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Credit cards
The use of credit cards is widespread in the United States. Banks, credit card companies, gas companies, department stores, and other organizations issue credit cards, which can be used to make purchases. Statements are mailed to credit card holders once a month. If the amount due is not paid within a specified number of days, a "finance charge" is added to the bill.
Applications for credit cards are available in many banks and stores. Information requested includes the applicant's source and amount of income, length of residence at the present address, and bank information. Many companies that issue credit cards require applicants to have a specific minimum income.
As a student, you may find it difficult at first to obtain a credit card. However, many credit card companies also offer special student credit cards, subject to certain conditions. Not having a credit card can make daily life somewhat more difficult. For example, if you are on a trip and need cash, you can obtain a cash advance from any bank that honors the specific type of credit card you hold. Finance charges, however, often begin from the day you receive the cash advance.
Whether you use a credit card or sign a contract to purchase something on credit, be careful not to build up too much debt. Credit buying is often necessary — for example, for the purchase of a car — but be sure you understand the terms of the loan agreement. You may have to pay high interest rates, sometimes as much as 21 percent.
One way to avoid building up too much debt is to delay obtaining a credit card or making large purchases involving long-term debt for the first few months you are in the United States. Instead, make your initial purchases by cash or by check. At the same time, keep careful records of your expenditures. Do this the first two or three months you are in the United States. By doing so, you will know exactly how much it costs to live and study in your city. You will then be in a good position to know when to use or not to use a credit card and how much debt you can actually support. Every four or five months thereafter, you should monitor your expenditures again to make sure that you are not spending too much or building up too much debt. |
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