Your mom, your dad and even your teachers generally have your best interests in mind. The companies that offer you college student credit cards? Not so much. These people have their pocketbooks in mind, and you're a means to a big fat paycheck.
Remember that when you're considering credit card offers. If something sounds too good to be true, it probably is. A college credit card isn't necessarily a bad idea, but it's not something you want to jump into and it's not something you should do without the advice of mom and dad. You can't just trust the word of the people who are pushing the cards.
Not All Cards are Created Equal
When looking at which college student credit cards you should apply for, compare them carefully. If a rewards card is what you're after, choose one with a low interest rate and a rewards program geared towards your needs. Just because a card has your fraternity's or sorority's crest on it does not mean it's the right card for you.
No Spending Sprees
When you do get your hands on one or two college student credit cards, do not use them as a license to spend. You're going to have enough debt when you get out of school. Adding unnecessary credit card charges to that debt can have a significant impact on your financial future. Now is the time to start spending wisely, even if you've been a bit spendthrift in the past.
No Sharing
Ever since kindergarten we were taught to share with our friends. You're in college now. The rules have changed. Credit cards are not something to be shared. If your friends need to use a card, let them get one of their own. The moment you lend out your card you become responsible for everything your friends put on it. Unless you're willing to pay off that debt for them, you need to keep your credit card in your own wallet.
Credit cards are a new world for many college students. As with many new experiences, mistakes are commonly made. Keep the above tips in mind if you want to avoid the most common mistakes made with college student credit cards.
