Credit card tips for college students 2020（2）

5 reasons to pay more than the minimum

Don't even think of a cash advance. They are not as attractive as they seem. You pay a cash deposit of 2 to 4% plus financing costs on the cash loan, which probably has a higher interest rate than your purchases. And if you have a balance on your credit card, your monthly payments will be split between the balances.

Stay below your credit limit . Not only are over-the-limit fees expensive, they are also hard to get rid of. Due to the way billing cycles and payment dates fall, you might think you're paying your balance below the limit, but the financing fees and fees pick it up immediately. The best bet is to keep the fees within 10-30% of your credit limit.

5 Ways to Avoid Overcharge

Let your friends get their own student credit card. If you let someone else use your credit card, you are responsible for paying the fees, whether they repay you or not.

After all, it was your signature on the credit card application, not your friend's. Even the best friends can turn to strangers within seconds, so it's better not to mix friendships and finances.

Don't be afraid to close the map. Normally, I don't tell people to close their credit cards because of the damage they could do with their credit scores. But if you don't have the money to pay a credit card balance and you know you're going to be irresponsible with your card, it's better to close the account than ruin your credit note. If you close a credit card, your balance is unlikely to be as badly damaged as a credit card failure.

The right way to close a credit card

Don't expect your parents to let you get out. Once you become independent, you will have to pay your credit card fees. Your parents have to pay their own bills and save retirement, so it's not fair to expect them to pay for your credit card errors. If you get into trouble, you can ask your parents for a loan to pay off the balance. In return, you should cancel your credit card, obtain your parents' consent to repay them, and decide never to have problems with the credit card again.

Credit card companies do not give you instructions on how to use credit cards properly. In fact, they would rather make costly mistakes so that they can charge more interest and fees. Follow these tips to keep you debt-free and creditworthy.