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Why You Need a Credit Card in College

As summer rolls in and you're beginning to prepare for college, the topic of financial maturity gradually becomes a pressing matter. Opening your first credit card can be intimidating, but it’s sure to help you budget and spend responsibly during your college years, with the proper financial guidance. Owning a credit card is a great way to begin on your path towards monetary independence.
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Owning a Credit Card Can Provide a Sense of Security

Having a credit card can provide some peace of mind for college students if or when an emergency occurs. Whether it is an unexpected medical emergency not covered by health care or having to pay much more for books than you had previously budgeted, an available line of credit can help you out during your time of need. Although the credit card could make for a financial blanket, it is important to differentiate between real emergencies and ones that are less urgent.

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You Will Develop Good Credit Habits

Owning a credit card comes with responsibilities such as scheduling bill payments and budgeting your meal plan once you begin to actively spend in college. The responsibility of owning credit requires you to think ahead and budget in a way that will eventually allow you to take advantage of cash back or other rewards programs (like travel rewards, which can be very convenient if you're studying far from home).

An Early Start on Building Your Credit

Spending and saving correctly and responsibly will help you build a healthy credit report. You're more likely to build a better credit score if you open up a credit card account before you graduate from college, because once you graduate, you'll have more expenses to worry about, especially if you've taken out student loans. It is important to learn how to handle credit mistakes and precise budgeting before facing even more costs as a college graduate. A good credit history is sure to make your transition to adulthood much easier!