7 reasons to pay attention to the use of your credit card when you are a student
Being a student is a time of experience, adventure and long sleepless nights. Behind all this, the financial aspect has a major role. Whose credit card a tool used with moderation. Like health, students must adopt healthy financial habits in relation to their credit, otherwise they may become a burden in the long run. Here are 7 points that have been monitored during your credit card use during your studies, since they can affect your credit report. See onlinesubtitrat.biz for a write-up
To have a student credit card is to conclude a contract, with a legal obligation to the federal law. Know all the conditions to know important details such as the PIN and your liability if you lose it or if you are stolen. And the way to cancel it. In other words, read between the lines of the contract in order to avoid frustration.
Decrease your limit
Have a reasonable limit to avoid impulse purchases. Whether you are at , Universities or higher education. Having a limit that you will be able to repay later on may allow you to sleep at night during your studies.
Use what you need
A credit limit of $ 2,000 can be tempting to buy a laptop, a plane ticket to Hawaii or any other purchase. However, you will have to refund the balance of your purchases made on your card. Make a habit of paying back what you use.
Make your payments
By paying the balance in full each month, you show other lenders that you are a responsible borrower. And always try to pay more than the minimum amount required.
Make your monthly credit card statements
Keep receipts from your credit card purchases to ensure the amounts matched those on your statement, if not, report it immediately to your credit card issuer.
One card at a time
Hundreds of institutions in Canada, including banks, credit unions and retailers, offer low-rate credit card products in the marketplace. On the other hand, this is a dangerous game, because having 2-3 cards in your possession with a high or equal limit is more difficult to repay than the only one you hold. Even the minimal payment will take you longer.
See your advisor
An annual visit with your counselor can set the record straight on your credit. It is said less often but this meeting helps to establish your goals in the next 5, 10 or even 30 years, especially if you plan to make important purchases, such as a house.
In short, starting with good financial habits can be profitable. The period of study, is often the period that one wants to discover new places, to meet new people and to live these wonderful years to the maximum. Nothing prevents you from doing this, but be aware of the financial aspect.