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Credit Cards And What Students Shouldn't Buy

May 24, 2008
Whether you're in the hunt for your first credit card or you're looking to apply for one, there are a few rules you should tell yourself before you actually start taking it places and swiping it like a mad man. There are a lot of things out there that students shouldn't use their credit cards on and this is the sole purpose I'm writing this article today. I'm hoping that this list will help you avoid trouble in the near future.

Withdrawing money from an ATM

Say you're going out to a club or party where you're going to need cash. If you don't have any cash in your bank account, don't withdrawal money using your credit card. Even though you're able to do this, you're going to eat up a very big APR rate on cash advances. This rate is almost double your APR and could kill you. If you take out $100, you can possibly end up paying at least $200 plus back to the credit card companies. If it's a worst case scenario, borrow the money from a friend.

The credit card checks

If you're already have your credit card, I'm sure you've received the infamous checks in the mail saying you can use these checks and it'll take the money directly from your credit card account. I would highly advise you to stay away from these. The reason is that like the cash advances, these have fees on top of your regular spending limits. Depending on your card, these rates can vary. It's always best to just open up your own checking account and write check from there.

Every day bills

If you get a bill month like your cell phone, rent, etc, try and avoid paying these bills off with your credit card. If pay your rent off with your credit card, you may forget that you even put it on there and not budget properly. This would then lead you to overspending and not being able to paying your bill off in time. Remember, the key to a credit card is to pay your bill off in full each month so that you avoid those pesky charges!

Impulse purchases are a no-no

My general rule is if you can't afford it or you can't pay the bill off in full then don't buy it. Don't treat your credit card like its fake money. You'll end up getting that bill in the mail at the end of the month every month and if you can't pay it off, you're going to be trouble. My best bet is to set aside a spending limit each month and stick to it. If you can't do this, a credit card isn't for you.

These are just a few things you should follow when you're applying or using your credit card. If you can remember these helpful tips the next time you use your card, you shouldn't have a hard time using your card. A careless spender is a bad credit card user!
About the Author
Find student credit cards and more of Tom's work at FINDcollegecards.
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