When we get our first credit card we must make sure we know how to use it before we actually do. A lot of teenagers/young adults have never learned the tips and tricks you need to take when using a credit card. Therefore, most will end up starting out on the wrong foot, paying a lot more than expected and will end up having a high credit card bill if their credit card isn’t already maxed out.
For tips on how to use a student credit card wisely continue reading below!
Kind: First you want to make sure you’re getting a good kind of credit card. Make sure you get one that gives you rewards, doesn’t have annual or other unnecessary fees to it.
Limit: Another thing you need to look out for is the credit limit. Once you get accepted for a credit card you will be given a limit that you cannot go over. If you do try to go over you will most likely get a fee for doing so. So, try your best not to go over and remember how much you’re spending and how much you can spend.
Dates: Remembering the dates for your credit cards can be a little tricky so I recommend writing them down on a calendar. If you don’t pay on time you will get a late fee which can cost a lot of money. Make sure you pay on time each month and keep track of all the dates if you have more than one credit card.
Fees: Try to get a credit card that isn’t too hard on fees. One you want to make sure you don’t have whatsoever is the annual fee. This is unnecessary and there are cards out there that don’t have them. Look at all the fees that exist and make sure you’re making a smart choice with it.
In full: You always want to pay your credit card bill in full. Each month when you receive a statement you will be asked to pay at least the minimum payment (which is usually around $20.00.) Although you want to make sure you pay that amount, you should really just pay off your credit card. If you don’t you will be charged interest and slowly you will be just paying interest instead of your bill since it will take so long to pay it off.
Interest rate: Interest rates are also another thing you need to look out for. I recommend trying to stay under 15 . Try to avoid anything that is over that percentage simply because it will cost you more in the long wrong if you do not pay off your bills in full each month.
Make sure you use these tips above to learn how to use a credit card wisely. Millions of people in the United States have credit card debt that is affecting their lives. Don’t let this become you, instead become educated and learn how to avoid these common mistakes!
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