Credit Card Tips For New University Year

New University Year

With the new university year just around the corner, you might find that you are blowing the dust off your credit card. The start of a new university year is always an expensive time. There is the accommodation to pay for, new materials for your studies, and of course, the obligatory night out with old friends. Many students take summer jobs to help them pay for the student year, but often times these saving can soon dwindle. Your credit card can be a great way to help cover the cost of a new university year, but it is important to keep in mind a few things.

Be Responsible

A credit card is not free money. It is debt, and you should approach it as such. While university life is open to so many fun and engaging opportunities, you shouldn’t use your credit card to splash out.

A credit card is a loan, and debt needs to be repaid. If you have trouble paying back the debt that you have amounted on your credit card, you’ll find that you are paying more back in the long term.

Amassing debt on a credit card results in high-interest rates. These rates can cripple the limited amount of money that you have for the university year. Owning a credit card in university can be a fantastic way of learning about budgeting and personal finance.

If you can keep you purchases controlled, then you shouldn’t have too much trouble. Avoid falling into the trap of credit card debt by being responsible and accountable for what you are spending money on.

Benefits & Rewards

Many credit cards come with some great benefits and rewards. Some credit cards allow you to collect travel points. If you are a student who has to travel a significant distance to attend school, these points can assist you making a trip home for the holidays.

A credit card is a great way to improve your credit score. Most people starting their studies will have little or no credit history. Building a credit score will give you a significant advantage when you enter the world of employment. Many employers now carry out a search of your credit history before offering you a job. If you want to rent an apartment, you can be almost guaranteed that your landlord will want to see your credit score.

You can also build avail of different types of insurance which go with credit cards. Going on university trips is a big part of student life. Having the peace of mind that your credit card has travel and rental insurance is a major benefit.

Fine Print

On your first week at university, you will probably witness many banks and financial institutions trying to sign you up for a credit card. Lots of these groups will sell you all the benefits and rewards. These offers will sound very tempting but it is important to be aware of the fine print. Be aware of what you are signing up for, and if it makes sense for your personal finances. Carry out your research before signing up for a credit card to make sure it is one that matches your needs.


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