Articles, advices and tips for professionals in the United States of America


College Student Credit Card

Nothing strikes fear in a parent’s heart like the concept of a college student credit card. A student might find the credit to be a wonderful new adventure but he might not really have a grasp about what it really means to be in debt. Before your college-aged student goes to campus, you might want to have a talk with him about college student credit card rules.

It is really easy for a young person to go overboard with spending especially when there is promise for a good-paying job in the horizon. Many parents don’t find out that their college-age child has gotten the college student credit card until it is too late or worse yet, when there is a significant problem.

When I was 19 years old, I received an offer from a student credit card company that targeted my age group. I knew very little about interest rates and credit reports and I applied for the offer. Within a week or two I had a student credit card in my hand and I was ready to shop.

Fortunately, one of my sorority sisters took the time to warn me about racking up too much debt. She suggested that I pay off the balance of my college student credit card each and every month. This was a little hard to do at first but I stuck to the plan because of her insight.

Her advice was well-received because she explained about her own experience with college student credit card companies. She had three cards and she spent a lot of money on them. She also let the balance go each month, just paying the minimum balance. Within a year she found herself in over her head.

Even though she was making the monthly payments on time, she noticed that the balance of the college student credit card wasn’t going down. Even when she stopped spending she found that her payments were making very little impact on her mounting debt. At the age of 21, she was in significant debt.

Many of us tend to think that the ideal job is right around the corner after we graduate. This make the idea of letting a college student credit card balance grow pretty reasonable. However, the interest on the debt might be a little overwhelming. As my sorority sister insists, it is best to pay off your balance each month no matter what.


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