Credit providers are very inventive with their fees, so you'll need to be crafty to avoid them. Here are Mozo's top 4 student credit card tips:
At the very, very least, you've got to remember to pay this one. Failure to do this may result in the following atrocities:
MOZO'S HANDY HINT: Arrange to have the minimum amount direct debited from your student bank account.
Cards with rewards programs often have higher annual fees than regular cards - and the value of benefits can be less than the fee! A free toaster might be more fun than sensible financial practice, but let's not give the banks the satisfaction of making off with our money.
MOZO'S HANDY HINT: Keep your student credit cards to a minimum. More cards mean more needless annual fees.
Most banks charge a fee for the pleasure of your easy money. Plus, cash advances attract interest immediately, even if your card offers a 55-day interest-free period on purchases.
MOZO'S HANDY HINT: Student credit cards are for purchases only.
Overlimit fees (usually $35) will apply once you exceed your credit limit. Bad credit ratings may swoop down upon you.purchases.
MOZO'S HANDY HINT: If you're spending up a storm, check your credit balance.
MOZO'S EVEN HANDIER HINT: If you're fast-approaching your credit limit, check out a balance transfer card pronto.
Now tell me how to manage my credit balance