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School is expensive and the bank knows this, that’s why they target students and that’s why you see them at the football game trying to get you signed up for a card. After six beers, that free towel might look pretty cool but keep in mind a shiny little curve will follow shortly after in the mail.
Be sure that you have the right card. Many will offer a flashy attractive reward program but will also charge more of an interest if you carry a balance. And also remember that no rewards program is worth the interest that you’re paying so it’s best to find a lower interest card. If you plan on consistently paying off your monthly balance, you will not be charged any interest as long as you don’t take out any cash advances that is.
Cash advances should be avoided if possible because once taken out, you will immediately be charged interest. Be aware that the bank does have the right to change your interest rates but they have to notify you first so be sure to check all your mail.
Banks do make mistakes so it is necessary to check your statements regularly. If you do see anything out of the ordinary whether it’d be purchases you didn’t make or duplicate charges, be sure to contact the bank and ask them to investigate. If you like the security and it’s accompanied with the credit card, remember that a debit card offers many of the same advantages. Often times without the unpleasant consequences. What are these consequences? Well, a mispayment will now only make you pay more but it also may hurt your chances in your future life in the business world, eventually hurting your chances at a loan, mortgage or even a job.
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