It needs no mention that the credit card companies love the college kids and they can shower them with everything starting from music CDs to T-shirts to beach towels to get them into their business. The reason behind this biased behavior of all credit card companies is because the students pose to be the lifelong customers who will go on spending money without any second thought. According to recent reports, the average college graduates owe $1500 worth of credit card debt, and this is primarily due to their extreme financial ignorance. Whether or not you’re a college student, you must be aware of the fact that debt can ruin your credit score and make you unworthy of receiving further lines of credit in the near future. Here are some college credit card tips that must be considered by all students in order to lead a happy financial life.

Find a card with a good interest rate: As you’re a college student, the best part of your life is perhaps the financial freedom that you enjoy. But you must be aware of the fact that remaining ignorant about your finances may have an adverse impact on your finances. Therefore, make sure you shop around and get credit card rates from various companies so that you can settle on the best rates and make timely repayments on your cards. The interest rates on various credit cards are above 18% and thus you must be very aware about the high rates and do the needful to lower the rates.

Keep it to a single card: You need not follow the herd and get yourself more than one credit card. As you have to make the minimum monthly payments on all your cards, with low income level, you may find it tough to arrange money for all the cards. Therefore, stay within your limit and restrict it to a single card so that you can easily manage the payments without causing much strain on your wallet.

Purchase with credit only on emergency: Make it a habit to purchase using a credit card only during an emergency and not during every little purchase. The parents of all the college goers must teach their kids about the pitfalls of misusing the credit cards. The students must purchase using credit, only during an emergency and not during every purchase. This will dig you deeper into the credit card debt hole.

Make payments on time: You must make the minimum monthly payments on time in order to avoid any kind of late fees and penalties. Such fees will unnecessarily add on the monthly payments and therefore it is better to avoid making late payments. Place reminders on your phone so that you do not forget making payments.

If you’re a student, you must think of using a debit card instead of credit card as this will help you stay within the limit. It will also allow you budgeting and exercise a restraint on your personal finances. Use your credit cards properly so that you may stay within your spending limit and make timely payments on all your credit cards. Boost your credit score and open up the prospects of getting a good job as the employers will always check the credit score before hiring you.