Credit Cards for College Kids

Emergencies are bound to arise in your college life. This is inevitable, but that doesn’t mean you have to be unprepared for it. In fact, you should be well aware of one of the things that can aid you during emergencies, especially those that involve cash: credit cards. Yes, that reliable plastic can save you when you’re in deep cash trouble. Ironically, it may also be the cause of your cash troubles.

Should a college freshman apply for a credit card? Are college kids mature enough to handle this responsibility? These two questions are probably plaguing your parents’ minds. A credit card is a quick way to create a long-lasting debt, and that possibility might be what is keeping your parents from allowing you to apply for a credit card.

On a more positive note, though, credit cards can help you establish a credit card history, can assure you of some sort of security, and can teach you a thing or two about independence and maturity.

So which is which? Are you going to apply for a credit card or not? You’re probably bouncing off the walls to hear your parents say yes, but before you immerse yourself in credit card hullabaloos, make sure you are aware of these key points:

• A credit card isn’t free money.
• Each time you swipe your credit card to make a purchase, you are, in effect, borrowing money from the credit card company.
• You eventually have to pay for all the purchases you make.
• Do not charge your credit card for something you know you cannot pay back.
• Delaying the payment for credit card bills increases interest charges so make it a point to pay up on time.

Once you ttake note of these things and you think you’re ready to have your own credit card, then the next thing for you to do is to convince your parents to give you one.