Why Smart Students Have Credit Cards

08.06.08 | Why Smart Students Have Credit Cards

Posted in Credit Cards by Little Miss Platinum

Building a solid credit history as a student is more important than ever if you plan on taking out a loan in the future for a car, house, or even to rent an apartment. Making small purchases with a student credit card and paying them off each month is one of the best ways to build your credit while in school.

I won’t argue that credit cards are for everyone. Those with poor impulse control or who are unwilling to educate themselves should steer clear. But since most students don’t know much about credit cards, this article is intended to provide a balanced or at least different perspective for parents and students to help them make a more informed decision about credit cards.

The Good

Credit cards aren’t really all that complicated, the devil as they say is in the details. A credit card company extends to you an amount of credit, or money they will loan you to purchase things. You then have a certain number of days, usually around 20 to pay that money back or they begin to charge you interest on the money borrowed. If you borrow money and pay it back in less than 20 days it’s like a free loan. A responsible borrower can use this time to their advantage in a number of ways such as advancing or evening out their paychecks and keeping better track of monthly expenses.

If a person is responsible with their use of the credit card, the credit card provider will report good things about you to the credit agencies who compile credit reports and that will build a good credit score. Because of this reporting feature a credit card is one of the fastest and easiest ways to build solid credit.

People mistakenly think simply paying their rent, medical and utility bills on time helps build credit. This is generally false because they only report late payments, not on time payments so they can only hurt you. Good credit makes sure you get the best rates on credit cards and loans for school, autos, homes and more. For those who say “always use cash instead of credit”, it will take a lot of cash to buy a house if you never build up your credit.

Some cards have a yearly fee in return for a lower interest rate but plenty have no fee. Some cards give you rewards for each dollar you borrow such as points redeemable for merchandise, cash or airline miles. This can really add up and even make you money like with gas credit cards. For many people credit cards are profitable and important financial instruments not to mention critical in an emergency away from home. Credit cards can be just this simple; unfortunately most of us get them without learning the rules or getting any type of education about credit and credit cards.

The Bad

Since there is no formal credit or credit card training for students, they often do enter into credit card agreements uneducated and unprepared. Just like a student with a car but no driver training, accidents are more likely if not unavoidable. Credit card accidents cause you to experience the serious credit card pitfalls.

The biggest pitfall is that if you borrow a lot and take a long time to pay it back, it will cost you an unbelievable amount by the time it’s paid back. Credit card companies encourage customers to pay back as little as possible (i.e. minimum payments) to ensure they make money on interest for as long as possible.

Students underestimate how quickly balances and interest can compound. Before they know it they can be burdened with a large monthly payment which can be hard to manage. The interest charges make it very hard to pay off a large balance once it gets out of hand. The difficulty in managing this scenario makes it easy to make mistakes and that’s when the real fun begins.

The Ugly

Adding insult to injury is the fact that credit card companies wield a gigantic axe for all who step out of line. While it may be understandable that they need to make money on interest, there are some very nasty tricks they use to make even more money in the form of fees and huge interest rate hikes. For the smallest mistakes like paying a day late or charging even a dollar more than your credit limit they have full power to penalize you in really unfair ways.

Even worse is that they report your mistakes to the credit reporting agencies who then lower your credit score. Other credit card companies you may work with may see the newly lowered score and can then penalize you as well even if you didn’t make the mistake with them!

If you had a high balance, suddenly the interest rates go up, the payments become unmanageable resulting in more late fees and it snowballs on and on. This is the truly dangerous aspect to credit cards. Many groups are pushing congress to reign in some of these unfair practices but right now education is the best defense.

Risk vs. Reward

Credit cards used responsibly have important benefits. We live in a credit based society and cash is increasingly inconvenient. However, credit cards also have significant consequences for irresponsible handling. It begs the question why our society requires sex education, drug awareness education and driver education for students but does not require or offer credit education. Sex, drugs, cars and credit cards all offer serious pitfalls for students and have huge consequences for irresponsible behavior.

The subject of students and credit cards is far more complex than credit cards are bad or credit card companies prey on students. Think of text book companies who sell books at outrageous prices, buy them back at a fraction then resell them at slightly less outrageous prices. Since textbooks are a required tool for completing college and colleges take their piece of the action, doesn’t it make that whole scheme seem just as sinister?

We live in a capitalistic society and everything has its cost but that doesn’t mean you avoid it, in fact you can’t because those same things have their benefits too. The more the benefit, the more the cost and credit cards are no different. The best you can do is to understand risks vs. rewards for things so that you can maximize rewards while minimizing risk.

So Why Get a Student Credit Card?

If you’ve followed the logic this far you’re probably in agreement with me that students need to be educated about responsible credit management.Â What we could debate is how that happens. Shielding a student from credit cards and then releasing them into the wild as graduates is no guarantee that the outcome will be any different; in fact it could be worse.

Sure students may be more mature later on as graduates and working adults. However they will suddenly be bombarded with financial offers and have access to a wider selection of credit cards with higher limits, bad terms and more potential danger. With no prior experience the risks are significantly higher.

The advantage of a student credit card is that it allows the student to build credit, learn about credit cards and cover emergencies away from home all while having a credit limit which is generally under $2,500 for a new student.

By keeping the credit limit low a student limits the amount of damage they can do while gaining all the benefits of experience. Additionally student credit cards allow a person with a limited credit history to obtain them and start to build good credit. Without this history all loans and credit cards they try to get as a graduate will be at a much higher rate and will cost them a lot more.

NOTE: This article is based upon my perspective of course and I welcome yours. If you agree, disagree or just want to say hello, please feel free to comment. If you are a ScholarshipPoints member, thank for reading. You can earn 15 points by using the following code at www.ScholarshipPoints.com: BIGBADAXE

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Filed under: Credit Cards

Esther says

i think i should get a credit card too as for my opinion.

December 14th, 2009 | #

Lucy Mensah says

I don’t believe in students having credit cards because no matter responsible we maybe, we still have impulses.

Jasmine says

I need a little more growing to do before i get a credit card, still a little impulsive

December 13th, 2009 | #

Lexi says

i don’t think i would have much trouble with a credit card, but then again since i don’t use one i might get carried away when i first get it lol

india adams says

this is a good article to inform students about credit cards for college i may have to get one but may have to think a little more about it first to be on the safe side

December 11th, 2009 | #

harold mccoy says

u need to fix my credit already

December 10th, 2009 | #

Christopher Jones says

I don’t have a credit card, only a debit card, but it’s not so bad. I just got it and I barely even notice the difference in having a card and not having a card.

Chris Jones says

I dont have a credit card, only a debit card, but it’s not so bad. I just got it and I barely even notice the difference in having a card and not having a card.

Dylan king says

I don’t think credit cards should be given out so freely, especially to college kids, they are a huge responsibility and it takes discipline to use the correctly.

Pa Kou says

i don’t think i want a credit card

April says

only have 1 credit card

December 9th, 2009 | #

Katharine says

credit cards arent for everyone. Some people know how to use them and not go overboard and max them out. Others go crazy and over spend and are stuck with huge piles of debt. Make sure you know what your doing and what the credit card is for so you dont hurt yourself for the future.

Jes says

interesting

Elliott says

Good info. I like getting the rewards but you have to spend a lot to get them.

December 8th, 2009 | #

I like to get the rewards of using a card but I spend too much.

Reeya says

i just got my credit card so it is pretty helpful

Erick Olvera says

This is a good article to inform people about credit cards. I haven’t gotten one but this helped me to try getting a credit card to learn.

Joe Uiagalelei says

we all need to be careful on our spending…its not what you want but what you need!!!

Jacquelyn says

I have a debit card, and I have received credit cards with limits on them for gifts. they’re dangerous to have, I’d rather save my money. The college I’m attending now is giving all of us debit cards, where they put all of our refunds on it to use. I think it’s a good/bad idea. Thanks for the info.

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Ellen says

It’s true–credit cards are not for everyone…

Divina says

Credit cards wouldn’t be for me because I’ll probably never pay them back.

December 7th, 2009 | #

Gabrielle says

Very intresting to read. And lets me know who can and can not deal with credit cards.

cristian conde says

i applied for credit card two weeks later i tryied to sign up for citibank and other credit card companys til capital one just recently offered me credit so i took a class like two years ago in school and showed me how to use a credit card in a proper way 1st bill you should pay full payment and try to do the same as others thats how you would built you credit

Joslyn says

After reading this I wish I had gotten a student credit card because some great point are made on why this is a good thing as logn as you use it in the correct way.

December 6th, 2009 | #

che says

The thing about credit cards is that you have to know when to use them and when to pay. If you pay in time you’ll get a good credit score, regardless of what you spend

Danidza says

I wish I had chosen to get a student credit card before getting my regular cards-I was so responsible at first but with the large credit limits, I started getting careless.

Rayne Graham says

This article was good. I don’t have a credit card yet, but the information and advice it gave was helpful and let me know what to do when I get one in the future.

jesus lizarraga says

dont think it sent..
i believe it would be good for emergencies but not really good to get more than1

This article is good. I don’t have a credit card yet, but it gave me a lot of helpful information and advice on what to do when I get one in the future.

jesus says

idk i think they are good for emergencies but i wouldn’t trust myself with 1

Kyle says

Credit= Trustworthy

tyler says

its good for me…i needed this

December 5th, 2009 | #

Terica Banks says

I do not have a credit card, but I believe a student should have one only if they know how to properly budget their money.

leticia flores says

this was very good information

robyn says

this article gives alot of good information and it is very realistic about people having cards

Christina says

I think that the information in describing the pros and cons is a really important aspect of convincing people whether to get a credit card or not.

