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College Essay Tips – Credit Cards Pros and Cons for Students

You are here: Home / Essay / College Essay Tips – Credit Cards Pros and Cons for Students

June 22, 2020 //  by Amit Kumar

Credit cards are often seen as a rite of passage for gaining financial independence, especially among our young adults. These days there is no shortage of options available to those who want to borrow funds whether it’s for a specific purchase or to supplement income between pay periods or want to start a new business.

Table of Contents

  • Why Choose Credit Cards?
  • Credit Cards for Students:
  • Pros of Credit Cards for Students:
    • Useable for Emergencies:
    • Collect Good Credit:
    • Track Where You Spend:
    • Security Benefits:
    • Low Rules for Introductory:
    • Prepare You for Life:
  • Cons of Credit Cards for Students:
    • Affects Your Credit Cards History:
    • Complex Interest Rates:
    • How to Control Your Spending?
    • Responsible Use of Credit Cards:
  • Conclusion:

Why Choose Credit Cards?

Because of the many pros, credit cards offer over cash and debit cards, and it’s not surprising that it has become one of the most popular payment methods among the consumers.

Credit cards also present certain challenges when not used properly. Thus, credit cards would be a great addition to your day to day financial plans. However, one must have a look at both pros and cons before opening a credit card.

Read More: College Essay Tips on Pros and Cons of Coal

Credit Cards for Students:

If you got off from university, then an idea of a first student credit card comes into your mind. Student credit cards come with assistance in educational finances and additional support from your credit card.

It also issues updates, reminders, and student-oriented rewards. These rewards include percentage back at restaurants, gas stations, and other retailers.

Pros of Credit Cards for Students:

Let us look at some pros on why to consider student credit cards:

Useable for Emergencies:

You currently meet an accident or need to buy a new computer; student credit cards serve your needs. Having a student credit card is like a small cushion in case of accidents that you can’t control.

Read More: College Essay Example – Wind Power Pros and Cons

You can quickly pay for something that you need too and pay back on time every month when required. It would not leave any negative impression on your credit card.

Collect Good Credit:

Once you are done with graduation or still a student, you might want to buy a car or rent a house. In such dealings, you need large transactions that require a credit card in which a lender assesses your creditworthiness by checking all the documents.

Having a strong credit card helps you to get loans on time, and sometimes they may affect your ability to get the desired apartment, but why? The reason is that landlords want tenants who pay their bills promptly.

Read More: College Essay Tips On Pros and Cons of Annuities

Moreover, if you start using your credit card wisely and not take too much debt also helps you to begin an excellent credit history.

Track Where You Spend:

If you are not financially independent and need someone to figure out where you spend or money goes, a student credit card helps you to track your daily spending. The question arises how?

Every item that you bought has a tracking number which allows you to find out where you spend the money. Another amazing feature is that your parents and guardians can also log in and keep a check balance.

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Security Benefits:

Credit cards are safer and secure than traditional banking methods. If someone got access to your checking account, they could drain them out. Then it would help if you waited for the bank to process that fraud report and replace those funds easily.

If your credit card got lost, you would have the credit card issuer to clear up the fraud, but eventually, you will not be cleaned out in the process.

Low Rules for Introductory:

Many credit cards come without any interest on purchases and balance transfer for an introductory period of at least six months. This gives you the ability to use your credit card initially and pay off your due payment without deducting any amount.

Prepare You for Life:

After graduation, the real practical life is waiting for students. Using credit cards is an important way to get jump onto it. Learn to use credit cards before time helps them to manage budget and pay due bills on time which leads to positive lifelong habits.

Cons of Credit Cards for Students:

It’s time to switch towards the cons of credit cards for students:

Affects Your Credit Cards History:

Your goal of creating a strong credit card history requires you to pay your bills in time and don’t waste money overspending. If you can’t have control over these things, then your credit card will be impacted negatively.

Before making a large purchase think carefully before you spend. And if you can’t do these things then think again.

Read More: College Essay About Pros and Cons of Natural Gas

So now what you should do? First, make a final decision and the one that suits you right now. If you are a student that accepts the responsibility of keeping a credit card, then go for it. If you are not sure or not ready, then wait for a while.

Complex Interest Rates:

Interest rates can be hard to understand. Some credit cards charge you an upfront commission of about 20 per cent as interest, so paying bills, not on time will lead to extra interest. 

You need to know what you are paying, when, and why. If you don’t understand it, then ask someone else to make it clear to you. You and your wallet will be thankful for the well-wisher.

How to Control Your Spending?

Having a credit card is like having access to cash that you don’t have in your hands. Just one swipe and you will be spending money that you technically don’t have.

This can be problematic if you can’t control your money. If you feel like you easily swipe credit cards for purchases that you don’t need, then you must look for a student credit card. 

Responsible Use of Credit Cards:

Credit cards are a vicious cycle to get in and tough to get out of. They can be used in emergencies and having the ability to cover an unexpected expense. Vehicle repairs, home repairs, and broken appliances are expenses that are usually needed. So a credit card helps you to qualify for loads that you might need.

Read More: Chrome Book Pros and Cons for Students: Essay Tips

Conclusion:

These are the pros and cons of credit cards for students. Check out the payment plans diligently. Those who oppose credit cards must worry about debt levels new graduates have to deal with.

Peer pressure also hurts a student’s credit card use. Before buying anything, check out the interest rates deeply. Before applying for a credit card, we must keep in mind how it can help students.

Category: EssayTag: Essay

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