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Why A College Student Should Build Credit

Apr 14, 2008
The moment you hear the word "credit', everyone tells you to stay away. Why is this you might wonder? It's the easiest question to answer. The people that tell you this are the people who can't control their spending and have learned the hard way. Many people can benefit from credit cards. Sadly, there are people out there and a lot of them that just don't know how to use them. If you've never tried or used a credit card before, maybe it's time you tried. If you find you can't use it, simply just dump it. Today, I'm going to explain a few reasons on why credit can benefit you.

Credit helps with future loans

Being in college means you're pretty young (hopefully). I'm sure in the near future you're going to want to buy a home, a nicer car, and possibly get a loan for something around the house. How do you think you get all of this? You're going to have to establish credit. Establishing credit isn't that hard at all. It just takes one credit card and all you'll need to do is make a few purchases and pay it off in full each month to establish a great credit score.

Take advantage of the rewards

Credit cards offer a lot of rewards. From saving on gas to saving on your next grocery shopping visit, you can benefit from it all. The only way you can benefit from this is by paying your bill off in full each month. If you fail to do this, you're not going to benefit because the interest is going to be applied to your unpaid balance.

Allows you to earn more interest on your money

If you're a big investor or you're really good with your money, a credit card is a great way to help you keep your cash on hand a little bit longer. Instead of making that purchase with cash, you can hold onto that money for thirty days longer. Say you keep your money in a money market, that money can collect interest while the credit card companies pay. Simply pay off your bill and you'll be collecting interest and rewards at the same time, how can it get any better?

Feel protected

When you carry a credit card, you can feel a lot safer carrying around your wallet. With so many companies accepting credit cards, there's no reason to carry cash. So, if you lose your wallet or for some reason, you get mugged, you have no worries on losing any of your belongings. Simply, cancel your credit card or if they make purchases, you won't be responsible.

If these four points can't grab your attention and motivate you to apply, then a credit card might not be your cup of tea. A credit card does have many rewards and don't let other people talk you out of it. Remember, these are the people who can't control their money. As I mentioned before, try out a credit card and if it doesn't work out, stick to cash!
About the Author
Find a student credit card and more of Tom's work at FINDcollegecards.
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