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5 Things Students Should Use Credit Cards For |
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by: Debbie Dragon
Once college students arrive on university campuses they might be surprised at how easy it is to obtain a credit card. Advertisements are all over campus, and the offers look so good. It is imperative, however, that students understand credit card usage and how it can hurt them financially.
But it is equally important to direct them on what things credit cards should be used for while they are at college. Here are five things that they should use their cards for while studying to get their degrees.
University Fees
Any fees and charges that are not able to be included on student or other education loans. These include books and other ancillary items that are incurred while attending college and are only available from the college.
Transportation
Whether a student has their own vehicle or uses public transportation (or both), paying for those charges on a credit card is a good idea. Gas, oil and maintenance charges can be paid for on a credit card. Also, should there be a large repair required that can be paid on the card too. Public transportation charges can be paid for via a credit card when purchasing credits or tickets.
Clothing and Living Expenses
Normal living expenses can be paid for with a credit card. These can include any clothing or other items such as toiletries, etc. The challenge is to keep from purchasing items that are not completely necessary, and making the buys from locations that have the best prices. Around many college campuses can be found local merchants that sell used clothes and other items that are worth considering. Most of these take credit cards, but some do not.
Food and Entertainment
Going out for meals and entertainment can get expensive, but it is not something that can be completely cut out from student life. Use of credit cards in this instance is a good alternative instead of carrying cash.
Emergency Medical Needs
Should the need arise for emergency medical attention a credit card can be used if there is no medical insurance card or coverage available. Then, these charges can be submitted later to insurance carriers for reimbursement.
The reason that these charges are good for students to place on their cards is because it helps track those charges. And when working with parents on their expenses, one bill where all charges are brought together is a good thing.
Security enters into the equation here as well. Using a credit card to pay for these things is better than carrying cash. If a card is stolen, it can be disabled right away with a single phone call and financial damage can be kept at a minimum. If cash is stolen (or even a checkbook), once that money is gone there is little change of retrieving it.
Before a student goes to college a discussion needs to take place as to how the charges will be paid. If the student is completely responsible for the charges, then they need to manage their income and make sure they have enough money to make the payments. If the money will come from parents or a majority of the money will come from parents, then guidelines need to be set.
A good plan is to use a combination in which the parents pay for certain items, and then the student is responsible for others. The drawback to this is that it requires the student to have a source of income such as a part-time job which can have an adverse affect on their grades.
Learning how to use credit cards wisely is another key thing for students to learn while they are in college. Avoiding this learning experience can have long-lasting consequences on a person’s financial future.
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Credit Card Articles > Student Credit Cards > 5 Things Students Should Use Credit Cards For
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