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One thing most colleges don't teach is how to figure your expenses and unfortunately most young people have to figure things out on their own. If that's the case, then it doesn't seem like a bargain does it? Getting a Great Bank Credit Card for the First TimeIf you are thinking of getting your very first bank credit card there are some things that you should know when you start looking for the right bank credit card for you. Are you harassed by debt collectors or creditors at home and at your work place? Of course, things haven't always been as automatic as they are today.
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If the grace period is relatively short on the card you are looking at but it had a low interest rate it is worth it to look at some other card options. A shiny new credit card is attached to a letter entitled 'Yes, you have received online credit card approval'. If you have been pre-approved despite not having worked for a few months or your gross income is less than ,000, you really should think twice before attempting to apply for a credit card. You cannot afford to forget or neglect this time2 Live within your means - size down as much as you possibly can until you can afford to splurge again. You may be amazed to find how useful this tool can be.
Anyone who has been to college knows how stressful it can be financially. Tuition costs continue to rise and you're barely surviving on your macaroni and cheese. If you are looking to build your credit with a student credit card, be very aware of the pros and cons of owning one of these plastics.
Here are some tips for looking, applying and owning a student credit card that you may want to study before making any decisions.
You have to be Smart
If you've made it into college, chances are pretty good that you already have a good head on your shoulders, but when it comes to finances you may still be new to paying bills. If you are looking for a student credit card, look carefully because many credit card companies offer credit cards to students with high interest rates and finance charges. Find a card that has the minimum balance (usually 0-300 is good to start off) and the minimum monthly payment fits your income. Cards such as Capital One and Citi are good for beginner credit card users.
Balance Is Key to Everything
One thing most colleges don't teach is how to figure your expenses and unfortunately most young people have to figure things out on their own. Compile a list of all your expenses and compare it to how much income you earn or get (from parents, part time job, grants, scholarships, etc.). Make sure that you would have enough money to cover the cost of a student credit card along with other expenses.
Looking Ahead
Remember that a credit card will help establish your credit score, which can affect your life in the future such as insurance, employment, mortgage loans and so forth. You want to make sure that lines of credit such as a student credit card will not get you into financial trouble. Start off on the right foot.
College is full of new and exciting experiences, but along with the excitement comes the reality of costs and expenses. If you are thinking about getting a student credit card, let it be the opportunity to open a door of credit for you, not slam it in your face. Play it smart, look at your income and expenses realistically and think of the future. This is advice that will help you ace your credit score.