Think you're ready for a Visa student credit card? Most students assume they are without giving the matter very much thought. If this describes you, then you might be biting off more than you can chew. Before you jump into the world of credit cards with both feet blind, make sure you ask yourself these three important questions...
1. Who's Tab Is It?
First and foremost, before you decide whether or not you're ready for any Visa student credit card you'd better make sure you have a way to pay the statement when it comes in each month. If you don't have a job you won't be able to pay your bill. Remember, this is your credit card -- not your parents'. It's your responsibility to pay it.
2. How Disciplined Are you?
Okay, so you have a job and you can pay the bill when it comes in. The other question you have to ask yourself is how disciplined are you? Will you have the willpower to use your Visa student credit card wisely, or is it just going to put you under a pile of debt?
If you can barely resist the temptation to spend when you have cash in your pocket or a checkbook in your purse, how are you going to resist it when you have plastic in your wallet?
Remember, a Visa student credit card is not a license to spend. It's supposed to be a tool to build your financial future and help you out in case of emergencies.
3. Do You Realize This Will Go On Your Permanent Record?
Another thing you need to consider when applying for a Visa student credit card is that everything you do with it is going to go on your "permanent record". No, not your academic record, but a record that is just as important.
If you make a late payment or max your card out it's going to show up on your credit report. And it's not just going to be there for the world to see -- it's also going to lower your credit score. You might not know it yet, but your credit score can make or break your financial future. This can interfere with your plans to get an apartment or buy a car when you graduate.
The above questions raise some valid points. If they're making you second guess yourself, it's best to stick with debit cards and leave the Visa student credit card for later. If, however, you are more confident than ever that you can manage a Visa student credit card with ease, you just may be ready for the credit card world.
