Section A·Page 6
The University Daily Kansan
Friday, August 27,1999
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Freebies, debt may await students
Credit card rates sometimes tricky on applications
By Amanda Kashube writer@kansan.com
Kansan staff writer
Amid the promises of free T-shirts and candy looms the future of debt and sleepless nights. The credit card vendors have returned to the campus, eagerly awaiting students who walk by their tables.
Although some students may seem intimidated or afraid of the negative consequences of signing up for a credit card, the educated student can find the cards to be useful.
Deanne Schurer, manager at the KU Credit Union, 3400 W. Sixth St., said that students needed to be aware of the small print on credit card forms.
"Talk to someone who can explain everything to you," she said. "Make sure you ask the questions because they may not volunteer all the information you need."
Schurer said that there were several items to check before applying for a card.
First, look at the rate companies will charge per month. Schurer said that some cards might have a low introductory rate but would increase that rate the next month.
There are two types of rates students can shop for, a variable rate or a fixed rate. Schurer said the KU Credit Union operated on a variable rate.
"You need to look at when the rate will adjust and when it will increase," she said. "If it's a variable rate, look at the history of the company to see how the rates were."
Jennifer Leong, St. Louis freshman, applied for a GTE Visa card with a variable rate.
"I just signed up for it because I wanted the free T-shirt," she said. "I'll probably throw the card away."
Another important aspect of credit cards is the amount of extra fees tacked on to the balance.
Some cards have an annual fee, meaning users must pay an additional rate every month. Also, some companies may have
Kevin Brown, Ottawa senior, applies for a credit card at the Kansas Union. Deanne Schurer, KU Credit Union manager, said students needed to be aware of the small print on credit cards forms. Photo by Joseph Griffin/KANSAN
CREDIT CARD SHOPPING
1. Interest rate, Is it a variable or fixed rate? Is there a low introductory rate and then a higher rate the next month?
2. Is there an annual fee?
Are there any extra hidden fees?
3. Is there a grace period for paying off the balance?
4. How high is the credit limit? A large limit may seem nice, but can you pay it all off?
5. Talk to someone educated about credit cards before applying such as a bank, another credit card company or even mom or dad.
Source: KU Credit Union
"If you are going to keep a balance on your credit card, you may want a grace period," Schurer said. "But, if you're going to pay it all off, you don't need one."
Schurer said students should shop around for cards to see which one was best for them.
"One card may give you a really high limit to begin with and you think that's great," she
said. "But, can you handle the payments? This is your first chance to establish good credit."
For those students who fall into the trap of bad credit early on, their chance of borrowing money later in life could be slim.
"We try to educate students and our members about credit so it doesn't happen," she said.
Don Lee, a vendor of the Alumni Association Visa card, was handing out information sheets to students who passed by him in the Kansas Union.
"Obviously, students are a good source of new people for credit cards," he said. "It's easier to establish credit now than after you get out of school."
Andy Priestman, a marketing representative for the GTE Visa, said he signed up 777 students on Wednesday. He said as long as students were aware of the responsibilities credit cards could bring, they would be OK.
"Every college kid should have one to start their credit history," he said. "And plus, they get a free T-shirt so they don't have to do their laundry so often."
Even though the vendors seem to take over the Union and other areas of campus, they do have their boundaries.
"Talk to someone who can explain everything to you.Make sure you ask the questions because they may not volunteer all the information you need."
Deanne Schurer KU Credit Union manager
Mike Reid, manager of the Union Bookstore, said vendors must follow the policies of the University.
"They have to have a sign displayed saying who they are sponsored by, they have to stay behind their table and they can't yell at students who walk by," he said. "The yelling is our biggest concern."
Reid said a more formal policy list might be drawn in the future.
But for the time being, students will just have ignore the relentless shouts of free T-shirts and other promises.
"If they really annoy you, you can just choose to ignore them," Leong said.
- Edited by Brad Hallier
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