If you want to win the credit card game, you have to take a look at the options that are out there. Whether you are choosing cash back credit cards, gas cards, business credit cards or personal cards, the choices are limitless. There are even special student credit cards designed to get students on the fast track to credit.
Credit card companies are in business to make money. The way that they make money is to charge you interest and fees on your credit cards. Many of the great deals that are offered on credit cards today have high fees and interest associated with them. You have to be able to read the fine print.
If you are just starting out in the credit card game, do not make the mistake of getting a card that will cost you more money than it is worth. Look for student credit cards with a low interest rate instead of the many cash back credit cards that you see. While cash back credit cards are a good idea for some people with established credit, they may not be the right choice for a college student. The reason for this is that many of the cash back credit cards designed to lure college students who have no previous credit history are with sub prime companies that charge a high interest rate. You are better off with a low interest rate and not using the credit card so much.
When you are just starting out in the credit card game and get one of the student credit cards, use it only for certain purchases and then pay it off each time you get the bill. This is the only way to win at the credit card game. If you continue to carry a balance, you are paying a lot more for the item that you purchased. In some case, if it takes you a while to pay off the balance, you are paying three times what the item cost. Is it worth it?
Gas cards are often the first credit cards that students get. At today’s gas prices, you have to be careful not to use more than you can afford to spend on gas. Gas cards are usually easy to get and can be either credit cards or pre-paid cards. They can be a good way to build up your credit if you remember to pay them off each month when you get the bill.
Nothing is worse than a young person who is just starting out in the credit card game and who ends up getting bad credit because he or she cannot afford to pay their monthly bills. Credit card companies will encourage you to spend more than you should each month so that you cannot pay off the bill and have to pay interest. If you are a young person who is just starting out with credit and has received one of the many student credit cards or a gas card, make sure that you only charge what you can afford to pay off each month. This is the only way to win the credit card game.