A beginners Guide to Getting their first Credit Card
For many individuals, the first time, they get a credit card is when they go to college, there are plenty of credit card companies that have special deals and accounts for college. However, many college students get their first credit card after they graduate, which can be a good thing and can be a bad thing. If you apply for credit card after you graduate college, there are many that are not accepted because they don’t have enough credit ranking to qualify.
There many reasons why you’d want to apply for credit card want before you graduate college normally makes you want more secure that your parents cosigned for the account so that you can’t pay your parents have to. This also gives you the chance to build up your credit score with the bank, and most likely you will be able to qualify for another credit card by yourself in this case is a win-win for you and the bank.
However, there is a large disadvantage that you can run into often times many college students run into debt because it’s so easy to use a credit card number many tempting things to use it on in this could be a negative thing. Nevertheless, if you’re wise enough and have self control not to run yourself to get a credit card is probably the good thing before you graduate. This will help you because you have a track record with that bank in order to get your first loan from that or another. This also gives you a great opportunity to build your credit score and monitor how you use money.
Whenever you get a credit card is very necessary that you have some money in order to pay off any unplanned debt that you might run into. You have to be careful not to run up too much debt because over the long run and been increasing interest rates it can cost you a lot of money and eventually give you a very bad credit score. You have to be conscientious when using a credit card because you can spend well over your limits very easily and really doesn’t know what that is. So for first time credit cards I would recommend it should mean that the amount of money spent on the card each month to make sure you run into debt.
Furthermore, for the very first credit card buys that are made be positive not procrastinate on paying your bills on time because the interest rate can be a severe penalty. Just after you get your first credit card be sure to spend it on what you honestly need so they can make sure you’re not spending too much that you cannot pay back remember is important to get a very good credit rating it really helps you in the long run it sort of like your grades in college.
If you’re a college student you’re working on your studies and are probably moving out onto campus or to college out-of-state. For you to go out of state you will need to find a way to handle your money and your answer is a credit card so in order to find the right credit card for you have to consider a variety of factors. I will outline some of many helpful tips and factors in this article.
A very good piece of advice that I could give you is to use the credit card when you have to, there are many people who find it is easy to fall into debt quickly. You really want to try to limit the amount of things that you buy and frequency of use that you use your card. Something that many new adults find is easy ways to spend money on a credit card. They are our many excuses such as; I will use it less towards the end of month. However, these excuses can be particularly bad if they use it too much towards the beginning and don’t slow down toward the end, they can run into debt quickly.
As a college student is very important to pay off the balance every single month, as a precaution to possibly running into debt. If you need the balance running interest too long it can count to a large fortune in the end. Furthermore, by paying off your balance could save yourself money. It is very important for you to pay off your bills and keep a good credit score are many ways to do this one of them is to pay every single bill on time. If you allow your bills and expenses to keep running with the current interest’s rate it can be quite costly. You really should be careful that you pay your bills on time.
One of the most important things for college students if given the opportunity is to say. It is very essential to understand the importance of saving it gives a little more time to make a choice about a job or career. If you ever lose your job and the economy goes wrong, and you can’t find a job in your savings are the money you have left. This could be a very rewarding decision you don’t have to feel is stress because you know that you have some. You probably want to start two accounts one is a checking account, and one is a savings account. You want to store as much money in a savings account, so they can pay you interest. A piece of advice is to look for the banks that provide free checking accounts for college students.
There are many people that have very mixed feelings about credit cards of their benefits and disadvantages. Two men credit card is the easiest way to pay for anything and often times they do resort to pulling out the coded piece of plastic in order to pay for gas or any regular supplies. However, to some credit card is not a good they wish they never had it some have a genuine distance towards the debt that has created. If you are a college student looking for the right credit card in order to go to school with their something you probably want to consider before making your decision.
The first thing that you want to consider the interest rate ideally for anyone and particularly a college student when I find a credit card that has his loan interest rate as possible. Anything that is under a 15% is normally a good choice. However, if you get it is the lowest 12 that would be the best. Normally, the interest rate is a very big factor in the credit card, and you should you are wise about picking trying to compare all the interest rates of the various credit cards and pick the one that’s better, you should also consider how you’re going to spend the credit card and adjust accordingly. Maybe picking something with a higher interest rate might spend too much more.
The next thing you really should read the contract agreement with the bank is on the fees. Fees are something you have to be very careful about. You should truly read the contract agreement when going to get your credit card many banks make a lot of money by adding little fees in there like if you don’t use your credit card in this timeframe, there is a fee and many others. Normally, these fees or hidden down on page 18 so you have to read through it very carefully. It is very important you know the agreement to your true that you’re about to walk into particularly credit cards are a good tool and have to do with your money so really try and spend some extra time to make the right decision.
Another thing to consider is that there many cards that the interest rate credit card is high. However, the rewards are better. There many rewards that you should look for such as cash back for every purchase or 5% on every use at a restaurant. I mean really if you get into credit card debt when it has some reward for you, particularly if you’re a college student as many of them eat out regularly I also mean sometimes you can use the rewards to pay for objects or get gift cards and even use the money for your monthly statements.