College does not only teach you the course you had applied for but they teach you a lot of other things too like taking decisions and going through the good and the bad times. One of the best things taught by college is money management. There are a lot of college students who manage their expenses on their own, whether it is food, clothes or even living. On the other hand, there are some students who decide to stay at home in order to save some money.
Learn to deal with your Expenses
Irrespective of whether the students stay with their family or on their own, managing expenses are something which is learnt from them as they have to deal with all the important expenses on their own. There are a lot of expenses a college student has which includes, books, labs, computers, tuition and even the expenses incurred while maintaining a social life. To make sure the expenses are met easily, there are a lot of students who apply for credit cards.
When a student has a credit card, they get all the freedom in the world and they can purchase whatever they want without thinking about what it costs them. This leads to a lot of trouble which continues even after the student graduates from the school. There are times the students end up spending so much that they fail to make the payments even after years of graduating.
Even if the credit card is not used to carry forward the monthly expenses, it is really important to have one for the emergencies. There are certain criteria for having the best credit card for the college going student. They are:
- Cash Back Bonus: there are several credit card companies which offer cash back facilities to their customers. The student can receive a certain amount of cash back for making certain purchases from the specified store. That amount is deducted from the bad credit installment loans balance of the card.
- No annual fee: You should be looking for a card which does not charge any annual fee or any type of the signing fee while getting the card. You should look for the cards that do not charge any such fees and should try to do some negotiations in case the one you have contacted charge such fees.
- Low Interest rate: There are a lot of credit card companies in the market and it is very easy for you to find the one which offers low interest rate. All you have to do is research a little so that you get the best offerfrom the best credit card company. You should go for the low interest rate card even if they do not have many offers as in case you get a high interest card with several benefits, you might go into deep debts if you fail to make the payments even for a few months.
- Ignoring Giveaways and shopping cash bonus: You should ignore any giveaways offered by the credit card companies as it has been banned by the law but there are certain loopholes in it because of which the credit card companies still give such offers. But if you do not know about it, you might get into deep trouble. In case the credit card company is offering you cash back if you buy from their own online shopping network, then you should better stay away from it.
Finding the best credit cards will require one to have patience, do an extensive market research, compare all the options and shortlist the companies which are reputed and experienced in the filed and are known to make genuine offers to its customers.