Presented by Daniel Toriola
Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
person’s credit score.
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Common Credit Card Mistakes by Students
By Tom Tessin
Mistakes are common as with the use of student credit cards. As a student, you might lack the
proper knowledge about how to use them. Due to freedom of spending, students often cross their limits
and end up accumulating huge debts.
You may fall for any loan offer, which might seem helpful in the beginning. However, if you default on
the loan payments, the credit card issuers might take advantage by levying a higher rate of interest and
penalties. Hence, students need to be careful regarding the use of credit cards and avoid possible
mistakes.
Mistakes:
1. Giving in to a credit card promotional offer: You may come across many student credit card offers in
your college days. These offers may sound interesting. However, it is advisable you think twice before
you finalize any credit card offer. Do not go for a credit card just by promotions made by the credit
issuers. It is necessary to read the offer terms and conditions carefully before agreeing to any credit
card offer. Look for the charges and check whether affordable or not. This is what students fail to do,
and thus commit the mistake of finalizing a credit card without proper research.
2. Not deciding before signing on the dotted line: It is recommended you bear a few things in mind
before you actually sign on student credit card application. Read the document properly for monthly
payment, basis of payment, penalties on late payment and the hidden charges. To confirm this,
students may ask for the website addr