Jennifer says

Great advice!

December 4th, 2009 | #

Nicold says

Have had a credit card for years. I use it and pay it off monthly to build my credit. .

melanie says

credit cards are for emergency only if you don’t know how to manage your money you shouldn’t have one.

it was a good article. i believe that only those you are able to control money well and know how to manage money should have a credit card. a credit card will just mess you up, you should only use it for emergency’s.

nathaniel siow says

Credit cards help you out. Just be wise, and use it when necessary. This is America!

mbp says

i think that credit cards are not useful for either smart or unintelligent people. there are other resources out there for money that couldn’t cause you problems such as these.

Cassie says

I learned a lot actually about getting a credit card. I’ve always been awry about it, but now I’m going to look into seeing what I can do in the meantime to help prepare myself further

Tanner Smith says

Credit companies want college kids to get credit cards so they can trap us, thats why we shouldnt have them.

December 3rd, 2009 | #

kouakam cedric says

smart people have credit cards because their responsible and organize. they can make smart decisions on things to buy.

JULIE FEDEROWICZ says

I have had credit cards in the past, and if I never get one again I think it would be too soon for me. However that is simplly because I am perfestly happy using my debit cards from my bank acount when I need to use a card or so I don’t have to carry cash. I see no point in using credit cards when you can also build your credit by paying your utilities, rent, cell phone bill, ect.. on time. Revolving payments are a great way to start building credit, and you can do that without credit cards. Until we are out of college and making a great deal more money than we can as starving students I just don’t think that it is wise to tempt yourself with additional funds that you may not be able to afford to cover.

Darius says

Ihave one credit a I am only use it to emergencies and make sure that I do not go over the credit limit.

Carmen says

Having a credit cards take responsibility. But I think its a good idea becuase you can only use for emergencies when you are out in the road.

This is a great information. I think Credi Cards is a good thing because kids well teenagers should atleast have their responsibility.

Ernie Blitch says

This is fantastic information

December 2nd, 2009 | #

Cheryl says

I wish I would have known all this years ago!!!

Alex Gutu says

I will need a credit card I like it or not and hope to handle it.

I think I will need a credit card and hope to handle it well.

Robert says

I dont care credit cards are the devil

Dominique Brockington says

I learned a lot of new info from this site

December 1st, 2009 | #

Dominique says

I never had a credit card but i heard it hard to make the payments bc of the intrest rates.

Jeffrey says

With all the issues with credit cards, one has to be very careful. I have read that many of them are going crazy now before the rule changes go into effect in February of 2010.

baxter finch says

This is so dumb. kids shouldnt have credit cards

Meghan says

As long as I have enough money to pay off the credit card before it turns into being a serious debt, it’ll be fine.

November 30th, 2009 | #

Jessica Pain says

This article provides you with the “pro’s” and the “con’s” of having a credit card.

Timothy says

I prefer don’t have a credit card yet.

November 29th, 2009 | #

Lacee says

I will not own credit cards I think that they are a very bad idea because this is a great way to become in debt within the first few adult hood years that you could pay a price for for your entire life!

November 28th, 2009 | #

Ishmeal says

If you never use a credit card then that means that your credit will never build up right? Is that good or bad?

rachel says

Scary stuff. America is in deep economic trouble.

Elizabeth Baltierrez says

Having a credit card requires a person to be responsible. It gives the option to where the you would like to spend it on.

Katie says

I think credit cards are too much of a temptation but are good for students in order to build their credit score. Personally though I hate to be in debt or not have paid any of my fees because you never know what is going to happen.

November 27th, 2009 | #

melinda says

So you don’t have to ask your parents for anything.

You can make it a point to use it for one particular thing only, such as car problems.

to use for emergencies only.

Taylor Saraiva says

I currently do not have a credit card. However, the informaion you provided will be a helpful guide for when I do acquire one.

November 26th, 2009 | #

Caitlin says

This was good information. I just got my first card and I only use it when I have the money set aside for what am spending. It ensures that I wont be stupid with my card.

christa ruscoe says

I like this article, makes excellent points, I should show this to my family.

aworeni olakunle rotimi says

i will like to get it

Mackenzie says

i wish credit cards didn’t have to be paid back

Felicia says

In my eyes, using credit cards can leave you in a big debt no matter the limit you post on the card.

November 25th, 2009 | #

kendra says

credit cards are what you the person make them out to be.

Johanna says

This is a good way in learning about credit…Nice techniques

tori says

I would like to start a credit card and pay off expenses right away, although I’m not sure I can trust myself with in money shortages.

November 24th, 2009 | #

Courtney says

I believe Credit Cards are great to help start credit and the fact that they have rewards like point cards.

Kelsei says

Credit CARDS GET YOU IN SO MUCH TROUBLE> I dont think anyone should be able to have them until after ahaving a stable job and demonstrating good responsibility

Laura says

Im not good with credit cards. I can’s stop myself from spending more than enough.

gisela rodriguez says

credit cards are bad

Jeremy says

Awesome article. I’m moving to get my MBA.

melanin says

I think it is a good idea. It helped me build my credit. You just need to learn how to control spending.

alisha says

article was interesting especially because I have a credit card

November 23rd, 2009 | #

shae says

I have one and it works for me…as long as you dont get carried away

lilny says

having credit cards and using them properly bill up your credit score so that later on you can be eligible for a mortgage or business loan

gladys says

i believe having a credit card is a good thing and can build up your credit. but as for me i know ill be in dept all the time! so ill pass!

Faith says

I got a credit card when I first went to college and used it for books only! it helped me to build a good credit line for myslef early

Sydney says

I have one and it works for me.

hahaha says

dont get carried away with your credit card.

Delaine says

This information was very informative, I know I will be using this is the future. I always have thought having a credit card may be a bad idea, but this made me see both sides.

November 22nd, 2009 | #

This information was very informative, I know that I will be using this in the future.

TJB says

Good Reference!

Good reference for the future.

This was very helpful. I now know how to keep money in check

November 21st, 2009 | #

davisha says

i dont like the idea of credit card or anything that has to do with credit for that matter.

Gabrielle Hauk says

i feel that we should wait untill atleast 18 or kids dont understand responsibility

Julia says

Why pay for something with someone elses money? Only if you are rich and can afford to pay it back. Well I’m far from rich thus I’m here trying to get a scholarship… screw a loan you end up paying more that what the loan was worth, just like any other loan. If I’m gonna pay I’m gonna try to keep it cheap.

November 20th, 2009 | #

Amara says

This article was very informative and I really learned a lot about the importance of maintaining your balance on your credit card for a good credit report. Also the good and the bad about having a credit card as college students.

SmileyFace says

Will deff. keep all this information in mind. Will deff help me out.

November 19th, 2009 | #

Paola says

This really opened me eyes about credit cards. I have to agree that getting a credit card as a student may help because it will help people build their credit faster.

Brittany says

I do not want to get a credit card!

Megan says

Credit cards are great to teach the value of money, only spend what you know you can pay, and to build credit. These days you need credit cards for many major purchases.

Ariel says

I have had a credit card sense i was like 10 years old..you need to have self control to be-able to use and own a card

Mason says

Very useful information. I’ll keep in mind the risks.

November 18th, 2009 | #

BRENDALIZ says

HAVING A CREDIT CARD TODAY IS VERY ESSENTIAL IN ORDER TO MAKE CREDIT, AND FOR STUDENTS TO HAVE ONE COULD BE VERY HELPFUL WHEN IT COMES TO PAYING FOR SCHOOL, ALSO FOR BUYING A HOUSE, OR A CAR.

Taryn says

I think I’ll just do what my dad does, he just never spends more than he can pay, and he also pays his credit card bill every month so that there is no interest. Seems pretty simple… but then, I’ve never had one so =]

Desiree Oldham says

I enjoyed the article very much.. It had really good information in it..

alberto says

Credit cards are good if u know wat u r doin

I have one already lol

gabby says

this is the best advice ever!!! good idea building up good credit for future loans! your a smart person and i am definately going to take your advice!!!

Marissa says

Very informative and has good information,

zcruz says

dude

November 17th, 2009 | #

Toni says

Are students really able to keep up with all of the current foolishness of the cc companies? The hidden fees and risk of cancellation due to where you shop/what you buy. Yes you need at least one just in case…..how else would one establish/build credit?????

Jaclyn Jones says

I listen to Dave Ramsey and credit cards are not something any person of reason would get into. Why pay more for something that you don’t have the money for in the first place? I will never own a credit card. It’s a myth that credit cards are the only way to build credit.

razia says

having a credit card is a big commitment meaning how much u can spend and interest etc i believe cash is enough for me

Erika says

This information is so useful and can potentially prevent students from making dreadful mistakes…at least I know it will help me =)

November 16th, 2009 | #

Alexa says

Very useful information!

Taylor Armstead says

I am definitely one of those people who thought that building good credit consisted solely of making credit payments on time…oops! Maybe I missed it in the article, but how DO you build good credit??

Kevin says

although i am a smart buyer with the parents in there mind children shouldnt have credit cards untill they have a job and other things like that

November 15th, 2009 | #

yipeng says

no good for me, the credit card is just not good for me

chris says

kids need to have a credit card at all times.

