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Having a credit card and using it responsibly can help build excellent credit and even make you a few extra dollars along the way. However the keyword here is 'responsible' and those who fall into the credit card debt trap may end up hurting their credit score, paying thousands in interest, and certainly not benefiting from any of it.

While I personally disapprove of credit card companies preying on college students on campuses across the country, I do understand that having a credit card can help build credit, come in handy in a pinch, and when used properly help you save money.

I didn't get my first credit card till almost a year after graduating from my undergraduate program. Fast forward 2 years and I've paid no interest on the credit card, received over 250 dollars back in cash rebates, earned interest on my money during grace periods, and been protected from fraudulent purchases. On top of that I've further established my good credit and maintained what most bank experts would consider an excellent score.

So why should college students consider 'taking the plunge' and getting a first credit card?

Simply put it can be an excellent learning experience and it can help build credit, something that when maintained will save money later down the line.

On the experience side of things, a college student with a fresh piece of plastic money in their hands will instantly make one of two decisions. They will either respect the credit card and use it as they feel comfortable, pay the bill in full monthly, and not impulse buy. Or they will see it as free money and start buying all their roommates dinner and drinks and buying themselves new clothes and electronics monthly.

Both situations will lead to early experiences with credit cards. The thrifty student will save money by not paying interest and will continue to respect the value of money and the credit card.

The free spending student will learn quickly that paying interest stinks and they'll watch their bank account drain as their credit card balance very slowly creeps down. Hopefully they'll learn that spending money they don't have (or won't have come the due date) costs a lot more in the long run and making minimum payments just drags out the money draining cycle.

Both students by getting a credit card in college will learn for better or worse the responsibility that comes with using a credit card. They'll learn the pros and cons of having a credit card. The important thing here is that they will still be young while

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