Congratulations college freshman! Youíre about to embark on one of most exciting times of your life. By now your parents, siblings, and friends have offered you all kinds of advice on how to make your transition to college smoother - how to get along with your roommate, what classes to take and which ones to avoid, where to find best off-campus food, and how to stay safe on campus.
One thing they may have not warned you about is how quickly youíll be bombarded with credit card offers. Youíll find them in your textbooks, in your mailbox, and on every campus bulletin board. Youíll be offered free DVDís, t-shirts, music downloads, and more in return for completing an application for credit.
Why all this fuss over you for a stupid piece of plastic? Because they love to recruit new borrowers, especially in your age bracket. They know, from numerous studies, that college students tend to be impulse buyers. And even though your impulse purchases tend to be small - pizza, coffee, beer, CDís, cigarettes, books, etc. - those small purchases can add up quickly.
Fifty-four percent of freshman students and 92 percent of sophomores have at least one credit card. A recent study shows average college student graduates with between $1,500 - $3,000 in credit card debt.
Here are 7 tips to help you manage your college credit card needs:
1) Look for a card with lowest fixed percentage rate and a low or no annual fee. Read fine print carefully - many low or 0% introductory rate offers expire in 6-12 months.