Zak says

I disagree, if you don’t have the cash you don’t need it.
Although this seems a bit harsh, I should say for bigger purchases. Seeing some circumstances you may be obligated to use a credit card for survival, ex. food, minimalist clothing, ect.
Using a credit card however for daily purchases and things you don’t need just puts you in a corner with no where to go, unless you can reciprocate the cash or funds to pay off the card.

November 14th, 2009 | #

It shows responsibility. It also prepares them to become adults.

I enjoyed reading this article.

Sarah says

If a student is going to get a credit card it should be one with a very low limit so that he/she won’t get into TOO much trouble because it is very likely that the card will be maxed out in no time. But it is a good lesson to learn for when he/she becomes an adult

quada says

This is a great article. I’m going to use this for future references.

Mai says

This is so True! I want to get a credit card now so I can built my credit and be able to buy a house soon.

November 13th, 2009 | #

Mariela says

Credit card make teen ager believe that they have more power and that they are more mature. The reality is that is a good way to give your son or daughter a vote of confidence. I particulary think is a really good deal.

Hannah says

i think credit cards at a yound age are good, they teach you how to grow up and how it will be when you’re on your own.

November 12th, 2009 | #

Amy Doweny says

i ENJOYED READING THIS ARTICLE.

Fatima says

I don’t want a credit card anytime soon!

I don’t want a credit card.

Patty says

i love my debit card.

Vanessa says

I enjoyed this article. It was very informative.

i liked the article. It was very informative.

cierrah says

I was always told that not having any credit could be just as harmful as not having any credit at all

I was always told that bad credit is just the same as not having any credit

Scott says

If you can handle making the payments, it is wise to get a credit card young so you can build up a good credit report.

November 11th, 2009 | #

Chandler Barker says

I spend money like there’s no tomorrow, I can’t have a credit card.

Wants to get a Credit card.

Erin says

Very interesting take on a controversial topic.

Kerri says

i enjoyed the article

November 10th, 2009 | #

KC says

I personally can’t handel the pressures of a credit card in general.

joe says

I liked the article

Joseph says

You hit it on the head.

Leslie says

Good to know the interest rates and how even the smallest mistake can cost you on your credit report.

nevina says

i wouldnt be able to have a credit card.i would use it all the time….and thats not good.

November 9th, 2009 | #

Javecia says

Currently, I do not have a credit card because I just didn’t want one. Now I need one because I need to take out a loan for school and now I wish I would have taken out a loan earlier.

Kirsten says

I wouldn’t be able to have a credit card…

November 8th, 2009 | #

Shantis says

They thinks it cool and seem rich.

Harvey says

Credit cards can be used for good but can also ruin your life.

Mitch says

Credit cards are a good way tos tart building credit but the fact that most students have no real financial skills most will end up in debt along with their student loans.

be careful

Sabina says

credit cards are awesome.

Alex says

Credit cards are handy and useful but only if the person using it is smart about it.

Danielle says

Credit can be really scary, but is completely necessary. Good credit is simple: use your card responsibly and always pay your balance in full and on time to avoid losing grace periods and paying egregious amounts of interest.

Johnathan says

credit card use takes advantage of people who don’t know how to control using it correctly.

Favi says

This is a very good article that informs teens and adults the truth about credit cards.

November 7th, 2009 | #

Albert says

Having a credit card is pretty great but you can run into problems if you don’t pay on time or if you don’t monitor the amount of money you have in your bank account.

Briana says

Using a credit card to its advantage and properly meaning that you pay back everything that you owe on time, will make the transition into independence much easier, because you will be able to buy a car on your own without having to involve anyone else.

Kristen says

The key to good credit, always pay on time. No matter how much you spend and what you purchase, eliminate late fees

November 6th, 2009 | #

Dessie says

it is great reference… debit and credit cards are handy but also creates problems =_=

November 5th, 2009 | #

christine says

I feellike credit cards take advantage of college students, who are not familair with the world.

amy downey says

be smart, Its not going to be your parent’s bill at the end of the month

Crystal says

I don’t plan to obtain a credit card til I’m completely out of school…

A student should not have a credit card until they fully understand what it means to have one, how to responsibly use it and how damaged their credit can be if they screw up = )

Christian says

I’m probably going to get one now to start my credit score off.

November 4th, 2009 | #

madelle says

Just control yourself from fancy stuffs.
smart people can manage their credit card because they know their limitations!

Sel says

Credit Cards are useful for some people who know how to use them for neccessary purposes.

neil lloyd says

I do not have one, but I need it for emergencies

sheebsy says

I believe that smart people that know how to manage their money should get credit cards, especially these days when money is tight and people look for good credit reports.

Benjamin says

i learned a lot from reading why smart student have credit cards

Kayla says

It is hard enough for me to watch what I buy when I swipe my debit card so easily. I can’t imagine if I was to have a credit card.

ariana says

I myself have a student credit card and, like stated, if used intelligently can be very beneficial in the future. It is not wise to have many when first experiencing what it is like to have a credit card. But all in all, this information is very beneficial for those who are debating whether or not to consider getting a student credit card.

Lakera says

that was a very good insight for me………..never knew that, and i do agree there should be credit card education jus the same as sex education,etc in school!!!

November 3rd, 2009 | #

Danna says

Plastic is easy but can cause debt if it isn’t handled right

Jody says

basicly dont be stupid and buy all you want make sure you can pay it back

Franchesly says

Thanks for the information. Now when I get one I will remember this information

Melanie says

Seriously how can someone learn to be responsible if they have never tried. i am sure if they are wise they would know when to use a credit card and not abuse it

November 2nd, 2009 | #

Koni Herrington says

I think credit cards can be a good thing if used wisely! I on the other hand have also seen many good people get put in serious debt.

I think credit card are a good thing if used wisely. I have seen many good people put themselves in debt by not being careful.

Kristina says

You can use credit cards wisely, or you can use them profoundly. You do not want to get yourself caught up in credit card debt.

My step-father had numerous credit cards. HE has taken 5 years to pay them off, and still cannot finish paying them off. If you use a credit card wisely, it can benfit you.

kathryn johnson says

very informative. im going to build my credit now!!!

Credit cards are bad!! If not used wisely. I received about 5 credit cards from representatives attending my campus. I was about $20,000 in credit card debit. I wish I had this information about 5 credit cards ago!

Elizabeth says

I have seen people used credit card unecessarily. But I believe it is very essential if used wisely.

Reyna says

Woow super informative.. i personally think i can handle a credit card just because im a type of person who looks ahead but ppl who are impulsive could get into a serious mess with this.

November 1st, 2009 | #

Krysle says

It’s a good but bad idea. Some people are just irresponsible.
helps build up credit though

Weird! I am a high school senior and two women from a bank just came in and talked to my government class about credit cards yesterday. Interesting points.

RaSheema says

I think a credit card is a good idea; only if you don’t abuse it. Use it to get your credit up don’t spend too much just enough that you’ll be able to pay back on time.

October 31st, 2009 | #

Ade says

Though I would rather not have any credit card due to my impulsive spending which led me into debts in the past, I would advice those who have self control to keep their credit card(s) in a freezer until they need it for emergency purpose(s). Personally, I do not have any credit card; if I cannot afford anything, I do not buy.

October 30th, 2009 | #

Z says

Credit cards can really help in the future since they help build a credit history. However, it can also hurt a lot in the future if users don’t pay the monthly balances.

Amber says

I think we should be able to get a credit card , because we have needs to….

frenchy says

ditto..hehe

October 28th, 2009 | #

Joel says

Credit Cards require responsibility. It is easy to get carried away with something that is as easy as swiping. The great thing however if you choose not to get one is that you can gain a great credit score. In this case you would have to have one, make a single large purchase, and pay is off immediately.

October 24th, 2009 | #

Jesse says

credit cards can be very helpful. you have to have credit established to do most major things by yourself like buying a new car or house.

October 22nd, 2009 | #

Cheri says

Just make sure you have enough income to aford the monthly payments due

Ivette says

Credit Card are very helpful…you just need to be careful on how many times you use it… keep track on your spending.

October 20th, 2009 | #

hmmm…i dont think i quite agree with this

October 18th, 2009 | #

Joey says

Get information

October 17th, 2009 | #

Judith says

WOW.. I didn’t know that having a Credit Card isn’t a bad idea at all, it can sometimes help you

October 16th, 2009 | #

Margarita says

Great Resource.

October 15th, 2009 | #

Maria says

Keep your credits good to get a good job.

October 14th, 2009 | #

Adalis says

OH, SO i GUESS iM SMART…

jasmin says

I agree credit cards can be good

October 9th, 2009 | #

Karim says

Don’t get credit cards before graduation because you’re gonna see yourself drowning in debt without noticing it.
Get a decent job and then start building your credit.

October 8th, 2009 | #

Jamie says

Credit cards can build up your credit if you are responsible. I think that you should start with a small limit, then you can go bigger if your credit allows. I have developed very good credit through the use of credit cards. I’m still in college and I already bought a car without having a co-signer

October 7th, 2009 | #

Justine says

I am too nervous to own a credit card. I feel as though it is the last thing I need because it is too much of a temptation. You should only have one if you absolutely need it.

CSC says

I think that smart children should have credit cards because they have the knowledge of budgeting…

October 6th, 2009 | #

Brandon Stanley says

i think that crdit cards should be use only if you need to

October 3rd, 2009 | #

credit cards are a good way to build your credit but , you have to be very smart when using them !

