This is a topic I myself have been contemplating since the beginning of my Junior year of high school. Credit Cards of course are a nifty tool to have when you are out on the road and out shopping. My parents have instructed me countless times about getting credit cards and the risks. They stress the importance of me establishing good credit, which could effect me for the rest of my life. Many kids get credit cards when they begin to start driving a lot and maybe work part time. Many things I hear from these parents are they want their kid to have a credit card or emergency use. Emergencys such as running out of gas, need to stay at a hotel, etc.
I have also heard that trying to get a credit card after you graduate from college is more difficult then it would be if you got it in high school. But are these excuses legitimate. I myself have yet to run out of gas while driving. I'm sure many of us carry cash which you could use, and I have yet to break down in my car to have me seclude myself to a hotel. Some interesting facts I found out was that three out of five students with credit cards maxed them out during their freshman year. Three out of five freshmen with multiple credit cards used bank cards to pay for other revolving credit accounts. Nearly three-fourths of students use their student loans to pay credit card bills. These statistics astounded me to how many College students make these mistakes. I hope to not have to make these mistakes when I enter the College scene.
Many times credit cards seem like a great idea, especially the department store ones , since they offer discounts to which would be your favorite store, but they always tend to have the highest rates it seems. Some of the advices I do get from my parents when they tell me if I do get a credit card is to only get one card and try to pay it off each month, and try to avoid using it. I'm sure all of you have had some experience with credit cards and I would love to hear from you guys about this topic on college students and credit cards.
• 
• 
• 
• 
• 
My first 'credit card' was a prepaid card that my mom got through our bank. So I could pay for my own gas with the allowance I got put straight on my credit card. Since at one point, it cost more then $50 to fill up my gas tank, I don't carry enough cash to fill it up.
Once I hit college, I got a real credit card, and just a joint checking and savings account with my mom. All my savings from my old bank went into my savings account, and was used for when I wanted something. My allowance went into my checking again (again, still used mostly to buy gas, though second year in college it was used to buy food as well). My credit card is a pretty good one... something like 12.5% interest, and I have never really carried a balance on it until this year. I use it for larger purchases, such as buying plane tickets to see my dad and such. It only had a credit limit of $1000 when I opened it, and I requested a raise in the limit, so they raised it to $1300. I currently have about $700 sitting on it, from buying two plane tickets ($450), my primary medical school application ($400), my secondary applications (something like $700), my parking permit ($170) and my textbooks (I think $300 this semester). Obviously I've paid quite a bit of it off. My entire paycheck this week is going to go straight into paying that bill, because I hate carrying a balance that large on it, and everything in my savings right now is going towards tuition for next semester.
~C
Read the news
Nominate a featured blogger!
I got my own credit card when I was sixteen when I went to Europe. I have yet to max out my credit card or really even use it. It makes me feel better I have it, but I rarely use it. Personally, I think it's helped me keep control of my money. I haven't really had any problems with mine, but I can see how kids can. It's hard to see where all your money is going when you don't visually see it going.
`lacey
There are no beautiful surfaces without terrible depth...
i personally have a check card and use it only when i need to. i find it very helpfull when im just short of cash
I don't think credit cards are necessary. There are only a few items that require credit cards to buy, and college students don't NEED those items. If someone can't pay for something in cash, they shouldn't be buying it at all.
Maybe I will have to get a credit card when I'm older, but I think I trust myself to be responsible. People really need to learn the difference between wants and needs, though.
My dad lives in NC. I live in Colorado. I visit him about twice a year. I have to buy a plane ticket in order to visit him. Plane tickets cost me somewhere between $250 and $350 a piece. I don't have that much in cash, but that doesn't mean that I'm not going to visit him.
Similarly, I'm applying to medical school this year. I need to pay for my primary application ($400), my secondary applications ($650), my suit ($235), my travel (again, plane tickets cost between $250 and $300), and my hotel accomodations when I'm in cities where I don't know anyone. So far, I've spent over $2000 on my medical school applications. You think that I have that money just waiting to be spent when I have more important things to buy (such as FOOD)? No. That's what credit cards are for... I put my entire paycheck towards my credit card balance to I can pay it off in a timely manner. In the meantime, I'm building up my credit so that when I do have to buy something like a HOUSE, I can get a decent loan package that won't cost me an arm and a leg in addition to the house itself. It also means that if student loans aren't enough through medical school, I can get a decent interest rate from private loans.
Credit cards are not a bad thing.
~C
Read the news
Nominate a featured blogger!
I was all against credit card use! My aunt recommended I get one to build my credit and thank goodness I did when she recommended it--in order to get loans for school without a co-signer, you must have 2 years 'credit experience.' It hasn't been 2 years just yet, but I've had to use it to pay for tuition fees, books, food etc and the key is to never be late on payments and find a decent APR rate. Currently, mine is an introductory rate of 0% for a year and then it goes to 8% after that. My first credit card was a disaster with 23% APR! The key is to be careful and make payments constantly if you have a large bill.