Teddy Bears, coolers, calculators, backpacks, clipboards, pens, dry erase boards, and school paraphernalia are all enticing freebies that credit card companies use to lure college students to their on-campus sites for credit card applications. They seduce vulnerable students with attractive trinkets because they are impressionable.

Young people seeking independence from their parents are eager to prove they’re all grown up and have the potential to be financially independent. Unfortunately, the credit card companies offer little or no education on financial management or even directing students to resourceful Web sites like www.abaef.com (American Bankers Association Education Foundation) or Jump$tart Coalition’s www.jumpstartcoalition.org for assistance with financial planning.

Making sound financial choices in addition to getting good grades is imperative for students. They may be unaware that their credit and payment history follows them post graduation and possibly for a lifetime. A negative credit history closes doors to mortgages, auto financing and even getting that dream job. On the flip side, there are students who will be able to manage their financial obligations properly.
Here are a few tips for students in need of a little direction to manage their credit cards and finances.
               

Make it a goal to use credit cards to your advantage.
Always make payments on time. Missteps like late payments are never forgiven. You will be charged a late fee and risk a damaging mark on your credit report and a blemish on your credit score.
              

Keep your credit limit low. Your credit limit should never be higher than your savings. If you lose your job, you can rely on your savings to get you through this period without missing payments.
             

Find a card with no annual fee. They are a thing of the past.Set up an automatic payment plan from your checking account so you don’t miss payments and you will understand the connection credit cards have to cash. This will eliminate impulse spending.
             

   Make sensible purchases that can be paid off in a few months. Apply for credit cards that have cash back options, rebates, miles, points and other rewards.
             

Apply for credit card with a low introductory APR (annual percentagerate). Visit www.bankrate.com to find and compare different offers.
–malibu jones

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