October 2nd, 2009 | #

Melissa says

I think that young people can either be sucked into debt or make a clean break for the hills if they play their cards right.

Stacy says

I believe that credit cards can cause a problem but it is necessary when there is an emergency. So yes, there is like a risk and reward to it like they mentioned in the article.

September 16th, 2009 | #

Sonja says

credit cards are a great way for teenagers to start building credit. To be on the safe side one might try a secured credit card

September 14th, 2009 | #

bianca says

i think student credit cards are a great way to continue to teach money management skills, but, only if the person has previously learned money management skills – i.e. savings from allowance or summer job, etc…

Lisa says

Good article.

August 22nd, 2009 | #

lauren says

i am actually working on getting my credit card right now. its been forever. but the bank will get to me some day i hope.

August 20th, 2009 | #

Evan Haynes says

Credit cards are fine if you’re responsible and financially able to pay on time. Otherwise a debit card is best.

August 19th, 2009 | #

Travis says

August 18th, 2009 | #

NIKKEY says

I was always scared to get a credit card as a college student so i never didi and when I was ready they would not give me one. It took me about 6 months at the age of 25 to finally get one. they told mw i ahd weak credit cause i didnt have any credit. So to all the young people if you are responsible then get one if not wait.

Deyjia says

i see what credit cards do to yuu through my mom lol

August 17th, 2009 | #

Yuliya Prilepina says

This is a very useful article.

August 16th, 2009 | #

SEAN says

pretty good source, i want a credit card now

Dapheni says

I am starting to consider getting a credit card!!

August 15th, 2009 | #

Mona says

It’s true. I got myself a credit card last year with only a $500 limit. I was so good with it within a few months I already had a pretty decent credit score. Now it’s even higher.

brit says

credit cards is something you have to stay on top of or it will crush you

August 9th, 2009 | #

JAC says

All i want is a mortgage, two house payments and ONE credit card. But excellent excellent article.

August 7th, 2009 | #

karima says

I will get a credit card when im working and Im a junior other wise im not getting one

August 4th, 2009 | #

Jasmine G. says

Well its good to see some background information about the use of credit cards. The article above helped me understand credit cards a little better. Next year when I turn 18, my mom was talking with me about getting me a credit card of such.

July 31st, 2009 | #

This article really helped me understand the credit card issues and the good that can come of it too. Overall, it gave me a better sense of the whole credit card deal.

July 29th, 2009 | #

Priya says

Intersting
I don’t have a credit card yet

July 28th, 2009 | #

Ayan says

This is a great article. I wish had applied for a credit card sooner.

July 19th, 2009 | #

Llllll says

great article

July 15th, 2009 | #

Amy says

You all need to read Dave Ramsey’s “Total Money Makeover”. Credit is not necessary.

July 9th, 2009 | #

Eve says

I think credit cards are good for responsibility, but not for shoppers like me. But I have learned a lot about managing my money in the past year and a credit card would be good.

I think it’s a good idea to have a credit card. Teaches control and responsibility.

July 5th, 2009 | #

casey says

Factual information but still, just like adults, some kids just cant help them selves with spending. I think a parent should have control over the card (if they are credit owrthy!) or start the child off with some thype of credit card while still in high school as soon as the kid turns 18 to help teach the lessons of late fees, interest and such.

June 19th, 2009 | #

It is a very insightful article. However a bit of a common sense issue. Obviously what you buy on a credit card you will pay more for it with interest. If you keep charging away, you will be in trouble. Why is that people don’t know this? After seeing all those commercials even on tele, debt consolidation, credit card relief…. It should be burned into everyone’s mind by now. They can be real trouble but a blessing too. I never had one because I know that I would be too tempted. A debit is fine enough for me.

June 10th, 2009 | #

erika says

Its a lot of helpful information

June 6th, 2009 | #

Zoe says

Credit cards are very useful, but they must be handled with care!

May 25th, 2009 | #

Brandon says

thanks for the info! it was a great read

May 24th, 2009 | #

Tee says

great article! for now im fine w/o them.

May 18th, 2009 | #

Credit cards look good in the beinging but people can get carried away very easily, so be careful

May 16th, 2009 | #

Neyssa says

I recently try to appply for one @ Puerto Rico but they reject me because I’m unnemployed, oh well i will stay using moms then

May 15th, 2009 | #

Heather says

Credit cards can be dangerous in the hands of young college students. There are alot of responsible kids out there that a credit card can help, but a good portion are not. This can cause a lifetime of problems if not managed correctly. I think these credit card companies make it too easy.

May 7th, 2009 | #

lalala says

thanks a bunch

April 20th, 2009 | #

Bernadette Y says

thanks for the info

April 6th, 2009 | #

sean says

lots of good info here.

March 29th, 2009 | #

DAIANA says

I DEFINITELY NEED A SOLUTION TO MY DEBT PROBLEM.

March 27th, 2009 | #

Brittani says

NEVER SPEND WHAT YOU DON’T HAVE

March 24th, 2009 | #

Brian says

I like that the article broke up the good and bad about credit cards. It really makes me think about what I have done in the past and see what I can do to help my credit score.

March 15th, 2009 | #

Shelby says

i definitely agree with the good in having a credit card. building your credit score for later down the road is a smart approach

March 6th, 2009 | #

i definitely agree with the good in it. Building your credit score for down the road is a smart approach

SCOTT ENGLEHART says

THESE ARE AWESOME IT IS HARD FOR A STUDENT TO ESTABLISH CREDIT I HOPE IT WORKS

zee says

I was never going to get a credit card until I realized it truly important.

March 4th, 2009 | #

Mckenzie says

I know credit is our future and I do intend on taking it very seriously.

Tina says

I dont have credit card so far. but for someone responsible it could build up their credit score.

March 1st, 2009 | #

Miliangeli says

Credit is a serious issue, sometimes you dont notice the importance of credit until you really need it for something real big on your life.

February 7th, 2009 | #

Danica says

I dont have a credit card yet, But I will soon :]

amanda says

i dont have a credit card. im building credit by paying my own phone bill.

February 6th, 2009 | #

jessicaa says

this is a great way to make students understand and realize just what can happen if they do decide to have student credit cards. this would be a good reccomendation for them to read beforehand

January 29th, 2009 | #

Moya says

Building up your credit in this time of age is a requirement. You can not buy anything without credit. So when you decide to get a credit card you just have to know the basic things, pay your bills and pay them on time.

January 11th, 2009 | #

mang says

credit card…have one already…it does come in handy but thanks for the tip…never really thought of it that way before…

January 5th, 2009 | #

kcakes says

Building good credit is a must. I might want to take out a big loan someday.

January 2nd, 2009 | #

Ron says

Basically, never miss the paydate.
If you know you can’t, don’t get it.
Still, life is full of surprises, and even the best budgeter will have a bad day.
So I personally avoid this double-edged sword. ^^

December 29th, 2008 | #

Niccole van Benschoten says

ah, the double-edged sword; careful it will cut you if you don’t know what your doing!

December 17th, 2008 | #

very good advice. credit cards can be evil…

bede101 says

Info is very detailed and much needed..maybe more college students will be more cautious about signing up for credit cards and will also be more careful in how and when to use them.

VINA says

I am 19 and i work 2 jobs and one just so happens to be Customer service (you know one of the sales associates who offers you credit and gives you some kind of % off for your purchase that day… and the other in collections for some of the top retail brands around for all ages (yes i play both side of the fence i sell credit to you then i call to collect when you fall past due). It is already sad to see the people who have dug theirselves into financial holes over the years, but the people that I have no sympathy for is the college students who have NO job, NO source of income, and NO means of paying for the merchandise the purchased. READ THE CREDIT CARD AGREEMENTS that YOU sign.. Find out about the intrest rate and the late fees that you can be assessed and all the other fees its all in the AGREEMENT, just READ it. Dont count on your parents to pay for your lavish life of impulse buying because in the end it wont be their credit being affected. Last piece of advise dont pay credit with credit (also called a balance transfer) although alot of companies wont let you do it anymore they will only let you pay your min due with a credit card.

Michael says

I’m glad that they posted both sides of the argument, for and against getting a credit card. They’re a handy tool, but you don’t want to get “axed” by the creditors.

December 10th, 2008 | #

kassandra jean says

Just because someone is considered smart doesn’t mean they can be smart when it comes to having a credit card. But i know that credit cards are great oppotunities of having if you know how to use them well.

December 5th, 2008 | #

credit cards could be useful if you are able to control yourself

December 1st, 2008 | #

Jason says

I have 3 credit cards, that means i’m 3x smart!

November 24th, 2008 | #

Tiffany Parker says

I agree with some people that credit cards are good for emergencies………… Just be careful!!!

JRG says

Careful, careful….

November 23rd, 2008 | #

tonya says

crdit cards are good in emergencies

November 21st, 2008 | #

Melanie Chaloux says

If you can control your spending (key) then a credit card is good to build credit so when your done school you can have that new car in your name or fly home on emergency if you need to. Make sure you can always make the payment though!

November 20th, 2008 | #

melissa says

credit cards are good when emergencies come up

November 14th, 2008 | #

Brianna says

establishing your credit history early is an excellent piece of advice. The younger people learn to manage credit the more likely they are to have a responsible attitude towards it when they are older

November 11th, 2008 | #

Tierra says

In my opinion, I feel that credit cards are very much needed for all college students. There cames a time in every student life where money becomes an issue. This is that time when credit cards are needed most.

