Credit card companies appear to be growing quickly. They are also liked by many different kinds of people. If you thought that only people with jobs could get credit cards, you were wrong. These days, credit card companies are getting their start early. Who do they want to reach? Those in high school and college, of course. As it turns out, you can get a credit card if you are a student. In fact, that's the only time you can get a credit card even if you don't have a job. And college students love that they can spend their money however they want.
Now that we know that credit card companies are trying to reach out to younger and younger people, we can ask: How are they getting students to sign up for their cards? Well, marketing for student credit cards is different from marketing for other types of credit cards. In these cases, the credit cards come with a bunch of teasers that make it easy for the students to pay for the card. So, there may be times when there is no interest. There may be an interest rate that is very low. After all, a student's income is not very stable. If they were given an offer for a credit card that was too expensive for their needs, that offer would fail.
But this doesn't mean that there are no bad things about student credit cards. Yes, of course. For example, if you didn't pay your credit card bill on time, all the bonuses that were being given could be stopped. If you miss a payment just once, that ridiculously low interest rate can go up to almost 30%. Also, students don't always have a good reputation for being good with their money. In fact, students are one of the first people who come to mind when we think of people who waste their money. Also, when a student lives away from home, they may have to pay more money for things, which they may have trouble paying for.
There are times when you can't avoid getting into credit card debt. But if you are a student who just got a credit card, make sure you can resist the urge to spend more than you need to. The best way to avoid getting into credit card debt is to be smart about how you use your credit card. Don't forget that once you finish college and get a full-time job, you'll have a lot of other bills to pay. During these times, you wouldn't want to have to deal with extra credit card debt.
