Students and Credit Cards
The good, the bad, the confusing
Positive aspects of a Credit Card
- you can use them everywhere
- you can buy items and pay them off over the months
- they can back-up what you have bought
- some cards offer a money back
- they build credit history
Negatives of a Credit Card
- May feel like you can spend more money than you have
- Late fees
- too much credit debt can ruin your credit score
- credit card fraud
What Students need to know
What you should know
Credit cards are used when you need something but you may not have the money for it right away. Maybe you didnt get your pay check yet. Some people want them cause they dont want to always use ther debit and all there money. Some people dont want them so they wont have it ruin there credit score.
What you should look for
- Low APR
- How long you have to pay it off
- Interest free
- if there is an annual fee
- late fees
what you should be aware of
- changing in late fees
- how much it can ruin your credit if you do not pay it on time
- changes in the annual fee after you have had it for a while
- cash advances and how much you can spend
Important Credit Terms
Terms
- APR- Annual Percentage Rate and how much they are going to charge you to use it
- Credit History- How well you are at paying stuff back and how much you borrow money
- Credit Score- How much you are in debt