During my student life i use to talk around about how to manage finances and don’t spend too much. First thing i hear used to be Do not get credit cards. Well as you all students will agree with me that its not possible at all. And yes whatever you do but end of day you have to deal with credit cards.

However, with credit card stuff one can avoid notorious credit card debts and walk out from student life without getting into much trouble. Here are some tips and videos i am going to share with you guys. And also a video of point of view that Students should not have credit cards.

Also read our other article about keeping student life a fun time not only during studying but also keeping yourself from big debts at end of your student life.

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First here are some credit card tips for college students

1 – Manage Credit Score
If you have a large balance that is maintained by only making the minimum payment, you’ll be considered a “credit risk” and your credit score will go down. This affects buying a car (higher financing rates) and even insuring your car (higher financial risk = higher payments). Keep this in mind if you are racking up big bills without the cash to quickly pay them back.

2 – Don’t Carry a Balance
When possible, avoid carrying a balance. As stated above, it’ll keep your credit score lower than average and will also increase the amount of money you ultimately have to pay.

3 – Watch Your Interest Rate
The higher this is, the more your balance will increase each month. If you can begin with a 0% rate or transfer to a credit card that will offer a similar low rate, it is certainly recommended. Just be careful of what that low rate becomes, once the initial offer vanishes.

4 – Consider Rewards Cards
For those who do pay their bills, it’s worth looking into cards that provide cash back, miles, hotel points, or a similar bonus for using your credit card on a regular basis. Just be wary of annual fees, as they can offset any bonuses you may earn.

5 – Prepaid Cards Aren’t Ideal
If you think you’ll have a lot of difficulty paying off your balance, a prepaid card provides you with plastic, similar to a gift card you may get at a retail store. However, it doesn’t improve your credit, it won’t do much for you in emergencies, and there are very rarely options for rewards.

6 – Always Carry Some Cash
Studies have shown that consumers spend less when they are using cash instead of plastic. So, you may wish to leave your Visa at home when you hit the mall.

7 – Debit Cards Aren’t Always Best
The nice part about debit cards is that there is no balance, and your money is pulled directly from your bank account. The negatives are that it doesn’t allow you to improve your credit and if it gets stolen, thieves have direct access to your money – even though card companies say there is no liability.

8 – Use the telephone
Getting hit hard by your APR? Give your card company a ring and ask them if they can lower your rate. Have to make a late payment? Clear it with your card so you won’t incur late fees. Card companies want to keep you as customers and are more than willing to do favors for you, periodically. In turn, they hope that you slowly (but surely) keep your balances with them.

CREDIT CARD TIPS FOR STUDENTS – [VIDEO]

WHAT EVERY COLLEGE STUDENT NEEDS TO KNOW ABOUT CREDIT CARDS – [VIDEO]

SHOULD COLLEGE STUDENTS HAVE CREDIT CARDS?

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Here are the best four tips you can adopt to start making money even you are in college. If you can master even one of these, you’ll have a head-start on your friends. Master all four, and you’ll be on the road to wealth. No kidding.

Here we go with the list:

01 – Spend less than you earn. Don’t earn much? Then don’t spend much. If your spending and income are roughly even, you have two choices: earn more or spend less. When I was in college, I worked as many as four jobs at once. This gave me a lot of spending cash. (Unfortunately, I didn’t do a good job with the spend less part of the equation.)

02 – Be an outstanding employee. Good work habits can pay enormous dividends, leading to recommendations and contacts that you can use after you’re out of school. Several of my classmates turned work-study jobs into launching pads for future careers.

03 – Start your own business. Can you install a hard drive? Can you strip a computer of spyware? Can you perform minor car repairs? Do you have a pickup truck you could use to haul furniture? Are you a passable guitar player? Charge cheap rates and exceed expectations. Word will spread. When you’ve built up a customer base, you can raise your rates a little. This is an awesome way to make money.

04 – Learn to invest. Find a discount broker and begin making regular investments. Sharebuilder is a great choice for college students. It costs only $4 to make a scheduled stock purchase, and you can invest any amount of money, even $20. Don’t obsess over the details yet. You can worry about high returns and low fees later. Right now the most important thing is to develop the investment habit. (Ad: Buy Stocks for $4 at ShareBuilder.) Ten years from now, you’ll thank yourself. If you can find a way to invest $1000 a year for the next ten years, you can set yourself up for life.

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