How Students Get Credit Cards

Student credit cards are dangerously easy to come by and many a student has been seduced into spending unwisely, simply by being flattered that someone thought they were credit-worthy. That’s an illusion. Students are very rarely credit-worthy. But they are mostly over 18 and can sign on the dotted line. Perhaps the motto of the credit industry might be ‘get ‘em while they’re young and you’ve got ‘em for life.’ They know the charging habit is as hard to shake as cigarettes.

Marketers are craftier than ever in using weasel psychology to turn the heads of the unwary. Consider this phrasing: ‘Credit Cards for Those With…Less than Perfect Credit…establish…the credit you deserve!’ First of all, ‘less than perfect credit’ translates into bad credit. Period. Why would anybody in their right mind think a credit card for somebody already in trouble could be a good thing? And what is this ‘credit you deserve’ stuff? Unless there is an error on our credit report, we all have the credit we deserve. Are you entitled to use money you haven’t got? Is anybody?

Then there is this: ‘A credit card that puts you in control of your finances.’ What? Since when does a plastic rectangle replace a pencil and a brain?

Credit cards are heavily marketed on campuses right along with the mascot mugs. Anybody wanting to take on a credit card for the first time must be aware of the risks and responsibilities involved.

• Have a plan. Use the card only for purchases you have already allotted the money for.
• Pay off the entire balance every month before the due date. Mail your payment at least 5 days in advance.
• Do not carry your credit card. It is too easy to use.
• Keep meticulous records. It’s too easy to forget a credit card purchase.
• Do not let your ‘credit limit’ go to your head. Just because you have it doesn’t mean you should charge up to it.
• Do not acquire things you’ll still be paying for long after they’ve gone to the landfill.
• Don’t buy ephemera, meals and entertainment, on credit. You have absolutely nothing to show for it.
• Resist the temptation to think the word ‘buy’ when you use the credit card. You are merely promising to pay. You haven’t ‘bought’ an item until you’ve paid for it.
• Know the fees. Know the fees. And after that, know the fees.
• A student loan is always cheaper than a credit card and builds your credit (if you make your payments in full, on time) better than a credit card.

If you can make it through college without racking up credit card debt, you will be way ahead of nearly half of your peers.

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