November 7th, 2008 | #

ty says

I was never allowed to have credit cards

November 5th, 2008 | #

Justin says

Credit cards are good for unexpected expenses, but not for regular use. I have two, one of which I am paying off as of this month. The other is for things I have to have between my monthly paychecks and then I pay it off on a monthly basis.

Danixa says

I believe credit cards can either kill you or benefit you, it all depends how you manage them.

November 4th, 2008 | #

Juliet says

This reading was very informative. I think credit cards are good when people use them moderatedly on things that are needed and there is not other way of getting them. Credit cards can be a bad idea, if one just wants to use as a shopping card for no necessate items.

Brenna says

Credit Cards can be good or bad it is the person with the credit card who makes it good or bad. Credit Cards can really help or hurt your credit but if you are careful and not crazy they really to help.

Josie says

I believe if you get a credit card you will have the urge to use it.

November 1st, 2008 | #

Wayne Meyers says

Credit cards are great. Everyone needs ons for emergency purposes. Best to pay off the balances monthl.

JEANMARIE says

CREDIT CARDS ARE GOOD BUT SOME PEOPLE ABUSE IT AND FIND THEMSELVES IN DEPT

October 31st, 2008 | #

chelsea says

well credit cards are good to help build your credit but some people make their credit even worst than it was before they ever got the credit card so im kinda not sure with that credit card thing for everyone

ADAM FEUERSTEIN says

This is great. There are always unexpected costs in college

October 30th, 2008 | #

Marlie says

I think credit cards is a good idea in college. it builds credit and ability to handle responsibility.

Sinying says

i like using credit card for purchasing expensive items only.

October 29th, 2008 | #

amanda benson mallett says

i think credit cards can get you in to serious trouble

Cleo says

I like them

William Bland says

Credit cards are beneficial as long as you use them wisely. Having a credit card doesn’t mean you have any more money than you already had. Do not use it unless you already have the money to pay it off, and always pay it off within 30 days to avoid paying interest.

October 26th, 2008 | #

Michele McHenry says

CCG..you do want to shop around for cards that do not have annual fees attached or that have high interest rates and be sure to read the fine print regarding penalties if you are late, etc.
I would not get a card with an annual membership, or one that has a high interest rate and would definitly look for ones that pay a percentage back to you or that give rewards such as airline miles..etc.
But, when you are bad…yep, they will slap your wallet, big time!

October 21st, 2008 | #

MarLou says

If you don’t have any credit it would be helpful, or if it is cheaper than a loan.

Credit Card Guy says

Anita, the fees are the same thing. Its when they happen that is different. Paying your bill late and charging more than your limit are very different. Do you propose not having a penalty on one of those? And before you say that they are a rip off, don’t forget what you get out of playing by their rules. You get to borrow money from them to spend on anything you want without asking anybody first. In return they ask that you pay them on time and don’t charge more than you are allowed.

October 20th, 2008 | #

Anita says

Credit cards have too many penalities. Late fee + over limit fee at the same time. It’s ridiculous, it should be one or the other. I think credit card companies are rip offs. My opinion only.

AMY says

Sounds good

October 19th, 2008 | #

mary says

Credit cards are not that bad… it just depends on how you use it…

October 17th, 2008 | #

Kierston says

I have a credit card with a $150 limit which really keeps me in control.

October 16th, 2008 | #

I think I might need to invest in credit card for the good reasons above.

Christopher Glover says

good idea, not sure though. like to pay things by cash.

October 15th, 2008 | #

sweetpea2240 says

good info to know

October 14th, 2008 | #

Jaclyn says

good info.i was thinking bout getting the mtvU one before i even read this so it reassures me

Michele says

Samson,
Not sure what country you are from, but, it is true that some countries and religions ban any type of credit at all.
There are ways to work around it, especially in purchasing homes. Try a search on the internet. But, first you should look into the laws of your country and way they ban credit.
I worked with folks in a couple of purchases we made from them, and were highly impressed at how they could come up with cash to pay for a vehicle..nice 4Runner and a condo.
But, they had a whole family living and working together to accomplish this.
Good luck.
Maaa

Mel says

I cant stress enough unless you have control over your money speding habits do not get a credit card…. I managed to charge up $10,000 while I was in school because of x-mas etc.. and the interest rates are out of this world because I could not pay on it. Now I am out of school and still paying. If you can put one thing a month on it and pay it off at the end more power to you and you will have good credit. Other wise dont bother until you have a full time job.

Ismael says

great info.

October 13th, 2008 | #

Dianne says

I think credit card are good but bad when you don’t pay your bill then its bad.

trini says

I think its a good reference!

Samson says

I am badly in need of it. I only have a hear about it as there is no such a system in my country of residence.

Jerod says

I had a student credit card for about a month during my second semester of college. It was provided by Amazon. I should have gotten rid of it the moment I realized that I need to pay for “extra” protection. I used the card once, because they gave me $30 to spend. I was $1.98 over that amount. So I payed it immediately. I NEVER used the card after that, and I get slammed with a $150 payment for a purchase I did not authorize from some company with the name similar to “Family Education Services” or something like that. Of course I called the credit card company, and wouldn’t you know it. They employed someone for whom English is a second language. I wouldn’t normally have a problem with this, except I am hearing impaired, and so it is harder for me to hear even “normal” English sometimes, much less, secondhand English. It all got straightened out and I canceled the card. Until I know there is 100% protection for my card, without extra fees, I will be extremely hesitant to get another card, although I would like the opportunity to build up my credit. No one should have to pay for extra protection for their credit cards. It’s simply good business to provide it. If a restaurant gives you bad food, then you’d be foolish to eat there again. If credit cards don’t protect your account for free, then you’d be downright stupid to really take them seriously.

October 12th, 2008 | #

I need a class to teach me not to go over my card balance

October 10th, 2008 | #

A H says

Yeah, economics in high school schould teach people about credit cards. When I took it, though, I barely learned anything.

October 9th, 2008 | #

Charisma09 says

I think having a credit card is very good for college people

I tHink it’s a good ideal to have one

tasha says

s0unds go0d…
makes y0u thnk twice

Brenda L says

Credit is the most valuable thing in this country besides your own family.

October 8th, 2008 | #

B.Ball says

They need a class in schools about managing money and credit cards.

October 7th, 2008 | #

Mandy says

Yeah credit cards worked great for me until me and my fiance both lost our jobs and it was use them or starve to death…now two years later I still have them all maxed out and my credit score is bad, plus I’ve lost my student loans and might have to drop out of school because of them…So yeah…go credit cards!!

October 5th, 2008 | #

ADEL says

Credits cards require self-discipline. Some students may not be ready for it. For me, a former student, is still suffering from credit cards and student loans. I wish I could do it all over again. Or better yet had this type of information available to me back then. I hope that soon I will have my debts reduced. It is difficult by being the head of household with very little support at this time. Hopefully things will change for the better. It has been periods of depression trying to figure out how to get out of this mess!

ce says

this was a great article. it provides useful and helpful advice about credit card knowledge and usage.

Grace says

good info

October 4th, 2008 | #

Bonita says

I think that having credit cards is not such a bad as long as students know how to use them. I think that once you have to pay your own bill, you have much respect for it’s purpose and will use them wisely

October 3rd, 2008 | #

Just be smart, research on how to manage your credit. Susie Orman is a great educator on what you need and what to use to save and spend wisely.

I pay mine off, every month. Only spend what I budgeted and have a card that gives a percentage back depending on what I spend money on. If you don’t use it, it could cost you, if you pay off and cancel, it could go against your credit also.

Education is key…just be smart!

having credit cards have good sides to it but also has bad sides when you use it the wrong way and get out of control with it. but if you know how to manage it. it can help built yuor credit

keisha says

this info will be very helpful for when i get a credit card

Helpful info…learning to limit is the key

mulu says

having credit card has bad side and good side like others people mention people have a credit card but they don’t use see how much interest rate does it has and if they don’t know how can and when can use it, they will lost.

Tim says

Jessica is right, If you pay off your bill when it comes in you avoid all interest charges. That is a good habit to get into. I have done it for 15 years. It works.

October 2nd, 2008 | #

Laura Bang says

I have a credit card and it’s so easy to overuse it, the bill came out over $100 even though I didn’t buy anything expensive.. Every little thing you buy somehow adds up exponentially so you must practice moderation and frugality

October 1st, 2008 | #

Jessica says

I use a Debit/credit card and it really helps with keeping spending to a limit. My family have taught me the importance of paying off debt within 30 days, not racking up any interest charges and don’t purchase what you can’t pay back within 30 days.

September 30th, 2008 | #

Maximillian says

GOOD ADVICE… ALREADY GOT MINNEEZ

Stacey says

It all seems so simple doesn’t it and yet still so hard to manage especially in this materialistic world we all live in. It seems the more one makes the more one spends — and if they can’t have it now, it’s hello charge card. UGH.

Daniel says

I’ve always thought that paying utilities bills on time were a better way of building credit.

September 29th, 2008 | #

Rossinni says

Good info.

Critter says

Good to know stuff! I have one already…

Nikos says

Rewarding, but limited in its scope.

Cory says

very true,I feel that you shouldn’t purchase a credit card with considering the risks.

J.Cordoba says

I work at Citi and offer the students CC all the time, I do believe credit cards are a good way of starting a credit history, when used responsibly.

September 28th, 2008 | #

Melinda says

it’s always good to keep your credit stable, especially if you’re in college.

