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Credit Cards For Students-Helpful Tips For Students Using A Credit Card

Updated on July 7, 2011

Money Management With Student Credit Card


Sporting An Assortment Of Credit Cards In Your Wallet


Managing Your Student Credit Card

College students are often seen spending too much at restaurants, movies, shopping arcades, etc. Some pay cash, others by wielding a credit card. Some parents opt to give their children an add-on card for which they expect their son/daughter to pay out of their pocket money. Some parents do not pay any pocket money and want their children to experience the financial freedom a credit card brings, by simply paying up the dues on the credit card statement. But within the given credit limits!

I know of several parents who have burnt their fingers after having given their wards a credit card, never to get another one. True, these parents want to give their wards the modern lifestyle of convenience, which they themselves never had when they were growing up. Some fail to tell their children of the use and misuse of a credit card. All the student gets to visualize on receiving a credit card is to flash this plastic in front of his peers buying all of them drinks and eats at their favorite restaurant. Soon, the credit limit is gone and the credit card is on the hot list. When the credit card statement arrives at home, the parents promptly decide to pay up front and do away with restoring the card to the student. Definitely after a showdown! But in some cases, the parents continue to foot the bill every time the statement arrives, thereby depriving the student of a learning experience.

So, what in essence should parents advice their children on receiving a credit card for personal use?


  • Students with credit cards are seen as easy targets by peers who want free beer, free burger,etc.
  • Loss of a credit card must be immediately reported to the concerned bank, so as to minimize misuse.
  • While entering and exiting an ATM, be on alert. Put the cash and the card in your pocket or wallet before stepping out of the ATM. Do not drop the card anywhere.
  • While paying for fuel at a petrol station or temporary shopping exhibitions, do not let the card out of sight.
  • Do not offer to pay for your friends at movies or restaurants,with the thought of collecting from each one later. It may never happen.
  • Do not give your credit card to a friend to pay for his goods and allowing him to sign on your behalf.
  • Know your credit limit and stick to it. Make sure you know where the money is going to come from, to foot the bill when the statement shows up. If your parent is paying up, keep them informed of your expenses.
  • If you have to foot the bill, make sure to save up for it and keep your expenses to the minimum. Be aware of the interest rates that you may need to cough up if you do opt for a revolving credit facility.

Indian parents are encouraging their children to use add on cards so as to get a feel of handling money. Whether to buy books and stationary or currency for a mobile phone, students need to be properly advised on the advantage of using a credit card, and also its misuse. When the temptations arise to buy for peers or buy luxury items that are an unnecessary expenditure, they will be encouraged to think twice and be judicious in the use of their credit card. This will also help refine their financial skills for the future.

Credit Card Management For College Students


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