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College Credit Card Definition

Mar 16, 2008
If you leave home for college, it means you can make your first steps as independent human being, free, and self-sufficient. At the end of your college years you can get a steady job and assume the responsibilities of adulthood. Having a credit card during college means in most of the cases having an extention of your parents' credit card.

Since the cash era is almost gone, the most probable thing that will happen is that you can get a specially designed famous college credit card. But there are certain conditions to be fulfilled in order to get a credit card in college, which can give you many benefits. One of them is learning the financial system with its ups and downs before going out on your own.

The use of these plastic pieces so much valued by the people around the world is no different than the use of the regular one. There are certain differences though, because students are "beginners", so companies must take safety measures.

The idea is that students are taught how to handle and face the real world they get prepared for during college, including the financial field, by being allowed to own a credit card. They are given trust and they can make a good start in life if they go by the rules. This means the orientation sense of the students will have already been "trained" by the time they graduate and they will be ready to adapt to the world of adults and their responsibilities, and they will still be covered by their parents in case they make mistakes.

Holders of college credit cards can be considered as a business risk because the respective card companies cannot be sure if you will meet your bill payments on time. To protect their business interest, credit card companies initiate some measures like asking your parents to counter-sign the application form as a guarantee that in case you will default your payments, they can go to your parents to collect what you owe them. This is security on their part.

For the specialized companies, which issue credit cards for students, it is pretty much risky, because what they basically do is to give a credit pass to people without any kind of credit history. They do not give unlimited access, though. Most of the companies set the limit under one thousand dollars a month because they consider it enough, and thus they learn how to control their spending habits.

Students must also be aware that there is a higher interest rate on the college credit cards compared to the other regular cards. This is done with a purpose because the card companies and suppliers want to make the students aware of the dangers of overspending on their credit limit. They may not be aware of it but bills pile up faster when you go on a buying spree every now and then. The credit card companies want to teach the card holders that they should control their spending.

Indeed, having a college credit card is a hands-on training into the actual world. When the students go out into the real world, they are already well-oriented and know what to do. This piece of plastic is indeed something that college students should have because it will teach them valuable lessons about spending and budgeting.
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