S. Ervin says

I think credit cards are good for young people to earn good credit. However, they should be careful, and fully aware of the temptation to spend more than they can afford simply because they are not required to pay for it at the time of purchase.

September 26th, 2008 | #

Kara says

i found this to be really interesting

k. Bradley says

This is good information, the good and the bad is laid out for you!

Amanda Odom says

I have seen my Mom handle financial situations and she has also talk to me about managing my finances wisley.

S. Silver says

Awesome essay…
My parents have extremely great credit… so they teach me a lot about managing it wisely…
Great read…

September 25th, 2008 | #

Arieta Giokas says

very interesting

Mason McHenry says

I learned a lot from Mom and got a card that provides a 2-3% return on my purchases…depending on the purchase. Also that I only use the card if I have the money budgeted to spend and pay it off monthly. She is smart, I get money back all the time and have never had to pay interest. I never impulse buy, With my moms disability, we have gone through enough bad times to know to keep it all in control. Having a warm home, food and clothes are more important then that silly Frog that sits on a shelf or 150 dollar jeans. No thanks, I have better uses for my money such as an education, sports and hobbies. Plus gifts for my mom on her birthday.

I think I might get one..so i can have a good credit score when i want to buy a car in the future

I personally don’t like using credit cards but they do come in handy. Just have to be careful.

\i have credit cards and i don’t use them unless i have money to pay it back

Holly Zavala says

I would say that is great info. But I love my prepaid cards and I have no over drafts, Direct deposit and I have no fees only on the atm.

September 24th, 2008 | #

Vania Davalos says

The information was very informative. I manage one credit card and monitor it closely to avoid negative impacts on my credit rating.

September 22nd, 2008 | #

Jenn says

michael says

i think that i would have a hard time making payment during tough months. Dec-jan

Sheila,

One little mistake, or a couple of big ones for that matter will not ruin your credit for life. A history of consistent irresponsible behavior over a long period of time is more likely to have long term effects but even a bankruptcy is removed from your credit score calculation after 10 years. If you make one late payment, it will have a small impact on your score but will gradually fade away and be completely gone after 7 years.

September 21st, 2008 | #

Mavil says

I don’t have a credit card, but I think having one will be extremily beneficial in the future. Yet I am scared I will not make the payments on time which will hurt me.

Sheila says

i think credit cards are great, you just have to be careful. a single mistake can ruin your credit history for life!

September 20th, 2008 | #

Angela says

I Just might use one of the referenes to apply for one!

Becky says

I don’t have a credit card, but don’t know if I really want to get one or not. I understand the importance of building credit, but I’m scared I’ll end up at a mall swiping away.

September 18th, 2008 | #

Brandy says

People use credit way to much. That is why the economy is failing. I never have used credit and doubt I ever will. If you can not afford it you probably do not need it. All we need is food(store brand if neccesary), water(tap) sheler(as small as what is adequate), clothes(not 80 dollar designer jeans no you will not die if you are not wearing the latest fad fads fade credit debt does not), and of course an education (however much is neccesary to earn your desired degree but use loans and scholarships not credit cars the interest is way to high). You can live without credit if you sacrifice uneccesary luxuries.

Tatiana says

Good suggestions, but im still not too certain about what i want to do.

p.blake says

i think this was very informative although getting a debit card would be more useful or manageable than a credit card

Ileana says

I had a credit card or two for 4 years of college. I was terribly indebted and now that I paid them off, I only have a debit card. Credit cards are true EVIL business.

I have a student credit card and it has a $800 limit on it and I have never even come close to spending that much money on it. Plus I have on-line checking so I get to deside on when to pay my bills. It has been very helpful with this being my first year in college, and living off campus in an appartment. I would only suggest this to people who understand the “rules” of owning a credit card.

September 17th, 2008 | #

Credit Cards are great for emergencies but, they get tempting to use!

September 11th, 2008 | #

Credit Cards are really helpful esp. with emergencies. But, they can get tempting to use other than that!

Romina says

Good article. Thanks for the info.

NALISA says

DREDIT CARDS CAN BE VERY DANGEROUS. IF YOU’RE REALLY RESPONSIBLE THEN GO FOR IT BUT IF NOT I DONT RECOMMEND IT.

Priscilla says

Credit cards can be dangerous, so unless you’re responsible don’t do it.

September 7th, 2008 | #

martha says

in a way i agree because credit cards can be good and also can be bad to have because it all depends on how you use them and your spending habits. dont charge stupid things on it that you wont be using or in the end have nothing to show for.

stephanie says

i agree that credit cards can be good but they’re not if your not smart enuf to use them responsibility.

September 5th, 2008 | #

r car says

they’re good when used smartly

Javier says

thanks for the info it defenitly helps

Colin says

i have Two and i use it for everything i have cash for to get the rewards

September 4th, 2008 | #

LaTeisa says

A student who has applied for a credit card knowing they are not responsible does not deserve any sympathy from me if you get jammed up. As adults we all know our strengths and weaknesses so if you are not a responsible person you should be disciplined enought to say no to one until you are responsible enough. Some may say, “easier said than done” but I disagree because as much as I would like to have one, I know I don’t need one at this stage in my life so I just rip up the offers as soon as they come in the mail.

September 3rd, 2008 | #

Sam says

OK article

Mike says

I don’t think credit cards are a good option for me.

lani flores says

I think this is a good reference.

September 2nd, 2008 | #

Anna Malki says

my cards are great for me!

Nate says

The good, the Bad, The Ugly you decide but as long as you have a job that can pay for the expenses that you purchase, hey what the Hell?

August 30th, 2008 | #

Rjaay says

helpful indeed

T says

very useful information…make u think twice

Olivia says

This information is very helpful in differentiating the good vs. bad in credit cards. Everyone who owns a credit cards or multiple credit cards should have the opportunity to know this information so that the power-play can be put into the credit card holder’s hands (where it truly belongs) and out of the credit card companies control.
This is just another way that greed and personal gain is used to overrule the general balance and fairness of the people. Hopefully one day we will all realize that and be able to rise out of it permanently.

August 29th, 2008 | #

Mia says

I need a credit card but I cant get one for some odd reason… LoL

August 27th, 2008 | #

Casey says

credit cards can be evil, have to be careful, make sure you can handle it without going crazy…..

Meshaigia says

Yeah…definitely have to be disciplined!

August 26th, 2008 | #

There was a lot of info i didnt know about..

Marie says

I read this article and was quite glad I did! I had been afraid of credit cards because of having to pay fees and interests but this article highlighted to me that anything worth having involves a little cost. Thanks Credit Card Guy!

Cindy says

i need to get myself a credit card when i get a job

Carl smith says

You should definitely open up at least one credit card account while in college to begin building a solid credit history. If you can show the credit card companies that you’re responsible, you’ll soon be paying much lower interest rates, and you’ll be able to get that new car or house when the time is right.

Carl Smith says

Believe it or not, it may be easier to get approved for credit while you’re in college then after you get out – particularly if you don’t start a professional job right away (or at all). The high interest rates you’re asked to pay are just part of being a newcomer to the world of adult finance. But then again, if you always pay your credit card bills in full, interest rates will be irrelevant.

Great Info! Student cards do help quite a bit when you are starting out.

Lindsey says

Unfortunately, I’m an impulse buyer, and I own a couple credit cards. The hardest part of being a college student is having a job, and I can’t work to pay off bills and buy monthly supplies that I need.

August 25th, 2008 | #

ALFANI says

this will be a great opportunity for student in need.

Stephanie says

Very low credit limits are ok for emergencies. but debit cards are better for everyday use

maggie says

credit cards scare me, i can admit it! i do need one though. what do those of us with crappy credit do? i can’t find one with decent rates

August 24th, 2008 | #

Rach says

I only have one credit card, and I never spend more money than I have, when I do use it, I pay it off immediately!

August 23rd, 2008 | #

I have two credit cards of my own…believe me when i say…EMERGENCY ONLY!!!

Jocelyne says

Thanks for this! I have had trouble with credit, and was considering never having credit cards again, bu this showed me that isnt the solution, the solution is BEING RESPONSIBLE WHEN I HAVE THEM

VICTORIA says

this is so true i messed up a little with a credit card but i’m back on track

Soren says

I need to consider changing from my Bank of America CC, they stink. Good Info.

Marla says

Only people that are wise and knwo for sure that they will pay those credit cards off should get one. People that can’t really afford one because of the interest or whatever should get the prepaid Visas or Mastercard that way there is already a set maount and you can not go over the limit. I think that is the way to go if someone is having money issues.

August 22nd, 2008 | #

Nicole says

GREAT INFO

eric says

its jus amazing wat they do with credit cards im speechless cant beleive it

r says

ok if you have self control

August 21st, 2008 | #

Credit is an overall picture…the rates are based on whether you’re likely to be able to pay the company back. If you get behind with another company, it’s less likely that the first company will get its money, so it’ll charge more interest.

Very helpful!

Gayla says

I think it is wrong for one credit card company to increase your interest rate based on what happens with your other credit. If I’m making payments on time with XYZ company, they shouldn’t be able to change my interest rate if I fall behind with ABC company.

Lourdes says

Very helpful info.

Angel says

Good advice

Keris says

I think the whole credit card bit is scarey… but what’s even scarier is getting accepted to SMU and not really having the extra money to buy the things I need, now I’m all desperate.

