By financen | April 26, 2008 - 6:20 am - Posted in Credit Card

You have just come to the college and you get many credit card offers from different companies. It tempts you to get one at least and show the fancy card in your group.

There are many credit card companies who set up their tables in the common areas of the college campus. They want to encourage every student to sign up for a credit card. There are many ways by which they advertise their credit cards like T-shirts, water bottles, Frisbees, coffee mugs, etc. in exchange for having you fill out an application. You should always give a deep thought before getting tempted and signing up for the credit card. According to the study conducted by U.S. Public Interest Research Group, students who got the credit cards from their college campuses have higher unpaid balances from other students who didn’t get their credit cards from the same place and at the same time. If you are using the credit card to your credit limit and not paying it back, it is quite obvious that you are falling into huge debts.

Even though credit card companies consider college students as a good credit risk, but still they extend credit card offers to them knowing the fact that they don’t have a permanent job and borrow student loans for their studies. It was found in a research that students who get their first credit card tend to stay loyal and continue to make purchases on that card for a long period of time.

As a student, you can use a credit card to make a positive credit history. If you have a good credit history, you will get better chances of getting new private student loans, car loans, rent an apartment, get a job and buy a house. You have to keep your credit scores on the high to get decent interest rates from credit card companies.

  • There are other advantages of having a credit card:

1) You will be able to use your credit card as a security in emergencies.

2) You don’t need to carry enough cash in your pocket. When you have a credit card, you have a lot of purchasing power.

3) If you are able to use your credit card properly, it will enhance your personal responsibility and independence.

You need to decide yourself whether you are a good candidate of having a credit card. You can easily get a credit card from a credit card company but you have to make sure that you are able to manage it with more responsibility and pay your bills in time. It’s very easy to fall into debts, but to stay out of it shows your knowledge of using your credit card properly and with lots of responsibility.

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