Looking to Get A Student Credit Card? Read These Facts First

These days it’s so simple to take advantage of opening a new credit card–too simple. With limits, that many of us wouldn’t see otherwise, new found debt is starting to plague college students, struggling professionals, and business owners. Credit card companies offer many credit cards especially aimed at students.

However, a 2014 federal study found 72 percent of students pay their card balances in full each month and overall, students carry $171 in monthly credit card charges on average. It might be tempting to constantly swipe your first credit card, but if you’re serious about obtaining and managing a credit card in good standing, here’s what you’ll need to know:

Will you need a co-signer?

Before signing up for a card, you should find out whether you’ll need to get your parents or another person to co-sign for the card. There are age restrictions associated with credit cards. Credit card companies are only allowed to issue a credit card to a student under 21 if an adult co-signs the application or the student can prove they have enough income to repay the debt.

If the co-signer’s credit score is higher than yours, you’ll be