mind-boggling. It was time to take action. I started to allocate
more of my monthly income toward my credit card bill and phased
out frivolous purchases. My balance actually began to dwindle
(Thank God). I developed a better understanding of what credit
cards are intended to be. They're certainly not free money! Put
simply, they're a convenient loan that has to be repaid.
A word to the wise?
When applying for a credit card, students need to consider the
fees involved. Take a hard look at the finance charge, annual
fee, and late payment fee. Shy away from cash advances if
possible. Consider a low limit credit card. Do a comparison and
search for competitive rates. Study your card agreement
thoroughly. If you don't understand something, call customer
service. Ask questions.
Set up a realistic budget and follow it closely. Avoid impulse
shopping on your credit card. Try to use the card only in real
emergencies. Try to pay your bill promptly and keep your finance
charges to a minimum. This will help you to establish a good
credit history.
You may also want to consider using a debit card. The money is
deducted right out of your checking account. This way you can't
spend more than you have.
Remember to approach credit cards sensibly. When used
properly, they can be a real lifesaver!
Don Yacono is a Publisher and Webmaster at Credit Cards Made
Easy .com
Visit his website at http://www.credit-cards-made-easy.com
to view all the up to the minute credit card and financial news
from around the world.
Visit now to apply online for the best low interest credit
cards and payday loans.
MORE RESOURCES:
Credit - Google News
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