College time, lot of college student want o have their own credit cards and spend us much as possible because they are not aware of credit cards interest rate how much they have to pay off and what is the actual interest rate . If you ask a average college student how much they know about APR, Interest rate, cash advance, cash advance check, as well grace period they respond bad. Why because 60% of all student don’t even know how credit cards work, how credit cards companies making money and who is managing credit cards?

They think that if they have a plastic with $30,000 free money they can spend as they like and they will only have to pay $30,000 dollars and some fee , they think those some fee are few percent of what we borrow. This is not true and never it was, College student as well borrower people that borrow money from creditors with is credit card issuer like Bank of America, Citibank, American Express, Discover, Pulaski bank of any other major credit card issuer, not only major but all credit card issuer. It doesn’t matter that some issuer are small other are big financial corporation each companies charge the same amount of interest rate. For rewards credit cards most of the times companies charge 3 % more than a platinum credit cards what the difference between platinum credit cards and rewards credit card there is much different. Of course rewards give you a point for your purchase but adding annual fee and interest rate it not even worth to try credit cards! As I said college is likely a time when nobody oversee student and student have direct supervision so they do want they want to do not want they have to do. So let consider this if a student doesn’t understand how fast credit card debt can accumulate how student will be able to pay off their credit card debt? Credit card education is very important aspect in our financial life. It does not matter that you are college student or are Adult with a few kids you still have to know how credit card work , how credit card operate, how much credit card charge you interest rate. People don’t understand what is mean “opt-out” what the words mean in financial field the words mean you are not allow simple saying you don’t allow to do certain thing. For example creditor saying you has fixed interest rate but if you default on your payment or go over your credit limit you will have to pay a 28% of interest rate that why you have to opt out saying you are not approve this. Millions of people don’t even understand what words mean and how to use in real life we need to have financial education. If you have high credit score let say 800 with is very good Fico score? like only 2 percent of population of 6 millions of people have those score you can file application for a nice credit cards for example for student credit cards where you will only have to pay like 10 % of interest rate in some case only 8% with is very good rates for student college and you can lock yourself in those rates forever because you can increase your credit limit and don’t spend more than 30 % of available credit limit and creditor will be happy to increase your credit limit without any problems! You should avoid lot of debt of you don’t have a job only have some source of income don’t spend more than you actually can earn, try to find part time job, or only job where you can file a survey and get paid, or posting on forums and get paid free? Isn’t this great? Having second source of income to pay off your credit cards debt as well to enjoy your life? So you should be aware that credit card is not free money with even zero percentage credit card for 6 month or even 12 month it’s not free money! Because after 12 month you will pay like 16.99 % of interest rate if you have good promotion period it mean you will pay lot of interest rate after promotion period. In school consider taking a class about debt management, banking, credit and investment, you will find yourself well being and learn a lot about credit card, mortgage, refinancing, home equity, credit cards, debt consolidation as well lot of your financial information will be use in your financial life. So isn’t this great to know lot about interest rate, grace period?