August 20th, 2008 | #

Sandy says

When i entered college in 2003, I got the Citi dividend card and started with $500 limit. i still have this card today although my limit is much higher now. This article is very helpful espically when you don’t have anyone around to explain these types of details. I learned a trick as well. If after about a year your APR has gone up you can call the customer service line and see about having the APR lowered. I have done that stating that i am a loyal customer to you and would rather keep it that way but I am being offered a better APR deal elsewhere and im thinking about switching. This works!!!

August 19th, 2008 | #

Milana says

love mine

I LOVE MY CARD .

Mathias says

I love my debit card!

I would rather just get a job and not have a ton of debt.

August 18th, 2008 | #

melina says

good advice.

Michelle says

I agree credit cards fpr students not a great idea.

I learned alot

Dani says

I have credit cards and all of this makes sense. Just be responsible.

Ty says

Although I don’t believe it is wrong for everyone, I just don’t like them.

August 16th, 2008 | #

I bleive there is too much debt involved in credit cards. I would rather have like three jobs in college than have a credit card.

Ashley says

This was a great article, i’ve always thought that i’d need a credit card once i got into college, this only proves my point. My mom has always been against getting me a credit card once i got into college bit once she reads this article, she will be bound to change her MIND!!!!!!

tiff says

nice info

This was valuable information

To me Credit Cards are bad news.

Jess Itzikowitz says

I personally prefer debit cards to start, because it does not require you to have to pay sometyhing back after time, instead it teaches you to only spend what you have.

August 15th, 2008 | #

this was some great info.

Emily says

my credit card was stolen a week ago..i feel lost without it.
but i did cancel it so all is well.

Whoa Cathy, we’ve never heard that argument. Do you have anything to back that up?

The government is actually pushing legislation to reel in some of the more unfair credit card company practices. They are your ally in this whole business. In fact, letters to your state congressman and senator about any unfair treatment you received can only help.

The fact remains however, act responsibly and follow the rules and credit cards aren’t a problem. They only become a problem after people are irresponsible and abuse them.

Cathy Smithson says

Credit cards are not a good idea because they make a person a slave to government power and victim to credit card theives.

I had two credit cards in undergrad and maxed them both out and got into debt with both of them. So all my hard work these past 7 months have been paying off about $2500 between the both of them, but I got them both paid off, but now I cant get a credit card, or a loan to save my life. Gotta work a little harder now that I am entering grad school. Be careful and spend wise.

Sonya says

I found this article to be interesting because i curently have a gas card and there are definalty pros and cons of having a credit card. When i first got it i I didnt have to worry about having gas in my car and kept up with the payments well and didnt have to pay interst rates which was great but as the months passed i began to miss payment dates because i had to pay for other things like my phone bill and utillities and didnt have enough money to pay it on time. Once you get behind on payments sometimes its hard to catch up because of the interest charges and if continue to use money off the card to get gas. Luckily there is a spending limit you have every month!and once you go over or dont pay your bill you cant use it,otherwise i would be in futher debt with the card then i am now:(

I don’t think that students should worry about getting credit cards until they’ve graduated because it’s too easy to get further into debt.

August 14th, 2008 | #

Greg says

I think that if people remember to use credit cards for emergency purpose only bad credit wouldn’t be an issue to anyone. I carry a credit card but if i dont have the money in the account to pay it off i would’nt think twice on using it.

Sable says

I believe credit cards are a great way to build your credit score if you know how to use them. If you don’t they will ruin your credit and put you in thousands of dollars of debt.

Misty Greig says

I am not good with credit cards. I tend to be an impulse buyer if I have them, I say I will only use it for emergancy purposes however, that does not usually happen. I find something I like and think well I can get it now and then pay the bill when I get paid. Its just not a good thing for me to have a credit card “yes” is easier to say than “no”

August 13th, 2008 | #

Janine says

I really liked this article. My mom is one of those people who says credit cards aren’t that bad, but won’t let me get one in my own name. Unlike my sister, I have never messed up with my debit card (or our shared credit card), and I would like to start building my credit score soon because I am now a senior in college.

Beautiful input Christina, that was one of the main points!

I have a credit card and I am an impluse buyer. BUT I have a credit card with such a low limit that I can’t impluse buy more than I can afford but I am also responsibly building credit. I am also earning points for cash and I notice my impluse buying is getting less and less!!!! College students just need to use moderation in every thing not just with money..

If you know how to use a credit card responsibly, it’s a great asset to keep you comfortable during the school year.

Chynna, did you read the article? I can assure you nobody wants to make students bankrupt. Bankrupt people do not pay their bills and you don’t make money off them.

If you are responsible you won’t pay fees. The point of the article is that there is a cost associated with any benefit. The benefit of a credit card is being able to build good credit with which you will save money the rest of your life. Not to mention avoiding the stress of handling an emergency or trying to book a hotel or flight with cash.

The cost is that there are fees and penalties for irresponsible behavior. I like that many students are commenting that they think its a good idea but also that they may be too irresponsible right now. That’s actually a very responsible thing to say. The people we worry about are those with opinions not backed up by the facts because they are destined to learn the hard way.

You need to have a credit limit that reflects your habits. My limit is 500.00 so if i spend up to that amount I kno its not so much that i wont be able to pay it off.

Chynna says

I think that credit cards are just another way to make people bankrupt and add stress and unnecessary fees on college students.

Lorraine says

With a credit card, comes more responsibility.

FRANCIS says

IT’A WELCOME IDEA

korina says

Credit cards are very dangerous… especially for college who live their lives in debt. Although… they really do come in handy if you are wise aboout how to spend them.

Credit is GREAT, until you ruin it

Acacia says

i know credit were good and bad but gee

August 12th, 2008 | #

ginny says

I think they are a good idea

Jack says

Very interesting. I’m thinking about getting the Discovercard Open Road card. It will be very helpful as long as I can keep up with payments.

Molly says

I found this article very interesting. I’ve always heard “Stay away from credit cards!!” and everything else you can think of, but really how are you going to get credit? I’m not going to get one right now because I am a freshman in college but I think I’ll get one in years to come. It is just important to be informed and to understand.

James J Anderson says

Good reference for which credit cards I could use

Amrita says

this was really good information!

Carrie says

do not get a card:)

elizadeth says

Credit card is good for students,but must be used wisely.

I keep one mainly for emergencies.

Matt says

I am an entering college freshman in the fall. I got my first credit card when I turned 18 with a credit limit of $150. I do pretty well with it and have an auto pay of $50 taken out every month. Since I have had the card, the credit limit has increased to $900. I like this card because it will allow you to charge up to $250 dollars with no interest. I use it more frequently since the credit increase but still keep it within $50 dollars of the $250 so i don’t pay interest on it. I think this card has been a big help with everything and has taught me more responsibility and it is a good card for college students, especially as a first credit card. There was a little bit of a learning curve for me with remembering to pay the bill on time but i eventually started to remember and got used to it. I think the interest free is great because I buy gas or anything else I need and don’t pay interest on it.

August 11th, 2008 | #

Josh says

I’d love a credit card but I can’t get approved because I have no credit.

steve says

Great stuff… this is a really cool website. It’s good to see sites that actually try to help instead of just trying to get you to apply for high-interest cards. Thanks!!

Mavis says

As a student, I can say that having credit cards is a good idea only if you know how to use them.

Bambi says

Credit cards do grab the attention, but MUST be used wisely.

GHarri says

Good for some students, not so much for others.

Alexis says

I blieve this site is very educational about credit cards

christy says

i think this is a good website it gives you all the information you need about credit cards

daisy lopez says

i love the way they give us information on how to find credits card

Kerrie, we agree sort of…if they never get experience they will never learn. Part of our point is that there needs to be education rather than abstinence. One thing about student cards as the learning tool is that the limits are much lower so the mistakes are less dangerous than if a 25 year old working grad gets their first card to learn with. We hope this post helped on the education side.

Credit Card Guy

kerrie says

I think that giving children credit cards is outrageous! Kids that have just turned 18 and away from home for the first time should not be allowed to get credit cards. The have no idea what danger is in store for them.

Ari says

very helpful. answered a lot of my questions.

Beth says

It is th stablish credit but if you do not have the money do not spended. I rather have a debit card if I do not have the money do not spend.

Raven says

This website is good for young students who dont know a lot about the risks and benefits of a credit card. It will help a lot if parents let their children read this and monitor their spending to a degree.

August 10th, 2008 | #

Adaiah says

Cash is always better.

Sharonda says

Cash is important to me, and credit cards do it help build your credit, but I will always prefer to use cash unless I am sure I can pay back the amount of money that I owe on time.

helpful information

Katrina says

I have a credit card. and I am smart about it. It’s just being able to have will power.

Ryan Jones says

Credit cards are great, just so long as you’re able to pay them back. Don’t copy my mistake and say “oh, I’ll pay it later” because you’ll forget..and before you know it, it’s in collections!

Briauna says

Credit cards are horrible if you do not have self control. Once you get one it is hard to stop spending because the little money you do have you want to keep in your pockets which results in swiping. It becomes so addicting. On the other hand if you are well disciplined, credit cards are great.

August 9th, 2008 | #

Kelsey says

I also think that I’m too frivolous with money yet to have a card of my own =]

this was actually really helpful. it made it all less complicated and confusing than people make it out to be. basically, if you’re responsible, and don’t spend what you can’t repay with your next paycheck. you should stay out of debt.

the kernal says

Steph says

credit is a good thing

Ana says

This really makes me think about getting a student credit card!

