Students Applying for Credit Online in Droves

An essential accessory for every college student is a credit card. Whether it’s for keeping gas in the car or paying for those pricey textbooks, the credit card makes it possible. In fact, it’s difficult to do much without credit.

Along with making shopping easier, a credit card is the opportunity to build a credit history that’s an important step in establishing financial independence from your parents.  Students are practically attacked outside the cafeteria with card table displays and aggressive representatives hawking credit cards.

Some deals come from reputable banks, while others just sound too good to be true, and maybe they aren’t so great once you look at the fine print. All of that pressure to sign gets confusing – but while some savvy students walk away, others fall prey to fast and hard marketing tactics and wind up paying for it in the end.

This is the “net generation,” and young adults are more comfortable getting their information by conducting online research.  When it comes to shopping for the best credit card deal, you can find a wide selection of offers with easy online applications.

Why listen to several boring sales pitches, when you can get just the information you need on the ‘net?  You can look up credit card information when you have time, after class - or after midnight - because with online research, it’s available anytime.

You can also find online sites that literally set up comparison charts of the features of every credit card that interests you. You’ll definitely want to find the credit cards with no annual fee and the lowest possible APR (annual percentage rate) on the balance.

Read the fine print carefully because some credit cards start with zero APR for six months, but then you’ll get slammed by interest rates from 15-26%.  As great as it is to turn 21, you don’t get the full benefit of adulthood until you begin building credit. 

That’s why it’s worthwhile to get your first credit card in your name as soon as possible and start establishing good credit.  If you like to travel on spring break, get a credit card with reward points that give travel or hotel benefits.

For frequent flyer miles, get an airline-linked credit card. Then when you order movie tickets or music videos online, you build up points towards your next airline ticket for when you’re homesick. 

To really show your school spirit, get one credit card with your school logo. These usually give back something to the school, so you’re spending is actually benefiting your education.

“Yes, Mom and Dad, I’m just buying clothes and music downloads to help my college.” Well, you can always try that line. Before you get a second, third or fourth credit card, get used to paying at least the minimum monthly payment on one card.

You definitely don’t want to go online and get another credit card just because the one you have is maxed out. Use your credit responsibly and you’ll get bigger rewards down the line – like developing a good credit history so you can buy your own home or get a sports car with the salary you earn as a PhD!