Students don’t always get the credit they deserve. Most of us go straight from living with our parents to campus life and we’re expected to know how to adult on the spot. Curve knows it’s not easy and that’s why we’re here to help. One of the ways to start adulting is to get a credit card that could help you way beyond the day you graduate. On this journey of education, let Curve give you the knowledge you need to get that A-grade in personal finance and money matters. Here are 5 tips to help you along the way:
Choose your credit card wisely
The easy option is picking the first credit card you see on offer. But you should ask yourself if you’re getting:
- The best interest rate
Only get one credit card
As tempting as it may be to get loads of credit cards, when you’re starting out, stick to the one for now. Only using one means:
- You keep your credit score steady by not applying for too many
- You can stay organised
Set up standing orders
Organising your outgoings when it comes to your credit card means:
- No penalty charges
- Your credit score and credit history will only get better
Keep spending low when your credit limit goes up
An increase in your credit limit is usually a good thing. When your debt is low and your credit availability is high that’s great for your utilisation rate and credit score. Just remember to:
- Use credit responsibility
- Stay on top of your receipts
No matter who you trust or who becomes your BFF on campus you shouldn’t let them use your card.
Here are some helpful definitions to help you along the way with your credit card journey:
- Interest: The fee charged for borrowing money by use of the credit card.
- Credit: This refers to the customer’s ability to receive goods or purchases without making a payment first, based on the agreement that the payments will be made in the future.
- APR: This stands for annual percentage rate. It is the yearly cost of borrowing money using credit cards or loans. It’s calculated by taking into account interest and other charges which accrued over the year, including the annual fee if applicable.
- Credit limit: The maximum amount of credit that a financial institution or lender is providing to the person borrowing money.
Want more rewards? Get all your bank cards and credit cards on Curve and you’ll have perks coming out of your ears. Enjoy 1% instant cashback with purchases at an incredible range of top retailers, as an introductory 90 day offer.* Unlock your financial freedom by downloading our Curve App here.