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.
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MORE RESOURCES:
DSG Rallies From 20-Year Low on Credit Suisse Rating (Update1) Bloomberg - Credit Suisse said the risk of financial failure by DSG is low as same- store sales would need to fall 15 percent this fiscal year, a ``pessimistic ... UK electronics retailer DSG's shares jump DSG rebounds on claim markets 'overreacted' FTSE 250 movers: DSG surges on Credit Suisse upgrade |
Credit market freeze may claim local governments as victims Los Angeles Times, CA - By Michael A. Hiltzik The worldwide credit market freeze may be claiming a new set of victims: states, cities and other government entities that issued ... |
Strategies for Car Shopping in a Time of Tighter Credit New York Times, United States - But for consumers, the credit crunch may have a silver lining. “Dealerships are desperate to sell cars,” said William Ryan, who follows the auto finance ... Six tips to help you speed away with a great car deal today |
CSS Industries, Inc. Announces Replacement of Revolving Credit ... MarketWatch - announced today the replacement of its $50000000 revolving credit facility, which was due to expire in April 2009, with a new $110000000 revolving credit ... CSS Industries, Inc. Announces Replacement of Revolving Credit ... United Refining Company Increases Bank Credit Facility to $130 Million |
ClearPoint Credit Counselors Offer Consumers a Free Vacation MarketWatch - Consumers, chilled by an economy in crisis and a credit market on ice, are opting to stay home. To help them make the most of a budget vacation, ... |
Continental Airlines Presenting at the Credit Suisse Global ... MarketWatch - will be presenting at the Credit Suisse Global Airline Conference Tuesday, Dec. 2, 2008. The presentation is scheduled to begin at 8:30 am (CT)/9:30 am (ET) ... US Airways Presentation at the 2008 Credit Suisse Global Airline ... |
S&P lowers Autoliv's corporate credit rating CNNMoney.com - NEW YORK (Associated Press) - Standard & Poor's Ratings Services cut Autoliv Inc.'s long-term corporate credit rating Friday, citing market pressures and ... S&P: PharmaNet Development Group Inc. Rtgs Withdrawn Standard & Poor's raises ratings on McMoRan Exploration |
Target: Credit Card Operations Strong Enough To Satisfy JPMorgan Deal CNNMoney.com - Delinquencies for Target's securitized credit-card portfolio are rising at historic rates, according to a regulatory filing by the retailer on Thursday. ... Target's Credit-Card Problems Could Lead To JPMorgan Role |
Dana Holding Corporation Secures Amended Credit Facility ... MarketWatch - announced today that it has received the requisite support of its lenders to amend the financial covenants for its $1.3 billion senior secured term credit ... |
Agencies cooperate on credit default swaps market Chicago Tribune, United States - Federal regulators are readying approvals for futures exchanges such as CME Group to enter the $50 trillion credit default swaps market by mid-December, ... North American credit markets in risky territory 3rd UPDATE: Harkin Seeks To Force Derivatives Onto Exchanges Regulating swap transactions blamed for meltdown |
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