Here’s a little tip for the students out there who have managed to get themselves a credit card. This is going to become a lot more difficult in the future so you should consider yourselves very lucky at the moment. Here’s what you do to avoid paying interest…
Now ordinarily i would tell you to pay off your credit card balance at the end of each month, and this is still the best way of spending money on your credit card, gaining reward points, and not paying any interest; but because you’re a student the same rules are probably going to fall on deaf ears or simply just not work.
So what should a student do with their credit card. Well to begin with, don’t go nuts! I mean this, don’t spend up to your limit straight away, credit card companies monitor how you spend your money and they will get pretty nasty if you fail to pay very early on in your contract. The way is to make sure you’ve paid at least a couple of minimum payments at least.
Then the trick is to transfer the balance of your credit card to another credit card that offers 0% interest on balance transfers for 15 months. Now that’s a whole accademic year isn’t it? Yes, it is! Well now it doesn’t take a genius to work out that if you swap your balance a few times you could get through college or Uni without paying interest at all! You will need to make the payments however (this is why you can’t go too crazy!)
Oh and don’t use your credit card to get cash! It will cost you a small fortune.
Tags: Student Credit Cards