Kate says

Credits cards are good if you are responsible, however if you don’t regulate on your finances then you could get in trouble.

taig says

Very good information. I will be making changes in regards to my finances now.

I am really good at managing my finances and I have a credit card that gives me rebates on gas which I spend alot of money on. So not only do I get cash back for the stuff I buy daily but I am also building my credit. Just act responsibly and don’t spend the money you don’t have and you can make money off credit card companies.

August 8th, 2008 | #

K Middleton says

I am going to college and I just got a credit card. I love it because if I need to get home somehow I have a way to get back without worrying if I have enough cash. Also it helps establish credit, which helps my financial aid process.

Jasmin says

I do not have a crdit card yet but this article makes me want to get one

I think this article was well written. It gives both sides of owning a credit card so that you can make a knowledgable decision of rather you want to have one or not.

michal labrie says

credit cards are good for college students to biuld good credit while they are stil young

PaShel says

Informative. The fine print is a problem with credit cards. Must pay close attention to it.

Sharon says

Your points are well taken and will be useful to both new card holders and those that have had difficulty in the past. It is only a pity that people do not have prior information and advise before making these decisions. I myself have now become a seasoned and educated consumer so we need to read and research before taking action.

jade says

i have the MTV credit card. i like it

lesia says

very interesting information and helpful also

johny says

credit cards should be used for emergencies only and if you want to build your credit then finance a car and make timely payments if you dont qualify co-sign with someone who trusts you and build both your credits!

amanda mastrofini says

I’am an impalsive buyer this would not be good for me. I use cash

good

Katherine says

I had, as a student, no credit. Not only that, I was an independent student; no one could cosign for me. I started with a JCP card because they approve practically everyone, or so I was told. The danger with store cards is a higher interest. However, that allowed me to get a normal credit card with a line of credit which was not too high, and met my needs as a student.

Daniella says

I think it gives a lot of good information about student credit cards most kids just get credit cards because they want to help build their credit but people really dont explain in detail about how much troubel they can get into if they dont watch theirselves carefully.

Candy says

I actually have credit cards and they can be beneficial if used correctly. They are not good for everyone.

J says

My mom doesn’t recommend that I get one until I can better handle cash. She’s right.

August 7th, 2008 | #

Cat says

I am old to this game, but a credit card is good for building credit, but i would not recommend more then one card per student.

i only have one credit card and use 1/2 the max

I only have one credit card and will not go over 1/2 the max

all of that is good to know!!!

Kim says

I am actually not old enough to have my own credit card yet, but I’m a senior in high school and I think that when and if i do get a credit card I would be able to handle it responsibly. My mother says i should get one to build my credit score, this article really helps her persuade me!

This site really helped me, especially the recommended credit cards. It showed me the risks of credit card abuse but most importantly, it showed me the benefits of building my credit for the future.

Anabeli says

This is very true. I will be aware and try to not get credit cards. They are good to build up credit but if you do not pay than it is against your credit. Be careful when getiing one and thank you for the warning.

It’s a good refrence if your considaring it, but for now i believe that a credit card can only harm me at this moment because as a student, i am notalways working and as a result the unsteady income can influence my ability to pay back the money.

Andrea says

The information provided is very useful and will be helpful to all students that have credit cards or are planning on applying for one

Quintin says

My best option right now is my debit card…

Diana Maraboli says

makes good points

Mikayla says

I will go into debt with a credit card.

Joe Orabona says

I just recently got a credit card and I can totally see how a college student could easily fall into debt. When I first began using it I had the mindset that it was the same as paying with cash. However the card also tempts me into purchasing things that I know i can’t afford. This article was very interesting, but I wish I had read it before I got my credit card.

This is great information

This is interesting. I’ll use this as future reference when I get a credit card.

I have a credit card and I normally only use it for gas. I agree with many of the people that credit cards aren’t right for all people. Many people end up spending money that they don’t have or that they can’t get on a regular basis. I think that if a person has “control” and isn’t always an impulse buyer, its fine to have a credit card.

ma clara says

I think that the best option for me would be to get a debit card. That way I will only use the money I have saved up and I do not have the problem of credits and using money I really dont have. Its not like my parents arent already paying my schoolÂ´s tuition.

britty says

I have a first finacial student creidt card and it has saved my life a couple of times but i pay it off almost every month.

Steve says

awesome

Marta says

My parents have been persuading me to get a credit card to build up my credit score. This article definately backs up their info. Thanks!

lindsey says

I need one!

bRee says

Man credit cards! Being a college student i got a cerdit card so that i could pay for book, but that quickly turn into me buying everything from clothes to food. But o ahve a card to bank of america and they do not have anything special about their card besides 4% interest rates.

The moment you get into trouble with your credit cards call the credit card company they may be able to help you.

kierra says

i have already got one!

Donovan says

I have been thinking that credit cards would be my only way to get the things I need for college but after reading this I am rethinking this plan. Good info

krystine says

amy says

college students are overwelmed by the amount of money that they can grasp in an instant by using a credit card, and can be very tempting to use. but everyone has to be very careful because it could get you tangled in a web you cant escape. Therefore, i would only use a credit card in special cases, but very conservatively.

I hated the fact that I had to get a credit card, it just seems these days that you need one so that you may be able to buy items or even rent some like washer and dryers. You just have to shop around and look for the best deal, and keep up on it and try to use it only when you NEED TO.

i already have a student card through my bank and its helped me a lot
as long as you keep up with your payments it wont get that ugly
also helped me to establish credit for other loans i need

Sean says

For all those “impulse buyers” you’re gonna need to get over that because you’re going to have to build credit somehow

Antonia says

I don’t believe in credit cards, charging is one thing and paying back is another. Too much headache when it comes time to repay.

catherine says

good info, thanks

Kimberly says

Having a credit card can be very beneficial to student, but it’s also a great responsibility. The best that they can do is not to get carried away and remember that the bill has to be paid.

Having a credit card since I was 16 has helped me build my credit and maintain an excellent credit score.

ashish says

I think i’ll be applying for the credit card. But still I gotta think for sometime, cause its all about money. So gotta be much more careful about what decision I take.

Amanda says

This allayed my fears a bit. I’m still paranoid about credit cards, because I’m bad at even keeping track of my debit… But I know that I need one eventually, and I can be prepared for it when it comes…

Lakeisha says

You have to be very discipline to use a credit card correctly. If you are not stay away from them.

Whittney Stinson says

This reading was a very good refreence for me because i have been looking into getting a creit card. this also lets me know what and what not to do

JD says

You have to get credit one way or another. You can’t get very far with too much of it and not far without any.

Bianca says

I had two credit cards before I entered college. One was a secured $500 card from my bank, the other a citicard (after I had my bank credit card for a while). Credit cards can be useful at times, but I don’t think colleges should allow the credit card companies on their campuses and use all those ‘win a free ipod’ strategies to have college students to sign up. A college student with a credit card can add up to some expensive bills, because we would all say we’d only use the credit card for emergenices and then end up racking up bills we can’t pay. And if you’re not business savvy, it’s hard to understand the ‘credit card fine print’ lingo.

Cammie Henson says

I have a credit card. I only use it for emergencies.

Everyone assumes that credit cards are a good thing, but why would I want one when I don’t have the money to pay for it. That’s the exact reason I need student loans.

cedric says

jus like bryce i had a student credit card and now im in probs cuz i culdnt make the repayments! and now my credit is hurt!

Plastic is easy and quick. It’s safer than cash.

Yasmin says

Shauntay says

Thanks for that information. Now that I am going to school maybe I can warn friends before they one.

Kaitlynne says

Great information that makes students realize what they are getting into. This article give the “pros” of a credit card, but more importantly the “cons”.

August 6th, 2008 | #

Lacie Alstrom says

I think credit cards are just a good way to give away your hard earned money and make to credit card companies rich.

Shannon says

Credit cards are a great way to earn credit as soon as possible. I got one when I turned 18 and I make sure a pay at least half of it off. I don’t like to increase my credit limit because then there is more of a chance to abuse it. When I was 19 I bought my first car valued at 29,850 and financed it at 2.9 APR and they told me I could do this all on my own based on my credit. It really pays off to use those credit cards wisely.

laura says

I had a school credit card when i first turned 18 and it really helped out.

I have just seen so many people abuse credit cards. This makes me a little nervous, even though my parents have taught me to be responsible in my spending.

Michael

Dana says

Works for me

Emma says

I had many of credit cards and only paid the dollar amount the company ask for, knowing better but that left more money in my pocket (that is what I told myself) ended up filing backrupcy on some of the cards and the one card I wanted to keep it took me 5 years to pay back $2,000. Yeh stupid I know

YADIRA JIMENEZ says

I AM GOING TO CONSIDER THIS FOR FUTURE REFERENCES.

Bryce says

I had a credit card when I first went to school. charged it up and didn’t have enough $$ to make the payments. Now, it reflects on my credit report and I still have to pay for it when I’m out of school, along with those student loans I have. Credit cards are bad news if you don’t have parents making the payments for you.

Crystal howell says

too bad I have an impulse problem

I am too much of an impulse buyer to cary credit cards

Morgan Busumtwi says

Good references for me.

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08.06.08 | Why Smart Students Have Credit Cards

The Good

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Current events and opinions about student credit issues

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Recent Posts

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08.06.08 | Why Smart Students Have Credit Cards

The Good

The Bad

The Ugly

Risk vs. Reward

So Why Get a Student Credit Card?

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