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(EMAILWIRE.COM, March 23, 2013 ) San Francisco, CA -- In a study that was conducted in 2009, 91% of all undergraduate students had at least one credit card. Another 76% had four or more under their name. However, in 2009, The Card Act was passed as well. The passing brought forth a prohibition on students under the age of 21 applying for a card without a valid cosigner, previous credit history, and proof of a stable income.
The study noted that, if applicable, students should limit themselves to a single credit card in order to avoid future debt problems that could follow them throughout their lives. Gary Koppenhaver, who is head of the ISU's finance, insurance, and law department, stated that it depends upon the student's personal responsibility and ability to keep up with his/her payments.
“I don’t think they are limited to one; it should be a general use credit card though, and they should be able to always pay off the balance,” Koppenhaver said.
He advised that students ought to stick with Visa or MasterCard due to the cards being the most widely accepted of those to choose from. Koppenhaver also explained that students ought not let their balance last longer than a month, in order to prevent excessive debt in the longer run.
While there are many student who have a debit card, to which they are given access to their own money; a credit card allows an individual to borrow money which is not his/hers and the individual is required to pay back the amount or accrue interest.
If consistently paid off in time, there are no outstanding debts and the the credit score of the individual increases. The higher the score, the more money a bank is likely to allow an individual to utilize.
Koppenhaver noted that many credit cards tend to have higher interest rates, and students ought to keep in mind just how one is expected to pay off the card.
A free website, CreditCards.com, allows individuals to compare the credit card offers from the larger banks in the country.
Ben Woolsey, the director of CreditCards.com, says that one should not be afraid of establishing credit at the college-years, as long as one is clear on how to utilize the plastic properly.
“The earlier, the better it is to start establishing credit,” Woolsey explained. “A lot of employers will pull credit reports when making a hiring decision, and same with buying an apartment or car.”
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