Yes, College Students Should Have A Credit Card For College
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College

Unpopular Opinion, But A Credit Card Is As Much A College Necessity As Ramen And Your Bus Pass

#SorryNotSorry.

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Unpopular Opinion, But A Credit Card Is As Much A College Necessity As Ramen And Your Bus Pass

Before I left for college, I was warned: Don't buy into any of the credit cards that will attempt to entice you. They prey on new adults who need extra cash, AKA: college students.

This is true, and it's important not to be taken advantage of in your first few years of adulthood.

However, while the teachers and mentors giving this advice had good intentions, I don't believe advising prospective and new college students to stray from credit cards altogether is a good idea.

Once you graduate, you will need credit to operate most aspects of your daily life. Buying a car, renting an apartment, paying utilities, etc. Having established a good credit by this time will help make this easier (and most likely cheaper). However, many credit card options for young adults are tied to student loan refunds which are normally not a good idea and often aren't accepted universally. Or, many cards have an annual fee, which is an unnecessary added expense for an already cash-strapped college student.

While these are normally the reasons young people avoid credit cards, there are happy mediums that will help you avoid getting taken advantage of while still building credit for the future.

One of the easiest ways to build a little credit is for your parent or guardian to place as an authorized user on one of their credit cards. This allows you to use the card (although your parent or guardian is still responsible for the payment) and build some credit. However, with this option, your credit score essentially becomes your parent's credit score, so if your parents don't have good credit, this might not be the best option.

However, using this option can allow for good practice in having a credit card (you can simply pay your parents back instead of the company), and gives you a safety net in case of any emergencies.

If you feel comfortable enough having your own credit card, there are many options curated specifically for students by major credit card companies such as Discover, Capital One, and Citi. And even if you don't have interest in credit cards, you'll probably find these offers flooding your mailbox. The safest ones offer no annual fee and a relatively low interest rate.

The best part about some student branded credit cards is that you often are locked in with no annual fee and lower interest rates, even after you are not a student. Some even have added benefits of giving you rewards for good grades or will give you a few months interest-free. However, it is important to look at your options and decide which works best for you.

Once you have your credit card, don't go crazy.

Use it only for things you would already buy such as food, gas, or hygiene products. Using your card for expenses you would already be spending every month, means you really won't be out any money, won't struggle to pay the bill, and most likely will pay very little or no interest if you pay the bill every month.

Charge just enough to meet your minimum payment and you'll be building credit, without spending any extra money or buying useless things just for the sake of a credit score.

So, while credit cards can be damaging to your finances, if used strategically they can ultimately boost your credit score and aid you in future endeavors.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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