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Credit Card Mistakes and Students

Jul 6, 2008
When it comes to getting a credit card for the first time, I would highly advise that students do their research on the credit card market before they actually apply. When I say research, you should also look into how people generally make mistakes and how you can avoid them. If you're aware of the mistakes, you'll be better off with that card in your wallet.

Maximizing the Limit - Just because you get a $10,000 credit limit, it doesn't mean you have to go out there and spend it all. A lot of people get the mindset that they think their credit card is just a piece of plastic and they just spend and spend. When they get that credit card bill in the mail, they forget all about the spending they have made in the past. This is why it's important to keep track of your expenses and not spend your limit because you have it.

Taking out cash - One of the worst things you can do when you apply for a credit card is take out cash via the ATM. The bad thing about a cash advance is that the credit card companies charge you a very high rate. This rate is generally around thirty percent. If you need cash, I highly advise you stay away from this route. You'll only be hurting yourself In the long run.

Paying late - As you probably know by now, a credit card is filled with a lot of fees. If you pay your credit card bill late, you're going to be hit with a fee. This fee can generally be anywhere from a few bucks and on. It will all depend on what company you have a card with and what kind of card you have. The important thing here is to make sure you pay your card off in full.

Just paying the bill - Believe it or not, a lot of people just pay their bill when it comes in the mail without looking at it. When you get your bill in the mail, make sure that you look over your bill before you pay for it. The reason you want to do this is because if someone gets a hold of your card, they can make some unauthorized purchases. Remember, you're not reliable for the purchases you don't make on your card.

Overlooking the terms - Before you apply for a card, make sure you know exactly what your card is and how it works. Some people apply for a card, get it and realize it's not what they wanted. One of the biggest mistakes comes with a cash back card. For example, a card might put a limit on the card saying you have to pay x amount of dollars before you get cash back. This is a term and condition that most people pass up.

There are so many mistakes that all of us make but if you can see these mistakes before you apply, you can save yourself from making them. As long as you use your head and follow these tips, you will be on the right path to a great credit future.
About the Author
Find student credit cards and more of Tom's work at FINDcollegecards.com
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