Read Between the Lines – Credit Card Help for Students

The Financial and Consumer Affairs Authority (FCAA) is offering credit card advice to students to help them responsibly use their first credit card. 

“Promises of credit card rewards and extra points can be very enticing,” FCAA Consumer Credit Division Director Cory Peters said.  “We want to make sure students understand the costs and benefits before signing up.” 

Not all credit cards are the same, offering different interest rates, fees and rewards; make sure to research which one is the right fit. 

Keep the following tips in mind when getting a credit card:

• Pay your balance on time and in full – you can avoid interest charges if you are able to pay off the full balance and haven’t taken any cash advances.

• Don’t share your PIN – if something happens to your account and you’ve told someone your PIN, you are on the hook.

• Avoid cash advances – there often is a fee and interest is charged immediately.

• Read your statement – make sure your recent transactions are accurate.

• It’s not free cash – if you can’t afford to pay it off right away, think twice before buying something. 

For more helpful information on credit card usage, check out www.fcaa.gov.sk.ca/creditcards.