Student Credit Card Applications

Walking down the narrow passage between the San Jose State University Student Union and the Art building, it is common for students to get approached by aggressive credit card distributors.

With offers of rewards such as free miniature basketballs and decorative school supplies, students may be likely to sign up before weighing out the consequences.

"The prizes are very tempting," said Julia Scotts, a junior engineering major.

Establishing credit is an aspect of student life that has both bad and good implications.

"Students should make an informed decision (about credit)," said Oren Milgram, director of marketing and co-founder of college oriented Web site Studentmarket.com

The site was founded at SJSU and serves to "focus on what students want or need."

"Credit is an important way for students to show that they can manage money," said Milgram. "It is also one of the best indicators of students' responsibility."

Milgram said credit works like a history book of a person's finances.

Still, students may be prone to problems with balancing their credit. Milgram said this could be a result of students getting used to having credit.

"I've been using my card for a few years now," said Will Redfir, a senior majoring in finance. "I'm just starting to understand to it."

Emanuele Intorrella, who works in marketing for the online company Creditcardmall.com, said that once credit is damaged it can take a long time to repair.

"Late payments start to occur due to lack of income, until students can't even get past the interest on the next payment," he said.

Creditcardmall.com offers students a variety of cards targeted specifically to them, with special features that are offered to students.

"If students find that they are getting rejected for a credit card, we suggest they apply for a secure card," Intorrella said.

Some credit card Web sites offer students solutions for avoiding bad credit.

Studentmarket.com has a comprehensive guide to credit, including tips that they have developed in conjunction with the Consumer Credit Counseling Service of Southern New England.

Creditcardmall.com also offers an extensive guide to all aspects of credit that students may find useful.

"It is important for students to know what credit is all about before they start using it," said Milgram.

Milgram said students are lured into applying for credit at stands around the campus and may not understand what they are getting into.

"Oftentimes people who work at booths are less concerned if students know what credit is about," he said.

If students do fall into debt, there is a resource on campus that is available to help them.

Kent Mclaughlin, of the SJSU counseling center provides students with one-on-one credit counseling and occasional workshops.

"It is easy for students to get involved in debt and difficult to get out," Mclaughlin said. "One of the best things they can do is come down to the counseling center and talk to someone."

Milgram said that online sites such as Studentmarket.com are also a good place for students to read about credit information. The site also gives students the ability to apply for a card once they have read all the information.

Credit cards available on Web sites provide different benefits depending on what a person is looking for.

"If income is not an issue, you might want to go with a rewards card," Milgram said. "Otherwise students should look for (cards with a) no annual fee and a low (annual percentage rate)."

Students can apply for credit cards online, on campus or at a local bank.

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