Credit Card Tips for College Goers

If you are studying in a college you might have probably owned a credit card already; and if you don’t have one and are planning for the same soon, then there are certain things you should keep in mind before getting into this whole business of managing and using credit cards.

Even though you as a college student might feel a bit confused about your state of being somewhere between teenage and adulthood; if you have a credit card, that means you are grown up enough to start taking charge of your finances and manage them in an appropriate manner. The sooner you learn to do that, the better you’d find proper ways of spending, saving and managing money. With correct decisions you’d gain confidence, satisfaction that will guarantee peaceful and trouble-free future years ahead.

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Let us look into some aspects of what getting a credit card, holds for you:

Good Things:

1) With so many credit cards schemes these days, it is quite easy and effortless for a college student to get a credit card.

2) Getting credit card at this early stage gives you an opportunity to build a good credit history.

3) While using credit cards for shopping online and booking tickets etc., you can save a lot of money and get reward points as well.

Bad Things:

1) With so many credit card schemes, a college student can own more than one credit card, which requires a bit more of management and caution in spending.

2) Early stages of credit card ownership might give an illusion to students of owning lots of money and they may end up over-indulging.

3) In case students fail to manage credit cards properly, they will build bad credit history and debts, which can trouble them for years to come.

Ugly Things

1)  There is no magic behind the concept of credit cards, if you are in credit card debt, you might end up with major financial consequences in forthcoming years

2) Loads of students underestimate the importance of interest payments on their credit cards. Minimum payments usually mean the things you buy might cost you 2-3 times what you paid for them. You might end up being in debt for years, paying for the money you paid today for your tacos till the time your children graduate from their college.

Some important recommendations for making the most of your credit card in college, without getting into any trouble:

1) Get yourself enrolled in a personal finance course, as soon as possible - either through your course schedule or as an elective. You'd never regret this decision, as you learn some important life and finance management skills, which will help you take better decisions now and for many years to come.

2) Try to find some trusted person you can talk openly with about your financial issues. If you are not able to deal with a particular money matter, try to get it clarified through an open line of communication. You only can solve the problem by taking appropriate action and no one else. Hiding and ignoring things you don't understand, can not solve a financial problem.

3) A tip to control over-indulging in "credit card shopping" is to get yourself involved in activities like sports, music etc. Use your card responsibly and remember that what you do now with your credit card will craft your future years as well. Make it a privilege and an asset for you and not a liability.

4) If you are unsure whether you'd be able to control your credit card usage or not, use it only when you have emergencies. Slowly, as learn your finances better, you can plan the use of your credit card accordingly.

5) You can always check online blogs and websites for credit card options, latest updates and exclusive suggestions. Many websites can help you decide the best credit card for your spending habits e.g. credit card city 

I hope my suggestions and tips mentioned above help you in taking wise decisions. If you have any tip or advice in addition to these, please feel free to drop it in the comments below.