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There are tons of credit cards out there for college students, but does that mean they’re a good idea? The whole point of a credit card is to help someone build credit. The problem is that credit cards are also incredibly tempting. How?
Credit cards allow you to spend money you don’t have, and at times this money can seem imaginary. The problem is that credit cards are much smaller than you might imagine, and this can result in a lot of mistakes. To begin with, let’s discuss the many benefits of getting a special college student card.
Most students don’t have any kind of credit yet. This means that their credit records are virtually spotless. While this is (in some ways) a good thing, it is also a bad thing. Why? Without establishing some sort of loan, it is nearly impossible to get a car or home loan.
Thus, everyone should try and build their credit in some way or the other. The easiest way to do this is with a credit card. That’s why there are credit cards available for college students. These cards often have low credit limits, but they will help build a positive credit record.
But, that doesn’t mean that all credit cards are good for college students. In fact, many students end up spending more money on these cards than they actually do. The best way to avoid this is to pay the dues in full every month.
Unfortunately, this isn’t always possible. As such, these cards only drive college students into debt they cannot afford. So, are these cards a good idea for college students? Well, it depends on the person who is applying for the card.
Credit cards for college students are great options if you are financially responsible. If not, you could find yourself heavily in debt. Still, there’s no debating the fact that a credit card will help establish some sort of credit, so it may be necessary at some point. Is a Credit Card Right for You?
Ask yourself whether you can handle the credit card responsibility. If you can, you might want to contact your local bank to apply. If not, it might be wise to wait a year or two until you know how to pay the bills properly. , ,
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