Financial Know-How
 Credit
You may have a wallet full of credit cards, with bright colors, promises of rewards, and logos from your favorite stores. Or maybe you’ve only got one or two cards, and you don’t actually carry them with you most of the time. Perhaps you don’t have any cards yet, and are wondering if you should even bother getting one.
This section has information that will be helpful and interesting for any student who currently has credit cards or is thinking about getting one.
- Introduction to Credit
If you’re thinking about getting a credit card or would like more information about credit in general, our Introduction to Credit can offer a quick look at what a credit card really is.
- Plus / Minus of Credit
Take a look at a few of the positives and negatives of having a credit card.
- Actual Cost
Learn more about the financial cost that can be added to your purchases when you use a credit card.
- Credit Report
Find out what a Credit Score is, how it is used, and how your actions can affect it.
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Some General Tips
Try to avoid purchases that you can not pay off at the end of the month, and never make a purchase that can’t be paid for in three months. You’ll get hit with interest from your credit card company that adds to the price of your purchase. Your goal should be to carry as little credit card debt as possible.
According to a 2004 study, most college students carry less than $1,000 in credit card debt
If you do have a balance on your credit card, always pay more than the minimum payment. These minimum payments are generally set at 3%, or lower, and only paying this amount will extend your debt by months or years.
74% of college students pay more than the minimum payment each month, according to a study conducted in 2003
Avoid credit card vendors on campus and other unsolicited offers, as these cards may be easy to get but may not offer the best rates or terms.
82% of students get their credit card from somewhere other than campus vendors, according a to study by student loan group Nellie Mae
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