Student Credit Cards: The 7 Golden Rules

By: Max Anderson

Many college students can't wait to apply for their first student credit cards. The problem is, if a student is too eager, the student credit cards they apply for can quickly go from being a wonderful financial tool to being a huge financial burden.

Here are seven tips every single student needs to know about managing student credit cards.

1. More is NOT Merrier

The person who said you can't have too much of a good thing definitely wasn't referring to student credit cards. The more student credit cards there are in a student's wallet, the more tempted they'll be to go on little spending binges.

A good rule of thumb to follow is to not have more than two student credit cards open at any given time.

2. They Aren't a License to Spend

When some students get their very first student credit cards, they like to think of it as a license to spend. This couldn't be further from the truth. That cute little designer purse can wait until you have a full-time income. Save your student credit cards for emergency purposes only.

3. It's Cash -- Spend Accordingly

When a student gets their very first student credit cards, it is too easy to forget that every time a purchase is made with the card, the student is going to need the cash to back that purchase up.

Sliding a plastic card for a $100 purchase usually doesn't cause as much pause for thought as handing over $100 in cash does.

Every time you use your student credit cards, make sure you understand it IS cash that you're spending.

4. You're Not a Big Shot

When you get a student credit card, it may be hard not to flash that card in front of your friends -- buying a few rounds of beer or a lunch or two. Avoid the temptation.

Flashing your student credit cards will not make you the big man (or woman) on campus. It will just put you into debt you don't need.

5. Pay On Time, Every Time

Every single credit card statement that you pay during your college years is going to affect you into adulthood.

What does this mean?

This means that you HAVE to pay your student credit cards on time each month or you're going to pay for it with bad credit in the future. That can result in not being able to rent an apartment or buy a home. It can even affect your job opportunities.

6. It's Not Nice to Share

Once your friends see that you have student credit cards, they may be tempted to ask you to borrow them or they might want you to let them use it to make a purchase.

Financial arguements can really put a strain on friendships.

Do yourself a favor -- unless you are willing to pay for your friends purchase and take all of the responsibility associated with it, don't let them borrow your student credit cards.

7. Don't Be Afraid To Ask For Help

Now that you're in college, you probably don't want to run to mom and dad for help unless you absolutely have to. Don't get too big for your britches when it comes to student credit cards.

It's a new experience and you're going to need the advice of those more experienced than you at times. Make sure you turn to your parents for advice when you have questions about your student credit cards.

Article Source: http://www.articlesnatch.com

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For more tips on getting the best student credit cards, saving money and avoiding getting taken, check out CreditCardTipsEtc.com, a website that specializes in providing credit card tips, advice and resources.