Credit card tips for college students
August 15, 2009 by Jennifer Chait
Filed under credit
Illinois Governor Pat Quinn just created a law (that was recently signed in) that’s set up to protect college students from racking up credit card issues early on. The law’s goal is to place more responsibility on credit card issuers when it comes to handing out freebies and extras to college kids.
Even with the new law, the Illinois CPA Society notes that college kids still need to practice smart and responsible credit card ownership, such as…
- Do shop around before choosing a card. Look at and compare monthly rates, grace periods, transaction fees, rewards, and penalty charges.
- Don’t pay late which will incur costly fees.
- Do protect your card. Don’t give out pin numbers, account numbers, or ever loan your card to anyone.
- Don’t fall for low teaser credit card rates. These are rates that seem amazing, but actually only last the first few months.
- Do review your monthly statements. Credit card companies make mistakes or charge you fees they shouldn’t have. Plus it’s smart to check for any suspicious charges.
- Don’t toss statements for about a year – it’s wise to have them on hand for any potential charge disputes.
- Do check your credit history annually. Check out your credit history by obtaining a free credit report.
[image via stock.xchng]
