College Bound: Be careful with cards!

No, this isn’t advice about how to put the black ten on the red jack or how to avoid getting stuck with the queen of spades in hearts. This is a heads-up about accepting all those credit card offers you get in the mail every day. If you’re a high school senior, or if you’re already in college, you know what we’re talking about: Those flattering, fancy, finely-designed window envelopes offering you the sun, moon and stars—and the chance to have your very own credit card with credit limits of $500, $1,000, and sometimes more!

If you’re heading off for college—or for a career—a credit card is a mighty handy item to have. After all, you’re not always going to have the cash to buy books, clothes and other supplies you need. But buying with plastic comes with responsibility—and some advice right now can save you from the misery of being caught up in debt later on.

First, pick the ONE card that offers you a low, steady interest rate. Don’t be fooled by those low, low come-on rates. In a month or two they’re going to balloon to 18, 19, even 20% or more. And, chances are, they’ll have hefty late fees attached—so if you don’t get your payment in on the exact day (and sometimes the exact hour of the day!!) it’s due, you’ll be hit with another hefty late fee immediately even if you only owe $5! And your rates can be kicked up even higher if you’re late.