This article is written by a student writer from the Her Campus at Davidson chapter.
As soon as I turned 18, my Dad wanted me to get a credit card. He stressed the importance of establishing credit, but I was terrified of the idea of a credit card. I had been preached to about debt and money management for so long that credit cards seemed like a big trap.
But they are actually incredibly important, and college is a great time to get one! Read on to find out why:
1. Credit cards can help establish a credit history. This is super important for post-grad life because of #2 and #3! I only use my credit cards for big purchases (or services) that I know I am planning on keeping and then I pay it off.
2. Credit cards help build good credit scores, which are reviewed when you are trying to take out loans (for school or cars), rent an apartment, apply for a mortgage–yeah that is coming up!
3. Credit cards are a good introduction to fiscal responsibility. Most students are expected to become financially independent once they graduate, if not before, so learning how to manage money is so important.
4. Some credit cards offer extended warranties and other protections on items you purchase. Think laptops, phones, headphones, and cameras!
5. Unexpected accidents can happen. It helps to know you have a line of credit in case of an emergency.
6. Some offer rewards like cash back or even better, mileage for flights. This is huge for college students who take flights whenever they go home. One of my cards gives me 1 mile for every dollar I spend and 2 miles for every dollar I spend on airfare!
If you are interested in writing an article for Her Campus Davidson, contact us at davidson@hercampus.com or come to our weekly meeting Tuesday at 8pm in the Morcott Room.