Ten Things You Think You Do Not Know About College Student Credit Card Payments

By now you should not be surprised that most adults have some form of debt, even if it be in the form of a mortgage or auto loan. It is namely this debt that increases their stress levels. By getting in debt now, they get stuck in a pattern of debt which they cannot seem to escape from. What you should know is that when you have a college student credit card, it can free you from some of this debt burden.

Finally after paying for their entire college costs, these college students seem to hit the worst part of having to deal with college debts. They are simply stuck in the credit card payment problem almost every week as their bill become due. However, learning not to get yourself into this situation in the first place can be difficult and can cause some major headaches.

Essentially having a college student credit card can be a benefit: it can cover expenses that parents cannot afford to, and if the account is paid off in full each passing year, it can also build up credit that might help when you are in college, after you finish school, and look for jobs.

However, before deciding to get yourself a college student credit card, you need to be sure you can keep your student credit score active by properly handling your college student credit card payments.

Here are the ten things you should know you about college student credit cards:

  1. Your credit limit is based partly on what you will pay for your monthly bill, and partly on your ability to make payments on time.
  2. Your account can be switched from a major credit card to an American Express or Diner’s Club card without having to pay an annual fee.
  3. A way to keep your fees low is to pay off your credit debt each month. If you cannot afford to pay the minimum bill, simply make larger payments on your card.
  4. Reducing the number of times you use this account can also help keep your debt in check.
  5. Keep track of you account’s spending by getting a daily statement and know what you have spent each day.
  6. Not everyone has access to a major Mastercard, so check with their bank how they can make your card easier to use. Perhaps they will allow you to have it by check.
  7. Make more than the minimum payment and if possible pay them off completely at the end of the each month. If you can’t afford to pay off the total amount each month, make the minimum payment and accumulate the interest over time.
  8. Interest rates will be higher on a college student card, so if you can pay off your balance each month, you will be avoiding interest payments and can pay off your college student credit card bills quickly.
  9. Having only one card may actually hurt your credit, but if you have several accounts and one card, having only the one account is better than several accounts with balances.
  10. 1This generally does not apply if you have a good credit history or a long credit history, but if you are young it can be hard to establish credit.

Having a college student credit card can be beneficial; paying off balances quickly can build up credit score, and it is a tool in establishing credit. However, never take too many credit cards on at once or it will be hard to decide which ones to pay off first.

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