General things to think about:

• If you fill out a credit card application, and you receive a card, you will need to formally cancel the card if you don't want it.

• Don't fill anything out unless you really want the credit card--even if you want the free gift.

• Do research so you get the best card for your needs. Be aware of interest rates, annual fees, and user fees (more about fees below).

• Don't give away your social security number just to get free stuff.

• If you have a credit card, make sure you can pay for it.

• If you don't want a credit card, cut it up or shred the application.

Pros of getting your own credit card

Cons of getting your own credit card

You can establish a good credit history. A credit card can be a good emergency fund. Using a credit card is easier than carrying cash or writing a check. If you go abroad, you get automatic exchange rates. You can make on-line purchases. Using your credit card can provide legal protection i.e., car rental insurance, additional life insurance, etc.

You can go into debt. If you pay off your debt late you will establish a bad credit history. It's easy to spend money you don't have. If you sign up for a credit card, the company may sell your name to other companies. Sometimes it's difficult to keep track of what you spend. It takes seven years for anything to be erased from your credit rating. Excessive credit card debt can make it harder for you to get student loans.

Watch for hidden fees

• Annual fees: Find a card that doesn't have one.

• Annual percentage rate (APR) or interest rates: Rates vary. Shop and compare--pick one with a low rate.

• Introductory Offers: Interest rates can go up considerably after only three to six months.

• Additional Fees: Many cards have extra fees for late payment, exceeding your limit or maintaining a balance.

• Cash advances: The interest on cash advances is almost always higher than the interest rate on regular purchases. Use cash advances for emergencies only.

(Taken from the FastWeb: Student Bulletin)