Getting Your First Credit Card- a Brief Summary for College Bound Teens
Contributed by Lisa Marie
Getting Your First Credit Card- a Brief Summary for College Bound Teens
For a lot of teens, getting your first credit card is one oth the greatest accomplishments to date. Off to college you go, with the world at your fingertips and a credit card to boot.
Here's what you need to know about getting your first credit card
You don't have any credit, right, so who will give you a credit card? The truth is, just about every business out there. You are considered "fresh meat" to a lot of credit card companies. Although credit is essential in this day and age, there are things which need your consideration before racking up your credit cards.
first, start off with one credit card. The easiest place to get them is at your local mall. The national chain stores often give college students credit cards with a small credit limit, usually around $200.00. With this card, you can charge clothes at your favorite mall shop while building your credit.
What the credit card companies (and the stores which provide them) are hoping is that you will purchase the more expensive items in their store because you figure that you don't have to pay for it right away. The average sale on a store credit card is more than 50% more than a sale not put onto their credit card, meaning that the purchase was paid for in another way, like cash or a major credit card.
That means that the credit card companies of the stores like you, as well as the stores themselves. Keep in mind that if you pay only the minimum payment on the card, the interest adds up to make your actual purchase prices of the items bought to almost double.
