Now that I’m in college, should I apply for a credit card?
A common question among students, and one that can only be answered after personal reflection and choice. On one hand, credit cards establish credit history and demonstrate responsible use of credit to future landlords and financial institutions. Good credit can lead to lower interest rates on loans and the ability to obtain a loan or rent an apartment without a cosigner. On the other hand, overspending, high interest rates, and not being able to pay off your balance each month pose risks to college-aged students that can follow them into adulthood. Only you know what you are capable of, and if you are ready to handle the financial responsibility of a credit card. For further information, visit the Financial Literacy Center or utilize our online resources.