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Using Your Student Credit Card Responsibly |
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Bad credit can cause more heartache than it appears. Credit card delinquency comes at the cost of qualifying for other loans like home loans, auto loans and payday loans. A missed payment on credit cards can prompt reminders of some sort about the overdue balance. At least the minimum payment has to be paid seven days before the actual due date mentioned on the monthly statement. Protect Your Credit Record Protecting one's credit record requires prompt payment of bills to avoid late fees, keeping track of charges, staying within credit limit and always avoiding over limit fees. Even more important, any change of address should be reported in advance to ensure timely receipt of bills. All students and teens should take a credit card as the means to a solid credit history, an essential priority of the future. Misuse and credit records can be tainted for years to come. Your Student Credit Card Rights The Fair Credit Billing Act covers credit cards and the following uses: - Billing errors on your account - Unauthorized use of your credit card account - Purchases and services charged to account but yet to receive - Charges you can request an explanation or written proof of purchase for. You will not be held liable in case of your card being lost or stolen for any charges made by unauthorized parties. Credit Card Billing And Charges Disputes If any unauthorized charges are noticed in your statement, it should be reported to the creditor or card provider within 60 days after the mailing of the first bill with the disputed charge. After the 60-day period the charge can still be disputed if the problem was spotted only recently. Address the letter according to the bill and don't send it with the payment. The letter should be specific mentioning your name, account number, date and amount of disputed charge and a detailed explanation. Maintain a record of the receipt to establish the delivery of your letter. Certified mail may be preferred with a request for a return receipt. Be Credit Smart Signing up for a credit card makes you alone responsible for paying the bills. Following certain rules of credit management can ensure a financially healthy future. Read the fine print with care in all application literature. Learn about the expiry of teaser rate, interest rate for late or failed payments and interest rate for cash advance. A debit card may be considered in place of a credit card as the money is directly deducted from your checking account to avoid spending more than the actual amount. Credit should only be used when one is confident of repaying the debt. Impulse shopping on credit card can be risky. Try to keep your credit card aside for a money emergency only. Conclusion It's not that you are being advised to cut up your plastic for a return to the past. Credit cards are now an integral part of college life with enough good reasons for possessing one. Apart from protection for purchases, credit cards enable online shopping and prove invaluable in emergencies. If you don't have a card yet, there will be ample opportunity to apply for one when on the campus. Credit card companies often set up booths and stalls when the semester begins, with sign-up incentives like t-shirts and water bottles. |
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