Credit Card Savvy

Uncategorized

Credit Card Savvy

Almost routinely, when students arrive on college campuses in the fall they receive student credit card offers galore. For some, this event will mark their first experience with credit and credit cards. The following a few tips for students who are considering the use of credit cards during their collegiate career.

Pay On Time – Avoid late fees and finance charges by paying your credit card payment well in advance of its due date. If at all possible, sign up to have your card automatically paid out of your bank account or use an online bill-pay service to ensure your payment is making it to the lender on time.

Don’t Max Out – Try to keep you balance below 50 percent of your credit limit. This way you have a reserve in case of an emergency. You also lower your risk of going over the credit limit and accruing costly penalties. If you can, make it a point to pay off your balance in full monthly. At the least, you should try to send more then the minimum payment required.

Limit Your Cards – Limit your debt exposure and simply your credit report by limiting the amount of credit cards you own. Try to keep the number down to three. This will make it easier to manage your monthly payments and due dates.

Know When To Ask For Help – If you do get yourself into a pinch and find yourself unable to make you monthly payment, contact the college student credit card company immediately. Creditors will often work with you to establish a solution to your inability to pay.

Monitor You Credit Report – At the least, request a copy of your credit report on an annual basis. Review the report and file a claim if you find any discrepancies.

To learn more about various student credit cards, visit www.studentcreditcards.com

Student credit cards.com @ December 7, 2007