Financial Education Resources for COLLEGE STUDENTS

How to Pick the Right Card for College

You've heard it before and you'll hear it again: Stay away from the credit card solicitors on campus. But, if you're looking to build a positive credit history and increase personal responsibility and independence, a credit card may be right for you. There is no perfect one-size-fits-all credit card, so make sure you pick the card that suits your spending habits. How do you plan on using the credit card? Will you be paying your bill in full each month, or will you carry a balance? These are important questions to ask yourself before you find the card best suited to you.

If you pay in full each month: The interest rate won't matter as much, so take advantage of a card that offers rewards. Some student cards give you points for purchasing books, gas, or even groceries. Also be sure to look for a low or no annual fee.
If you're going to carry a balance: Make sure to find a card with a low APR (annual percentage rate), the interest rate charged if you carry a balance. Many cards offer introductory rates of 0% for the first six months. If you don't have a credit history, you might have to settle for a card with an interest rate around 16% to 17%. You'll do best at your credit union.

Make sure you know whether the card has a grace period--otherwise known as a "free period." This is the time in which you have to pay the bill before the interest-rate clock starts ticking--if you do not carry a balance. If your grace period is zero days, you pay interest from the moment you make a purchase, whether you carry a balance or not. Finally, it's important to read the fine print before signing up for any credit card. Watch for hidden fees--some cards require that you maintain a balance on the card or you'll be charged a fee. And create a realistic budget so you can stay out of debt. Contact FSU Credit Union today. We've got a card that will suit your needs.

Budget Is Not a Four-Letter Word

So you’re having trouble sticking to a budget? Don’t get discouraged. Follow these simple tips to save some extra cash.

Go easy with the credit cards. Once you get in the habit of reaching for your credit card, it’s hard to stop. If you don’t have the funds, don’t make the purchase.
Buy used. There’s no need to buy all new textbooks. New textbooks cost on average 25% more than used. Unless it’s a book you know you’ll keep or it’s only available new, stick with used.
Spread out your expenses. Most expenses come at the beginning of the semester--for example, instead of buying all your textbooks at once, buy them as you need them.
Brown bag your lunch. Although it may not be as exciting as eating at your favorite deli or pizza joint, packing your lunch can save on average $3 a day--or $60 a month.
Be smart about choosing a financial institution. Using FSU Credit Union will save you money on fees, lower loan rates, and higher savings rates.

Ideas to Stretch Your College Dollars

Let's face it, even with all the ramen noodle variations out there, a person can eat only so many. Here are some tips to maximize your resources during those financially trying college years.

Use your student ID/activity card to see athletic events, school productions, and guest speakers for free or reduced prices.
Cook for yourself and pack a lunch whenever possible.
Shop used clothing stores and thrift shops.
Watch the matinee instead of the evening show and seek out theaters offering student discounts.
Use public transportation or ride a bike. Hey, it eliminates speeding and parking tickets.
Brew yourself a cup of coffee in the morning instead of paying $3 for a latte.
Visit parks, zoos, and museums for inexpensive entertainment.
Buy used books, CDs, and furniture.
Use discipline. Before splurging on items such as expensive shoes, hold off for a week or two and decide if they are something you really need.

Most important,join FSU Credit Union. We offer low-interest loans and charge fewer and lower fees than banks to help our college students stretch their dollars to the max.