|
Many first time applicants for credit
cards tend to be students. This being the case, there
are student
credit cards available. Many students see
a credit card as an instant form of cash without giving
much consideration to how they will repay the debt.
In the spirit of fairness, it should be acknowledged
that students are often drawn into an existence of living
on loans and credit despite their best efforts.
Furthermore, there are adults who are also excessively
liberal with their credit cards and soon find themselves
in trouble.
For this reason, this advice is applicable to students
and non-students alike. You should consider carefully
whether or not you actually require a credit card in
the first place. If you're honest enough with yourself
and you know you're likely to get into financial difficulty
with a credit card then you may want to avoid credit
cards all together. Alternatively, you could opt for
a charge card instead; this requires you to repay the
credit in full at the end of each month. If you're determined
to have a credit card then restrict yourself to a credit
card that offers you as low a credit limit as possible.
Ultimately you do not determine the credit limit so
the credit card company could increase it from the initial
value but credit card types will normally have a maximum
limit. It is also unwise to select a credit card based
solely on the introductory offer. The introductory offers
will cease after a set period so the normal post offer
features of the credit card should be paramount when
making your decision. As such, your choice of credit
card should be based upon which features are most relevant
to you (i.e. APR, cash back, credit limit, fraud protection,
etc). |
|
|
