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Credit Card Tips for College Students

November 28, 2017

Higher education students encounter a lot of hidden expenses associated with college.  These hidden expenses can possibly create scenarios where individuals seek additional income to cover costs for academic expenses, entertainment and personal expenses.  With credit cards so easily accessible to higher education students, it is important to consider one's options as it relates to credit card use, responsibility, accountability and consequences.  

 

This higher education blog posts focuses on Credit Card Tips for students and families.

 

What are credit cards?

Credit cards are plastic cards issued by financial institutions that permit and allow the card holder to borrow pre-approved funds at the point of sale in order to complete the transaction for purchase. The cardholder must pay back the full balance of what was borrowed during the transaction in a timely manner.  If the cardholder does not pay the borrowed funds back interest rates and fees kick in and it is the responsibility of the cardholder to repay all borrowed funds.

 

Should I get a credit card?

This is a conversation one must sincerely first pray about to God and ask him for wisdom and a word of knowledge on.  If you are a college student who has no family and you are led to get a credit card remember there is a lot of responsibility associated with obtaining and utilizing a credit card.  If you are a college student and have family who will contribute to the monthly payments, it's always a great idea to converse with your family of the financial health of picking up another expense like a credit card.  

 

My friends have credit cards should I get one too?

Just because one's friends have credit cards doesn't mean that it's in one's best interest to get one.  Wisdom is key as it relates to credit card responsibility.  Aim to not compare yourself to others in any aspect of your life because you don't know the reason one has a credit card and what the overall outcome will be. 

 

Who pays for the credit card if I can't?

The cardholder is required to pay back the amount borrowed in full with interest and fees if paid late.  If the cardholder can't pay the responsibility of payment is still on them.  In the event a recent high school graduate gets a credit card and can't pay and are financially dependent on family, in some cases family members pay the bill, but it is not their responsibility. 

 

Utilize wisdom and knowledge before applying for credit cards, there is a cost for everything.

 

 

Beneficial Credit Card Resources for Higher Education Students & Families:

 

https://www.youtube.com/watch?v=Ir1tbHrVJlg

 

https://www.thebalance.com/credit-card-companies-love-college-students-960090

 

 

Aiming Towards the Target

Proverbs 22:7

 

Peace & God Bless,

Dr. Bryant 

 

 

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